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Forward Water Technologies Announces Second Quarter 2021 Financial Results
TORONTO, ON / ACCESSWIRE / November 29, 2021 / Forward Water Technologies Corp. (TSXV:FWTC) ...
About this update from Forward Water Technologies Corp
[{"type":"text","content":"Forward Water Technologies Announces Second Quarter 2021 Financial ResultsTORONTO, ON / ACCESSWIRE / November 29, 2021 / Forward Water Technologies Corp. (TSXV:FWTC) (the \"Company\") is pleased to announce the unaudited financial results of its wholly-owned subsidiary, Forward Water Technologies Inc. (\"FWTI\") for the three and six months ended September 30, 2021. Copies of these financial statements and related management's discussion and analysis can be found on the Company's issuer profile at www.sedar.com. All financial information in this news release is reported in Canadian dollars, unless otherwise indicated.Q2 Financial HighlightsTotal expenses were $1,027,031 for the three months ended September 30, 2021, an increase of 115% over same period in 2020, and $1,627,283 for the six months ended September 30, 2021 , 83% over the same period in 2020, as legal and audit expenses were incurred for the previously announced and completed qualifying transaction of Hope Well Capital Corp (\"HWCC\")Net loss and comprehensive loss was $999,559 for the three months ended September 30, 2021, compared to a loss of $336,553 for the same period in 2020. The net loss and comprehensive loss for the six months period ended September 30, 2021 was $1,565,544 compared to a loss of $606,731 for the same period in 2020Basic loss per share was $0.09 and $0.14 for the three and six months ended September 30, 2021, respectively, compared to $0.03 and $0.06 for the same three and six months in 2020Operating Highlights and Recent Corporate DevelopmentsFWTI completed second tranche of its brokered private placement of $1.3 million, in addition to funding from its first tranche of $5.2 million early in the yearFWTI completed the reverse takeover of HWCC, which was HWCC's qualifying transactionThe Company resumed trading on the TSX Venture Exchange under the symbol \"FWTC\"The Company announced ongoing trials pending in Europe and the UK and continued collaboration with its partner in India, Goldfinch EngineeringAnnounced that Grant Thornley joined as VP of Engineering Sales, bringing 20 years of experience in green-focused companiesManagement Commentary\"Forward Water Technologies has been seeing rapidly growing interest in various wastewater sectors by saving water from being permanently destroyed, and realizing large reductions in their operating exp...