Business
INNOVOTECH Reports a Loss for the First 6 Months to June 30th, 2022
(TheNewswire) Edmonton – TheNewswire - August 16, 2022. Innovotech...
About this update from Innovotech Inc.
[{"type":"text","content":"INNOVOTECH Reports a Loss for the First 6 Months to June 30th, 2022\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n Edmonton –\n \n \n TheNewswire -\n \n \n August 16, 2022.\n \n \n Innovotech Inc.\n \n \n (\n \n \n TSXV:\n \n \n IOT\n \n \n ), a pioneer in the field of biofilm\nproduct development, reports sharply reduced 2022 first half revenues\nof $536,232 vs. $788,792 in the first half of 2021 leading to a loss\nfor the period of $94,794.  Lower revenues combined with general and\nadministrative expenses that reflected a 2021 increase in staffing and\nlaboratory footprint, drove the negative result together with R&D\nexpenses of $45,796 compared with $9,117 in the prior period.\n \n \n \n \n Six Month Results to June\n30\n \n \n th\n \n \n - (H1):\n \n \n \n \n \n \n \n H1 2022 comparative financial results\n \n \n \n \n \n \n June 30\n \n \n th\n \n \n , 2022\n \n \n \n \n \n \n June 30\n \n \n th\n \n \n , 2021\n \n \n \n \n \n \n \n \n \n Gross revenue\n \n \n \n \n \n 536,232\n \n \n \n \n \n 788,792\n \n \n \n \n \n \n \n \n Gross profit\n \n \n \n \n \n 366,709\n \n \n \n \n \n \n 613,164\n \n \n \n \n \n \n \n \n \n Operating expenses\n \n \n \n \n \n 466,776\n \n \n \n \n \n \n 433,825\n \n \n \n \n \n \n \n \n \n Interest expense\n \n \n \n \n 3,146\n \n \n \n \n -\n \n \n \n \n \n \n \n \n Interest income\n \n \n \n \n (8,419)\n \n \n \n \n (6,586)\n \n \n \n \n \n \n \n \n \n Net profit (loss)\n \n \n \n \n \n \n (94,794)\n \n \n \n \n \n \n 185,925\n \n \n \n \n \n \n \n \n \n \n \n \n \n Innovotech’s balance sheet remains strong.  Working\ncapital declined to $739,345  from $774,521 at December\n31\n \n \n st\n \n \n , 2021. Cash increased to $646,679 following a $271,045\ndecline in accounts receivable.\n \n \n \n \n Three Month Results to June\n30\n \n \n th\n \n \n - (Q2):\n \n \n \n \n \n \n Q2 2022 comparative financial results\n \n \n \n Revenue\n \n \n \n \n \n \n June 30\n \n \n th\n \n \n , 2022\n \n \n \n 259,584\n \n \n \n \n \n June 30\n \n \n th\n \n \n , 2021\n \n \n \n 480,217\n \n \n \n \n \n \n Gross profit\n \n \n \n \n \n 181,329\n \n \n \n \n \n 385,263\n \n \n \n \n \n \n Operating expenses\n \n \n \n \n \n 247,123\n \n \n \n \n \n 226,078\n \n \n \n \n \n \n Interest expense\n \n \n \n \n 1,416\n \n \n \n \n -\n \n \n \n \n \n \n Interest inc...