Business
iTeknik Holding Corporation Reports Revenues of $ 750,954 for the Quarter ending September, 30, 2017
iTeknik Holding Corporation Reports Revenues of $ 750,954 for the Quarter ending September, 30, 2017.
About this update from Iteknik Holding Corporation
[{"type":"text","content":"\n\n West Palm Beach, FL, Nov. 21, 2017 (GLOBE NEWSWIRE) -- iTeknik Holding Corporation (OTC PINK:ITKH) announced results for its 1Q FY 2018 ending September 30, 2017.  Revenues for the quarter were  $750,954, primarily from its wholly owned subsidiary, Big Rhino Corporation.  Big Rhino, a full service advertising agency, began operations on January 2, 2017 after iTeknik purchased the operating assets of a former agency from TCA Global Fund on December 30, 2016. Highlights of the financials which are posted on OTC Markets include these improvements from prior quarter:\n Revenues improved 14% from $645,661 to $750.954Gross Margin improved from 50.3% to 55.5%Net operating income improved 565% from $16,810 to $95,097 In addition the Company announced that monthly revenues increased from January to September by 96% from $131,994 to $256,052. Working Capital at the end of the quarter was at $687,880. The Company also reported a net loss improvement quarter-over-quarter from $362,775 to this quarter’s net loss of $235,333.  The net loss from the current quarter includes $225,000 of interest payments due to TCA Global Fund. The interest is accrued in the Company’s financial reports but has not been paid due to litigation with TCA Global Fund which has been previously reported.  Fred Wicks, iTeknik's Chairman and CEO said, “We are pleased to have posted these improvements for our First Quarter 2018 fiscal year.  Kyle Eng, our CEO of Big Rhino Agency, has implemented a major revenue increase strategy along with a continuous improvement process in his operations.  Our very successful financial results are proof that these efforts are paying off.” Wicks also said, “We continue to add new clients in the automotive dealership, medical practice and real estate segments every month.  As a result we have a solid and growing customer base. With the acquisition of the Blender Company we look forward to expanding our business in the government space.” iTeknik Holding Corporation (OTC Pink:ITKH) trades on the OTC Pink tier of the OTC Market and is classified as “Pink Sheet Current Information.”   To view complete posted financials on the company, visit https://www.otcmarkets.com/stock/ITKH/filings. About iTeknik Holding Corporation:iTeknik Holding Corp...