JEMTEC 2021 Year End & Financial Update

About this update from Jemtec Inc.

[{"type":"text","content":"\n \n \n \n JEMTEC 2021 Year End & Financial Update\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n JEMTEC 2021 Year End & Financial Update\n \n \n Canada NewsWire\n \n \n \n \n \n JEMTEC INC.TSX- V: JTC\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Nov. 26, 2021\n \n /CNW/ - JEMTEC Inc. (TSXV: JTC) (the \"Company\") is pleased to provide an update on its performance for the year ended\n \n July 31, 2021\n \n and the Companies improving financial situation, with no debt, strong liquidity and net worth.\n \n \n \n Y/E Revenues\n \n \n Revenues have increased by 8% during the year ended\n \n July 31, 2021\n \n compared to for the year ended\n \n July 31, 2020\n \n primarily due to increased revenues from CSC. The Company earned revenues on its agreements with the Provinces of\n \n Saskatchewan\n \n ,\n \n Nova Scotia\n \n as well as the CSC and SOLGEN. The Company also earned revenues from private bail clients by presenting the release plans for court cases.\n \n \n \n Y/E Expenses\n \n \n During the year ended\n \n July 31, 2021\n \n , expenses increased by 6% compared to the year ended\n \n July 31, 2020\n \n primarily due to the fluctuations in depreciation, directors' fees, foreign exchange, monitoring and activation fees, office, repairs and maintenance, salaries and benefits and travel.\n \n \n \n Y/E Income Tax\n \n \n For the fiscal year ended\n \n July 31, 2021\n \n , the Company recognized a current income tax expense of\n \n $166,000\n \n (2020 -\n \n $170,000\n \n ) and a deferred income tax recovery of\n \n $51,000\n \n (2020 - $Nil). The current income tax expense was related to income tax in\n \n Canada\n \n . The deferred income tax recovery was related to unrecognized deferred tax assets.\n \n \n \n Y/E Net Income\n \n \n For the year ended\n \n July 31, 2021\n \n , the Company recorded a net income of\n \n $561,610\n \n , compared to a net income of\n \n $408,730\n \n during the year ended\n \n July 31\n \n , 2020. This increase in net income is primarily due to increase in monitoring ...

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