JEMTEC 2023 Q1 & FINANCIAL UPDATE

About this update from Jemtec Inc.

[{"type":"text","content":"\n \n \n \n JEMTEC 2023 Q1 & 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 2023 Q1 & FINANCIAL UPDATE\n \n \n Canada NewsWire\n \n \n \n \n \n JEMTEC INC. TSX-V: JTC\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Dec. 14, 2022\n \n \n /CNW/ - JEMTEC Inc. (TSXV: JTC) (the \"Company\") is pleased to provide an update on its performance for the Quarter ended\n \n October 31, 2022\n \n (2023 Q1) and the Companies financial situation, with no debt, strong liquidity and net worth.\n \n \n \n Q1 Revenues\n \n \n Revenues have decreased by 50.63% during the quarter ended\n \n October 31, 2022\n \n compared to the quarter ended\n \n October 31, 2021\n \n primarily due to the loss of SOLGEN contract. 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. The Company also earned revenues from private bail clients by presenting the release plans for court cases.\n \n \n \n Q1 Expenses\n \n \n During the quarter ended\n \n October 31, 2022\n \n , expenses decreased by 16.50% compared to the quarter ended\n \n October 31, 2021\n \n primarily due to the fluctuations in consulting fees, equipment rent and installation, foreign exchange, monitoring and activation fees, repairs and maintenance, and share-based payments.\n \n \n \n Q1 Income Tax\n \n \n For the quarter ended\n \n October 31, 2022\n \n , the Company recognized a current income tax expense of $Nil (\n \n October 31, 2021\n \n -\n \n $77,000\n \n ) and a deferred income tax (recovery) expense of\n \n ($1,000)\n \n (\n \n October 31, 2021\n \n -\n \n $2,000\n \n ). 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 Q1 Net Income\n \n \n For the quarter ended\n \n October 31, 2022\n \n , the Company recorded a net loss of\n \n $16,627\n \n compared to a net income of\n \n $...

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