JEMTEC 2023 Q2 & FINANCIAL UPDATE

About this update from Jemtec Inc.

[{"type":"text","content":"\n \n \n \n JEMTEC 2023 Q2 & 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 Q2 & 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 March 30, 2023\n \n \n /CNW/ - JEMTEC Inc. (TSXV: JTC) (the \"Company\") is reporting an update on its performance for the fiscal Quarter ended January 31, 2023 (2023 Q2) and the Companies financial situation, with no debt, strong liquidity and net worth.\n \n \n Q2 Revenues\n \n \n Revenues have decreased by 51% during the quarter ended\n \n January 31, 2023\n \n compared to the quarter ended\n \n January 31, 2022\n \n primarily due to the loss of\n \n Ontario\n \n 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 Q2 Expenses\n \n \n During the quarter ended\n \n January 31, 2023\n \n , expenses decreased by 13% compared to the quarter ended\n \n January 31, 2022\n \n primarily due to the fluctuations in consulting fees, equipment rent and installation, monitoring and activation fees, and share-based payments.\n \n \n Q2 Income Tax\n \n \n For the quarter ended\n \n January 31, 2023\n \n , the Company recognized a current income tax (recovery) expense of\n \n $(3,345)\n \n (\n \n January 31, 2022\n \n -\n \n $54,000\n \n ) and a deferred income tax expense of\n \n $7,000\n \n (\n \n January 31, 2022\n \n -\n \n $4,000\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 Q2 Net Income\n \n \n For the quarter ended\n \n January 31, 2023\n \n , the Company recorded a net loss of\n \n $92,729\n \n , compared to a net income of\n \n $153,461\n \n duri...

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