JEMTEC Second Fiscal Quarter & Financial Update

About this update from Jemtec Inc.

[{"type":"text","content":"\n \n \n \n JEMTEC Second Fiscal Quarter & 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 Second Fiscal Quarter & Financial Update\n \n \n Canada NewsWire\n \n \n \n \n \n JEMTEC INC.\n \n TSX-V: JTC\n \n \n \n \n VANCOUVER\n \n ,\n \n March 30, 2021\n \n /CNW/ - JEMTEC Inc. (TSXV: JTC) (the \"Company\") is pleased to provide an update on its Second Quarter performance for the period ended\n \n January 31, 2021\n \n and the Companies improving financial situation, with no debt, strong liquidity and net worth.\n \n \n \n Q2 Revenues\n \n \n Revenues have increased by 9% during the quarter ended\n \n January 31, 2021\n \n compared to the quarter ended\n \n January 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 Q2 Expenses\n \n \n During the quarter ended\n \n January 31, 2021\n \n , expenses decreased by 1% compared to the quarter ended\n \n January 31, 2020\n \n primarily due to the fluctuations in depreciation, equipment rent and installation, monitoring and activation fees, office, professional fees, repairs and maintenance and travel.\n \n \n \n Q2 Income Tax\n \n \n For the quarter ended\n \n January 31, 2021\n \n , the Company recognized a provision for income tax expense of\n \n $45,000\n \n (\n \n January 31, 2020\n \n -\n \n $45,000\n \n ). The current income tax expense was related to income tax in\n \n Canada\n \n .\n \n \n \n Q2 Net Income\n \n \n For the quarter ended\n \n January 31, 2021\n \n , the Company recorded a 57% increase in net income of\n \n $149,396\n \n compared to a net income of\n \n $94,871\n \n during the quarter ended\n \n January 31, 2020\n \n . This increase in net income is associated with the increase in monitoring and activation revenue and decrease in depreciation expense.\n \n \n \n Q2&...

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