Business
NTG Clarity Networks Announces Third Quarter 2019 Financial Results
(via TheNewswire) Toronto, ON - TheNewswire - November 28, 2019 - N...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces Third Quarter 2019 Financial Results(via TheNewswire)\n \n \nToronto, ON - TheNewswire - November 28, 2019 - NTG Clarity Networks Inc. (TSXV:NCI), a leader in the telecommunications OSS/BSS market, today reported revenues for the third quarter of 2019 (All amounts in Canadian dollars). \n\n\n \nThis quarter, management's efforts were focused on working with the Bank and attending to the cash flow shortfall, which significantly affected operations. A continued effort was made to avoid a negative outcome with regards to the credit facilities, which are secured by a General Security Agreement over the assets of the Corporation.\n\n\n \nDespite management's efforts to avert Bank action, we received a formal demand on September 16, 2019 to fully retire our Bank indebtedness within 10 days. This was announced by the Corporation on September 17, 2019. The Corporation is currently continuing discussions with the Bank to try to resolve this issue.\n\n\n \nIncome statement highlights for the three and nine months ended September 30, 2019 and 2018\n\n \n\n\n3 Months Ended\n\n\n\n\n9 Months Ended\n\n\n \n\n\nSeptember 30, 2019\n\n\n\n\nSeptember 30, 2018\n\n\n\n\nSeptember 30, 2019\n\n\n\n\nSeptember 30, 2018\n\n\n\n\nREVENUE\n\n\n\n\n$\n\n\n\n\n575,594\n\n\n\n\n$\n\n\n\n\n3,501,906\n\n\n\n\n$\n\n\n\n\n6,227,237\n\n\n\n\n$\n\n\n\n\n10,158,805\n\n\n\n\nCOST OF SALES\n\n\n \n\n\n1,393,617\n\n\n \n\n\n1,766,218\n\n\n \n\n\n4,486,129\n\n\n \n\n\n5,643,653\n\n\n\n\nGROSS PROFIT\n\n\n\n\n$\n\n\n\n\n(818,024)\n\n\n\n\n$\n\n\n\n\n1,735,689\n\n\n\n\n$\n\n\n\n\n1,741,107\n\n\n\n\n$\n\n\n\n\n4,515,152\n\n\n\n\nExpenses\n\n\n \n\n\n2,007,932\n\n\n \n\n\n1,435,622\n\n\n \n\n\n4,499,320\n\n\n \n\n\n4,114,721\n\n\n\n\nForeign exchange loss (gain)\n\n\n \n\n\n33,913\n\n\n \n\n\n229,727\n\n\n \n\n\n212,887\n\n\n \n\n\n47,936\n\n\n\n\nExchange loss (gain) on translation\n\n\n \n\n\n(28,516)\n\n\n \n\n\n63,785\n\n\n \n\n\n(155,296)\n\n\n \n\n\n169,090\n\n\n\n\nProvision for bad debt\n\n\n \n\n\n2,379,114\n\n\n \n\n\n--\n\n\n \n\n\n2,379,114\n\n\n \n\n\n--\n\n\n\n\nTotal Net Income (Loss)\n\n\n\n\n$\n\n\n\n\n(5,210,467)\n\n\n\n\n$\n\n\n\n\n6,555\n\n\n\n\n$\n\n\n\n\n(5,194,917)\n\n\n\n\n$\n\n\n\n\n183,406\n\n\n \n \n \n \n \n \n \n \n \n\n\nPer Share\n\n\n\n\n$\n\n\n\n\n(0.09)\n\n\n\n\n$\n\n\n\n\n0.00\n\n\n\n\n$\n\n\n\n\n(0.09)\n\...