Business
Starfleet Innotech Announces Strong Financial Results for the Third Quarter 2022
Starfleet Innotech Announces Strong Financial Results for the Third Quarter 2022.
About this update from Starfleet Innotech Inc.
[{"type":"text","content":"New York, New York--(Newsfile Corp. - November 15, 2022) - Starfleet Innotech (OTC: SFIO), a global investment holding company, today announced financial results for the third quarter ended September 30, 2022.Third Quarter Financial ResultsRevenue of $7.5 million, a year-on-year increase of 188%, up from $2.6 million reported in the third quarter of 2021. Gross profit of $4.42 million, a year-on-year increase of 193%, up from $1.51 million.Net operating income of $1.73 million, a year-on-year increase of 270%, up from $467,015.Net income before tax of $1.92 million, a year-on-year increase of 226%, up from $588,842.Starfleet's efforts towards increasing operational efficiencies and striking new global opportunities across markets shows in its massive improvements across the board. In the third quarter of 2022, Starfleet also reported total assets of $25.63 million and total liabilities of $7.58 million, with no convertible notes. Third Quarter Business HighlightsOn the 5th of August, the company successfully reduced its outstanding shares by converting the key officers and partners' common shares to the new class of preferred shares (Series B). The first batch amounting to 268,570,000 common shares were converted.In August, FJ Prime Philippines completed its detailed market research and feasibility study (Phase-1 and 2) in the Philippines for Epiphany Café's potential market entry in the Philippines. Phase-3 has commenced which will outline the market entry strategy, operational requirements, regulation and legal requirements, and marketing campaign strategy.On the 20th of August, the company signed a Letter of Intent (LOI) with Gravitas Software & Service Solutions Inc., an IT/IS service provider based in the Philippines. Starfleet has conducted its due diligence process to explore potential acquisition of Gravitas.On the 24th of August, the company signed a Letter of Intent (LOI) with CyberQ Group, a Cyber Security company based in the UK and with presence in the Philippines and the United States. Starfleet has conducted its due diligence process to explore potential investment into CyberQ group with a plan of acquisition in the future. On the 1st of September, Starfleet's 100% owned subsidiary, Epiphany Café, engaged Franchise Genesis, Inc., a North Carolina Corporation who is experienced in the formation, devel...