Business
Titan Logix Corp. Reports Fiscal 2021 Q4 and Year End Financial Results
Edmonton, Alberta--(Newsfile Corp. - November 18, 2021) - Titan Logix Corp., (TSXV: TLA) ("Tit...
About this update from Titan Logix Corp.
[{"type":"text","content":"Titan Logix Corp. Reports Fiscal 2021 Q4 and Year End Financial ResultsEdmonton, Alberta--(Newsfile Corp. - November 18, 2021) - Titan Logix Corp., (TSXV: TLA) (\"Titan\" or the \"Company\"), a technology company specializing in advanced technology fluid management solutions, announces its results for the fourth quarter and year ended August 31, 2021.Financial Highlights Summary(in Canadian dollars)Three months ended Year endedAugust 31, 2021August 31, 2020August 31, 2021August 31, 2020Revenue $ 870,538 $ 608,828 $ 3,533,624 $ 4,110,035 Gross profit (GP) $ 547,086 $ 354,830 $ 1,839,476 $ 2,170,817 GM %63%58%52%53%Operating loss before other items and income tax$ (153,966)$ (261,790)$ (850,315)$ (1,239,753)Finance income and other items $ 143,467 $ 153,349$ 638,529$ 661,397Net loss $ (26,070) $ (108,441) $ (227,357) $ (578,356)EPS (basic and diluted)$ 0.00$ 0.00$ (0.01) $ (0.02)  Financial PositionAs at August 31, 2021As at August 31 2020Working capital $ 11,386,485 $ 10,963,795Total assets $ 16,273,707 $ 16,711,107Long-term liabilities $ 253,736 $ 383,940Total equity $ 15,537,962 $ 15,765,319  FISCAL 2021 HIGHLIGHTSRevenues in fiscal 2021 were $3,533,624, a $576,411 or a 14% decrease from the $4,110,035 recorded in fiscal 2020. The decrease in revenue was primarily a result of lower industry activity in the energy sector due to the ongoing impact of the COVID-19 pandemic which began mid-year in fiscal 2020.Gross profit in fiscal 2021 decreased by $331,341 to $1,839,476 or 52% of revenue compared to $2,170,817 or 53% of revenue in fiscal 2020. This decrease in gross profit is primarily due to the decrease in unit demand and revenue. Total expenses in fiscal 2021 decreased by $720,779 to $2,689,791 as compared with $3,410,570 in the comparative prior year. This reduction in expenses is primarily due to one-time engineering expenses in the previous year combined with a reduction in sales and general and administrative expenses. Engineering costs in fiscal 2021 decreased by $466,043 to $601,168 compared with $1,067,211 in fiscal 2020. This reduction is primarily due to one-time consulting costs incurred in the previous fiscal year for the completion of the development of the cloud platform combined with an increase in receipts received from the Canada Emergency Wage Subsidy Program (\"CEWS\") program, grants and SR&ED ...