Business
Titan Logix Corp. Reports Fiscal 2022 Q1 Financial Results
Edmonton, Alberta--(Newsfile Corp. - January 20, 2022) - Titan Logix Corp., (TSXV: TLA) ("Tita...
About this update from Titan Logix Corp.
[{"type":"text","content":"Titan Logix Corp. Reports Fiscal 2022 Q1 Financial ResultsEdmonton, Alberta--(Newsfile Corp. - January 20, 2022) - Titan Logix Corp., (TSXV: TLA) (\"Titan\" or the \"Company\"), a technology company specializing in advanced measurement solutions, announces its results for the first quarter ended November 30, 2021.Financial Highlights Summary(in Canadian dollars)Three months ended November 30, 2021November 30, 2020Revenue $ 624,134 $ 849,184 Gross profit (GP) $ 329,883 $ 381,173 GM %53%45%Operating loss before other items and income tax$ (304,101)$ (300,970)Finance income and other items $ 141,143 $ 158,482Net loss $ (162,958) $ (142,488)EPS (diluted)$ (0.01)$ (0.00) Financial PositionAs at November 30, 2021As at August 31 2021Working capital $ 14,373,207 $ 11,386,485Total assets $ 16,030,700 $ 16,273,707Long-term liabilities $ 220,168 $ 253,736Total equity $ 15,375,004 $ 15,537,962  Q1 FISCAL 2022 HIGHLIGHTSRevenues for the first quarter of fiscal 2022 were $624,134, a $225,050 or a 27% decrease from the $849,184 recorded in the comparative period. The decrease in revenue was primarily a result of a delay in demand for the Company's GWR products due to a slow recovery of the tanker manufacturing market that is experiencing supply chain issues and labour shortages.Gross profit for the first quarter of fiscal 2022 decreased by $51,290 to $329,883 or 53% of revenue compared to $381,173 or 45% of revenue in the comparative period. This decrease in gross profit is primarily due to the decrease in unit demand and revenue. The increase in the gross profit percentage is the result of a price increase effective June 2021 and lower overhead costs. Total expenses in the first quarter of fiscal 2022 decreased by $48,159 to $633,894 as compared with $682,143 in the comparative prior period. This decrease in total expenses was primarily due to foreign currency exchange gains as compared to losses in the comparative prior period. The Company continued with its cost containment efforts while focusing on sales and marketing programs and product development including enhancing digital capabilities.In the first quarter of fiscal 2022, the Company reported an operating loss before other items of $304,101 compared to an operating loss of $300,970 in the first quarter of fiscal 2021. Adjusted for interest income and other items, the net los...