Business
TrustBIX Inc. Announces December 31, 2022 First Quarter Financial Results
Edmonton, Alberta--(Newsfile Corp. - February 27, 2023) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIX...
About this update from Trustbix, Inc.
[{"type":"text","content":"TrustBIX Inc. Announces December 31, 2022 First Quarter Financial ResultsEdmonton, Alberta--(Newsfile Corp. - February 27, 2023) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF) (\"TrustBIX\" or the \"Company\") announced today its financial results for the first quarter ended December 31, 2022 and the related Management's Discussion and Analysis.The Company posted revenue of $418,824, down $3,437 or 0.8% from 2021, with operating expenses of $1,234,906, up $235,806 or 23.6% from 2021. Non-cash operating expenses related to stock-based compensation to incentivize our team, and amortization and depreciation expense, increased to $311,795, up $296,329 from 2021 - excluding these non-cash items, operating expenses decreased in the first quarter compared to 2021. \"Our focus in the quarter to move from R&D projects to commercialization is off to a good start. The BIX platform is generating strong interest from potential customers to help them meet and track their sustainability goals. Our ViewTrak business is steadily growing, and we continue to review our processes to become more efficient and reduce expenses,\" said Hubert Lau, TrustBIX CEO. The Company's financial results for the first quarter ended December 31, 2022, and the related Management's Discussion and Analysis, have been filed and are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.About TrustBIX (TSXV: TBIX) (OTCQB: TBIXF)As an innovative leader, TrustBIX provides agri-food traceability and chain of custody value solutions. The Company's goal is to create a world where we trust more, waste less and reward sustainable behaviour by addressing consumer and agri-food business demands. The proprietary platform, BIX (Business InfoXchange system), is designed to create trust without compromising privacy through innovative, blockchain-derived use of technology and data. By leveraging BIX and its unique use of incentive solutions, TrustBIX delivers independent validation of food provenance and sustainable production practices within the supply chain - Gate to Plate®. ViewTrak Technologies Inc., a wholly owned subsidiary, provides a suite of hardware and software solutions to the livestock industry in Canada, United States, Mexico and China, such as Auction Master Pro, Market Master, Feedlot Solutions and pork grading...