May 18, 2022 (Source) – TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF) (“TrustBIX” or the “Company”) announced today its financial results for the second quarter ended March 31, 2022 and the related Management’s Discussion and Analysis.
The Company posted revenue of $411,726 for the second quarter, down $341,529 or 45.3% from 2021, and $833,987 for the six-month period, down $339,500 or 28.9% from 2021. Total operating expenses were $1,416,822 for the second quarter, up $202,861 or 16.7% from 2021, and $2,415,922 for the six-month period, up $204,156 or 9.2% from 2021.
“Revenue was down due to delays in delivery of AMP sales to next quarter, reduced pork probe sales in China, and the completion of the All West Demolition biomass and waste systems contract. Despite these challenges during this quarter, we are very optimistic going forward as we find success in new agreements with major food companies, engage agri-food producers and consumers, and realize the potential from our recent acquisition of Insight,” said Hubert Lau, TrustBIX CEO.
The Company’s financial results for the second quarter ended March 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®.
