Edmonton, Alberta–(Newsfile Corp. – May 27, 2024) – TrustBIX Inc. (TSXV: TBIX) (“TrustBIX” or “we”) The Company today announced its financial results for the second quarter ended March 31, 2024 and related management analysis (MD&A).
“We remain focused on ViewTrak and the Alberta Food Security Institute (AFSI). The ViewTrak team has been busy helping customers switch to Auction Master Pro. The AFSI team has signed the first orders for our indoor agriculture technology and received initial deposits. We have successfully managed our operating expenses and improved operating cash flow. In the second quarter of 2024, we reduced operating expenses by 61%, improved operating cash flow by 98% and cash used in operations decreased by $582,571 to just $13,046,” said Hubert Lau, CEO of TrustBIX.
For the three months ended March 31, 2024, the Company recorded the following results compared to 2023:
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Revenue was $343,406, a decrease of $335,153 (49.4%).
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Operating expenses were $513,370, a decrease of $804,059 (61.0%).
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Non-cash operating expenses related to team incentive stock-based compensation and amortization expense (recovery) were $25,363, a decrease of $193,087, or 88.4%.
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Excluding these non-cash items, operating expenses decreased $610,962, or 55.6%.
For the six months ended March 31, 2024, the Company recorded the following results compared to 2023:
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Revenue was $637,960, a decrease of $459,420 (41.9%).
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Operating expenses were $1,039,235, a decrease of $1,513,100 (59.3%).
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Non-cash operating expenses (recovery) related to team incentive stock-based compensation and amortization expense were $48,867, a decrease of $481,388, or 90.8%.
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Excluding these non-cash items, operating expenses decreased $1,031,712, or 51.0%.
The Company's financial results for the second quarter ended March 31, 2024 and the related MD&A have been filed and are available on the System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca.
About TrustBIX (TSXV: TBIX)
TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where there is more trust, less waste and sustainable practices are rewarded. Our award-winning technology provides practical tools trusted by local and international agri-food organizations.
Trust BIX
For further information, please contact:
Hubert Lau
President and CEO
Phone: (780) 456-2207
Email: info@trustbix.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of the accuracy of this release.
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