WASHINGTON, May 20, 2022 /PRNewswire/ -- IDenta Corp. (OTCQB: IDTA) is a worldwide leader in the development of Field Detection and Home Diagnostic Testing Kits for Narcotics, Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. Today IDenta Corp reported its 2022 first quarter financial statement and expands activity in the U.S. and European markets.
Mr. Amichai Glattstein, Chief Executive Officer, commented: "There were issues of supply of raw materials and rejection of deliveries of existing orders which affected total sales in the quarter. The company has increased its inventory and is prepared for fast deliveries in the coming future. In addition, the company has opened new avenues for sales and entry into new markets during this quarter and continues to be a significant and quality player in the drug and explosives testing market that includes a continuous supply of 220,000 testing to the Italian forces.
Highlights of the First Quarter of 2022 compared to the First Quarter of 2021:
- Revenues for the first quarter of 2022 were $253,380 compared to revenues of $352,247 in the first quarter of 2021.
- Gross profit decrease to $194,571 in the first quarter of 2022 compared to gross profit of $260,739 in the first quarter of 2021.
- Operating profit decreased to $(61,282) in the first quarter of 2022 compared to $73,854 in the first quarter of 2021 as a result of investments in marketing and sales in the US market.
- Net profit for the first quarter of 2022 was $(42,365) compared to net profit of $69,134 in the first quarter of 2021 as a result of rejection of supplies and advances to suppliers.
- Cash and cash equivalents increase to $398,161 for the first quarter of 2022 compared to $369,892 for the first quarter of 2021.
About IDenta Corp.
IDenta Corp. is a global leader in the development and supply of Field Detection and Home Diagnostics Testing Kits for Drugs & Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. IDenta develops, manufactures and distributes revolutionary products for both the professional Law and Retail markets which consistently pass the highest qualifications and testing procedures of law enforcement and security agencies around the world.
Safe Harbor Statement
Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements" that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on management's expectations as of the date hereof, and the company does not undertake any responsibility to update any of these statements in the future.
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