IDenta Corp (OTCMKTS:IDTA) Releases 2022 Q1 Financial Results

IDenta Corp (OTCMKTS:IDTA), a global leader in field detection and home diagnostic testing kit for narcotics, explosives as well as forensic products on May 20, 2022, reported the 2022 quarter one financial statement. It also highlighted expansion activity in European and US markets.

Market Stats

On Friday, IDTA stock ended flat at $0.60 with 27 shares, compared to its average volume of 545 shares. The stock moved within a range of $0.6000 – 0.6000 after opening trading at $0.60.

Mr. Amichai Glattstein, Chief Executive Officer said that there were some issues pertaining to the supply of raw materials as well as rejections of deliveries impacting sales. Glattstein added that the firm has augmented inventory. The CEO added that it is prepared for quick deliveries in the future.

The firm has forayed into fresh avenues for sales during the quarter and aims to be a quality player in the drug and explosives testing market. This includes a regular supply of 220,000 testing to the Italian forces.

The revenues for quarter one of 2022 were $253,380 vis-à-vis revenues of $352,247 in the first quarter of 2021. Its gross profit reduced to $194,571 as compared to $260,739 in the same quarter of 2021. IDenta’s Net profit for quarter one was $42,365 as compared to a net profit of $69,134 in quarter one of 2021 due to rejection in supplies and advances to suppliers. However, its cash equivalents increased to $398,161 vis-à-vis $369,892 for the first quarter of 2021.

Key Quote

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.

Traders Corner

IDTA stock is trading above the 20-Day and 50-Day Moving averages of $0.5676 and 0.5686 respectively. However, the stock is trading below the 200-Day moving average of $0.8855.