IDenta Corp Reports 2023 First Quarter Financial Results and Continues to Invest in Activities with US Government Customers and Retail Markets for Fentanyl Detection Solutions
WASHINGTON, May 15, 2023 /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 2023 first quarter financial statement and continues to invest in expanding operations in the U.S. market to a variety of different sectors.
Mr. Amichai Glattstein, Chief Executive Officer, commented: "In terms of market trends, it is expected that the demand for fentanyl detection methods will continue to grow, driven by the ongoing opioid crisis and the need for effective solutions to combat illicit drug use. The company has recently added a variety of products to identify Fentanyl and derivatives. These devices offer quick, on-the-spot testing for a variety of drugs, including fentanyl. They are particularly useful for law enforcement agencies, border control, and workplace drug testing. Fentanyl is a powerful synthetic opioid that has become a significant concern due to its high potency and involvement in drug overdose deaths. The demand for fentanyl detection and monitoring has been on the rise as authorities and healthcare professionals strive to combat its illicit use and distribution. The company will continue to expand its activities in the Fentanyl detection world for a better future."
Highlights of the First Quarter of 2023 compared to the First Quarter of 2022:
- Revenues for the first quarter of 2023 were $231,623 compared to revenues of $253,380 in the first quarter of 2022.
- Gross profit decreased to $179,482 in the first quarter of 2023 compared to gross profit of $194,571 in the first quarter of 2022.
- Operating profit is $(45,375) in the first quarter of 2023 compared to $(61,282) in the first quarter of 2022 as a result of improvement in the production cycle.
- Net profit for the first quarter of 2023 was $(25,554) compared to net profit of $(42,365) in the first quarter of 2022 as a result of continuing investments in marketing and sales in the US market.
- Cash and cash equivalents decreased to $328,962 for the first quarter of 2023 compared to $368,901 for the first quarter of 2022.
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.
Company Contact Information:
Public Relations
Tel: 240.545.6646
E: pr@identa-corp.com
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