Radient Technologies Inc. RDDTF RTI, revenue for the quarter ended June 30, 2022 CA$569,414, ($415,000) a 24% decrease compared to CA$749,222 in the same period last year.
Financial highlights
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gross profit for the quarter ended June 30, 2022 CA$6,157a 90% decrease compared to CA$66,055 for the same period last year;
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Net Loss and Total Loss CAD$1.5M, a 25% reduction compared to a loss of CA$2 million in the same quarter of 2021.
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Operating expenses for the quarter ended June 30, 2022 were $1.7 million, a decrease of 15% compared to $2 million for the same period last year.
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The company received one request notice from its secured lender for about 10.5 million CAD plus accrued costs and interest.
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The Company will seek ways to raise sufficient working capital to allow the Company to continue in business, but cannot guarantee this.
More highlights
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Acquired Tunaaaroom Xtracts Inc., for the development and sale of cannabis products now sold through provincially licensed retailers.
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partnership with All Good Collective Corp. for the manufacture of cigarette-style cannabis pre-roll products, which are now sold through provincially licensed retailers.
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Received from Health Canada an amendment to the Company’s standard processing license for the sale of dried and fresh cannabis and a license for sale for medicinal purposes, allowing the Company to offer a full line of cannabis products.
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Over $1.2 million in hydrocarbon and pre-roll products have been shipped to customers since the Company’s June 27, 2022 announcement of commercial hydrocarbon production and growth in pre-roll sales. The Company currently has approximately $2.5 million in product orders.
Radient continues to execute on its restructuring plan by focusing on the Company’s hydrocarbon concentrate and cannabis pre-roll product…
