Calgary, Alberta - TheNewswire - Jul 16, 2020 - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV:IDL) reports its financial results for the December 31, 2019 fiscal year end.
- Gross revenues for the three months ended December 31, 2019 increased by 65 percent and twelve months ended December 31, 2019 decreased 9 percent respectively compared to the same periods in 2018. Gross revenues for the three and twelve months ended December 31, 2019 were $133,415 and $679,916, compared to $80,991 and $748,680 respectively in the same periods of 2018.
- Gross margins were for the three and twelve months ended December 31, 2019 were $155,629 (117 per cent) and $547,414 (81 percent) compared to negative $428,599 (-31 percent) and negative $42,058 (-31 per cent) (negative $232,402 attributable to the parent and 190,344 attributable to the discontinued operations) respectively, for the same periods in 2018. The increase of Gross Margin Percentage in 2019 is attributed to the company sold inventories which has an inventory written off already.
- Expenses (sales, general and administrative, and research and development expenses) for the year ended December 31, 2019 were $1,480,799, compared to $4,736,789 ($2,264,216 of SAR costs are for the discontinued operations) in 2018.
- Net loss for the three and twelve months ended December 31, 2019 was $ 2,305,331 ($0.01 per share) and net loss of $3,822,485 ($0.03 per share) compared to a net income of $ 5,503,747 ($0.09 per share) in the same period of 2018 and net income of 3,205,230 ($0.05 per share) in the same periods of 2018 on a post-consolidated basis.
- Trade accounts receivable includes $271,503 owing from customers with $1,390 not past due, $3,507 30 days past due and $266,607 over 365 days. The Company recorded a total allowance for doubtful accounts of $266,523 which has been netted against trade receivables.
- Trade and other payables decreased from $3,302,136 at December 31, 2018 to $836,161 at December 31, 2019. This decrease is due to a supplier has waived the payment of payables and the debenture holders have waived the interest payable.
The Company's annual consolidated financial statements for the year ended December 31, 2019 and the related management discussion and analysis are available on Sedar.com.
About Imaging Dynamics Company (IDC):
IDC is a global medical imaging technology provider and innovative force in the high technology growth field of digital radiography (DR). Digital Radiography is a form of X-ray imaging which replaces conventional film-based diagnostic imaging and provides a cost-effective solution for medical facilities of all sizes to provide high quality diagnostic X-ray images with the use of Flat Panel detectors to enhance the digital image quality and improve the level of healthcare for their patients.
For more information, please contact:
Ms. Rong Xue
Chief Financial Officer
1.866.975.6737 Toll Free
Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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