You probably never heard of Terra Tech Corp., then today is a good day to start. Terra Tech Corp ends the first quarter on a high note.
Per 420intel
Terra Tech Corp (OTCMKTS:TRTC) has reported its financial results for the first quarter ended March 31, 2017. The company realized around $6.8 million in revenue during the three months ended March 31, 2017 this translates to 340% increase from the $1.5 million that was reported during the same period in 2016. The increase resulted from sales recorded from Blüm dispensary in Oakland, California, sales from the four Blüm Dispensaries based in Nevada, and the company’s sale of IVXX cannabis products. The increase was partially offset by decrease in sales from Edible Garden after the expiry of the contract between the company and a grower of floral products.
Terra Tech Corp (OTCMKTS:TRTC) reported around $359,000 in gross profits for the first quarter ended March 31, 2017. This represents an increase of around $225,000 compared to what was reported during the same period in the last financial year. Gross margin amounted to around 5% in Q1-2017 compared to 9% that was reported in Q1-2016. The margins were affected by increase in spending towards developing new types of cannabis products and a reworking of the company’s Tech’s propriety recipe of extraction.
In the quarter, Terra Tech Corp (OTCMKTS:TRTC) incurred approximately $6.4 million in general and administrative expenses compared to around $2 million that was reported in Q1 2016. The increase resulted from increase in salaries after the company hired new employees at the Blüm dispensaries. There was also an increase in consultancy fees related to the Nevada business. Amortization expenses also increased due to intangible assets acquired in the acquisition of Black Oak Gallery.
Terra Tech Corp (OTCMKTS:TRTC) reported $6 million in operating loss for the first quarter of 2017 compared to $1.9 million in operating loss that the company reported in the first quarter of 2016. Net loss during the quarter amounted to approximately (-$10.1) million or (-$0.02) per share in the three months ended March 31, 2017. This is compared to (-$4.1) million or (-$0.01) per share reported in the same period the previous financial year.
At the end of the first quarter, Terra Tech Corp (OTCMKTS:TRTC) reported around $49.8 million in shareholders’ equity compared to around $52.2 million that was reported at the end of the last financial year. The company had $505,000 in short-term debt as of March 31, 2017 compared to $564,000 that the company had at the end of last financial year. Long-term debt amounted to $1.7, representing a $1.4 million increase from what was reported a year ago. Terra Tech Corp (OTCMKTS:TRTC)’s stock lost 2.19% to close at $0.174 on a volume of 3.66 million shares.
Terra Tech Corp is a “vertically integrated cannabis-focused agriculture company that is committed to cultivating and providing the highest quality medical cannabis and other agricultural products.” The company offers a greener, most cost-effective way to grow strong crops.