IDenta Corp Reports 2023 Second Quarter Financial Results and Got a GSA Contract to Expand the Activities with USA Government

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Aug 15, 2023, 09:55 ET

WASHINGTON , Aug. 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 Homeland Security and Consumer Markets. Today IDenta Corp reported its 2023 second quarter financial statement and got a GSA contract with the US government to be able to expand the activities with the USA Government's customers.

Mr. Amichai Glattstein, Chief Executive Officer, commented: "In this quarter there was a slowdown in sales but we continued to improve the company's marketing and sales infrastructure, building an additional strategy for future growth engines and entering as an official supplier to the GSA platform in order to make the company's products accessible to government agencies in the United States. There is a huge advantage to working with the GSA platform and it is one of the preferred platforms of the US government for the procurement of security equipment for the security forces in the United States and abroad. We are expecting for significant milestone on our path toward sustainable earnings growth over the short and long term."

Highlights of the Second Quarter of 2023 compared to the Second Quarter of 2022:

Revenues for the second quarter of 2023 were $188,494 compared to revenues of $378,982 in the second quarter of 2022.
Gross profit decreased to $124,934 in the second quarter of 2023 compared to gross profit of $261,115 in the second quarter of 2022.
Operating profit is $(76,350) in the second quarter of 2023 compared to $17,095 in the second quarter of 2022.
Net profit for the second quarter of 2023 was $(76,334) compared to net profit of $7,488 in the second quarter of 2022 as a result of continuing investments in marketing and sales in the US market.
Cash and cash equivalents increased to $315,253 for the second quarter of 2023 compared to $303,853 for the second 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: +1.240.545.6646
E: [email protected]

SOURCE IDenta Corp.