Toronto, Ontario – TheNewswire – June 21, 2021 – Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV:IDL) (OTC:IDYLF) reports its financial results for the December 31, 2020 fiscal year end.
2020 Summary:
-
– Gross revenues for the three months ended December 31, 2020 decreased by 33 percent and twelve months ended December 31, 2020 decreased 51 percent respectively compared to the same periods in 2019. Gross revenues for the three and twelve months ended December 31, 2020 were $89,554 and $334,392, compared to $133,415 and $679,916 respectively in the same periods of 2019.
-
– Gross margins were for the three and twelve months ended December 31, 2020 were $62,462 (70 per cent) and $230,592 (69 percent) compared to $155,629 (117 percent) and $547,414 (81per cent) respectively, for the same periods in 2019.
-
– Expenses (sales, general and administrative, and research and development expenses) for the year ended December 31, 2020 were $944,549, compared to $1,480,799 in 2019.
-
– Net loss for the three and twelve months ended December 31, 2020 were $ 8,259 ($0.00 per share) and $563,349 ($0.00 per share) compared to a net loss of $ 2,254,311 ($0.01 per share) in the same period of 2019 and net loss of 3,897,890 ($0.03 per share) in the same periods of 2019 on a post-consolidated basis.
-
– Trade accounts receivable includes $6,167 owing from customers with $6,167 not past due, $Nil 30 days past due and $Nil over 365 days. The Company recorded a total allowance for doubtful accounts of $Nil which has been netted against trade receivables.
-
– Trade and other payables decreased from $836,161 at December 31, 2019 to $641,806 at December 31, 2020. This decrease is because the Company had reached a settlement agreement with its Alberta landlord.
The Company’s annual consolidated financial statements for the year ended December 31, 2020 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:
Mr. Xiaoyi Yan
Chief Financial Officer
1.403.769.1294 Office
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.
Copyright (c) 2021 TheNewswire – All rights reserved.
