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850k sold at a loss. Let's hope that TRTC can change that, because if 1.26 mil brings in 0 dollars profit, there is an issue.
SSC
There is absolutely no doubt that these fins are far and away better than the past two years of fins. The trajectory is going in the correct direction. Besides selling equity, and funding private operations, TRTC is doing it right.
SSC
Need a close above .115 to keep the 3mo chart pretty. Looks probable.
So, about 15 million shares diluted in October alone.
SSC
Blum should have been folded into TRTC years ago, to establish legitimacy.
There is definitely a lack of ethics going on in that situation.
SSC
He's talking about the pot coming from DP's privately owned dispensary to create the IVXX wax. IVXX is losing money at the moment, but Blum and DP are profiting enormously off of the exact same operation. Do you see how that is not fair value to shareholders? Code of ethics means nothing if DP makes another few mil before its effective.
SSC
Seems like the demand is there for funding. Shouldn't be hard to sell those dominion tranches with the light at the end of the tunnel being so close.
SSC
And salaries.
Good report. Everything moving in the right direction. Unfortunately, still bleeding millions.
If they keep at the current trajectory though, they'll be in a good spot.
SSC
NEWPORT BEACH, Calif., Nov. 9, 2015 /PRNewswire/ -- Terra Tech Corp. (OTCQX: TRTC) ("Terra Tech" or the "Company"), a vertically integrated cannabis-focused agriculture company, today announced its third quarter 2015 financial results for the period ending September 30, 2015.
"The record 53% revenue growth we reported this quarter was driven by the expanded distribution reach of our IVXX brand in California, the closing of a major Edible Garden agreement with a high-profile grocery retailer, and our concentrated marketing efforts to grow the visibility of our brands," said Derek Peterson, CEO of Terra Tech. "We believe the impacts of California's recently enacted Marijuana Regulation and Safety Act, which is expected to go into effect as early as 2016, will better position us to deliver enhanced stockholder value, and we look forward to leveraging our ability to operate on a for-profit basis to increase the top line and drive revenue."
Financial Highlights:
Total revenues generated from the sales by Edible Garden and of IVXX for the quarter ended September 30, 2015 were approximately $2.0 million, an increase of 53% from the quarter ended September 30, 2014. IVXX was not operational in the third quarter of 2014.
Gross margin for the third quarter of 2015 amounted to approximately 18%, an increase of approximately 478% compared to a gross margin of approximately 4% for the third quarter of 2014.
Selling, general and administrative expenses for the third quarter of 2015 amounted to approximately $2.1 million, a decrease of approximately $5.9 million compared to approximately $8.0 million for the third quarter 2014.
We realized an operating loss of approximately $1.7 million for the third quarter of fiscal 2015, or a decrease of approximately $6.2 million less than our operating loss of approximately $7.9 million for the third quarter of 2014.
The net loss for the quarter ended September 30, 2015 was approximately $2.0 million or $0.01 per share compared to a loss of approximately $9.5 million or $0.05 per share for the third quarter of 2014, a decrease of approximately $7.6 million. The improvement in net loss is primarily attributable to an increase in revenue, a decrease in cost of goods sold, and a decrease in expenses.
Stockholders' equity for the third quarter of 2015 amounted to approximately $5.2 million, an increase of approximately $3.9 million compared to approximately $1.3 million as of December 31, 2014.
Total revenues generated by our wholly-owned subsidiary, IVXX, for the third quarter of 2015 totaled approximately $421,000. IVXX was not operational in the third quarter of 2014.
Debt as of September 30, 2015 amounted to approximately $1.5 million, a decrease of approximately $3.1 million compared to approximately $4.6 million as of December 31, 2014.
Business Highlights:
Introduced IVXX, the Company's proprietary brand of premium cannabis products, to 60 additional medical cannabis collectives located in Orange and San Bernardino Counties, California, as well as seven additional medical cannabis collectives located in and around Los Angeles, North Hollywood, Studio City and Sacramento, California, making Terra Tech one of the largest operators within the state.
Received approvals from Clark County, Nevada for two new medical cannabis dispensaries.
Expanded the distribution of Edible Garden products with the addition of 182 Stop & Shop grocery stores throughout the Northeast.
Signed an exclusive agreement with a large distributor based in Southern California that specializes in the placement of medical cannabis infused products and concentrates. As a result of the agreement, IVXX significantly expanded its distribution reach, contributing to unprecedented sales growth this quarter.
Up-listed to the OTCQX® Best Market and began trading under the symbol "TRTC."
Participated in the 2015 Aegis Capital Corp. Growth Conference in Las Vegas, which increased the Company's exposure among investors and industry analysts.
Received Global Food Safety Initiative (GFSI) certification for Edible Garden's flagship New Jersey hydroponic farm.
Mr. Peterson continued, "The investments we've made in the Nevada cannabis facilities during the quarter are significant steps toward our goal of cultivating and producing IVXX-branded flowers, joints, oils and other products in our own facilities. As of today, we are on track of meeting our goal to launch IVXX products in Nevada as early as 2016, and are continuing to cultivate relationships with retailers within the state. These strategic investments, as well as our ramped-up marketing and branding efforts, position us to stay on track for us to achieve approximately $9 million in annual revenue this year."
Getting closer by the minute ;)
Screw that. I'm still getting it at 50$ a gram. If they increase prices they'll lose me as a customer. Product is great, but there are similar products around here as well.
SSC
Close higher would be a great bullish hammer on increased volume for the next leg up.
Whether the money is non profit or non has little affect in this development stage of the company, you are certainly correct. If you look at TRTC, they are aggressively expanding. That revenue would be spent either way, for-profit or non-profit.
However, It's unfortunate that way too much of the revenue goes SG&A. Especially the high salaries.
SSC
Why are we still arguing this point? 2 years is not long. For-profit is inevitable. Can we agree to that at a minimum?
This just in, Alcohol is no longer made in speak easy's either.
SSC
They didn't buy back shares. That was probably other posters convincing people that the A/S was going to be raised. It's BS, at the moment.
SSC
The game is what annoys me as well. There should be rules to protect both sides - but the odds are certainly with the MM's. Showing only 10k on the ask when you have 300m shares to dilute is just not fair in any way shape or form. But that's how it goes in OTC land. Truly the Wild West here.
SSC
Indeed, a way for the MM crooks to make millions from retail investors.
Sad :(
SSC
Seriously killer 3 month chart.
3 month chart is looking damn good.
I think that they're making some good moves. It's very comforting to me knowing that the exact same person that wrote the article that ruined TRTC's PPS is the exact same author that ruined HLTH's PPS as well, and is being sued for such. It is a shame to me that TRTC didn't do this first, seeing as it happened to TRTC a year ago, versus HLTH's recently.
As far as how I feel about changes that TRTC is making to affect the bottom line
-Derek must continue to expand aggressively. If you're looking for a buyout after legalization, you'll need to be a serious competitor with lots of footprint to be considered.
-Derek must continue to expand outside directors. This isn't TRTCs first outside director. One was hired in 2012 and it didn't make much difference. I'm hoping that a continued search for more outside compensation committee will benefit PPS.
-I still don't understand the selling of stock when they receive salaries these days. Especially at .08-.12.
-expenses. We need to see how the IVXX expenses are. We can't have another 40m in deficit due to IVXX costing as much to sell as it does to make. We need to see good margins at ALL of the dispensaries. AFTER expenses and salaries are paid.
-I still hate that blumoak is making a killing off of TRTC. It's a serious conflict of interest. TRTC Is bleeding while Blum is raking in profits. We need to absorb that absolutely asap.
-for profit in 2018 or 2016, who cares, it's coming and will be baked into the PPS prior to 2018. Weeks? Months? Who knows, but it will.
-we need an update on dilution. Is magma needed still? Is IVXX covering? Is the lawsuit covering? What's happening.
-bottom line revenue versus expense is very telling imo. We've had years of bad fins and we really need to start working on that.
Also, I tried IVXX and loved it. Gave some to my friend who also loved it. Really great product and the dispensary owners loved it as well. They told me they were going to carry it exclusively and get rid of their other wax brands because they can't compare.
SSC
The author of the 18 month opinion piece written by "the emporer has no clothes" has been named in a case against anson funds for another stock.
Looks like your days are numbered Monest. Truth is out!
SSC
I mean, you could use this type of argument with Enron versus every blue chip stock on the market. That's just a silly argument.
SSC
Certainly makes it seem like a bit of a pump. We'll see how it works out for us.
SSC
You seem very negative TRTC, which is warranted, as I have been as well. But the IVXX numbers and inevitability of for-profit seems to put TRTC in an excellent position. I've personally tried the product and can see the brand catching on. I think a turn-around is coming.
SSC
Decent speculation buy here, IMO:
The latest PR is make or break, for me. It alluded to the fact that revenues were very high, or higher than anticipated. Craig Frank made sure to include that millions in sales were recorded, in the PR. Why is this make or break for me? If this isn't true, he could have just not added that to the PR. If revenues come in weaker than was was alluded, that proves to me that this PR was simply a pump, and the company has bad intentions.
JMO
SSC
The last time this stock was under a dime, in 2013:
~EG products existed in less than 50 shops nationwide
~IVXX cannabis products existed in 0 shops nationwide
~140 million shares fully diluted.
Now, in 2015, we are at a dime again, but with:
~EG products existed in more than 1800 shops nationwide
~IVXX cannabis products exists in more than 125 shops nationwide.
~360million shares fully diluted.
Buy time is close, IMO.
The main problem that I see here is that company owners have benefited in the millions of dollars during these two years, and even with all of the strides the company has taken, shareholders have not even received crumbs in return for funding the operations. It's time for TRTC to take the next hit, not us!
SSC
That's the problem here knife - there is zero focus. They are throwing darts in hopes that one sticks. It feels like they'll do anything, as long as it convinces people to keep their operations funded.
JMO
SSC
I'm out of IVXX. I need more, to be honest. It was really good. I'm a connoisseur.
SSC
Still no fins - unbelievable. They're how many months late now? half of an accounting period? Who thinks the next 10-Q will be on time? .... No possible way.
SSC
Been asking for two years. You will not get a response. It's pointless.
SSC
If you want shares just put in a buy order. They're not hard to come by at the moment.
There's an excuse for everything, right? Is the company ever wrong? They are on the OTC for a reason.
JMO
SSC
They are shipping from and selling from their own store. They're simply a third party seller on Amazon. Amazon doesn't do any of their fulfillment.
I still think this is a wolf of wall street penny scam. JMO.
SSC
I've personally ordered IVXX wax from releaf in SD. It exists.
SSC
Fair enough!
The story mentions the spy shop increasing inventory. Is it possible to increase inventory in a smaller space? I doubt some indie spy shop has a warehouse somewhere holding tons of inventory.
JMO
SSC
Email for KSCA is TRTC@KSCA.com
I've received no response to my questions or follow up. Good luck!
SSC
12 months ago? Being a CA patient, I've known about Bhang for years and years. If anything, I think they're losing market share now due to KIVA and the many many other brands that popped up. The same way many concentrate brands will pop up (alpine is one that already exists almost everywhere). Granted, IVXX product is better than alpine, but future brands may not be.
Dilution is killing TRTC. That's all there is to it.
JMO,
SSC