Here's another example in 3Q that net profit was more than income due to debt reductions.
EL DORADO HILLS, CA--(Marketwired - Nov 13, 2013) - MyECheck, Inc. (OTC Pink: MYEC), a provider of innovative electronic check data processing services, today announced financial results for its third quarter 2013 ended September 30, 2013.
The Company posted quarterly gross income of $580,314 and quarterly net profit of $553,609. Net revenue from operations was $78,094 and net income from operations was $51,389. Revenue from operations was derived from both transaction fee revenue and licensing fee revenue.
In the third quarter, the Company wrote down $502,220 of its debt reducing total debt from $804,320 to $302,100. In the six month period ended September 30, 2013, the Company has reduced total debt by $902,220.
