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https://backend.otcmarkets.com/otcapi/company/financial-report/215291/content
Novateqni’s 100% owned subsidiary, Novateqni Hong Kong Limited, was incorporated under the laws of Hong Kong on
October 2, 2011. Novateqni Hong Kong’s head office and its registered office are located at 11th Floor, Kwai Cheong
Centre, Kwai Cheong Road, Hong Kong. The Company has two other subsidiaries, Novateqni USA LLC, which was
established for the United States market and Novateqni South Africa which was established as the research and
development center for the Company. On December 24, 2018, the Company announced that it was transferring all of
its subsidiaries to its former President in order to return to an outsourcing model for fulfilling sales and carrying out
development. Novateqni USA and Novateqni South Africa (Pty) Limited were transferred with an effective date of
November 1, 2018 and Novateqni Hong Kong Limited was transferred for no consideration.
The principal activity of Novateqni is the provision of technology based solutions and supply of related electronic
hardware mainly in the voter registration and voter validation industries.
Novateqni is a publicly traded company incorporated and domiciled in Canada. The Company’s registered office is as
follows: Suite 1250, 639 - 5th Avenue S.W., Calgary, AB T2P 0M9. The Company’s common shares are listed on the
TSX Venture Exchange (“TSXV”) under the trading symbol NTQ.
Selected Financial Information
October 31,2018 October 31,2017
Total revenue $2,494,497 $ 1,696,782
Net loss for the year $(428,454) $ (993,997)
Basic and diluted earnings (loss) per share $(0.01) $ (0.03)
Total assets $123,268 $ 118,356
Shareholders’ equity $(233,086) $ (538,950)
Weighted average Class A common shares
outstanding
36,785,774 32,236,815
Results of Operations
During the year ended October 31, 2018 the Company had sales of $2,494,497 as compared to $1,696,782 for the
year ended October 31, 2017. The increase in sales was due to the company successfully completing a larger tender
during the year. The cost of sales for the year ended October 31, 2018 was $1,970,926 versus $1,396,618 for the year
ended October 31, 2017. The increase was a result of a larger tender won in 2018 which comparatively would result in
a larger cost of sales. Gross margin for the year ended October 31, 2018 was $523,571 (21%) versus $300,164
(18.0%) for the year ended October 31, 2017. The gross margin was higher due to efficiency with production.
Operating expenses decreased to $892,066 for the year ended October 31, 2018 from $1,314,410 for the year ended
October 31, 2017. The decrease was due to cost cutting measures and production efficiencies.
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