Cambridge, MA, May 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- IIOT-OXYS, Inc. announced financial results for its Fiscal 2019 first quarter ended March 31, 2019.
Revenues for the quarter ended March 31, 2019 increased 213% to $42,837, as compared to $13,650 during the same period the prior year.
Which means that the last reported Q revenue is $27,000 (60%) less, 15 months later
Gross Profit increased 525% to $30,668, as compared to $4,900 during the same period the prior year.
Net loss was $780,038, as compared to a net loss of $259,883 for same period the prior year.
Mr. Clifford Emmons, Chairman and Chief Executive Officer, stated, "I am pleased to announce the business plan and strategy we implemented in 2018 was executed as planned and the results we attained throughout the first quarter were in line with our expectations and budgets. Our ongoing projects combined with the new project we announced with a major pharmaceutical company continue to support our growth strategy and provide us with new business opportunities. Our sales and marketing team is working on new proposals in both the public and private sectors.”
“We have successfully differentiated ourselves from competitors by our predictive algorithms. We believe these provide manufacturers with machine uptime and maximizes operational efficiency. We support biotech, pharmaceutical and medical device companies with our sensors and artificial intelligence that requires products that must also pass rigorous review by governing bodies such as the FDA.
Additionally, we are working with city, state and federal agencies by providing data on bridges and other civil infrastructures which allows for raw data to be processed and allows departments of transportations and politicians to ensure safety on roadways, implement repairs when needed and plan budgets accordingly,” concluded Mr. Emmons.
Where is the revenue from this work? Or, were all of these governmental customers lost to competitors?