Turn around!
IGEN announces Net Profit for Second Quarter 2022
“Positioned for continued growth across consumer and commercial brands”
Lake Elsinore, CA – August 5, 2022 – IGEN Networks Corporation (OTC: IGEN, CSE: IGN), a leading innovator of Internet of Things (IoT) solutions for the consumer automotive and commercial fleet industries, today announced unaudited financial results for its second quarter ended June 30, 2022:
Second Quarter Financials and Recent Accomplishments:
As of June 30, 2022, the Company had total current assets of $252,227, a 45% increase from December 31, 2021.
Achieved recognized revenues of $91,976 compared to $82,998 from the prior year second quarter period
Grew total gross deferred revenue to $310,568 representing cash received and revenue to be recognized in future reporting periods
Gain on settlement of debt of $271,935
Net income of $10,582 compared to ($325,937) net loss from the prior year second quarter period
Expanded the subscriber base by 1680 new asset activations across consumer and commercial brands
Expanded Intellectual Property Portfolio for normalizing “big data” elements for the reduction of insurance rating-errors
Secured 11 new franchise and pre-owned dealerships located in 5 states with approximately 2000 vehicles under Nimbo Tracking inventory management services
Launched the CU Track program with Michigan Credit Union League Service Corporation in the Upper Peninsula region
Awarded exclusive contracts to provide Medallion GPS Fleet Services to New York State Counties
CEO Neil G. Chan stated, “IGEN is reporting a net income and profit for the first time since company inception. We are particularly excited with our new sales channels, partnerships, and patent portfolio created over the last several years. The development of the most cost efficient and scalable platforms in the industry has enabled the company to achieve profitability and improve our balance sheet in 2022. Our pipeline for the second half looks promising as our recurring and new business revenues will continue to drive growth for both the consumer and commercial IoT markets.”
