extractX Ltd. Announces Financial Results for Its Second Quarter Ended March 31, 2022

extractX Ltd. Announces Financial Results for Its Second Quarter Ended March 31, 2022
CANNANNEW REPORT

NIAGARA, Ontario–(BUSINESS WIRE)–extractX Ltd. (“extractX” or the “Company”), today announced financial results for the Company and its subsidiary extractX Incorporated (“EXI”) as at and for the three and six months ended March 31, 2022. All figures are in Canadian dollars unless otherwise noted. Q2 2022 Operational Highlights During the quarter the Company continued to work with its two client partners on extraction activities, as well as accelerated its sales and marketing efforts on a global scale. The Company reported total contract processing revenue of $235,268 for the six months ended March 31, 2022 ($37,171 for the six months ended March 31, 2021). The mobile lab in Kentucky generated $207,159, all in the first three months as the client partner did not process any biomass from January 1, 2022, on. Processing is expected to resume when the client partner has satisfactorily reduced their inventory of CBD distillate and has secured more biomass to commerce the extraction process again, most likely in the fourth quarter of 2022. The mobile lab in Thailand became operational in October 2021, however a temporary shortage of acceptable hemp biomass resulted in small test batches being run, thus the contract only generated $28,109 for the six months ended March 31, 2022 ($nil – March 31, 2021). Early in May 2022 the client partner confirmed that they had secured a larger quantity of biomass and resumed processing activities. The Company has also designed a lab to meet EU GMP regulations and standards, which will enable extractX to provide pharmaceutical-grade mobile labs for the pharmaceutical sector. This will be the production model and standard as the Company moves forward. These initiatives were supported in part through a 50% cost sharing grant under the Agricultural Clean Technology Program of the Canadian Government. The Company’s sales and marketing programs continue to…

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Source : extractX Ltd. Announces Financial Results for Its Second Quarter Ended March 31, 2022

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