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Radient Technologies Inc. (OTCPK:RDDTF) (TSXV:RTI) released its financial results for the quarter ended December 31, 2022, revealing revenue of $1 million, a decrease of 37% compared to $1.6 million in the same period in the prior year.
Q3 FY 2023 Financial Highlights
Gross profit for the quarter ended December 31, 2022 was $272,309, which compares to $233,836 in the same period in the prior year.
Operating expenses for the quarter ended December 31, 2022, were $1.3 million which compares to $2.6 million in the same period in the prior year.
Net loss and comprehensive loss was 1.4 million compared to a loss of $3.2 million in the same period in the prior year.
Cash at the end of the period was $107,893
Loan Facility Demand
Moskowitz Capital Mortgage Fund II Inc. issued a demand notice on August 26, 2022, to the company for payment of approximately $10.5 million, plus accrued costs and additional interest to the date of payment pursuant to the terms of a secured loan facility guaranteed by the company. The facility is secured by a first priority mortgage on the land and buildings located at 4035, 4029, and 4025 101 St. N.W., Edmonton, Alberta, as well as all of the company's present and after acquired personal property. On February 8, 2023, Moskowitz obtained a redemption order from the court to list for sale the mortgaged property under certain conditions. On March 21, 2023, Moskowitz was granted a limited receivership order to sell equipment not required for operations.
The company is encountering difficulty in meeting financial obligations as they become due. The continuing operations of the company are dependent upon funding provided by investors and realizing profits from products being commercialized. The company's efforts are focused on financing its future requirements through a combination of debt and/or equity issuances. There is no assurance that the company will be able to obtain such financings or obtain them on favorable terms. This uncertainty casts doubt about the ability of the company to continue as a going concern. The company is currently examining all restructuring options.
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