- Turnium Technology Group (TTGI) has appointed a new CEO and modified its financial results for the three and nine months ended June 30, 2022
- With the contract of Johan Arnet as CEO coming to an end, the company has appointed Derek Spratt as Acting CEO
- Current assets as at June 30, 2022, increased by 108 per cent over September 30, 2021
- Revenue for the nine months increased by 37 per cent, while revenue for the quarter grew by 7 per cent
- Turnium Technology Group Inc. is an industry leader in cloud-native software-defined wide area networking solutions (SDWAN)
- Turnium Technology Group Inc. was down 10.345 per cent, trading at $0.26 per share as at 1:05 PM ET
Turnium Technology Group (TTGI) has appointed a new CEO and announced its financial results for the three and nine months ended June 30, 2022.
With the contract of Johan Arnet as CEO coming to an end, the company has appointed Derek Spratt as Acting CEO.
Arnet, who is currently Executive Chairman and Director of the company, will continue as a director of the company.
This is the first financial result of company (formerly RMR Science Technologies Inc.) since it completed its reverse takeover of June 16, 2022.
The results include the consolidated operations of Turnium from October 1, 2021 and the operations of RMR Science Technologies Inc., renamed Turnium Technology Group Inc., from June 16, 2022.
Current assets as at June 30, 2022 increased by 108 per cent over current assets at September 30, 2021 due mainly to an increase in cash from the company’s recent $3,309,951 subscription receipts financing in connection with its reverse takeover transaction.
Also, during the nine months the company raised $1 million from the proceeds of a convertible note, which converted to common shares during the quarter. Non-current liabilities decreased by 55 per cent mainly due to a net decrease in derivative liabilities of $1,287,235.
Revenue for the nine months increased by 37 per cent over revenue of the same period of the prior year due to a 21 per cent increase in recurring revenue and a 107 per cent increase in one-time revenue, primarily due to the acquisition of TNET, which contributed only four months of operations since its acquisition in the prior year period.
Revenue for the quarter grew by 7 per cent over revenue for the same quarter, due to a 13-per-cent increase in recurring revenue and a 14-per-cent decrease in one-time revenue.
During the quarter, the company recorded listing expense of $1,793,611 made up of the fair value of RMR’s 2,047,155 pre-RTO shares, the assumption of RMR net liabilities of $172,726 and legal and filing costs of $474,838.
Turnium Technology Group Inc. is an industry leader in cloud-native software-defined wide area networking solutions (SDWAN).
Turnium Technology Group Inc. was down 10.345 per cent, trading at $0.26 per share as at 1:05 PM ET.
