"We are excited about the launch of our new product line and anticipate enthusiastic reception from our customers.
#Logix pro problem help software#
The Company also plans to release its latest version of SensorLink configuration software that allows remote configuration of devices to promote scalability of the T-LITE system. Titan's smart device app (T-PULSE) is now available on Google and Apple stores for connection to the wireless T-LITE digital level gauge. Titan intends to launch its T-LITE wireless transmitter for commercial sales in fiscal Q2 which includes T-Pulse and TDS Light AWS application as an integrated system. The Titan Data System web access (TDS) and the Titan Application Program Interface (TAPI) provides data connectivity for our customers. The Company developed new hardware and software technology in fiscal 2021 to expand our offerings to new markets and enhance our digital capabilities. Total benefits received from wage subsidy programs in fiscal 2021 amounted to $463,373 as compared with $440,656 in fiscal 2020.
The improvement in the operating loss before other items and the loss after income taxes in the year was primarily due to the one-time consulting costs incurred in the previous fiscal year for the completion of the development of the cloud platform combined with other expense reductions.ĭuring the fiscal year the Company continued its participation in the CEWS program. Adjusted for interest income and other items, the net loss after income taxes was $227,357 in fiscal 2021 compared to a net loss after taxes of $578,356 in fiscal 2020. In fiscal 2021, the Company reported an operating loss before other items of $850,315 compared to an operating loss of $1,239,753 in fiscal 2020. This reduction is primarily due to one-time consulting costs incurred in the previous fiscal year for the completion of the development of the cloud platform combined with an increase in receipts received from the Canada Emergency Wage Subsidy Program ("CEWS") program, grants and SR&ED tax refunds.
This reduction in expenses is primarily due to one-time engineering expenses in the previous year combined with a reduction in sales and general and administrative expenses. Total expenses in fiscal 2021 decreased by $720,779 to $2,689,791 as compared with $3,410,570 in the comparative prior year. This decrease in gross profit is primarily due to the decrease in unit demand and revenue. The decrease in revenue was primarily a result of lower industry activity in the energy sector due to the ongoing impact of the COVID-19 pandemic which began mid-year in fiscal 2020.