Company sees year-over-year revenue growth of 244% to $7.0 Million
NEWPORT BEACH, CA--(Marketwired - November 09, 2016) - Terra Tech Corp. (OTCQX: TRTC) ("Terra Tech" or the "Company"), a vertically integrated cannabis-focused agriculture company, today announced its third quarter 2016 financial results for the period ending September 30, 2016.
Derek Peterson, Chief Executive Officer of Terra Tech, commented, "We are encouraged to see our strategy to expand Terra Tech's retail presence in core target markets drive top line growth, with revenues reaching $7.0 million in the third quarter of 2016, representing a 244% increase compared to the prior year period. Third quarter results were supported by revenues from the Blüm Oakland Dispensary, in California, and the Western Las Vegas Blüm Dispensary, in Nevada, both of which opened in Spring of 2016. During the third quarter, we also opened the South Decatur Boulevard Blüm Dispensary, which is located east of the Las Vegas Strip in Nevada. Furthermore, with the passing of yesterday's ballots to legalize recreational cannabis in Nevada and California, we are well-positioned to accelerate our growth as the market opportunity rapidly expands."
Mr. Peterson continued, "In addition to establishing a retail presence in Nevada and California, we also remain focused on improving brand recognition of our proprietary IVXX-branded line of premium medical cannabis products. We believe that our IVXX products are fast becoming one of the most-trusted medical cannabis brands in the country, which will give our brand 'staying power' as the industry evolves and new players enter the market."
"The Company's Edible Garden segment, which produces local and sustainably grown hydroponic foods, also reported a strong performance, with revenues up 34% year over year for the third quarter. Our distribution channels now include Wegmans Supermarket and our sales team expects this segment to continue to provide steady cash flow to support growth in the business in the near future," concluded Mr. Peterson.
Financial Update:
Business Update:
Miscellaneous Updates:
Conference Call
The company will also host a conference call today, Wednesday, November 9th, 2016 at 4:30 PM Eastern to discuss its financial results and the outlook for 2016.
Dial-In Number: 1-857-232-0157
Access Code: 422095
Derek Peterson, Chairman and CEO of Terra Tech Corp., will be answering shareholder questions at the end of the call. Should you have questions during or prior to the conference call please send an email to [email protected] with TRTC Question in the subject line. Mr. Peterson will answer as many questions as time will allow.
For those unable to participate in the live conference call, a replay will be available at http://www.smallcapvoice.com/trtc/. An archived version of the webcast will also be available on the investor relations section of the company's website.
The full quarterly report will be available on the SEC website at https://www.sec.gov/ and the SEC Filings section of the Investor Relations section of the Company's website at http://www.terratechcorp.com/.
About Terra Tech
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, MediFarm LLC and GrowOp Technology. Blüm's retail medical cannabis facilities focus on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions. Blüm offers a broad selection of medical cannabis products including; flowers, concentrates and edibles through its Oakland, CA and multiple Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces medical cannabis-extracted products for regulated medical cannabis dispensaries throughout California. The Company's wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Winn-Dixie, Raley's, Meijer, Kroger, and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, Pennsylvania and the Midwest. Terra Tech's MediFarm LLC subsidiaries are focused on medical cannabis cultivation and permitting businesses throughout Nevada. The Company's wholly-owned subsidiary GrowOp Technology, specializes in controlled environment agricultural technologies.
For more information about Terra Tech Corp visit: http://www.terratechcorp.com/
For more information about IVXX visit: http://ivxx.com/
For more information about Blüm Nevada visit: http://letsblum.com
For more information about Blüm Oakland visit: http://blumoak.com/
Visit us on Facebook @ https://www.facebook.com/terratechcorp/timeline
Follow us on Twitter @terratechcorp
Follow us on Instagram @socal_IVXX
For more information about Edible Garden visit: http://www.ediblegarden.com/
Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms?fref=ts
Visit IVXX on Facebook @ https://www.facebook.com/ivxxbrand?fref=ts
Cautionary Language Concerning Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to the Company or its management, identify forward-looking statements. These statements are based on current expectations, estimates, and projections about the Company's business, based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Terra Tech Corp.'s filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to: (i) our ability to integrate Black Oak Gallery, a California corporation ("Black Oak"), as well as vitamin and dietary supplement lines, into the Company's operations, (ii) product demand, market, and customer acceptance of the Company's products, (iii) the Company's ability to obtain financing to expand our operations, (iv) the Company's ability to attract qualified sales representatives, (v) competition, pricing and development difficulties, (vi) the Company's ability to conduct the business of IVXX, Inc., the contemplated businesses of MediFarm, LLC, MediFarm I, LLC, and MediFarm II, LLC, if there are changes in laws, regulations, or government policies related to cannabis, (vii) the Company's ability to conduct operations if disease, insects, or mites affect Edible Garden Corp.'s produce, herbs, and floral products, and (viii) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on Terra Tech Corp.'s website does not constitute a part of this release.
TERRA TECH CORP. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
September 30, 2016 | December 31, 2015 | ||||||||||
(Unaudited) | (Audited) | ||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash | $ | 3,397,317 | $ | 418,082 | |||||||
Accounts Receivable, Net | 1,072,389 | 741,844 | |||||||||
Prepaid Expenses | 237,623 | 147,230 | |||||||||
Inventory | 2,468,099 | 949,448 | |||||||||
Total Current Assets | 7,175,428 | 2,256,604 | |||||||||
Property, Equipment and Leasehold Improvements, Net | 9,804,904 | 6,694,975 | |||||||||
Goodwill | 32,296,948 | - | |||||||||
Intangible Assets, Net | 20,634,410 | 118,932 | |||||||||
Deposits | 53,543 | 94,528 | |||||||||
TOTAL ASSETS | $ | 69,965,233 | $ | 9,165,039 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts Payable and Accrued Expenses | $ | 6,386,859 | $ | 1,119,459 | |||||||
Derivative Liability | 6,895,000 | 743,400 | |||||||||
Short-Term Debt | 1,953,687 | 917,363 | |||||||||
Income Taxes Payable | 1,783,731 | - | |||||||||
Total Current Liabilities | 17,019,277 | 2,780,222 | |||||||||
Long-Term Liabilities: | |||||||||||
Long-Term Debt | 835,955 | - | |||||||||
Deferred Tax Liability, Net | 194,900 | 44,000 | |||||||||
Total Long-Term Liabilities | 1,030,855 | 44,000 | |||||||||
Total Liabilities | 18,050,132 | 2,824,222 | |||||||||
COMMITMENTS AND CONTINGENCIES | 12,655,741 | - | |||||||||
STOCKHOLDERS' EQUITY: | |||||||||||
Preferred Stock, Convertible Series A, Par Value $0.001; Authorized and Issued 100 Shares as of September 30, 2016 and December 31, 2015, Respectively | - | - | |||||||||
Preferred Stock, Convertible Series B, Par Value $0.001; Authorized 49,999,900 Shares as of September 30, 2016; Authorized 24,999,900 Shares as of December 31, 2015; Issued and Outstanding 40,382,962 and 16,300,000 as of September 30, 2016 and December 31, 2015, Respectively | 40,383 | 16,300 | |||||||||
Common Stock, Par Value $0.001; Authorized 990,000,000 Shares as of September 30, 2016; Authorized 350,000,000 Shares as of December 31, 2015; Issued 473,917,277 and 303,023,744 Shares as of September 30, 2016 and December 31, 2015, Respectively | 473,917 | 303,024 | |||||||||
Additional Paid-In Capital | 99,844,560 | 51,843,071 | |||||||||
Accumulated Deficit | (60,600,170 | ) | (45,952,109 | ) | |||||||
Total Terra Tech Corp. Stockholders' Equity | 39,758,690 | 6,210,286 | |||||||||
Non-Controlling Interest | (499,330 | ) | 130,531 | ||||||||
Total Stockholders' Equity | 39,259,360 | 6,340,817 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 69,965,233 | $ | 9,165,039 | |||||||
The accompanying notes, which can be found in the form 10-Q filed with the SEC, are an integral part of the unaudited condensed consolidated financial statements.
TERRA TECH CORP. AND SUBSIDIARIES | ||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||
Total Revenues | $ | 6,950,365 | $ | 2,018,351 | $ | 18,198,441 | $ | 7,805,994 | ||||||||||
Cost of Goods Sold | 5,630,979 | 1,648,545 | 15,095,137 | 6,944,859 | ||||||||||||||
Gross Profit | 1,319,386 | 369,806 | 3,103,304 | 861,135 | ||||||||||||||
Selling, General and Administrative Expenses | 6,005,946 | 2,099,314 | 13,519,615 | 7,792,445 | ||||||||||||||
Loss from Operations | (4,686,560 | ) | (1,729,508 | ) | (10,416,311 | ) | (6,931,310 | ) | ||||||||||
Other (Expense) Income: | ||||||||||||||||||
Amortization of Debt Discount | (610,089 | ) | (258,306 | ) | (922,621 | ) | (524,161 | ) | ||||||||||
Loss on Extinguishment of Debt | - | (263,950 | ) | (920,797 | ) | (263,950 | ) | |||||||||||
Loss from Derivatives Issued With Debt Greater Than Debt Carrying Value | (867,000 | ) | - | (1,355,000 | ) | (561,000 | ) | |||||||||||
Gain (Loss) on Fair Market Valuation of Derivatives | 771,000 | 372,400 | (595,700 | ) | 1,779,600 | |||||||||||||
Interest Expense | (159,633 | ) | (108,563 | ) | (276,193 | ) | (426,793 | ) | ||||||||||
Total Other (Expense) Income | (865,722 | ) | (258,419 | ) | (4,070,311 | ) | 3,696 | |||||||||||
Loss Before Provision for Income Taxes | (5,552,282 | ) | (1,987,927 | ) | (14,486,622 | ) | (6,927,614 | ) | ||||||||||
Provision for Income Taxes | 410,300 | 3,000 | 791,300 | 8,076 | ||||||||||||||
Net Loss | (5,962,582 | ) | (1,990,927 | ) | (15,277,922 | ) | (6,935,690 | ) | ||||||||||
Net Loss Attributable to Non-Controlling Interests | 374,823 | 32,760 | 629,861 | 144,433 | ||||||||||||||
NET LOSS ATTRIBUTABLE TO | ||||||||||||||||||
TERRA TECH CORP. | $ | (5,587,759 | ) | $ | (1,958,167 | ) | $ | (14,648,061 | ) | $ | (6,791,257 | ) | ||||||
Net Loss Per Common Share Attributable to | ||||||||||||||||||
Terra Tech Corp. Common Stockholders - | ||||||||||||||||||
Basic and Diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.03 | ) | ||||||
Weighted-Average Number of Common Shares | ||||||||||||||||||
Outstanding - Basic and Diluted | 352,676,081 | 252,220,146 | 343,052,572 | 224,483,147 | ||||||||||||||
The accompanying notes, which can be found in the form 10-Q filed with the SEC, are an integral part of the unaudited condensed consolidated financial statements.
Contact
Philip Carlson
KCSA Strategic Communications
[email protected]
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