IRVINE, Calif., Aug. 09, 2018 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech” or the “Company”), a vertically integrated cannabis-focused agriculture company, today announced its second quarter financial results for the period ended June 30, 2018.
“During the second quarter of fiscal 2018 we focused on both growing topline revenues, which reached $8.7 million for the quarter, and investing in building out infrastructure to support our longer term growth strategy,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “In Nevada, we maintain a significant, focused presence which covers both retail and cultivation. On the retail side, our dispensaries reported higher revenues as the adult use market continued to gain momentum. Subsequent to the quarter end, we also commenced cultivation activities at our Sparks, Nevada facility, of which we own 50% in conjunction with NuLeaf, to scale the supply of our wholesale IVXX® premium products.
“In California, we made strides expanding our presence in Santa Ana by securing retail permits for new dispensaries on East Dyer Road and Carnegie Avenue. With plans to apply for cultivation, distribution, and manufacturing permits, we believe these locations have the potential to be significant revenue generators for us. We are also in the process of relocating our Oakland extraction facility to the new facility in San Leandro. While this has impacted IVXX sales in the short term, we are confident this will allow us to increase our production and achieve greater distribution throughout California upon completion of the facility build out, which is expected to occur by the end of the year. By investing in infrastructure, we aim to establish a strong platform to ensure growth in shareholder value,” concluded Mr. Peterson.
Also in July, the Company secured a 25% ownership in The Healing Tree Collective, Inc., a California based permitted dispensary.
The company will also host a conference call today, Thursday, August 9, 2018 at 4:30 PM Eastern Time.
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 TRTC@kcsa.com 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://smallcapvoice.com/blog/trtc/. An archived version of the webcast will also be available on the investor relations section of the company's website.
To be added to the Terra Tech email distribution list, please email TRTC@kcsa.com with TRTC in the subject line.
About Terra Tech
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm’s retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of 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 cannabis-extracted products for regulated medical cannabis dispensaries throughout California and medical and adult-use dispensaries in Nevada. 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, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech’s MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.
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
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 Terra Tech Corp.'s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales representatives, (iv) competition, pricing and development difficulties, (v) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (vi) 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.
KCSA Strategic Communications
|TERRA TECH CORP. AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Cost of Goods Sold||6,509,754||6,336,500||13,477,680||12,801,893|
|Selling, General and Administrative Expenses||8,002,370||6,029,287||16,424,918||12,415,587|
|Loss from Operations||(5,793,947||)||(4,522,914||)||(12,569,055||)||(10,550,151||)|
|Other Income (Expense):|
|Amortization of Debt Discount||(417,363||)||(515,654||)||(885,680||)||(1,126,270||)|
|Loss on Extinguishment of Debt||(3,127,477||)||(1,639,137||)||(7,858,723||)||(2,678,595||)|
|Gain (Loss) on Fair Market Valuation of Derivatives||(1,653,000||)||987,200||628,000||2,597,950|
|Interest Expense, Net||(331,379||)||(130,510||)||(591,000||)||(288,343||)|
|Loss on Fair Market Valuation of Contingent Consideration||-||(77,286||)||-||(4,426,047||)|
|Gain on Settlement of Contingent Consideration||-||4,991,571||-||4,991,571|
|Total Other Income (Expense)||(5,529,219||)||3,616,184||(8,707,403||)||(929,734||)|
|Net Income (Loss) Attributable to Non-Controlling Interest||104,837||(452,961||)||183,465||(914,128||)|
|NET LOSS ATTRIBUTABLE TO TERRA TECH CORP.||$||(11,428,003||)||$||(453,769||)||$||(21,459,923||)||$||(10,565,757||)|
|Net Loss Per Common Share Attributable to Terra
Tech Corp. Common Stockholders – Basic and
|Weighted-Average Number of Common Shares
Outstanding – Basic and Diluted
|TERRA TECH CORP. AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|June 30,||December 31,|
|Assets Held for Sale||904,352||-|
|Prepaid Expenses and Other Current Assets||1,086,989||1,067,689|
|Total Current Assets||18,354,899||18,243,131|
|Property, Equipment and Leasehold Improvements, Net||34,940,408||19,191,616|
|Intangible Assets, Net||26,696,348||27,773,110|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accounts Payable and Accrued Expenses||$||4,076,973||$||5,444,710|
|Total Current Liabilities||5,968,373||14,776,110|
|Long-Term Debt, Net of Discounts||12,811,403||6,609,398|
|Total Long-Term Liabilities||12,811,403||6,609,398|
|COMMITMENTS AND CONTINGENCIES|
|Preferred Stock, Convertible Series A, Par Value 0.001:||-||-|
|100 Shares Authorized as of June 30, 2018 and December 31, 2017; 8 Shares|
Issued and Outstanding as of June 30, 2018 and December 31, 2017
|Preferred Stock, Convertible Series B, Par Value 0.001:||-||-|
|49,999,900 Shares Authorized as of June 30, 2018 and December 31, 2017; 0|
Shares Issued and Outstanding as of June 30, 2018 and December 31, 2017
|Common Stock, Par Value 0.001:||70,853||61,819|
|990,000,000 Shares Authorized as of June 30, 2018 and December 31, 2017;|
70,852,978 and 61,818,560 Shares Issued and Outstanding as of June 30, 2018 and
December 31, 2017, respectively
|Additional Paid-In Capital||216,839,872||181,357,715|
|Total Terra Tech Corp. Stockholders’ Equity||89,902,200||75,870,932|
|Total Stockholders’ Equity||91,011,237||76,802,291|
|TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY||$||109,791,013||$||98,187,799|
Released August 9, 2018