Zoned Properties, Inc. (OTCQB:ZDPY) released its financial results for the quarter ended March 31, 2022.
Q1 2022 Financial Results
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Revenues were $938,701 for the quarter ended March 31, 2022, compared to $345,845 for the quarter ended March 31, 2021, an increase of 171.4%.
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Operating expenses were $929,183 for the quarter ended March 31, 2022, compared to $389,213 for the quarter ended March 31, 2021, an increase of 138.7%.
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The company reported a net loss of $25,696 for the quarter ended March 31, 2022, as compared to a net loss of $71,335 for the quarter ended March 31, 2021.
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The company had cash of $787,918 as of March 31, 2022, compared to $1,191,940 as of December 31, 2021, primarily reflecting $500,000 of cash used for a tenant improvement investment related to expansion at its Chino Valley Cultivation Facility.
“I am so impressed by our team, these key results and the culture we are building at Zoned Properties, which has resulted in such a great first quarter. As we continue to expand the company through recruitment, partnerships, and strategic investments we are working to bring together an increasingly diverse group of experts with skill sets focused on cannabis real estate development,” stated Bryan McLaren, CEO of Zoned Properties. “Our team established an aggressive framework for national expansion in 2022. The efforts are just starting to reflect in our quarterly results, which are focused on diversified revenue growth while maintaining healthy cash flow from operations.”
Photo: Courtesy of Jeff W on Unsplash
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