Titanium Corporation Reports First Quarter Ended March 31, 2020 and Provides Project Update - Seite 2
FINANCIAL OVERVIEW
Titanium is focused on achieving long-term financial success by implementing its innovative CVW technologies in commercial operations at oil sands sites. With the FEED portion of the Project completed, the Company is working with Canadian Natural on Project activities post-FEED, including engineering optimization and planning for the potential implementation of its technology at Canadian Natural’s Horizon site. However, until Project activities post-FEED are completed to the satisfaction of the parties, commercial arrangements and investment decisions are made, and facilities constructed and operating, the Company expects to continue to incur losses. Currently, quarterly (income)/losses are comprised of research and development (“R&D”) project costs, recovery of project costs, and general and administrative (“G&A”) expenditures.
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Net (Loss) Income – For the three-month period ended March 31, 2020, the Company reported net loss of $0.9 million or $0.01 loss per share. The net loss consisted of G&A ($0.5 million) and R&D ($0.4 million) expenses in the current period compared to net income of $0.5 million for the three-month period ended March 31, 2019 as the Company received Project contributions for the FEED in the prior period which exceed Project costs incurred and G&A expenses. For a development stage company and given the timing of Project contributions in the prior year, the net loss was in line with expectations.