FORT LAUDERDALE, Fla., Sept. 27, 2018 /PRNewswire/ -- PRESS RELEASE -- Cannabis software and tech firm BioTrackTHC, a wholly owned subsidiary of Helix TCS, Inc., has announced that an independent auditor has completed the audit of its Annual Financial Statements for the fiscal years ending Dec. 31, 2016 and Dec. 31, 2017. The company's auditor, a PCAOB registered accounting firm and among the nation's largest full-service advisory and accounting firms, has now completed two consecutive years of the audits of the company's financial statements within the guidelines of Generally Accepted Accounting Principles, (GAAP).
The company's audited financial statements can be viewed on the SEC's EDGAR database, or on the Helix TCS corporate website.
"BioTrackTHC is the first cannabis seed-to-sale software company to complete a full GAAP audit, not for just one year but for two," said Patrick Vo, president and CEO of BioTrackTHC. "The completion of this audit of BioTrackTHC's financials by a highly respected national CPA firm provides confidence that our financial performance presentations are fair and can be relied upon. In an industry still dominated by private entities, there are few organizations that are willing to supply accurate and independently verified performance information. We are proud to continue setting the bar for our industry in a niche that prides itself on the concept of transparency and accountability."
"Helix's management and Board of Directors are pleased to reaffirm the financial statements of BioTrack, as reflected in the opinion issued by our auditor and incorporated into the form 8-k/A we filed last month," added Scott Ogur, CFO of Helix TCS, Inc.
"Scaling a company in an emerging industry as fragmented and structureless as cannabis is incredibly challenging, but our team's relentless focus on efficient execution over the last two years is evident in the numbers," said Vo. "From 2016 to 2017, BioTrackTHC's annual total revenues grew by 47 percent and gross profit grew by 57 percent, all while total operating expenses decreased by 7 percent for the year. This increase in revenues in conjunction with the decrease in expenses led to the company's net accounting loss decreasing by 85 percent. In 2016 the net accounting loss was 45 percent of total revenues, while in 2017 the net accounting loss was 4.5 percent of total revenues."
BioTrackTHC merged with publicly-traded Helix TCS, Inc. earlier in 2018 and is traded under the ticker symbol OTCQB: HLIX.
