Terra Tech Corp (OTCMKTS:TRTC) had been very impressive during the month of May. The company announced a new retail delivery partner for IVXX in Palm Springs. TRTC also released its 1Q2015, outlining an overall increase in business activities, but the company still fails to report a net gain. Although the loss was minimal, it certainly did not help the company stock get any better.
Investors received further discouragement when Magna Equities II and Dominion Capital decided to close their positions at the company. The two companies sold around 75 million shares through Terra Tech, as was stated in the S-1/A filed by TRTC on May 28. Terra Tech mostly focuses on developing grow-house equipment, which is mostly sold through its own subsidiary GrowOp Technologies. Additionally, the company also markets produce from its own facilities as well as from partner hydroponic farmers.
Terra Tech also recently experienced development with its IVXX brand of cannabis products, with Palm Springs become the new retail location. However, the company has chosen to sell its products through Super Fast OG Delivery, which mainly focuses on delivering cannabis products to the elderly. CEO of TRTC, Derek Peterson, stated that this had been done after looking at the market, which is mostly dominated by seniors. Since these people have limited mobility it would make more sense to deliver the products to them. Additionally, the company outlines that IVXX products would only be made available to those with a permit for consuming medical cannabis.
For the 1Q2015, Terra Tech was able to report substantial growth in terms of revenues and gross profits. The company reported an increase of 36.23% in revenues on a year-over-year basis, while an increase of almost 30% was reported in terms of gross margins. Subsequently, the company was also able to lower its operating expenses by 4.5%, but unfortunately that was not enough to report a net gain. However, at the moment TRTC is headed in the right direction and can expect to post a gain in the 2Q2015.
Terra Tech Corp (OTCMKTS:TRTC) closed at a share price of $0.127, after trading 214.83 million shares during the June 16 session and registering a decline of 5.15% in value.