Telescope Innovations Corp (TELI.C) (OTCQB: TELIF) is one of the major developers of services and technologies for the worldwide pharmaceutical and chemical industries. On June 29 the company had come into the news cycle after it announced its financial results for the third fiscal quarter that ended on May 31, 2023.
The company noted that it had been able to build its revenues strongly since the fourth fiscal quarter of 2022. Telescope Innovations brought in revenues of $1.01 million to go along with a net income of $67,847 in the third quarter. The net income figure represented a sequential rise of 500% in net income from the previous quarter.
The revenue figure represented a sequential rise of 24%. At the end of the quarter, the company had a working capital of $1,493,942 and that reflected an increase of 12% from the second quarter. Telescope Innovations reported that it had cash in hand to the tune of $275,796 and the total assets it had under its control was $3,244,904.
The cash in hand had received a dent due to the considerable rent prepayment that had been done by the company for lab facilities that would be occupied by Telescope Innovations in the fall of this year.