Terra Tech Corp., formerly Private Secretary, Inc., through its subsidiary GrowOp Technology Ltd. (GrowOp Technology) specializes in controlled agricultural technologies.GrowOp Technology’s business (now the principal business of Terra Tech) is the integration of best of breed hydroponic equipment with proprietary technology to create sustainable solutions for the cultivation of indoor agriculture. They work closely with expert horticulturists, engineers, and scientists, to develop and manufacture advanced proprietary products for the hydroponic industry. Terra Tech products are utilized by horticulture enthusiasts, local urban farmers, and green house growers.
Terra Tech Quarterly Results show the company has continued to loose money through it’s operations and its recent acquisition of GrowOp Technology for an estimated $4.8 Million (a cost of 33,998,500 shares or 41.46% of the issued and outstanding shares of common stock.)
Revenue for the quarter ending March 31, 2012 was $211,891, a decrease of -13.14% YoY. The company sites an “improper mix of inventory required by the customers” as the main cause. The company’s expenses increased $284,294 to $407,783 for the quarter in connection with an issuance of $200,000 of Preferred Stock Series B convertible at 1-for-5.384325537 into common shares. As of the quarter ending March 31, 2012 Terra Tech has accumulated a deficit of $3,042,226 and has yet to create sufficient cash to fund its ongoing operations.
See all the details: Click to See Quarterly Filing