Reflected in the results are expenditure reductions related to changes in the Company's approach to sales and marketing. According to
Driven by capital market challenges, during the quarter, the Company also implemented a number of cost-cutting measures. These measures were implemented beginning in
Q1F2022 had a cash usage over
Revenue for the quarter reflected continued use of the Company's Mesh Connector™ product by two key partners progressing through operational testing with major retailers.
According to
The Company reports – as combined revenue – both one-time implementation charges and recurring monthly fees for its Mesh Connector™ product. Reflected in the results are minor revenue reductions associated with the end of one-time implementation charges. The financial results for the second quarter ended
- Revenue for the three and six month period was
$13,000 and$23,375 as compared to$13,595 and$22,345 from the previous year; - Net loss for the three and six month period was
$707,528 and$1,710,586 as compared to$889,109 and$1,538,281 from the previous year; - Loss per share for the three and six month period was
$0.00 and$0.01 as compared to$0.00 and$0.01 from the previous year.
In addition, the Company continued to receive funding support through its previously announced convertible debenture. Regarding the debenture funding,
The unaudited condensed interim financial statements and related Management's Discussion and Analysis (MD&A) can be viewed on SEDAR at www.sedar.com.
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This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's management's discussion and analysis for the year ended
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
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