(via TheNewswire)
ZeU is also providing an update to its previously disclosed Management Cease
The Corporation has applied to the applicable securities regulatory authorities and received a Management Cease
ZeU Management aims to release the Interim Financial Documents pertaining to the 1st Quarter of its 2022 financial year, covering the period of
ZeU as a going concern
Since the withdrawal of the proposed transaction with a Chinese entity in
In order to mitigate that issue Management expects to restructure the Company’s debt and the business silos in the coming weeks. Debt renegotiations shall occur with the parties willing to collaborate on a more permanent solution and certain businesses are expected to be let go. This exercise will be done with the shareholders interests in mind and should allow the Company to grow without financial or legal threats to its existence.
More information should be available for disclosure in the coming weeks.
FINANCIAL RESULTS OVERVIEW
Summary of the Results of Operation
For the fifteen months period ended
Management has realised an impairment of 13,320,813 on the goodwill of ZeUPay (Prego) during the fifteen months period ended
The following table provides a summary of the Company’s financial operations for the prior two fiscal years.
Fifteen months ended | Year ended | |
$ | $ | |
Cash | 24,281 | 1,944 |
Working capital (deficiency) | (5,872,304) | (5,166,513) |
Total assets | 584,824 | 16,944 |
Shareholders’ equity (deficiency) | (12,096,035) | (9,419,731) |
Revenue | - | 354,860 |
Net loss and comprehensive loss for the period | (14,274,215) | (9,504,212) |
Basic and diluted loss per share | (0.41) | (0.39) |
Fifteen months ended
The Company incurred a net loss of
Year ended
The Company recorded development services revenue of
Summary of the Quarterly Results
The following table outlines selected unaudited financial information of the Company for the last eight quarters.
Mar.31, 2022 | Dec.31, 2021 | Sept.30, 2021 | Jun.30, 2021 | |
Total assets | 584,824 | 13,685,663 | 13,897,972 | 13,979,779 |
Working capital (deficiency) | (5,872,304) | (8,276,982) | (4,804,887) | (4,171,766) |
Long term debt | (6,223,731) | (5,209,749) | (8,117,434) | (7,657.429) |
Shareholders’ equity (deficiency) | (12,096,035) | (1,674,434) | (1,106,428) | 74.667 |
Revenue | - | - | - | - |
Net income (loss) | (10,436,131) | (1,333,757) | (1,069,805) | (1,971,674) |
Net income (loss) per share | (0.28) | (0.04) | (0.03) | (0.06) |
Mar.31, 2021 | Dec.31, 2020 | Sept.30, 2020 | Jun.30, 2020 | |
Total assets | 14,516,214 | 16,944 | 6,434,989 | 6,566,875 |
Working capital (deficiency) | (3,422,589) | (5,166,513) | (71,490) | (623,007) |
Long term debt | (7,105,381) | (3,904,516) | (4,289,359) | (3,986,915) |
Shareholders’ equity (deficiency) | 1,098,542 | (9,419,731) | (2,774,397) | (2,331,781) |
Revenue | - | 173,951 | 36,530 | 70,450 |
Net income (loss) | 537,152 | 7,873,657 | (628,452) | (15,703,409) |
Net income (loss) per share | 0.02 | 0.32 | (0.03) | (0.64) |
The main factors contributing to variances to the quarters up to
In 2020, the Company impaired the value of its Kamari tokens as there was no longer an objective market value for the tokens, except for the right to repay its Kamari debt at a mark to market price.
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
President & CEO
About ZeU
ZeU is a forward-thinking Canadian technology company that has developed a state-of-the-art DLT protocol, providing the foundation for the next generation of encrypted and distributed networks. Thanks to its high level of sophistication, ZeU’s technology maximizes transparency, security and scalability, as well as big data management. ZeU’s strategy is to monetize DLT transactions in diverse sectors such as payment, gaming, data, and healthcare.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
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