- Payment security company iSignthis (ISX) has announced its operating cashflow is over $1.6 million for the second quarter of 2020
- This result makes it the fifth consecutive quarter of positive cashflow
- ISX’s cash balance at the end of the quarter was $16.1 million in consolidated group cash, with a reduction of $1.3 million due to the $1.5 million investment in NSX (NSX)
- Cash receipts from customers were also down to $8.4 million, which is a 20 per cent drop from the previous quarter, due to the impacts from the ASX suspension and COVID-19
- The legal proceedings with the ASX have cost the company around $600,000, taking the first-half total for legal expenses to around $1.03 million
- The second quarter’s unaudited revenue was around $7.7 million, with the majority of its revenue coming from the online video gaming
- Company shares last traded for $1.07 each in October 2019
Payment security company iSignthis (ISX) has announced its operating cashflow is over $1.6 million for the second quarter of 2020.
This result makes it the fifth consecutive quarter of positive cashflow.
ISX’s cash balance at the end of the quarter was $16.1 million in consolidated group cash, with a reduction of $1.3 million due to the $1.5 million investment in NSX (NSX).
In May, the company purchased $1.5 million in NSX shares for 9.1 cents each. NSX is the operator of the National Stock Exchange of Australia.
This quarter, cash receipts from customers totalled $8.4 million, down 20 per cent from the previous quarter, due to the impacts from the ASX suspension and COVID-19.
Meanwhile, client funds held has dropped around $82 million, due to the slight reduction in customer confidence as a result of the ASX suspension. iSignthis has been suspended since October 2019 due to legal proceedings, which contest the issue of 336 million performance shares to iSignthis directors and managers.
Costs related to the ASX legal proceedings this quarter came in at around $600,000, taking the first-half legal expense total to around $1.03 million.
For the first half of 2020, the unaudited operating net profit after tax would have been around $3.3 million, however, these costs have been impacted by the court proceedings and the investment in NSX.
The second-quarter revenue was around $7.7 million, with the majority of ISX’s revenue coming from the online video gaming sector.
Company shares last traded for $1.07 each in October 2019.