- MyFiziq (MYQ) has achieved its best quarterly result since December 2017, generating $555,000 in net cash from activities
- Of the $555,000, $462,000 comes from financing activities while the remaining $93,000 comes from operating activities
- In addition, MyFiziq also secured US$1.5 million (around A$2.08 million) in funding from Asia Cornerstone Asset Management (ACAM) in regards to its Nasdaq listing
- In total, the company received $1.666 million in funding from a combination of operating activities, ACAM, and R&D
- Whilst the operating cash expenditure for June 2020 is $586k, this represents a 49 per cent reduction in expenses for the quarter
- Finally, the company expects its Bearn and Boditrax apps to launch in late August 2020
- Despite the positive results, MyFiziq is down a slight 1.75 per cent on the market and shares are trading for 28 cents each
MyFiziq (MYQ) has achieved its best quarterly result since December 2017, generating $555,000 in net cash from activities.
Of the $555,000, $462,000 comes from financing activities while the remaining $93,000 comes from operating activities.
“In a pandemic world, the company has shown unyielding stability by producing a substantial cash flow result for the quarter,” Chief Financial Officer Steven Richards said.
“It is the first time since December 2017 that the company has generated positive cash flow from operating activities,” he added.
Cashflow
Funding
In addition to the $555,000 generated from operating and financing activities, MyFiziq also secured US$1.5 million (around A$2.08 million) in funding from Asia Cornerstone Asset Management (ACAM) in regards to its Nasdaq listing.
During the June, quarter MyFiziq received $322,000 of the ACAM funding and a $600,000 advance from R&D Capital Partners.
The company also received $90,000 in short-term borrowings, which has been repaid.
Throughout the quarter, MyFiziq received $1.666 million in funding from a combination of operating activities, ACAM, and R&D.
This allows the company to repay $550,000 in borrowings and $1.34 million in convertible note debt.
Expenditure
Over the past three quarters, MyFiziq spent an average of $1.189 million – $1.182 million, $1.332 million, and $1.054 million respectively – while in this quarter $586,000 was spent representing a 49 per cent reduction.
Product launches
Following a phased implementation to a small target audience, MyFiziq’s Evolt app was launched in the Apple App Store.
MyFiziq believes that the Evolt marketing campaign will be launched in the middle of August.
Additionally, MyFiziq’s developers are engaged in the final testing and implementation of the Bearn and Boditrax apps which are expected to launch in late August.
Finally, the company is well underway with attracting partners for its NuraLogix technology with 25 partners now using it.
“What should have been the company’s most challenging quarter due to the current pandemic and reductions in spending rife in all business communities, was, in fact, one of the company’s best quarters to date,” CEO, Vlado Bosanac said.
“MyFiziq shone on many levels, with the commencement of the process to enter the NASDAQ, substantial reduction in debt, increase in business activity with Evolt going live, signing of a new commercial agreement, partner revenue and licence fee payments,” Vlado said.
Despite this best quarter, MyFiziq is down a slight 1.75 per cent on the market and shares are trading for 28 cents each at 11:54 am AEST.