- Software company Ookami (OOK) has reported a quiet, inactive quarter for the period which ended on June 30, 2020
- The company conducted no substantial business activities, besides seeking potential assets and opportunities to reinstate company securities on the ASX
- Ookami saw a decrease in costs during the quarter, due to directors and business partners considerably lowering their fees
- During the quarter, the company’s payments to related parties consisted of $40,000 in director fees to non-executive directors
- Ookami shares have been suspended since June last year, priced at 2.2 cents per share
Software company Ookami (OOK) has reported a quiet, inactive quarter for the period which ended on June 30, 2020.
As of June 30, 2020, the company held approximately $410,000 in cash and cash equivalents. This is somewhat lower when compared to the $498,000 which Ookami held in cash and cash equivalents at the end of the March 2020 quarter.
The company used $86,000 in net cash for operating activities during the latest quarterly period. Comparatively, Ookami had spent $146,000 in net cash for operating activities at the end of the March 2020 quarter.
The company attributed this decrease in operating costs to fee reductions which occurred during the quarter. Directors of Ookami only took 50 per cent of their fees in cash, with the other 50 per cent accruing. The company’s business partners also assisted by lowering their own fees indefinitely.
These fee reduction measures are likely to remain until Ookami is re-admitted to the official list of the Australian Securities Exchange (ASX).
In its quarterly activity report, the company stated that its Board of Directors has been working towards this goal for much of this quarter. In particular, the Board has been seeking value-adding assets and opportunities which will assist in reinstating Ookami’s securities on the ASX.
There were apparently no other significant business activities conducted by the company during the June quarter.
Ookami’s cash flow report for the quarter indicates that the company made payments to related parties worth $40,000. This amount consisted of director fees, paid to non-executive directors.
Ookami shares have been suspended since June last year, priced at 2.2 cents per share.