- A combination of cash grants, a capital raise and contracts have put Strategic Elements (SOR) in a solid position as it wraps up the December 2020 quarter
- A $5.1 million capital raise means Strategic enters 2021 with roughly $6 million in liquid assets
- In terms of operations, SOR is working towards the potential development of a self-charging battery, which has shown promise in tests undertaken over the period
- Expenditure for the quarter was up slightly on last year as it completed additional engineering work on its Autonomous Security Vehicle
- Strategic Elements shares are down 3.85 per cent following the announcement, trading at 75 cents each
A combination of cash grants, a capital raise and contracts have put Strategic Elements (SOR) in a solid position as it wraps up the December 2020 quarter.
The pooled development fund for Australian innovation updated investors this morning with its quarterly activities and cashflow reports for the period ended December 31, 2020.
SOR entered the new calendar year with roughly $6 million in liquid assets on the back of a $5.1 million capital raise undertaken in October 2020.
Alll up, Strategic clocked $753,000 in expenditure across the group, which it notes as a slight increase on the previous quarter due to additional engineering work required for its Autonomous Security Vehicle deployment (ASV).
A number of contracts were also secured under the company’s Stealth Technologies subsidiary for the aforementioned ASV, including Honeywell, CSIRO, Planck AeroSystems and the University of Western Australia.
Australian Advanced Materials also made significant advancements towards producing self-charging batteries, after it successfully scaled up its battery ink at the beginning of December.
SOR’s Nanocube Memory Ink technology has also shown potential as brain-inspired computing hardware, following a research collaboration with the University of New South Wales.
A $1 million grant awarded to the ASX-lister’s subsidiary, Australian Advanced Materials, meant direct costs within this faction totalled $10,000.
SOR’s Stealth Technologies subsidiary banked roughly $10,000 in contract revenue and $12,000 in government grants. Approximately $298,000 was incurred on final research and development, staff and operating costs.
Based on current expenditure levels, Strategic has indicated it has sufficient cash to maintain operations for roughly the next eight quarters.
Strategic Elements shares are down 3.85 per cent following the announcement, trading at 75 cents each at 11:10 am AEDT.