Axxis Technology Releases Its December Quarter Update

AYG

On 24 January 2019, Axxis Technology Limited (ASX: AYG) has announced its Quarterly Consolidated statement of cash flows. As at 31 December 2018, the Company’s cash balance was AUD 46,000, representing a decrease from the cash balance of AUD 123,000 from the previous quarter.

Axxis Technology Limited (ASX: AYG) intends to acquire suitable business assets. Anittel Group Limited (Previously known as Anittel Group Limited) was an IT and Telecommunications company which provided their services to small-to-medium sized enterprises.

December Quarter Update: The company’s administration and corporate costs for the Q2 stood at A$ 77,000, and till a year to date (6 months) it amounted to A$ 159,000.  [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

On 1 November 2018, the company had posted the results of Annual General Meeting. On the same date, the company had re-elected Mr. Jeremy King as a director of the company. Mr. Jeremy King got 2,383,838 votes in favor. The company also appointed BDO Audit (WA) Pty Ltd as an Auditor of the company.

FY18 Financial Performance: The Company’s revenue for the year stood at $21,643 in FY18, (over the prior year which was $348). The Company’s net loss for the year stood at $218,712 in FY18, (over the prior year which was $263,548). The diluted loss per share for the year stood at 0.562 cents per share in FY18, (over the prior year which was $0.979).

The Company’s administrative expenses were $ 24,953, representing an increase from the administrative expenses of $ 17,125 from the previous year. The compliance and regulatory expenses for the year stood at $ 35,443 in FY18, (over the prior year which was $42,384). The consultant and corporate advisory fees for the year stood at $ 20,000 in FY18, (over the prior year which was $10,000). The Company’s director and company secretary fees were $ 72,000, representing a decrease from the director and company secretary fees of $ 88,268 from the previous year. The Company’s other expenses were $ 87,959, representing a decrease from the other expenses of $ 101,119 of the prior year.

On Balance Sheet front, Net Assets for the year stood at $188,484 in FY18, (over the prior year which was $407,196).

As at 30 June 2018, the company had cash and cash equivalent of $205,045 (over the prior year which was $422,008).

The stock has been suspended from trading on ASX since 22 September 2016. On 21 September 2016, AGY traded at $0.100, which was up by 18.69% at that time.


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