On 25 January 2019, Audio Pixels Holdings Limited (ASX: AKP), a company which belongs to the consumer durables & apparel industry group and into the business of developing a technological platform for reproducing sound for the production of speakers, has highlighted its December quarterly updates for the period ended 31 December 2018.
The company used A$1.025 million in its operating activities. The primary reason of cash outflow was the payment made for the research and development where the company paid A$0.845 million, administration and corporate costs worth A$0.278 million and Interest and other costs of finance worth A$0.071 million.
The company during the period acquired property, plant and equipment worth A$0.013 million.
The company generated revenues by issuing shares of the company. As a result, the net cash inflow from the financing activities was A$9.500 million. By the end of the period, the net cash and cash equivalent with AKP was A$11.019 million.
The estimated cash outflow for the March quarter ending on 31 March 2018 is A$1.640 million where A$1.000 will be used for the research and development, A$0.250 million in product manufacturing and operating cost, A$0.180 used as staff cost and A$0.200 million as administration and corporate costs and A$0.010 million as advertising and marketing cost.
On 21 December 2018, announced the update regarding its digital speaker development. The company was able to achieve three major breakthroughs. The first one was resolving the stiction and charge trapping issues, providing a simplified structure, and the third was the sound (playing).
After achieving the three breakthroughs, in the EGM presentation presented by Yuval Cohen, it was highlighted that in January/February there would be a delivery of remaining wafers under development phase. They had also planned to complete the testing and algorithm and introduce as well as demonstrate the music play, complete the last process steps before the packaging of the chip and also engage fabricators for mass production.
On 6 November 2018, AKP announced its top 20 shareholders along with their number of share units. On 30 October 2018, the company announced its completion of the placement of 769,231 ordinary shares at A$13.00 per share. The company was able to raise $10 million through sophisticated and professional investors. Here, Petra Capital Pty Limited acted as the lead manager as well as the book runner to the capital raising. The purpose of raising the fund was to support the ramp-up of production as well as to meet the working capital requirements.
Since its inception, the stock has generated a positive return of 18081.82%. AKP stock generated a 23.38% return in the last six months. By the closure of the trading session on 12 February 2019, AKP zoomed up by 4% from the previous trading day’s closing price. The closing price of the share was A$20.800 with the market capitalization of A$566.03 million and approximately 566.03 million outstanding shares.
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