The Perth, Australia-based Quantify Technology (ASX: QFY) develops and sells easy-to-install, affordable internet-of-things devices based on smart buildings technology solutions. On March 1st, 2019, Quantify announced to have entered into a Heads of Agreement with Curtin University of Technology, to collectively construct a living lab, wherein the Quantify’s products will be deployed for a trial run, in East Village at Knutsford located in Fremantle, Western Australia.
The company’s flagship commercial product is the Q-Device, which is designed to replace conventional power outlets and switches in commercial and residential buildings. It can be easily retrofitted without re-cabling due to conventional wired Alternating Current (AC) wiring.
As per the agreement, the two parties in context will further work in conjunction with Fleetwood Australia and LandCorp, that develop and use sustainable construction techniques to improve building efficiency and reduce material consumption and waste.
The trial facility will be known as the Legacy Living Lab (L3), with interactive research space, and will be used for people to collaborate and engage directly with the building, analyse performance and data, while also serving as a case study for a PhD fellowship with Quantify Technology. The agenda is to close the gap in understanding the possible benefits of the integration of home automation with the energy and subsequent cost savings, and thus increase the market reach of the company’s products.
The building is scheduled to be commissioned on April 18th, 2019. The is half-funded by Quantify Technology, and the other half is to come from the Western Australian Government.
So far, a commendable progress has been attained in the development, commercialisation and sales of company’s primary product, Q-Device, as reported in the update for the half year ended December 31st, 2018 (H1 FY2019). In addition, the revenue from ordinary activities increased by 257.7% to $ 37,307, and the net loss after tax of the consolidated entity was $ 3.69 million, down from $ 4.3 million incurred in H1 FY2018.
At the end of the concerned period, the net cash and cash equivalents with the company stood at $ 2.161 million. Large cash outflows were recorded from operating activities at $ 1.472 million mainly arising from payments to suppliers and employees and interest payments. The investing activities also contributed to net cash burns of $ 157,405 including $ 9,638 for the purchase of plant, property and equipment along with $ 146,767 incurred in development costs of intangible assets. However, the financing activities improved the cash balance over and above with $ 3.34 million of cash inflows, accumulated primarily from proceeds from the issue of shares and borrowings.
Quantify Technology has a market cap of $ 6.82 million with ~ 974.99 million outstanding shares. On February 22nd, the company informed that certain securities comprising ordinary fully paid shares, options and performance shares would be released from ASX escrow conditions from March 8th, 2019 onward. At the last of the trading session on March 1st, the QFY stock last traded at a sell-off price of AUD 0.008, soaring high by 14.286%, indicating an intra-day gain of AUD 0.001.
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