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Myfiziq Limited (ASX:MYQ) is engaged with developing and licensing of mobile application technology in Australia. MYQ provides a software development kit, which utilizes the images from the consumerâs smartphone to create them into the 3D avatar.
On 15 March 2019, the company provided an update regarding the launch (supposed to take place in April this year) of the Toll Logistics application, and the newly produced Wellness partner video, with a joint marketing push into the forty-seven-billion-dollar international corporate wellness market.
Since Toll logistics application is expected to be launched in April 2019, the company should at present now experience the app revenues with 12K employees of WellteQ and Toll. For the initial 24,00 employees, MyFiziq will be paid AUD5.00 per user on a monthly basis. In the meanwhile, the company would be building out the usage to the rest of the employees over the coming year.
The company wishes that its shareholders view the video which demonstrates MYQâs use case, and its advanced analytics in association with WellteQ / MyFiziq solution. Further, a similar video is expected to release soon by MyFiziq regarding its use case covering Fitness, Insurance / Medical and Apparel shortly. The video will present how the data-rich environment gets created when these two applications are brought together.
WellteQ is the digital wellness solution company, offering solution for HR data analytics and employee health engagement. The company is internationally recognized as a leader in B2B wearable agnostic platform. It provides data analytics in the most comprehensive manner for real-time engagement.
As the Wellness integration and video got completed, WellteQ has started marketing to its existing corporate customers belonging to Australian multinationals, and global Fortune 500 companies. Also, WellteQ is tracking its internal growth target to achieve the delivery of monthly users to 500,000 by the end of 2020.
On 4 March 2019, MyFiziq entered into a binding agreement with Body Composition Technologies Pte Ltd and China-based WeSure Limited for an expansion in the Chinese Market.
While in February, the company notified the market that it had received an initial tranche of $1.2 million under a binding subscription agreement, associated with a $6 million placement with an Asset Management firm, notified to the market in January this year.
On 24 January 2019, the company updated its shareholders with additional performance and data protection enhancements that is related to MYQâs technology.
For the six months period ending 31 December 2018, the company recorded a fall in the revenue from the continuing activities by 72.1% to $477,548. During the period, the company incurred a loss from continuing activities after income tax of $2,080,863. By the end of the period, the company recorded the results which were not up to the mark. There was a deficiency in the total shareholderâs equity. There was also an increase in accumulated losses, which was a result of the operating losses. By the end of the half-year period, the company had net cash of $341,920.
In the last six months, the stock of the company has generated a return of 26%. By the end of the trading period on 18 March 2019, the closing price of the stock was A$0.300, down by 4.762% as compared to the previous trading dayâs closing price. The company has a market capitalization of A$27.81 million with approximately A$88.29 million outstanding shares.
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