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 consumer’s 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 MYQ’s 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 MYQ’s 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 shareholder’s 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 day’s closing price. The company has a market capitalization of A$27.81 million with approximately A$88.29 million outstanding shares.
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.
As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.