Federal Explosives License Granted to AQUABOTIX

  • Oct 22, 2018 AEDT
  • Team Kalkine
Federal Explosives License Granted to AQUABOTIX

UUV Aquabotix Ltd (ASX: UUV) has made an announcement regarding the Federal Explosives License (“FEL”) which is being granted by the United States Bureau of Alcohol, Tobacco, Firearms, and Explosives (“ATF”).  As per the Chief Executive Officer Aquabotix, the grant of the license will enable to the development and manufacturing of the automatic underwater and surface vehicles with explosive capabilities. Aquabotix will have permission to conduct activities related to the development and manufacturing of automatic underwater and surface vehicles having explosive proficiencies. The products which were developed previously, and which were developed until now were primarily focusing on identifying the targets. As per the expectation of the company, expanding the offerings made by the company will help to cover the neutralization and deactivations of targets. Also, it will diversify the uses, the contracts and the customers of Aquabotix. This forms a step ahead in order to reach the goal after a license is being obtained. 

For the half-year period ended 30 June 2018, the company made revenue worth $59,860. The net loss made by the company is $3,324,101. The total asset of the company is $1,208,866 and the total liabilities of the company is $346,604. This indicates that the company has the potential to pay its long-term obligations. The total current asset of the company is $1,075,728 and the total current liabilities worth $346,604 indicating that the company can even clear its short-term obligations. The total shareholder's equity is worth $862,262. The major cash outflow from the company’s operating activities was due to the payments which were made to the suppliers and the employees worth $3,321,259. However, there were also cash inflows in the form of interest which were received, government grants and receipts from the customer which resulted to net operating cash outflow of $ 3,097,397. As there was no cash movement (inflow /outflow) in regard to the investing and financing activities, the net cash and cash equivalent at the end of the company was $861,072. The company also experienced a net decrease in the available cash worth $3,097,397.

The current market price of the share is A$0.0058 (AEST 1:16 pm) with a market capitalization worth A$ 8.53 million. As per the chart, the moving average convergence and divergence line (MACD line) are seen moving below the signal line. On 11 October 2018, the MACD line has cut the signal line from the top and has moved in the downward direction. However, on 18 October 2018 the MACD line is seen moving slightly in the upward direction. We may expect that within a couple of days the MACD line will cut the signal line from below and price may go bullish.

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