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As per the announcement made on 18 June 2018, it was highlighted to the investors that the board of members of HearMeOut Limited (ASX:HMO) requires sufficient time to evaluate the HMO platform keeping in mind the historical and planned expenditure. Also, they were looking for optimal methodologies of engagement as well as determine the revenue opportunities for the HMO platform.
Further, to reduce the marketing and technical cost, the operations of HMO platform were transferred to Australia from Israel.
Now, the company decided to continue its HMO operations whose cost structure will be conservative with a different marketing strategy. As the HMO operations got migrated from Israel to Australia, the operations have come under the Australian technical team. This team has a very defined scope and have a fixed monthly budget which resulted in lowering the expenditure of the company related to operations and management of HMO platform.Â
Other than that HMO is looking forward to building a relationship with Ford and SDL where HMO will be considered as a sole platform that will be accessed from the Ford App.
Apart from that, the Israel executives are also supporting the company, until the contract gets terminated. Based on the separation agreement of the Israel management team, the former management has agreed that total - 43,248,000 performance options will get released from the escrow account. Also, the former management will get USD90,000 as per the employment contract based on ASX listing rules. The company has also decided to pay USD35,000 to the founder of the company for his technical support services provided to the company followed by 3,000,000 non-transferable zero priced options for three years which depends on six months vesting conditions in the form of recognition for his contribution towards the company.
Also, there were changes made to the HMO board. Mr. Chamsi is going to resign from the HMO board and Mr. Howard Digby has agreed to the join the board as Non-executive director.
The company is a consistent negative performer. Since its inception, the performance of the company is -64.21%. Since last year, the performance of the company is -24.44%.
For the half-yearly result, the period ended 30 June 2018, the revenues generated from the ordinary activities decreased by 51% as compared to the last half-yearly result of FY2017. There was also a net profit after tax was $59,302. The company holds a net asset of $1,343,204 which indicates that the company is in a position to meet its long-term liabilities. The total current asset of the company is $1,742,434 and total current liabilities of the company is $407,267 which indicates that the company is in a position to meet its short-term obligations as well as working capital. The total shareholderâs equity of the company is $1,343,204. The net cash available with the company by the end of the period is $1,661,637. At present, the trading of shares is in suspended status.
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