On 5 December 2018, IOT Group Limited (ASX: IOT) announced that it was doing a pilot testing with PropertyBay Holdings Pty Ltd (PropertyBay) which is completed now. The pilot testing was done to identify the requirements that need to be implemented on the PropertyBayâs projects. After the successful completion of the project, IOT will be providing the consulting services to PropertyBay for which it will charge an average fee of $100,000 per month.Â
The networking system of IOT consists of physical devices embedded with electronics, software, and sensors to connect and exchanging data. It also integrates the computer-based system with the physical world. Once the development of the IoT (Internet of Things) products and services gets complete then it will improve the efficiency and economic benefits associated with the PropertyBay projects.
The PropertyBay projects will include the following IoT product and services: wearable, payment solution services, security services, communication services, IPTV, energy management and environmental monitoring.
Further, it is also announced that Mr. Sean Neylon who is the executive director of IOT will be appointed to the board of PropertyBay Holdings Pty. Ltd.
Since the inception, the performance of the company is -99.21%. Within five years of duration, the performance of the company is -85%. Since last year, the performance of the company remains -86.36%. However, for the past one month, the company is giving a positive performance which is 50%.
For the period ended 30 June 2018, the company made a loss of $2,835,742. The company maintains a healthy balance sheet. It holds a net asset of $618,239 which indicates that the company is in a position to meet long-term obligations. The total current asset of the company was $846,646 and the total current liabilities of the company was $792,798 which implies that the company is in a position to meet short-term obligations as well as working capital. There was an increase in the accumulated loss for the period which implies that the shareholderâs wealth is being eroded. By the end of the period, the total shareholderâs equity was $618,239.
From the operating activities of the company, the net cash outflow was $1,713,756. Here, the major source of cash outflow was due to the payment made to the suppliers and the employees. The other source of cash flow was through the interest payment.
From the investing activities of the company, the net cash outflow was $90,000. Here the main source of cash outflow was through the payment of acquired investments.
The net cash inflow of $986,319 was received from the financing activities of the company,. Here, the main source of cash inflow was through the proceeds from the issue of shares and issue of options.
By the end of the half-year, the net cash available with the company is $104,469. At present, the market price of the share is A$0.001 with the market capitalization of A$1.68 million.
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