AUS
NZ
UK
CA
USA
IND
Mobecom Limited (ASX:MBM) is into the information technology sector, with a business of delivering customer engagement technology solution through an online mobile application as well as the social media platform across several industries. It has products like AirBux, LifeIQ, Muulla, SeventeenHundred, and Clique. The company has operations in three countries including Australia, Singapore and South Africa. Through the multi-layered modular technology platforms of the company, Mobecom never compromises in the technological standards it brings to client relationships.
On 1 March 2019, the company has given a notice that a General Meeting of Shareholders of Mobecom Limited will be held at the offices of Thomson Geer, Level 25, 1 OâConnell Street, Sydney NSW on 3 April 2019, at 11.00am (AEDT). It has also released its financial report for 1HFY19.
On the operational front, the company completed the acquisition of 80% of the issued shares of Paid by Coins Pty Ltd from Lakeba Ventures which is a subsidiary venture of Lakeba Group Pty. Ltd. Mobecom made a payment of $6.0 million to Lakeba Ventures through an issue of 35,294,118 fully paid ordinary shares in Mobecom at an issue price of $0.17 per share. This includes the deferred payment that is payable under the Share Sale Agreement, which was paid ahead of schedule to finalise the acquisition deal.
The company introduces Accounting Standard AASB 15 during the current reporting period which had the impacts on the company financials including the reduction of revenue of the year ended 30 June 2018 of $286,153 and the recognition of that revenue over 3 years commencing February 2018, however there was no impact on the cash flow of the company.
The net loss incurred by the company for the reporting period after tax, extraordinary items and non-recurring expenditure stood at $2,146,359 as compared to $2,361,982 on 31 December 2017. The revenue and other income for the half-year ended 31 December 2018 was $1,464,229 as compared to $1,431,403 on 31 December 2017, representing a slight increase over the 2017 comparative reporting period.
On the balance sheet front, the net assets of the company reflected those of the Group and included total cash and cash equivalents of $928,821. Trade and other receivables stood at $824,157 as at 31 December 2018 which includes a research and development rebates accrual for the half-year amounting to $383,063. Goodwill amounted to $6,197,061 represents the acquisition cost of âPaid By Coinsâ on 17 December 2018 of $6,000,000 and the negative net assets acquired of $197,061.
On the price-performance front, the stock of Mobecom Limited last traded at $0.110 and with a market capitalisation of ~$25.6 million. The stock has generated a negative YTD return of 8.0% and posted negative returns of 20.69% and 11.54% over the last six months and three months period, respectively. However, it has generated a return of 4.55% over the last one month. It has a 52-week high price of $0.280 with an average trading volume of 142,185.
Disclaimer
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.
