Quantify Technology Holdings Limited (ASX: QFY), a company from the information technologies industries which is into the business of developing and selling Internet-enabled devices in Australia, announced that it was successful in receiving the CB scheme certification for its recent hardware developed, after it passed the global safety certification testing in December 2018. The passing of the CB scheme certification will be the key to its global product sales. The recently developed hardware is now under product acceptance phase.
The company is targeting the USA, Europe and China market for its product acceptance phase.
Since QFY got listed on ASX, it is gradually stepping ahead regarding the patents of the modular hardware system developed by the company. After receiving global approval under the Patent Cooperation Treaty (“PCT”), the product will be initially tested for the local acceptance.
PCT is an international treaty which is responsible for seeking patent protection for an invention by filing a single global patent instead of filing multiple national and regional patents.
Once PCT gives a green signal to the patent, the company can finalize licenses in over 150 countries.
QFY has a list of 65 countries where it will be targeting its product. The modularity of the QFY’s hardware product is its USP. Through this patent, QFY will easily be able to upgrade any additional features and functions to the product. It will also allow the even change the technology in future without any requirement for additional tools or any technicians.
8 January 2019 is an excellent day for QFY as its wall-mounted device received a thumbs up for its patent in Australia, China, Hong Kong, Indonesia, Morocco, the Republic of Korea, Singapore, South Africa, Japan, and Israel. Still, there are 55 countries where the patent is still in pending status.
The official listing date of QFY is 10 September 2007, where the performance of the company for past one-year is negative. However, its YTD performance is 16.67%.
For the Fiscal year FY2018 which ended on 30 June 2018, the company made a loss of $6,790,579. The balance sheet of the company presents sound financial health of the company with a net asset base of $8,697,356 and a debt-equity ratio of 0.152. The balance sheet also highlights that the company is on a position to efficiently manage the working capital requirements and clear its short-term debts. However, an increase in accumulated losses might have created a negative impact on the shareholders. The net cash available with QFY by the end of the period was $450,711.
The reason that the share price remains unaffected by the recent CB certification is that the investors have gained confidence in the shares as it got approval from 10 countries. Further, it is hopeful that the performance of the company will improve in the near future once its patent for wall-mounted device gets approval in the remaining 55 countries.
By the end of the trading on 8 January 2018, the share of QFY traded flat on ASX. The closing price of the share was A$0.007 which is towards 52-weeks low price with the stock holding a market capitalization of A$6.82 million.