Quantify Technology Holdings Limited (ASX: QFY), a technology company which is into the business of developing and selling hardware and software devices for managing internet-enabled devices in Australia has announced that its hardware system has passed the global certification test for global product sales. The company has been honored by a certificate of meeting global safety standard. It will open a door for new opportunities with international distributors as well.
As a part of continuous improvement, the company was successful in developing hardware variants of its core devices. The upgrade of the hardware variants of its core devices has a low manufacturing cost with a better performance. The designing of the hardware is such that it meets all the requirement of the global volume production and sales through a single hardware device.
After the successful clearance of the global security standards, the company has also applied for the global CB certification scheme. Participating in the CB Certification scheme will widen the horizon of the company where it can enter into the sales agreement with other participating countries beyond Australia.
There is another hardware of the companies which is under the process of global standard testing. The company expects the results to come in early 2019 followed by the CB scheme acceptance.
The official listing date of QFY is 10 September 2018. Since then, the performance of the company remains negative. The ten years performance of the company is -99.96%. The last one-year performance of the company is -88.51%.
For the fiscal ending 2018 ending on 30 June 2018, the company made a net loss of $6,790,579. The balance sheet of the company is quite impressive as the company was able to maintain a stable net asset base of $8,697,356. It gives a positive impression amongst the investors that the company is capable of meeting its long-term obligation. The company owns a total current asset of $2,182,543 and a total current liabilities of $1,306,076 which implies that the company is in a state to meet its working capital requirements and clear its short-term obligation. However, due to an increase in the accumulated losses, there could also be a negative impression on the shareholders. It also signifies the poor operating performance of the company. The total shareholder’s equity is worth $8,697,356.
The company has used net cash of $5,742,137 from its operating activities where the primary source of cash outflow was through the payment made to the suppliers and the employees and also pay interest.
The company has used net cash of $1,352,646 from its investing activities where the primary source of cash outflow was through the purchase of property, plant, and equipment as well as the purchase of an intangible asset.
The company generated net cash of $4,663,573 from its investing activities where the primary source of cash outflow was through the transaction cost related to the issue of securities. The company has generated revenue through the issuance of shares.
The net cash and cash equivalent by the end of FY2018 were $450,711.
By the end of the trading on 20 December 2018, the closing price of the share was A$0.007 which is 0.001 points above the previous day’s closing price. The stock holds a market capitalization of A$5.85 million.
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