Quarterly Activities Report
Melbourne, Jan 31, 2022 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX) (TA8:FRA) presents its quarterly cash flow and business activity report, as at 31 December 2021.
- With the demerger from ISX Financial EU Plc ('ISXFEU') now complete, the Group will change its reporting currency back to Australian Dollars, with the Group's expenses and assets largely now in Australian dollars.
- Net cash outflows from operating activities was A$0.98m in the quarter, due to legal fees related to both the ASX and ASIC court cases, combined with costs related to the demerger of ISXFEU.
- Cash and cash equivalents at the end of the quarter of A$2.9m, was down A$10.7m from the prior quarter (A$13.6m) mainly due to to demerger of ISXFEU (A$10.4m).
- Legal and advisory costs (non-operating expenses) were paid during the quarter totalling A$621k, taking the year to date total costs paid to A$3.1m.
- Payments for related parties including executive and non-executive directors' fees and salaries for the quarter were A$408k.
Business Update
The Company holds principal membership licenses from several major card schemes, as previously announced. The Group will look to pursue partnership opportunities with other entities in Australia to monetise these licenses.
The Company also has favourable commercial access to ISX Financial EU Plc technologies, allowing it to process payments and identity verification, on a 'per use' basis. As such, it has the technical capabilities of a full Tier 1 payment processor for Australia, without the requirement for capital expenditure that would otherwise be necessary to achieve such capability.
Legal Update
Shareholders may receive updates regarding the Federal Court timetable for both cases by accessing the court orders and subscribing to notifications from the Court at:
https://www.comcourts.gov.au/
using reference numbers VID773/2020 and VID1315/2019
Legal and Advisory Costs
2H2021 Cash Expense : A$1,844k
1H2021 Cash Expense : A$1,234k
*To view the full report, please visit:
https://abnnewswire.net/lnk/RG8AXXPO
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.
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