Quarterly Activities/Appendix 4C Cash Flow Report
Melbourne, July 27, 2022 AEST (ABN Newswire) - Crowd Media Holdings Limited (
ASX:CM8) (CM3:FRA) provide the Quarterly Activities/Appendix 4C Cash Flow Report.
Highlights:
- Positive operating cash flow for the financial year 2022 of $0.02M (vs. -$0.97M) for the previous year.
- Total operating cash flow for the quarter ending 30 June 2022 was ($4K).
- Cash at Bank of $2.23 million as at 30 June 2022.
- Mobile Subscription division shows ongoing profitability alongside implementing growth measures on all business fronts; growing profitability per user and implementing new technologies.
- Talking Head development continues according to plan with positive R&D results for next software versions and a new platform version to be deployed in the following weeks including extended device support, improved voice recognition and stability features.
- Strategic partnership with Israeli SrcFlare for media-search activities and talking head technology integrations in the first month of activity on the proof of concept stage exceeded expectations with $26K revenue in June.
Financial Updates:
- The balance of cash on hand as at 30 June 2022 was $2.23 million, an increase of $0.94 million from the prior quarter. Net cash from operating activities for the quarter was ($4K) with net trading receipts of $8K.
- Subject to shareholder approval at the EGM to be held on 3 August 2022, Crowd will raise a further $0.6M in cash via share placement.
- Net cash flow from investing activities for the period was ($0.25M) which was used for further investment in intellectual property.
- Net cash flow from financing activities was $1.29M for the quarter. Crowd raised $1.32 million (net of transaction costs) from the share placement in June 2022. The lease liability repayment was $0.04M for the quarter.
Talking Head Update:
- Development is accelerating with all milestones hit to date on time, while the development team continues to grow according to plan to support scaled commercialization.
- Commercial agreement signed with media search company SourceFlare to deliver a proofof-concept Talking Head product to integrate conversational AI into internet search engines. Early-stage proof of concept has already generated $26K of revenue for Crowd Media.
- Soft launched a Talking Head product with the Mobile Subscription division, signifying the success of integrating the platform internally and opening the door for future integrations with the technical tools that were created to do so. A full Talking Head subscription product line will follow, to be sold via business-to-consumer (B2C, from the Subscription division directly to end users) and business-to-business (B2B, licensing the technology to noncompeting mobile-app companies).
Mobile Subscription Update:
- Average revenue per user increased by 3% for the second quarter in a row.
- Division continues to deliver ongoing profits. Optimization measures are continuously being implemented across personnel, sales and marketing functions.
- Secured mobile network approvals to mass distribute its artificial intelligence-powered Talking Head technology for entertainment applications in the Netherlands, Portugal, and the United Arab Emirates. The network approvals were granted by T-Mobile and KPN in The Netherlands, Vodafone in Portugal, and Etisalat in UAE.
Crowd Media's CEO, Idan Schmorak, said: "Crowd continues to develop its technology while pushing commercialization ahead of schedule and "soft-launching" products to scale the system sensibly and adapt its features to target markets that open new revenue channels.
We keep rightsizing our teams to support upscaling and building new business functions with toptier personnel while maintaining a responsible cash flow regime, allowing us to be operating cash flow positive for the year, an exceptional situation for a company in a growth stage."
*To view the full report, please visit:
https://abnnewswire.net/lnk/9Q55HDT3
About Unith Ltd
Unith Ltd (ASX:UNT) is a leading digital human brand. It unifies the research and development of facial movement deep learning, audio machine learning, and conversational design (NLP) to generate the first customizable, interactive avatar of its kind.
Businesses can create their own digital humans to immerse, assist, and educate customers in real time and in multiple languages, all through one full stack platform. For further information, please visit: unith.ai
| ||
|
