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Vmoto Launches Two New Electric Scooters

Vmoto Ltd (ASX:VMT) stock rallied by more than 20%  on the company launching two new electric scooter models to strengthen its product line further.  E-max VS1 and Super Soco CPx are the two new models that the company intends to use to strengthen its competitive edge.

The launch of the two electric scooters underscores Vmoto Limited push to remain at the forefront of the burgeoning electric scooters market. The two also affirm the company’s growth strategy of remaining a leader in the manufacturing and supply of high-quality two-wheel vehicles.

The company is to use the two B2B electric scooters to target commercial customers. The company is especially targeting food and delivery companies looking to enhance their delivery operations with electric scooters.

Vmoto Limited has already received significant interest from potential customers looking to purchase the two electric scooters. Having already elicited interest internationally. The company intends to distribute the scooters through B2C distributing channels in over 40 countries.

The unveiling of the two scooters comes hot on the heels of the company reporting positive operational cash flow for the third quarter of 2019. The company ended the quarter with a strong cash position of A$6.4 million, up from A$1.3 million in the second quarter.

GME Resources Mining Project Update

GME Resources Limited (ASX:GME) continues to rally in the market after providing a positive update for its flagship NiWest Nickel Cobalt Project. The company is currently engaged in productive engagement with potential strategic partner ahead of a proposed Definitive Feasibility Study.

Engagement with potential investment partners comes at a time when Nickel prices remain relatively strong and continue to edge higher. In addition to the Nickel project, GME Resources has also commenced a review of its gold assets in the Murrin Murrin region. The review seeks to identify potential high-grade open-pit developments as the company seeks to take advantage of the high gold prices,

Tymlez Group Blockchain Platform Adoption

Tymlez Group Ltd (ASX:TYM) rallied by more than 15% days after confirming that the Vrije Universiteit of Amsterdam has adopted its blockchain solution platform. The higher learning institution is to use the blockchain platform as a teaching foundation for smart contracts

The integration is the result of a long-running collaboration between the company and the learning institution. In recent months the two have worked together on methods for modeling various sustainable blockchain-based business cases. The two have also researched governance models for blockchain business cases

The collaboration comes just days after the company confirmed it has received A$700,000 on completion of a private placement. The company issued 15.9 million ordinary shares priced at A$0.44 a share.

Tymlez Group intends to use net proceeds from the offering to pivot its sales to scalable and high margin channels. The software and technology company intends to expand its sales channels to high margin channels such as Google Marketplace and Hewlett Packard Enterprise.

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GI Dynamics Tanks After Quarterly Update

GI Dynamics Inc. (ASX: GID) came under immense selling pressure after reporting disappointing quarterly update for the three months ended September 30, 2019. The stock fell by more than 30% after reporting a widened net loss of $2.7 million compared to $2.2 million reported a year ago.

The company also saw its cash balance in the quarter take a significant hit. Cash and Cash Equivalent decreased to $1.4 million compared to $2.4 million as of June 30, 2019. The change in cash equivalent was mostly because of the cash used in operating activities.

 The company has since moved to address the shortfall in cash by closing a financing agreement reached with Crystal Amber Fund Limited. The medical device company has since received exercise of notices and warrants that paves the way for it to close a $10 million financing line.

GI Dynamics intends to use net proceeds from the offering for general working capital. Part of the funds will also go towards the initiation of patient enrollment for STEP 1 and I-STEP clinical studies and for securing a CE Mark for EndoBarrier.

Australian Agricultural Falls On Dry Condition Concerns

Australian Agricultural Company Ltd (ASX: AAC) fell by 20% days after providing an impressive quarterly update for the three months ended September 30, 2019. In the update, the company indicated that Orchard operations continued to post-harvest and trees continue to showcase evidence of spring growth

 However, the company has warned that continued dry conditions could take a toll on its operations. For instance, the dry conditions have continued to exacerbate tensions with the water markets, especially in the Lower Murray irrigation regions.

 The result has been an increase in spot water prices in the irrigation operations. While there is sufficient water available for sale within the broader irrigation, system the matter remains a key issue for the team, given the increase in spot water price.

 Separately Australian Agricultural Project ended the quarter with cash amounting to $1 million compared to $632,000 for the same period last year. The increase in cash stems from a bigger harvest in 2019 compared to 2018. Operating surplus for the quarter stood at $362,000 and expected to continue increasing through to March 2020.

P2P Falls On Challenging Year Concerns

P2P Transport Ltd (ASX: P2P) fell 20.8% after acknowledging it had a challenging 2019 fiscal year depicted by a disappointing performance from the core business. A toxic debt structure, as well as short-term amortization, are some of the issues that the company struggled with throughout the year.

 Amidst the challenging year, the company saw its revenue increase by close to $31 million thanks to acquisitions carried out in the year. The acquisition of the BWHL was the biggest driver of revenue growth in the year. With the acquisition, the company’s network grew to over 2,000 vehicles from 1,400 vehicles

 Revenue growth allowed the company to post a record positive EBITDA of $0.8 million, a major improvement from a net loss reported the previous year. Net loss for the full year shrunk to $21.8 million from $37.9 million reported in 2018.

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Imugene Limited Rallies on Tax Incentive Boost

Imugene Limited (ASX: IMU)’s impressive run in the market continues to gather pace. The stock was yet again up by more than 40% as investor reacts to the company receiving a $4.13 million tax incentive. The tax incentive is part of the Australian government R&D tax incentive program that recognizes important immune-oncology research activities.

 The Immuno-oncology company intends to use proceeds from the tax incentive to enhance its commercial and clinical milestones further. The company is currently working on a range of immunotherapies that seek to activate the immune system for cancer patients for treating and eradicating tumors.

For the 2018-2019 fiscal year, the company completed the integration of Ohio State University B cell immunotherapies. In addition, the company commenced PD-1 manufacturing having also participated in a Pre-IND FDA meeting as it sought guidance for PD1-Vaxx Clinical development plan.

 Imugene is also in the process of acquiring Vaxinia CF33 Oncolytic Virus as it seeks to expand its footprint into a promising area of interest to big Pharma. Vaxinia should allow the company to gain a head start in the OV field at a relatively advanced stage

Papyrus Australia – Union Pacific Equities Investment

Papyrus Australia Ltd. (ASX: PPY rallied by more than 30% on the confirmation that the company has attracted interest from a significant investor.  Union Pacific Equities Pty is the investor reportedly seeking to access the company’s expertise in the processing and application of waste fiber.

 The Investor has agreed to subscribe up to 19.9% of the company’s issued shares as part of an investment. The leading waste fiber technology company has already received the first payment of $60,000 as part of the investment

 Union Pacific Equities is reportedly seeking to utilize the company’s expertise to enhance its application and residual application hemp. The acknowledgment comes hot on the heels of Papyrus Australia, completing the establishment of a first of its kind banana plantation waste fiber processing facility in Egypt.

Triangle Energy Non-Renounceable Option Offer

 Triangle Energy (Global) Ltd (ASX: TEG) rallied by 16% after announcing a non-renounceable offer to option holders. Under the terms of the offer, each new options offer comes with an exercise price of $0.12 set to expire on 30 September 2020.  The offer is open to shareholders on record as of November 13, 2019, in New Zealand and Australia. The company is consequently planning to issue up to 72.2 million new options. Priced at $0.001 each, the company should be able to raise $72,150 before costs.  

 The non- renounceable Options offer comes hot on the heels of the company issuing quarterly report for the period ending September 30, 2019. The company has since affirmed its commitment to deliver enhanced production and reserves from Cliff Head Asset.

The company also intends to develop the opportunity to deliver increased production from the lead project. Production has so far been above expectations with daily production of over 778bopd. In addition, Triangle Energy is also focused on reducing operating costs, having already finalized new logistical agreements leading to significant savings.

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A-Cap Energy Diversified mining Approach

A-Cap Energy Ltd (ASX:ACB) stock came under immense pressure, consequently dropping 32% after the company provided a quarterly update for the three months ended September 30, 2019. The stock fell even as the mining and exploration reiterated a diversified mineral strategy that has the potential to generate long-term value.

 A-Cap Energy is in the process of diversifying its mineral portfolio as it moves to focus on nickel-cobalt laterite projects. Increased focus on these projects seeks to take advantage of the growing demand for nickel and cobalt battery material in the electric vehicle industry.

 Wilconi Ni-Co Project in Western Australia is at the heart of the company’s long-term prospects. The project has significant past drilling that should allow A-Cap Energy to generate significant value going forward. In addition, cobalt and nickel deposits lie largely in granted mining tenements at the project further affirming the project’s prospects.

In addition to the Wilconi Project, the company has already received the go-ahead to commence the Letlhakane Uranium project in Botswana. The company intends to advance the project as base load power, generation energy resource.

IQ3Corp Ltd (ASX:IQ3) Quarterly Update

IQ3Corp stock fell by 25% days after providing a quarterly update for the three months ended September 30, 2019. For the three months, the company’s operating cash inflows came in at $153,000. The company ended the quarter with a bank balance of $374,000 compared to $25,000 as of the end the previous quarter.

Receipts from customers in the quarter surged to $1,821k compared to $975k in the previous quarter. Total cash inflow stood at $119k compared to a total cash outflow of $30k.

 The company intends to host an annual general meeting on November 25, 2019. Items of business include receiving financial report and independents auditor report for the fiscal year ended 30 June 2019. Shareholders will also have to vote on the adoption of the remuneration report.

Consolidated Tin Mines Mining Operations

 Consolidated Tin Mines Limited (ASX:CSD) stock fell 15% as investors continue to react to the company’s quarterly update. During the quarter, the company completed the mining of the Dry River South upper levels resulting in the extraction of over 23,000 tonnes of ore. The company also completed the refurbishment and development of the DRS decline.

 The mining and exploration company also continued the development of the new Mount Garnet Deeps throughout the quarter. Consequently, the company should continue to mine increasing quantities of ore at the mine.

 During the quarter, the company also sought shareholder approval for the conversion of $43 million outstanding balance belonging to Cyan Stone Pty loans via the issuance of ordinary shares at $0.605 a share. Consolidated Tin Mines also entered into an agreement with Ming Human Trading Limited for the conversion of the outstanding loan balance $2.7 million on the issuance of 4.5 million ordinary shares priced at $0.605 a share.

Consolidated Tin Mines ended the quarter with cash reserves amounting to $2 million.

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ECS Botanics Distribution Agreement for ECS Botanics Hemp Oil

ECS Botanics Holdings Ltd (ASX: ECS) stock was up by more than 40% after announcing a distribution agreement with Just Foods Australia. Under the terms of the agreement, the company’s ECS Botanics 250ml Hemp Oil product will now be made available in 850 Woolworth stores across Australia.

 The three-year distribution agreement marks an important milestone as part Of ECS Botanics commercial strategy. JFA will assume the responsibility of sales, marketing and sales of the ECS Botanics brands in all the Woolworth retail channels. The distributor will also hold sufficient stock at all times in addition to providing yearly sales reports as well as distribution status of the product.

 According to ECS Botanics managing director Alex Keach, the distribution agreement paves the way for the implementation of an aggressive retail sales strategy to drive sales revenue growth and distribution. The executive expects the agreement to solidify a long term and beneficial relationship.

 Konekt Limited-Advanced Personnel Management International Takeover Update

Konekt Limited (ASX: KKT) stock rallied by more than 20% on the company receiving an updated offer as part of a proposed takeover by Advanced Personnel Management International Pty. The cash offer to Konekt shareholders has since increased to $0.64 cents, per share up from an initial offer of $0.49.

The takeover bid represents a 60% plus premium to Konekt last trading price before the scheme announcement was made. Under the terms of the agreement, Konekt directors are to pay a special dividend of up to $0.05 per Konekt share held, before the implementation of the Scheme takeover.

 Konekt chair Douglas Flynn has approved the scheme agreement reiterating the 69% premium presents an opportunity for shareholders to generate significant value. In addition, the agreement underscores the strength of Konekt brand as well as the dedication of employees and the quality of services offered.

 The scheme subject is however subject to a number of conditions including getting consent for change of control from government contracts as well as regulatory approvals.

Security Matters Limited Quarterly Update

Security Matters Ltd (ASX: SMX) stock was up by more than 10% after announcing it continues to build strong relationships with strategic partners as part of its quarterly update. In addition to the partnership, the company also continues to deliver strong progress across various operations. Consequently, the company has identified several growth opportunities that it plans to pursue around the sectors of plastic polymers, rare earth metals, minerals and wood.

 For the Three months ended September 30, Security Matters Limited unveiled a blockchain product in partnership with R3 and Quantum Crowd. Likewise, the company continued to promote and commercialize its unique patented technology that enables manufacturers and producers to store data within raw materials.

 Going into the year-end, the company remains focused on leveraging relationships developed for the better part of 2018 to secure addition collaboration agreements. The company is also seeking to develop proof of concept projects in a bid to deliver on its business model and technology.

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I Synergy Limited Launches e-Wallet My Smart Shopper

I Synergy Group Ltd (ASX: IS3) stock fell by more than 20%, days after announcing the launch of an e-wallet feature for its retail affiliate program, My Smart Shopper (MSS). Following the launch, the company has already signed a memorandum of understanding with Fass Payment Solutions. The two are joining forces to work on the development of another MSS e-Wallet dubbed MSS Pay.

The MSS Pay solution that the two are working on will offer a full scale integrated point of sale transaction channel. Consumers will be able to use it to complete both cash and cashless transactions. The proposed e-wallet system should also provide an added convenience for users when undertaking digital transactions.

MSS continues to gather traction as a retail affiliate-marketing solution. While facilitating both offline and online retail businesses, the solution continues to drive leads and sales to outlets and platforms. To date, the solution has already attracted more than 2,500 participating merchants as well as 3 million members.

Identitii financial down more than 20%

Identitii Ltd (ASX: ID8) stock was down by more than 20% days after reporting impressive financial results and updates for the September Quarter. During the quarter, the company achieved significant milestones key among them being the expansion of relationships with tier one banking customer HSBC.

In August, the company signed a five-year license to provide the Overlay + Platform to the HSBC Bank Australia. The new license presents a new opportunity for the commercialization of the Overlay + technology as part of the company’s growth strategy. Identitii stands to generate significant revenues from the license agreement through professional service fees.

The company also got the nod from the Australian Competition Consumer Commission to start testing a new open banking ecosystem opening up yet another exciting opportunity. The approval paves the way for Identitii to apply for accreditation to start accessing open banking data.

Identitii also registered a 17% increase in cash receipts in the quarter that came in at $0.177 million from $0.151 million reported a year ago. The increase stems from recurring license fees from HSBC in addition to other revenue from proof of value exercises.

DomaCom Australian Tax Office Agreement

DomaCom Australia Ltd (ASX: DCL) stock dropped by 11%, even on announcing reaching of an agreement with the Australian Tax Office. Under the terms of the agreement, ATO will not apply compliance resources as part of the Sole Purpose Test. Consequently, trustees will now be able to make PT declaration when making an investment

The agreement will also ensure that SMSF trustees no longer hold on to SMSF for collateral purposes. According to the Chief Executive Officer, Arthur Naoumidis, SMSFs will now be able to proceed into investing in DomaCom property sub-funds.

DomaCom operates an investment platform that provides MSSF market and long-term investors to invests in a wide range of assets from real estate to back and debt securities.

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Kibaran Resources Positive EcoGraf Purification Test Results

Kibaran Resources Ltd (ASX: KNL) stock gained 20% after the company provided a positive update on the EcoGraf test work. Immediate results have already proved the effectiveness of the EcoGraf purification process as well as its eco-friendly nature, whereby no adverse emission was recorded.

The test results have consequently provided the company the much-needed information for the finalization of a detailed design of the process flow sheet. Kibaran Resource GR Engineering team is currently finalizing the mass balance as well as process flows and quantification of wastewater volumes.

In addition, Kibaran Resources is in the process of carrying out an employee, share scheme buyback targeting 2.1 million ordinary shares. The buyback targets shares initially owned by former director and chairman Andrew Spinks and the late John Park. The buyback will result in the extinguishing of the outstanding loans, and there will be no cash outlay.

Stemify Rallies on K-12 Education Market Traction

Stemify Ltd (ASX: SF1) rallied by more than 15% after announcing its strategic focus on the K-12 education market continues to gather traction. Consequently, the company saw its operating cash receipts for the September quarter increased by 75% to $400. Operating loss in the quarter also improved by 50% to $25,000 thanks to operating costs in the quarter stabilizing at $60,000 per quarter.

During the quarter, the company also achieved significant milestone key among them being the implementation of the largest education sale. The company carried out a district-wide rollout of Robo E3 printers and filament to 69 elementary schools around California. Stemify also carried out a district-wide rollout of the 3D printers, consequently reaching 34 elementary schools in Oklahoma City.

The company also achieved the largest MyStemKits implementation, since the acquisition, affirming its continued traction as a deep, broad curriculum offering. MyStemKits is currently available in 46 states across the U.S.

Likewise, Stemify also achieved further expansion with Cal Ripken Snr Foundation and The Meemic Foundation. It also completed onboarding of major new resellers and delivery of sales to school customers.

Living Cell Technologies Rallies As Cash Balance Shrinks

Living Cell Technologies Ltd. (ASX: LCT) was up by 16% despite announcing that its cash balance for the September quarter shrunk to $3.3 million from $4.9 million in the previous quarter. Net operating cash flow in the quarter was up to $1.5 million compared to $345,725 in the previous quarter. During the quarter, the company also received receipts from grants and tax incentives totaling $284, 468.

Separately, Living Cell Technologies has received A$1.1 million from the sale of Semma Therapeutics. Vertex Pharmaceuticals had entered into a binding agreement to acquire the private company in which LCT held shares. The sale is poised to strengthen the LCT cash runaway, which should allow it to accelerate the development of its ongoing product projects scheduled for the 2018-2019 financial year.

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Novita Healthcare TALi Train Reimbursement Approval

Novita Healthcare Ltd (ASX: NHL) was a big mover after securing U.S, reimbursement code system status for its digital attention treatment program TALi Train. The approval from the Food Drug and Administration allows for patient reimbursement under CPT codes. The CPT codes for reimbursement underscores the fact that TALi is increasingly being recognized as a new, scalable, and effective non-invasive technology for basement and treatment.

Tali Train is a 25 minutes program that seeks to strengthen children, core attention skills from selective attention to sustained attention as well as executive attention. Controlled clinical trials have already validated the program as an early intervention program for improving attention in kids.

The attention program should allow the company to have exposure to the multibillion-dollar digital healthcare segment. The fact that TALi Train is the only regulatory cleared digital cognitive assessment and training program for children should allow the company to generate significant value. For starters, the CY2019 Medicare Physician Fee Schedule payment is up to $235.70.

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Flexiroam Rallies on Cash Receipts Increase

Flexiroam Ltd (ASX: FRX) traded higher after delivering a 14% increase in cash receipts for its second quarter for the 2020 financial year. Cash receipts in the quarter came in at A$2.25 million, attributed to higher data utilization from customers. The company also benefited from purchases from new inventories as well as business growth.  Revenue in the quarter was up 152% to $2.93 million.

The increase in cash receipts underscores the fact that the company’s strategies of investing in future growth are paying off and should lead to revenue growth. In addition to pursuing revenue, growth Flexiroam Limited is also pursuing cost optimization efforts in addition to ensuring that available resources are used efficiently.

Flexiroam Limited is also looking to accelerate customer acquisition through the implementation of collaborative partnerships. The company is also working on increasing direct marketing activities with a view of yielding positive results in acquiring new customers. Continuing partnerships with airlines and travel insurance providers should accord the company access to primed customers.

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Vmoto Limited Robust Unit Sales

Vmoto Ltd (ASX: VMT) was up by more than 10% after delivering positive cash flow for its third quarter. Total cash flows as of September 30, 2019, stood at A$6.4 million up by A$1.3 million from the second quarter of last year.

The strong cash position came at the backdrop of a strong quarter that saw the company deliver a 94% increase in total unit sales. Strong unit sales came at the backdrop of sales growth on international markets that saw the company sell 4,839 units representing a 57% increase.

The company also benefited from the appointment of a new exclusive distributor that expanded international distribution operations. In pursuit of sales growth in Europe, the company is pursuing sales opportunities through B2B and B2C sectors.

In addition to unit sales, Vmoto Limited is also on its way to developing new models of electric two-wheel vehicles. Vmoto Limited has already opened discussions with Zig Zag Italy as it looks to expand its operations in the country.

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Mejority Capital Rallies on Quarterly Report

Mejority Capital Limited (ASX:MJC) was up by more than 20% after posting a quarterly report for entities subject to Listing Rule 4.7B. The rally also comes hot on the heels of the company reporting full financial report for the year ended June 30, 2019.

The company experienced significant challenges during the transformational period as profit margins came under pressure from the negative performance of the company’s Asian focused investments. Asia portfolio was down by about A$540,000, leading to a fair value loss of A$299,000.

The company also incurred an A$140,000 loss attributed to rental bond from divested Hong Kong Operations. Mejority cash position has also taken a significant hit with the purchase of the Strata office that will act as the new headquarters.

Concerned by a spike in loses, the company has embarked on a restructuring drive expected to result in one-off costs due to redundancy payments. The restructuring drive should result in significant staff costs reduction.

OncoSil Medical Device Review

OncoSil Medical Ltd (ASX:OSL) was up by more than 30% after receiving a positive CE Mark status from the British Standards Institute for its OncoSil device. The review process now proceeds to the next and final stage. The next stage will outline how the device will be rolled out into the European market upon approval.

Even as the company awaits the review of the OncoSil device, it continues to explore various U.S regulatory pathways for the device. For instance, the medical device company is exploring whether the device can be used in the treatment of cholangiocarcinoma.

The company has already secured Humanitarian Use Designation from the U.S Food and Drug Association. The HUD program creates alternative pathways that should allow OncoSil to achieve regulatory approval for its medical device.

Separately, OncoSil completed the quarter ending September 30, with cash outflows from operations amounting to $2.2 million. Consequently, the company had a cash balance totaling $5.4 million as of September 30, 2019.

CCP Technologies Limited Quarterly Update

CCP Technologies Ltd (ASX: CT1) rallied 20% after providing a positive update for its recent quarter. During the quarter, the company focused on a number of projects key among them being the pursuit of acquisition opportunities as well as the placement completed in July. The company also executed existing contracts and built up a pipeline of development services projects.

Total net cash used during the quarter amounted to $417,000, with $200,000 going to the settlement of payable accrued in previous quarters. Cash received since October has exceeded $70,000, setting the stage for the company to break even.

While management has stabilized the business, additional expenditure for geographic expansion, as well as marketing and technical development, will have to come into play to accelerate the growth phase. While the investments are expected to result in revenue growth in the medium term, they will impact net cash in the near term.

The company has already launched a rights issue from which it expects to raise close to $3.4 million to support vertical and horizontal growth.

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Beam Communications Hold Announces Significant Investments

Beam Communications Holdings Ltd (ASX: BCC) stock fell by more than 20% even as the company announced it made significant investments to grow revenues in FY21-22. The investments are geared towards the development of new products as well as sales operations in the current quarter.

One of the products that the company expects to drive revenue growth over the next 24 months is a global personal messaging device dubbed ZOLEO. The ZOLEO messaging device should allow Beam Communications Holdings to target customers in large markets, such as rural residents. As part of an aggressive commercialization drive, the company is to make the device available on Amazon eBay and other reputable retail chains.

The company is also working on 4G industrial gateways developed to address opportunities around the Internet of Things and Machine-to-Machine applications. The company is closing in on a Telstra approval for the MG400 4G gateways. The approval should open new opportunities in sectors such as transportation and marine markets where 3G networks are currently in use.

Investments in new products saw the company’s cash position declined to $798,000. However, the company is expecting an additional $1 million from the sale of Iridium Go devices.

BuildingIQ Drops On Lower Net Income

BuildingIQ Inc. (ASX: BIQ) stock fell by more than 30% after releasing an update for its third quarter for fiscal 2019. Investors pushed the stock lower after it merged the company’s unaudited total income fell 2.9% to $2.23 million. Revenue in the quarter was also down by 4.6% to A$1.4 million.

A plunge in revenue and net income came even as the company registering a 10.4% increase in cash receipts from customers. Net cash used in operations was also down by 36.5% to A$1.20 million. The company ended the quarter with cash and cash equivalent amounting to A$0.14million from A$0.53 million in the last quarter.

During the quarter, the company saw an increase in 10 buildings to the 5i Platform, bringing to a total of 1,337 buildings. The company also added 29 new sites to the BuildingIQ’s Facility Worksite Service. Likewise, the company added five customer contacts affirming a stronger renewal rate of more than 97%

ASF Group Limited Falls On Widened Net Loss

ASF Group Limited (ASX:AFA) was down by 40% after issuing an annual report for fiscal 2019. The sell-off came as investors reacted to news that the company’s net loss had more than quadrupled to $2.9 million from a net loss of $631,000 reported the previous year.

Management attributes the widened net loss to write-offs of tenement assets amounting to $568,000 as well as impairment of listed investment totaling $817,000. The company also incurred share losses of associates amounting to $1.7 million as interest expenses soared to $1.9 million.

In addition to widening net loss, the company also reported a decline in revenue that came in at $1.1 million compared to $1.3 million reported the previous year. During the year, the company completed a non-underwritten share purchase plan and share placement through which it raised $9.31 million. It also repaid a convertible note totaling $6 million.

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