Archived News
In August 2021 Finfeed changed from a website that covered ASX listed news to a website
that covered a select range of ASX
listed small cap Biotech stocks that we are personally
invested in: find out more.
The old Finfeed website, and all of the old articles are kept here for record keeping purposes.
VISIT NEW SITEMyFiziq cash swells to $1.8M with more revenues in the pipeline
2 minute read
MyFiziq Limited (ASX:MYQ) has received the tranche 3 payment of US$450,000 under the convertible note subscription deed announced with Asia Cornerstone Asset Management (ACAM).
Management noted that the payment has been received two weeks ahead of schedule.
As announced in June, under the terms of the Convertible Note Subscription Deed with ACAM, MyFiziq will receive a total of US$1.5 million in 4 tranches, with tranche 3 of US$450,000 now received.
The final tranche of US$375,000 will become available after the company engages an underwriter or an investment bank to provide services in connection with the proposed NASDAQ listing.
Income received for application usage and development
MyFiziq has been quick to form partnership agreements that will help to broaden the reach of its body measurement technology and the group has started to receive income related to these initiatives.
More recently, revenues have been received for the application usage and direct development of their application integrations.
Management highlighted that the company has received more than $1 million in funding from ACAM and the group’s partners.
In addition, the NASDAQ initiative is progressing well with the company on track to file the Registration Statement (Form F-1) with the US Securities and Exchange Commission in the coming weeks.
Commenting on the positive impact these developments are having on MyFiziq’s financial position, chief financial officer Stephen Richards said, “We continue to bolster the company’s cash position with the ACAM funding along with partner payments received to the tune of $382,139.
‘’This increases the company’s cash at bank balance at the time of this release to $1,792,786, as the company continues to strengthen its balance sheet.
‘’We are expecting further partner payment in the region of $280,000 and the second instalment of the BCT license fee in the order of $200,000 in the month of July.”
Latest articles on Advanced Human Imaging LTD
More Commentary
FYI establishes ties with independent ESG reporting platform
01-07-2021
Australian Government Awards FYI National Project Status
29-06-2021
AHI and Nexus-Vita to fast track integration
22-06-2021
Oneview signs long-term contract with a second Victorian hospital
18-06-2021S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
Publishers Notice
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain.