MyFiziq cash swells to $1.8M with more revenues in the pipeline
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.”