Fobi Announces 293% Increase In First Quarter Revenue
November 29 2021 - 05:00AM
Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), a
leading data intelligence company using artificial intelligence to
help clients turn real-time data into actionable insights and
personalized customer engagement is pleased to announce its first
quarter financial results.
Key Financial and Operational Highlights for Q1:
- Revenue increased substantially from $147,533 in Q4 to $580,317
in Q1.
- Net loss for the 3 months was $4,468,214 compared to $1,013,792
in the corresponding prior period. The current loss includes
a $2,619,361 charge for stock based compensation – a non cash
item.
- Cash continues to grow from the year-end $7.5 million to $8.266
million. 5,275,000 warrants were exercised for $1.8 million
and 2,228,250 stock options were exercised for $1.99 million.
- Loans receivable from the Passcreator transaction in the amount
of $481,534 have been collected, adding to the Company’s
treasury.
- Accounts Receivable is up from $844,000 to $1.2 million due to
the recognition of $288,000 of revenue which is expected to be
collected before calendar.
- Accrued liabilities increased $78,122 the largest component of
this was an increase in payroll remittances of $105,470 from the
exercise of stock options. This balance was offset in part by an
increase in GST receivable $37,617.
- Assets increased from $11,682,344 in Q4 to $12,315,379 in
Q1.
Fobi CEO Rob Anson stated “With the launch of many new products
and partnerships this year, we have successfully achieved more
operational milestones than any previous quarter and see a strong
continuation of this momentum into 2022. The exponential growth we
are starting to see in the past two quarters is a testament to the
entire team’s dedication and focus on executing our business plan
and validation from our customers. We remain focused on becoming a
global leader in Artificial Intelligence Applications and Digital
Wallet Passes.”
The link to the SEDAR filing is here.
This press release is available on the Fobi Website and on the
Fobi AI Verified Forum on AGORACOM for shareholder discussion,
questions, and engagement with management
https://agoracom.com/ir/FobiAI
About Fobi
Fobi is a cutting-edge data intelligence company that helps our
clients turn real-time data into actionable insights and
personalized customer engagement to generate increased profits.
Fobi’s unique IoT device has the ability to integrate seamlessly
into existing infrastructure to enable data connectivity across
online and on-premise platforms creating highly scalable solutions
for our global clients. Fobi partners with some of the largest
companies in the world to deliver best-in-class solutions and
operates globally in the retail, telecom, sports &
entertainment, casino gaming, and hospitality & tourism
industries.
For more information, please contact Rob Anson, CEO of Fobi AI,
+1 877-754-5336 Ext. 3.
Forward-Looking
Statements/Information:
This news release contains certain statements
which constitute forward-looking statements or
information. Such forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond Loop’s
control, including the impact of general economic conditions,
industry conditions, and competition from other industry
participants, stock market volatility and the ability to access
sufficient capital from internal and external sources. Although
Loop believes that the expectations in its forward-looking
statements are reasonable, they are based on factors and
assumptions concerning future events which may prove to be
inaccurate. Those factors and assumptions are based upon currently
available information. Such forward-looking statements are subject
to known and unknown risks, uncertainties and other factors that
could influence actual results or events and cause actual results
or events to differ materially from those stated, anticipated or
implied in the forward-looking statements. As such, readers are
cautioned not to place undue reliance on the forward-looking
statements, as no assurance can be provided as to future results,
levels of activity or achievements. The forward-looking statements
contained in this news release are made as of the date of this news
release and, except as required by applicable law, Loop does not
undertake any obligation to publicly update or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise. The forward-looking
statements contained in this document are expressly qualified by
this cautionary statement. Trading in the securities of Loop
should be considered highly speculative. There can be no assurance
that Loop will be able to achieve all or any of its proposed
objectives.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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