Last 3 points tonight… nothing on tv worth watching I had to re-read the MD&A for Q1, FY2022 FINANCIALS (on Sedar.com) to figure out the $700k in revenue reported, and remaining cash in in bank…. Here you go…
CASH BALANCE
$6,986,938
XTRACT REVENUE $508,208
Per Q1 MD&A and I quote "The Company has recognized $520,208 (2020 - $376,152) in revenue from Xtract during the three month period ended October 31, 2021."
- This ain't growing fast enough, and I think it's 50% of the June 2021 $1m DOD contract (https://stockhouse.com/news/press-releases/2021/06/02/patriot-one-technologies-announces-xtract-ai-subsidiary-wins-contract-with). What's expected for Q2? $250k... has Xtract made any more sales since DOD?????
PLATFORM REVENUE: $189,252
Per Q1 MD&A and I quote "The Company has recognized $189,252 (2020 - $nil) in revenue related to the sale of or subscription to use the Platform during the three month period ended October 31, 2021."
Is this the 16 towers deployed at Climate Change Arena and Casino ($189k / 16 towers = $11,800 per tower with SAAS service for 3 months)???. Lots more tower deployments needed to cover $3.5m in quarterly burn rate.. Like $3.5m / $11.8k = 296 towers... or 148 pairs.
THAT IS HUGE HIGE HIGE GROWTH OBJECTIVES to be achieved in the next two quarters to get 1 more quarter of runway. 296 / 16 is 1850% growth ...
DO THE MATH ON PATRIOT ONE'S RUNWAY....
With $3.2-35m burn rate per quarter... XTRACT revenues dropping off with little to no government contracts seen on the horizon ... and under 200k in platform revenues from Q1 and overflow from FY2021 (as stated in Fy2021 Annual Report)
DO THE MATH....
MASSIVE DILUTIVE INVESTMENT NEEDED..
Why the hold up?