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CURRENCY
Unless otherwise indicated, all references to “$”, “C$” or “dollars” in this offering document refer to Canadian dollars. The functional currency of Boardwalktech, Inc. is the United States dollar (“US$”) and the presentation currency for the Company’s financial filings is in United States dollars.
SUMMARY DESCRIPTION OF BUSINESS
What is our business?
Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide, which the Company provides via paid annual licenses as part of its software-as-a-service (SaaS) business model to these global customers. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech Inc. is headquartered in Cupertino, California with offices in India and operations in North America. Boardwalktech Software Corp. was originally incorporated pursuant to the Business Corporations Act of Alberta whose shares are listed on the TSX Venture Exchange under the symbol BWLK.V and on the OTCQB under the symbol BWLKF. More information on Boardwalktech is available on its website at www.boardwalktech.com.
Recent developments
On June 1, 2023, the Company announced that it had both added another new customer (Nintex) to its list of growing clients while securing a fourth license with an existing global customer (Estee Lauder), with incremental revenue from these contracts expected to exceed C$200,000 in the first twelve months, including over C$100,000 of recurring revenue in the first year.
On August 24,2023, the Company announced that as part of the Company's annual ongoing retention program and as allowed under the 2019 Equity Incentive Plan, as amended and approved by shareholders on June 2, 2022, the Company has granted an aggregate of 2,245,000 Restricted Stock Units ("RSU's") to officers, directors and employees of the Company, set to vest over a three-year period. These grants were deemed effective as of August 31, 2023.
On August 29, 2023, the Company announced the results of its 2023 Annual General and Special Meeting of shareholders where all director nominees listed in the Company's Management Information Circular, dated July 19, 2023, were elected as directors of the Company, and shareholders appointed MNP LLP as auditors of the Company and approved an amendment to the Equity Incentive Plan
On October 2, 2023, the Company and Hexaware Technologies Limited, a global technology and business process services company headquartered in Mumbai, India with offices in 19 countries and over 27,000 employees, jointly announced they had executed a Teaming Agreement to partner on the deployment and implementation of Boardwalktech's Velocity software solution.
On October 26, 2023, the Company and LTIMindtree (NSE: LTIM) (BSE: 540005), a global technology consulting and digital solutions company, jointly announced they had executed a teaming agreement to partner on the implementation of Boardwalktech's Velocity software solution for the remediation of Excel- based end-user computing applications (EUCs), a risk management problem, at banks and financial institutions, As part of these teaming agreements, the Company would direct licensing Velocity to those banking and financial services clients.
On November 27, 2023, the Company announced the extension and expansion of its existing engagement with a leading Fortune 50 technology company, including the first annual license. Combined license and services revenue from this expanded plan is expected to exceed US$400,000 over the first 12 months of the engagement.