Could be a big winner !Sold bussiness to Canada and USA ( till Oct 2018). Looking to sell in other country or may do a different bussiness. Debt free, 900K cash on hand and expecetd receivable 1.1M in near term. 500K will receive in September 2017.
Nexia’s Strategy
The Company’s strategy is to identify markets outside North America that are in the early stages of adopting EMR, or jurisdictions that are looking for a next generation EMR solution. The Company plans to market and sell its EMR technology to these entities or jurisdictions, either through a license of technology or a sale of its software. This strategy is still being developed as the Company changes from an operating company to one that holds intellectual property with no significant operating assets as a result of the sale of its US Business and its Canadian Operations.
On the Closing Date, the Company recorded additional amounts receivable of $1,716,459 from TELUS Health in satisfaction of the full Purchase Price. During the quarter ended December 31, 2016, the Company received an additional payment of $608,254. As at December 31, 2016, the Company has amounts receivable from TELUS Health of $1,108,205, representing the following items: $ Amount Initial holdback 500,000 Amounts for purchased customer receivable 542,527 Customer holdbacks 65,678 $ 1,108,205 The Initial Holdback of pertains to standard representation and warranties for a period of one year from the Closing Date and $500,000 this amount is expected to be paid to the Company on or about September 7, 2017. ATmounts for purchased customer receivable of $542,527 is expected to be paid to the Company contemporaneous with a customer funding approval event. The Customer holdbacks of $65,678 pertains to a small number of customers where certain conditions remain to be met by the Company concerning customer contract amendments.
All amounts are expected to be paid to the Company once the contract amendments are formalized.