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Xtract One Technologies Inc. T.XTRA

Alternate Symbol(s):  XTRAF | T.XTRA.WT

Xtract One Technologies Inc. is a Canada-based technology-driven threat detection and security solution provider, leveraging artificial intelligence (AI) to provide secure patron access control experiences. The Company's segments include Platform and Xtract. The Platform segment develops and commercializes a platform of AI-powered threat detection technologies. The Xtract segment develops and commercializes advanced artificial intelligence solutions for customers. Its products include SafeGateway, SmartGateway and Xtract One View. Its Gateway product enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic. Its AI-based software allows venue and building operators to identify weapons and other threats inside and outside of facilities and receive intelligence for optimizing operations. Xtract One View, the Company's cloud-based platform, provides oversight of its customers entire fleet of Xtract One SmartGateways from one interface.


TSX:XTRA - Post by User

Comment by mrpancakeon Nov 16, 2020 9:48am
113 Views
Post# 31905818

RE:RE:Here we go!

RE:RE:Here we go!What good news? I don't see the words "sale" or "revenue" come to thing of it I don't see "defered revenue"; after three years this is yet (likely) another trial. 

Where is the U.S. $3 Million from the- planned by Oct. 31st-  sale of its 49% interest in the joint venture SoTech? 

Recall from the MD&A (October14,2020)

Loss on investment in Sotech As at July 31, 2020, the Company owns a 49% interest in Sotech Secure, LLC ("Sotech"), a Delaware Limited Liability Company with NanoBio Detection Systems LLC ("NanoBio") owning the remaining 51% interest. The Company has experienced challenges with its joint venture partner and has determined that it no longer holds significant influence or joint control over Sotech. Accordingly, the Company has discontinued the use of the equity method during the fourth quarter of 2020. On September 14, 2020, the Company entered into a membership interest purchase agreement with NanoBio to sell its 49% interest in Sotech for USD $3,000,000 with an estimated closing date of October 31, 2020. Management expects that the proposed transaction will close as planned; however, there is no guarantee that transaction will proceed as expected. The Company has recognized a total loss of $2,549,444 on the investment during the year ended July 31, 2020. This represents a combination of the proportionate share of loss while being accounted for using the equity method of $1,531,817 and a fair value write-down of the investment of $1,017,627 to its fair value of $4,021,200 (USD $3,000,000).



See: https://patriot1tech.com/corporate-news/patriot-one-forms-us-based-molecular-threat-detection-joint-venture/#:~:text=The%20JV%20is%20between%20Patriot,the%20detection%20of%20airborne%20molecules.&text=Operation%20as%20a%20stand%2Dalone,with%20related%20threat%20detection%20systems.
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