Provides Business Update and 2022 Outlook Q3 FINANCIAL STATEMENTS PUBLISHED
TORONTO, ON / ACCESSWIRE / December 30, 2021 / DIGIMAX GLOBAL INC. (the "Company" or "DigiMax") (CSE:DIGI) is pleased to share an update about the accomplishments of the past year and an outlook for the year ahead.
Looking back, 2021 has been a year of strengthening our vision, foundation, and delivering products in emerging and fast-moving markets. DigiMax has built a robust, world-class, full-stack AI engineering and development team capable of supporting large company customers and delivering wide-scale SaaS offerings on laptops and mobile applications.
DigiMax is ending the year with a solid balance sheet including Cash and Cash equivalents of $9 million and Cash and Investments of more than $19 million, both as of November 30, 2021.
Our social media presence is growing with combined organic followers exceeding 4,000 and growing by more than 500 each week - numbers expected to escalate in 2022 with the launch of new apps and mobile platforms.
Our investment in Kirobo has done very well, with the coin holdings exceeding $2.5 million and the original US $5 million investment seeing to grow by 2 to 3 times given recent offers by third parties to add additional investment into the Company.
Revenues have remained weak but are anticipated to grow substantially in 2022.
Successes in 2021
A summary of the significant achievements since September 1, 2020, includes:
- Jan ‘21 - Raised $2 million through warrant exercises
- Feb '21 - Launch of CryptoDivine across 25 countries
- Mar '21 - Raised $5 million through private investors
- Apr '21 - Raised $13 million with HC Wainwright
- May '21 - Acquired 15% ownership of DeFi company Kirobo
- Jun '21- Launched CryptoHawk worldwide
- Jul '21 - Added Korean website and App for CryptoHawk
- Aug '21 - Added China website and App for CryptoHawk
- Sep '21 - Added TrendWatch predictions to CryptoHawk
- Sep '21 - Entered collaboration agreement with Hong Kong-based BitGet
- Oct '21 - Entered Collaboration with gaming company BearClaw
- Nov '21 - Added Altcoin Radar predictions to CryptoHawk
- Dec '21 - Launched ESG Green Energy Division with investment in MADA
Challenges in 2021
DigiMax has not met its revenue targets for this year and is taking, significant steps to improve upon this. CryptoHawk has attracted more than 5,000 unique visitors and more than 2,000 free trials, but its recurring subscriber base has remained below 1,000. We expect both numbers to increase substantially in 2022 as we engage and keep more subscribers, increase our outreach to targeted communities, and convert those who try us out.
The Crypto Fund was introduced September 1, 2021. We are in discussion with several institutional investors very interested in the fund but they are asking for 6 or more months of track history before investing. We continue to operate the fund, and we are eager to drive new revenue as quickly as possible in 2022.
Getting PPI adopted into the larger police forces has proved to be a challenging and slow process, particularly when police budgets worldwide have been under pressure to be reduced amid reforms. These forces like the PPI product but are slow to adopt it into the everyday business model. As a result, we are broadening the audience to all businesses with more than 1,000 employees and reducing adoption friction by offering an AI chatbot interview interface.
2022 Outlook
During 2021 DigiMax has prioritized its engineering efforts to ensure that its product offering is developed and maintained on a world-class quality standard and infrastructure. This effort was mission-critical for the engineering team to offer a sustainable and robust platform when our products are delivered and enter their maintenance phase, and to have the capacity to take on new opportunities as they arise at lower development costs and optimized delivery.
As a result, during 2022, DigiMax shareholders should expect to see an ongoing concentration on revenue growth from each of its divisions as market traction grows in each area. More specifically, this includes:
- Launch of the mobile version of CryptoHawk on Apple and Google stores
- Launch of CommodityHawk Fund and B2B services
- Introduction of "freemium" version of CryptoHawk to increase community
- Introduction of marketing service for Altcoins and NFT companies
- MADA signing of one or more significant ESG contracts
- Anticipated DigiMax exercise of option to acquire control of MADA
- Introduction of Carbon Credit prediction service for investors and businesses
- Expansion of customers using the PPI
- Introduction of B2B SaaS model for the Navee Predicts solution
Third Quarter Highlights
(includes non-IFRS/GAAP information)
- Unrealized gain on digital currencies for FY2022 was $1.877 million (not included in net loss for the period)
- Realized gain on digital currencies for FY2022 was $105,954 included in Other Income/(xpenses)
- Net equity in the Company grew by $16.7 million since January 31, 2021, the prior year-end
- Revenues for the nine months ended October 31, 2021, are lower than anticipated at $74,000 since unrealized digital currency gains are not included in the net income/loss for the period
- Shares outstanding at the end of Q3 2022 grew to 270,065,013
- The Company continues to spend approximately $200,000 per month in development costs and operations support
About DigiMax
DigiMax is an Artificial Intelligence technology company committed to unlocking the potential of disruptive technologies by providing advanced financial, predictive, and cryptocurrency solutions across various verticals. DigiMax is an official IBM partner, and the Company's engineering team has extensive experience in Machine Learning, Neural Language Processing, AI, Big Data, and Cryptocurrency technology.
To learn more, visit our website: https://digimaxglobal.com/
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