News VANCOUVER, British Columbia, March 1st, 2022 - Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), a leading data intelligence company using artificial intelligence to help clients turn real-time data into actionable insights and personalized customer engagement is pleased to announce its second-quarter (October 1st, 2021 to December 31st, 2021) financial results.
Key Financial and Operational Highlights for Q2:
- Revenue increased for the third consecutive quarter from $147,533 in 2021 Q4, to $580,317 in 2022 Q1, to now $922,823 in 2022 Q2.
- Total assets increased significantly to: $15,160,705 (Dec 31) versus $11,682,344 (Sept 30) due in large part to:
- 2 successful M&A acquisitions (Qples, PassWallet) Intellectual Property grew from $171,792 (June 30, 2021), to $5,381,637 (Dec 31, 2021).
- Accounts Receivable is up from $844,000 to $1,861,768 million which is expected to be collected before the end of the calendar year.
- Cash position remains strong at $4,805,694, and the company continues to raise significant amounts from warrants exercised in the period for $1.1 million and stock options exercised for $1.06 million.
- The comprehensive net loss for the three (3) month period ending Dec 31, 2021, was $5,059,006, which included $2,872,519 of non-cash items.
- Accrued liabilities increased from $684,338 to $1,168,078.
Fobi CEO Rob Anson stated, “I am very pleased with the overall growth and solidified strength of the company. We have now reported our third consecutive quarter with continued growth and as we are currently are benefiting from a solid business development pipeline, we expect to see a boost in accelerated momentum carrying forward well through the remainder of 2022.”
The link to the SEDAR filing is here.