The current share price, revenue and financial position of AnalytixInsight should be concerning to shareholders. Amidst the plethora of filings and news releases since 2016, this post references an ALY capital raise in June, 2022 that was to be used launch MarketWall NA.
So, where is MarketWall NA OR, where did the money go and/or... ...“Until applied, the net proceeds will be held as cash balances in the Company’s bank account or invested in savings accounts, certificates of deposit and other instruments issued by banks or guaranteed by the Government of Canada or any province thereof. “
Reference: (page 14,’Short Form Prospectus’)
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https://www.sedarplus.ca On June 22, 2021, ALY published a ‘Short Form Prospectus’, in essence a capital raise in the amount of $8,050,000 which included a warrant component. There was an over-allottment option, “The Company has granted the Underwriters an option (the “
Over-Allotment Option”) to purchase up to an additional 1,725,000 Units at the Offering Price...” (Reference: page 14,’Short Form Prospectus’)
· “The Company intends to use the net proceeds of the Offering to develop a digital stock trading platform and deploy in North America the products developed by MarketWall.”
· “The Company intends to develop a stock trading platform that is designed for North American users, banks or brokers that will integrate CapitalCube, InvestoPro and GEMINA attributes to offer real-time quotes, financial analysis, and stock trading.
Reference: (page 13,’Short Form Prospectus’)
· https://www.sedarplus.ca
“The net proceeds from the Offering are expected to be used for digital stock trading platform development and North American deployment of MarketWall products, acquiring servers and data for the implementation of real time stock quotations, administrative expenses and for general corporate working capital.”
Reference: https://www.newswire.ca/news-releases/analytixinsight-announces-overnight-marketed-equity-offering-886731523.html 1.
Proceeds Summary: “The net proceeds of the Offering (excluding net proceeds from the exercise of the Over-Allotment Option, if any), will be used as follows:” ” (Reference: page 12,’Short Form Prospectus’)
· https://www.sedarplus.ca
| Digital stock trading platform development and North American deployment of MarketWall products | $4,000,000
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| Acquiring servers and data for the implementation of real time stock quotation | $2,000,000
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| Administrative expenses over the next 12 months | $1,236,500 |
Total MarketWall $$ Budget: $7,236,500 2.
SPEND 1 Promise: “Digital stock trading platform development and North American deployment of MarketWall products” (Reference: page 13,’Short Form Prospectus’)
| Development work to adapt software to North American market | July 2021 – September 2021 | $ 1,500,000
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| Ensure scalability and performance for North American market | October 2021 – November 2021 | $ 500,000
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| Maintenance and support testing | November 2021 – December 2021 | $ 500,000 |
| Marketing and selling the platform in North America | December 2021 – March 2022 | $ 1,500,000 |
Spend 1 $$ Commitment: $4,000,000 3.
Spend 2 Promise: “Acquiring servers and data for the implementation of real time stock quotation:” (Reference: page 13,’Short Form Prospectus’)
· https://www.sedarplus.ca
| Development of real time quote functionality | July 2021 – November 2021 | $ 1,000,000 |
| Ensure scalability and performance | December 2021 | $ 250,000 |
| Maintenance and support testing | January 2022 | $ 250,000 |
| Roll out to customers | February 2022 – March 2022 | $ 500,000 |
Spend 2 $$ Commitment:$2,000,000