TORONTO, ON / ACCESSWIRE / April 27 2023 / ARway Corporation ("ARway" or the "Company") (CSE:ARWY), (OTC:ARWYF) (FSE:E65) is disrupting the Augmented Reality ( AR) Wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking. ARway is pleased to report its Q2 financial results, ending February 28, 2023. The Company finished the quarter with an ending Q2 cash balance of close to $1.0 million, initial revenues from pilot programs, and continued development of the platform. ARway continues to execute its plan as set out in the spin out information circular.
CEO Evan Gappelberg commented, "We are excited by the early success of our pilot programs with ARway and believe that we have created the killer application for the next generation of devices: the AR glasses… AR Wayfinding is going to be a very big deal in 2023!" He continued, "Business momentum is building and deals with S&P 500 companies and others are expected to be landed in Q2/Q3, 2023."
Condensed Interim Statements of Financial Position
Condensed Interim Statements of Financial Position
(Expressed in Canadian dollars)
(Unaudited)
| February 28, 2023 | August 31, 2022 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash & cash equivalents (Note 3) | $ | 957,201 | $ | 1 | ||||
Receivables | 13,544 | - | ||||||
Prepaid expenses | 43,218 | - | ||||||
Equipment | 6,539 | - | ||||||
| 1,020,502 | 1 | |||||||
Non-current assets | ||||||||
Deferred tax asset | 156,806 | |||||||
Intangible asset (Note 4) | 4,444,444 | - | ||||||
Total assets | $ | 5,621,752 | $ | 1 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities (Note 5) | $ | 112,057 | $ | - | ||||
Deferred revenue | 941 | |||||||
Total liabilities | 112,998 | - | ||||||
Shareholders' Equity | ||||||||
Share capital (Note 6) | 6,657,352 | 1 | ||||||
Reserves | 713,854 | |||||||
Deficit | (1,862,452 | ) | - | |||||
| 5,508,754 | 1 | |||||||
Total liabilities and shareholders' equity | $ | 5,621,752 | $ | 1 | ||||
Condensed Interim Statements of Comprehensive Loss
Condensed Interim Statements of Comprehensive Loss
(Expressed in Canadian dollars)
(Unaudited)
| Three months ended February 28, 2023 | Six months ended February 28, 2023 | |||||||
Revenue | $ | 21,781 | $ | 26,133 | ||||
Cost of sales | - | - | ||||||
Gross profit | 21,781 | 26,133 | ||||||
Operating expenses: | ||||||||
Sales and marketing (Note 8) | 213,162 | 245,010 | ||||||
General and administrative (Note 8) | 254,707 | 315,913 | ||||||
Research and development (Note 8) | 150,058 | 215,058 | ||||||
Stock based compensation (Note 6) | 407,994 | 713,854 | ||||||
Amortization (Note 4) | 416,667 | 555,556 | ||||||
| 1,442,588 | 2,045,391 | |||||||
Loss before income taxes | (1,420,807 | ) | (2,019,258 | ) | ||||
Current income tax expense | - | - | ||||||
Deferred income tax recovery | 156,806 | 156,806 | ||||||
Net loss and comprehensive loss from operations | $ | (1,264,001 | ) | $ | (1,862,452 | ) | ||
Other comprehensive loss | ||||||||
Exchange differences on translating foreign operations | - | - | ||||||
Total comprehensive loss | $ | (1,264,001 | ) | $ | (1,862,452 | ) | ||
Income (loss) per common share | ||||||||
Basic and diluted loss per common share | (0.05 | ) | (0.10 | ) | ||||
Weighted average number of common shares outstanding Basic and diluted | 26,629,552 | 18,537,730 | ||||||
Condensed Interim Statements of Cash Flows
Condensed Interim Statements of Cash Flows
(Expressed in Canadian dollars)
(Unaudited)
| Three months ended February 28, 2023 | Six months ended February 28, 2023 | |||||||
Cashflows from operating activities | ||||||||
Net loss | $ | (1,264,001 | ) | $ | (1,862,452 | ) | ||
Items not affecting cash | ||||||||
Amortization of intangible assets | 416,667 | 555,556 | ||||||
Stock-based compensation | 407,994 | 713,854 | ||||||
| Changes in non-cash working capital balances | ||||||||
Receivables | (10,710 | ) | (13,544 | ) | ||||
Prepaid expenses | (1,730 | ) | (43,218 | ) | ||||
Accounts payable and accrued liabilities | 36,105 | 112,057 | ||||||
Deferred tax asset | (156,806 | ) | (156,806 | ) | ||||
Deferred revenue | 941 | 941 | ||||||
Cashflows from operating activities | (571,540 | ) | $ | (693,612 | ) | |||
Cashflows from financing activities | ||||||||
Proceeds from private placement | - | 1,657,351 | ||||||
Net cash provided by (used in) financing activities | - | $ | 1,657,351 | |||||
Change in cash during the period | (571,540 | ) | 963,739 | |||||
Cash, beginning of period | 1,535,280 | 1 | ||||||
Effects of foreign exchange on cash | (6,539 | ) | (6,539 | ) | ||||
Cash, beginning of period | 1 | 1 | ||||||
Cash, end of period | $ | 957,201 | $ | 957,201 | ||||
Supplemental cash flow information | ||||||||
Taxes paid | $ | - | $ | - | ||||
Interest paid | 1,945 | 1,945 | ||||||
Interest received | 7,684 | 8,814 | ||||||
Recents News
- Harvard University Robotics and AR/VR Workshops Showcase ARway.ai, Snap, and Magic Leap's Spatial Computing and AR Platforms Capabilities
- ARway.ai Closes Annual Partner Licence and Sees Demand Ramp Up
- ARway.ai Unveils SDK 2.3 With Significant Enhanced AI-Features and AR Experiences, Opening Up New Markets
To learn more about ARway, please follow on Social Media: Twitter, YouTube, Instagram, LinkedIn, and Facebook, and visit our website: www.arway.ai
About ARway.ai
ARway is an AI-powered platform that provides augmented reality experiences for indoor spaces. The platform allows users to easily create experiences for navigation, tours, information sharing, notifications, advertising, and gamification. ARway leverages the power of mobile devices to create environments that can improve visitor experience, boost employee productivity, increase engagement, create new advertising space, and boost revenues. Visitors can scan a QR code to access a venue map, navigate to any point of interest with step-by-step directions, learn information about those POIs, and interact with rich AR content and experiences along the way. ARway has unlimited use cases for augmenting physical spaces in the metaverse, making it a valuable tool for creators, brands, and companies in various industries. The complete ARway platform includes: the Web Creator Studio, the ARwayKit Software Development Kit (SDK) and a mobile app for iOs and Android.
Nextech 3D.ai
On October 26, 2022, ARway.ai. was spun-out from its parent Company, Nextech3D.ai (OTCQX:NEXCF) (CSE:NTAR) (FSE:EP2). Nextech retained a control ownership in ARway.ai. with 13 million shares, or a 50% stake. Nextech3D.ai is a Metaverse Company and leading provider of augmented reality ("AR") experience technologies and 3D model services. Nextech's AI-powered 3D modeling platform, "ARitize3D" has contracts with; AMZN, KSS, CB2, Genuine Parts & many others. To learn more about Nextech3D.ai, visit www.nextechar.com
For further information, please contact:
Investor Relations Contact
Julia Viola
[email protected]
ARway.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. ARway.ai will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE: ARway.ai