Perk Labs Inc. (CSE:PERK, OTCQB:PKLBF) told investors it made significant headway in the third quarter of its financial year as it continued to consolidate its business with Getit Technologies, which it acquired in March 2023.
Reporting back for the three months to end August, the company said it remodeled its efforts to focus on custom payment and ordering software for large enterprise clients with complex purchasing environments. This enabled it to continue reducing costs while launching and scaling with new large enterprise clients.
"Our focus has been on managing cash flow, controlling costs and reducing expenses as we reposition to a focused B2B large enterprise model,” Perk Labs CEO Ryan Hardy commented.
“This post-merger strategy and direction will show immediate growth for the company over the coming quarter and into the new fiscal year as we move away from third-party marketplaces to custom solutions for large brands with our powerful white-label technologies.”
Revenue for the nine months to August 31, 2023, rose to $51,976 from $20,406 for the same period in 2022. A reduction in costs resulted in a narrower comprehensive loss of $1.44 million from $2.82 million a year earlier.
Following the end of the reporting period, the company noted it raised gross proceeds of C$21,000 through a private placement and settled C$20,000 in debt through a debt settlement agreement.
It closed a non-brokered private placement of convertible debentures for gross proceeds of $450,000.
Perk Labs also announced a proposed new non-brokered private placement for gross proceeds of up to $1 million and a non-brokered private placement of convertible debentures, also for gross proceeds of up to $1 million.
“In the upcoming quarter, the Company expects to sign and launch a number of enterprise clients and roll out improvements and integrations between the Getit and Perk platforms,” Perk Labs said.
“We believe that these developments, in conjunction with increased sales and marketing resources, will provide the required visibility to the Company's operations that will enable growth,” it added.
The full statement can be found here.
Contact the author at stephen.gunnion@proactiveinvestors.com