Xigem Technologies (CSE:XIGM, OTCQB:XIGMF) Corporation has ended its second quarter with about C$1.5 million in cash, around $2.9 million of assets, and no long-term debt, as the company expects to begin generating revenue in the third and fourth quarter of 2021.
“As our first full quarter as a public company wrapped up, we made healthy progress on multiple strategic fronts. We began advancing our core technology platform, acquired complementary intellectual property, strengthened our team, raised additional capital, entered new industry verticals and improved liquidity for investors globally,” Xigem Technologies (CSE:XIGM, OTCQB:XIGMF) CEO Brian Kalish said in a statement.
“We look forward to reporting further advancement as we continue to pursue opportunities within the rapidly growing remote economy for the benefit of our shareholders."
READ: Xigem Technologies highlights trends created by rapidly transforming global economy amid pandemic
The company also noted some key milestones achieved during the quarter that ended on June 30, 2021, which included:
- Raising $559,000 for general corporate purposes in a private placement financing
- Announcing a letter of intent to enhance its patented iAgent SaaS technology platform for the consumer packaged goods (CPG) marketplace
- Establishing an advisory board providing counsel to the company's executives and directors, and named prominent legal, private equity and marketing leaders as initial members
- Revealing plans to launch an enhanced version of its iAgent SaaS platform for the small-to-medium enterprise space, expanding its addressable market in the multi-billion-dollar customer relationship management software market
Xigem also recorded a 2Q net loss of about $1 million, or $0.01 per share on a diluted basis, which the company attributed primarily to around $721,000 of sales and marketing, and corporate and business development fees.
The company powers technology for the near trillion-dollar remote economy that businesses around the globe are embracing in a post-coronavirus pandemic economy. Its Software-as-a-Service (SaaS) technology platform, iAgent, provides organizations, businesses and consumers with the tools necessary to support remote working and learning.
Xigem's software improves the capacity, productivity, and overall remote operations for businesses, consumers and other organizations.
Contact Sean at sean@proactiveinvestors.com