RE: Bods Managing14 Feb 2021 15:38
Little snippet from the update
In March 2020, the Company raised approximately £0.975 million (before expenses) through an equity placing comprising the issue and allotment of 111,430,000 new ordinary shares. An additional approximately £0.07 million was raised through the issue and allotment of 74,057,996 new ordinary shares pursuant to the issue of warrants.
In addition to the fundraising activities, the Board made swift cost reductions to mitigate the impact of the downturn in revenues. These included salary reductions for the Board and senior members of the team, a hiring freeze, closure of the London office and staff being furloughed. In addition, with the exception of product development, all operational expenses were reduced to the minimal viable levels from April 2020 following the downturn in the location-based advertising industry caused by the restrictions imposed by governments globally. These actions, together with the data and insight customer wins during the year, have to a large extent offset the impact of the lower Verify revenues on the cash resources of the business.
As at 31 December 2020, the Company had cash reserves of approximately £1.1 million (2019: £1.3 million), which the directors believe will now be sufficient for the Company's requirements until 2022.