Business
01 Communique Provides Update on Business Developments and First Quarter Fiscal 2022 Results
TORONTO, ON / ACCESSWIRE / March 17, 2022 / 01 Communique Laboratory Inc. (the "Company") (T...
About this update from 01 Quantum Inc.
[{"type":"text","content":"01 Communique Provides Update on Business Developments and First Quarter Fiscal 2022 ResultsTORONTO, ON / ACCESSWIRE / March 17, 2022 / 01 Communique Laboratory Inc. (the \"Company\") (TSXV:ONE)(OTCQB:OONEF), one of the first-to-market, enterprise level cybersecurity providers for the quantum computing era, is pleased to report the Company's first quarter fiscal 2022 results, which ended January 31, 2022.Andrew Cheung, CEO of 01 Communique, stated, \"During the first quarter we increased our exposure internationally. As previously announced, we added a global technology partner headquartered in Paris, France which expands our exposure in Europe. We look forward to further development of our business in Europe. I am also very excited about the prospects for IronCAP™ in Asia/Pacific. These strong partnerships have essentially opened a global network of excellent opportunities. We completed the quarter with $881,246 of cash, which along with our existing and near term revenue opportunities, should be sufficient to allow us to continue our investment in development and commercialization of IronCAP™. When I look at the concerns expressed today around the world in respect of cybersecurity, I am encouraged about the potential market opportunity for our IronCAP™ technology. It is now primarily a matter of execution.\"Highlights:In November, 2021 the Company received a notice of allowance from the United States Patent and Trademark Office (\"USPTO\") for its Cryptographic System and Method. The patent has now been granted #11/271,715. This is further support for the innovative nature of the IronCAP™ technology which the Company believes is superior to anything on the market today. It is designed to protect customers against the ever-evolving illegitimate and malicious means of gaining access to their data.The net loss for the first quarter 2022 was $207,641 (2021 - $112,734) an increase of $94,907. The adjusted net loss, which excludes noncash expenses, was $158,355 (2021 - $89,697) an increase of $68,658. The adjusted net loss excludes stock-based compensation and depreciation which are non-cash operating expenses.Revenue for the first quarter 2022 was $189,031 (2021 - $213,262) a decrease of $24,231. The trend of working from home continues to be popular which has contributed to growth year over year in subs...