Business
01 Communique Provides Update on Business Developments and Fiscal 2021 Results
TORONTO, ON / ACCESSWIRE / January 13, 2022 / 01 Communique Laboratory Inc. (the "Company") ...
About this update from 01 Quantum Inc.
[{"type":"text","content":"01 Communique Provides Update on Business Developments and Fiscal 2021 ResultsTORONTO, ON / ACCESSWIRE / January 13, 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 fiscal 2021 results.Andrew Cheung, CEO of 01 Communique, stated, \"As the trend to work from home continues to be popular, we have seen our revenue increase during the year. We completed DoMobile V4, a new release of our remote access service, to help capitalize on this trend in Japan and look forward to a continued increase in subscriber numbers and revenue. This increase in revenue allowed us to increase our investment in the future of our company with continued development and commercialization of IronCAP™. We added an additional six partners to assist us in making IronCAP™ available around the globe. We expect more partners to come on board throughout 2022. Throughout the year we also continued with development of the business version of IronCAP X™, which we believe to be the world's first quantum-safe email security product effectively preventing email phishing/fraud. We will provide an update to our shareholders as launch date gets closer. In addition to the business version our plan is to incorporate IronCAP™ into our existing remote access product making what we believe will be the world's first quantum-safe remote access solution. As we enter 2022, we believe we are well positioned with strong technology and go to market strategy designed to build our business for the future.\"Financial highlights:Revenue for the year ended October 31, 2021 was $885,345 (2020 - $521,791) an increase of $363,554. For the fourth quarter revenue was $163,021 (2020 - $171,964) a decrease of $8,943. As the trend to working from home continues to be popular our Asia-Pacific business has seen growth from our remote access service with an increase in both subscriber numbers and recurring revenue. Revenue for the fourth quarter 2021 consisted of recurring subscription revenue compared to previous quarters where there were also development fees associated with DoMobile v4 and one-time fees for server licenses.The loss for fiscal 2021 was $656,847, consistent with the loss in 2020 of $657,168. Fo...