Business
01 Communique Provides Update on Business Developments and Second Quarter Fiscal 2022 Results
TORONTO, ON / ACCESSWIRE / June 16, 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 Second Quarter Fiscal 2022 ResultsTORONTO, ON / ACCESSWIRE / June 16, 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 second quarter fiscal 2022 results, which ended April 30, 2022.Andrew Cheung, CEO of 01 Communique, stated, \"I am pleased with the progress we made during the second quarter. We increased revenue by 20% allowing us to increase the investment in our product development specifically to accelerate our position in the area of quantum-safe blockchain facilitating quantum-safe tokens, NFTs, smart contracts, etc. We are close to completing the product development of our IronCAP X™ business edition, which we expect will be the world's first commercial-ready quantum-safe email security product. We strengthened our board of directors, entered into an agreement with Talent Summit, filed a new patent application based on exciting new technology and to help us get better value for our shareholders we retained the services of Hybrid Financial Ltd. for investor relations. I look forward to the rest of this year as we get ready to launch new products in conjunction with our partner, Talent Summit. We will keep our investors posted on the progress.\"Highlights:Increased revenue by 20% from Q2 2021 to $357,594.The increase in revenue allowed for the increase in investment in product development which was increased by $51,335 to $190,212. These investments allow us to create a new generation of blockchain that is safe against attacks from quantum computers so that it can facilitate quantum-safe tokens, NFTs, smart contracts, etc. transactions while having high throughput that is comparable with that of credit card in the traditional world of finance. A PoC (proof-of-concept) is scheduled to be ready by the end of August and everything is going according to schedule. A separate announcement is expected when the PoC has been completed.The loss for the third quarter 2022 was $82,879 and the Company completed the quarter with $849,375 of cash. The adjusted loss was $40,315 which excludes stock-based compensation and depreciation which are non-cash expenses.Entered into an agreement with a consortium of h...