Quarterly Activities Report
Melbourne, Jan 31, 2022 AEST (ABN Newswire) - Crowd Media Holdings Limited (
ASX:CM8) (CM3:FRA) announce the December quarterly activities report with a positive operating cash flow for the quarter ending 31 December 2021 was $0.14M - an improvement of 205% quarter-on-quarter.
Highlights:
- Cash at Bank of $1.70 million at 31 December 2021.
- Zero borrowings on the balance sheet. Tranche 2 of the European Investment Consortium convertible notes were partially converted to shares ($0.42M) and repaid in cash ($0.23M) in December 2021, reducing outstanding borrowings by $0.65M to zero on 31 December 2021.
- Talking Head development continues according to plan and set for first commercial deployment of the platform.
- Med-Tech proof of concept completed, culminating in an agreement with PangeaMed as the first paying customer for the Talking Head platform.
- Commenced activities in the Metaverse with land acquisition in leading digital world Decentraland and establishment of a Crowd Media billboard. In the future this will become an interactive conversational commerce stage for Crowd.
- Executed the final investment tranche of GBP 0.25M (AUD $0.46M) of the agreed GBP 1.0 million with AI voice-cloning company Aflorithmic Labs Ltd (AFLR) in November 2021.
- Ongoing profitability delivered by the Mobile Subscription division.
Crowd Media's CEO Idan Schmorak said: "Crowd starts 2022 with the tone set on development and growth and ongoing improvement in cash flow. With major technical achievements under our belt, we now pave the way with a team comprised of some of the greatest minds in our chosen space. Unusually for scientists, they have set themselves clear commercial objectives and are delivering great results. Our profitable subscription division continues to build on growth shown last quarter; this will be strengthened with new verticals that include the commercialization of our Talking Head technology in the gaming/entertainment space. We are pleased to release a video that showcases our PoC with PangeaMed and two clickable demos as a glimpse to version 1 of our talking head platform."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/QD2N6L70
About Unith Ltd
Unith Ltd (ASX:UNT) is a leading digital human brand. It unifies the research and development of facial movement deep learning, audio machine learning, and conversational design (NLP) to generate the first customizable, interactive avatar of its kind.
Businesses can create their own digital humans to immerse, assist, and educate customers in real time and in multiple languages, all through one full stack platform. For further information, please visit: unith.ai
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