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Full Year Statutory Accounts
Melbourne, Sep 26, 2016 AEST (ABN Newswire) - Bluechiip Ltd (
ASX:BCT) Directors submit their report for the year ended 30 June 2016.
Principal Activities
The principal activity of the Group during the year was the development and commercialisation of a unique tracking system that offers enhanced technical capabilities over existing labels, barcode and Radio Frequency Identification (RFID) technologies.
There have been no significant changes in the nature of these activities during the year.
Operating and Financial Review
Operating Results
The consolidated loss of the Group for the financial year after providing for income tax amounted to $1,676,983 (2015: loss of $1,911,688).
Results of operations
The Company recognised net revenue totalling $155,718 (2015: $33,856) during the year contributed from licence income received and the sale of products.
Other income decreased from $700,935 to $682,911 mainly due to a lower interest income received during the year.
Loss before income tax decreased from $1,911,688 to $1,676,983 resulted from:
- the improvement in the gross profit mainly contributed by the licence income received during the year of $100,000; and
- lower operating expenses incurred of $2,490,030 (2015: $2,525,189) attributed mainly to:
-- Lower research and development expenses - $315,422 (2014: $634,868); and
-- Lower consultancy fees - $86,715 (2015:$182,483)
Due to the reduction in the use of external services, as these activities were brought in-house during the year.
Capital structure
During the financial year ended 30 June 2016, the following material movements in share capital occurred:
- In November 2015, 1,811,011 new ordinary fully paid shares were issued as part of the placement completed on 22 April 2015. The shares were the commitment by Mr Iain Kirkwood and Mr Michael Ohanessian in aggregate which were only issued subsequent to the shareholders' approval at the 2015 AGM.
- In December 2015, the Company completed a capital raising of $450,000 to sophisticated and professional investors via a placement comprising 11,250,000 new ordinary fully paid shares at an issue price of $0.04 per ordinary share. In addition, in February 2016, the Company also completed the Share Purchase Plan (SPP) which raised $240,000 from eligible existing Bluechiip's shareholders in Australia and New Zealand through the issuance of 8,421,066 ordinary fully paid shares in the Company at $0.0285 per ordinary share. A further $125,000 was received in March 2016 for the shortfall arising from the SPP at an issue price of $0.0285 per ordinary share via the issuance of 4,385,965 new ordinary fully paid shares.
- In May 2016, the Company completed a capital raising of $180,030 at an issue price of $0.0225 per share via a placement to sophisticated investors via a placement of 8,001,336 new ordinary fully paid shares.
- Capitalised share issue costs relating to the placements and SPP above totalled $47,007 and have been offset against the issued capital.
To view the report, please visit:
http://abnnewswire.net/lnk/J891Y830
About Bluechiip Limited
Bluechiip Ltd (ASX:BCT) understands that every sample - stem cells, blood, eggs, sperm and other biospecimens - is critical, so our objective is to manage each one with optimal quality in the most efficient way. Bluechiip's advanced management solution is the only one that provides sample temperature with ID in cryogenic environments to. Most importantly, this delivers confidence in every sample.
Bluechiip's unique patented technology is a MEMS-based wireless tracking solution that contains no electronics. It represents a generational change from current tracking methods such as labels (hand-written and pre-printed), barcodes (linear and 2D), and Radio Frequency Identification. Bluechiip tags are either embedded or manufactured into storage products such as vials or bags. Each product can be easily identified, and critical information such as sample temperature, is detected by readers and stored in the Bluechiip software. In addition to functioning in extreme temperatures, the Bluechiip(R) Advanced Sample management solution can survive autoclaving, gamma irradiation sterilization, humidification, centrifuging, cryogenic storage and frosting.
Bluechiip's technology has applications in healthcare, including in cryogenic storage facilities (biobanks and biorepositories), pathology, clinical trials and forensics. Other key markets include cold-chain logistics/supply chain, security/defence, industrial/manufacturing and aerospace/aviation.
Bluechiip: Delivering confidence in every sample.
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