ARway Corp. The Spatial Computer Platform for the Metaverse Announces Q1 Financials
ARway Corporation has launched its AR Wayfinding SDK as a SaaS solution, enhancing its position in the Augmented Reality market. The company reported a cash balance of $1.5 million for Q1 ending November 30, 2022, with revenues of $4,352, leading to a net loss of $371,248. CEO Evan Gappelberg highlighted the successful mapping of a 400,000 sq ft mall and the release of SDK version 2.0 as key milestones. The ARway solution aims to disrupt the $40 billion indoor wayfinding market with a no-capex and no-opex platform, meeting rising demand. For more details, visit www.arway.ai.
- Launch of the AR Wayfinding SDK as a SaaS solution.
- Successful mapping of a 400,000 sq ft mall.
- Upgrade to SDK version 2.0 completed.
- Net loss of $371,248 for the quarter.
- Revenue of only $4,352 indicating challenges in scaling.
AR WAYFINDING SDK is now available as a SaaS Solution
TORONTO, ON / ACCESSWIRE / January 13, 2023 / ARway Corporation ("ARway" or the "Company") (CSE:ARWY)(OTC PINK:ARWYF)(FSE:E65) is disrupting the Augmented Reality ( AR) Wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking. ARway is bringing many new technologies together into one platform including; AI, AR, ML, LIDAR digital twins, 3D models and more. ARway is pleased to report its first quarter financial results, ending November 30, 2022. The company finished the quarter with an ending Q1 cash balance of
Arway Corp.'s first post spin out quarter went in accordance with the Company's plan as set out in the spin out information circular. For more details on these results please visit ARway Corp.'s investor page at the www.arway.ai or visit www.sedar.com
CEO Evan Gappelberg commented, "As our first quarter as a public company is now behind us we are looking forward to an exciting and dynamic 2023 with big name contracts annocements. In the first quarter we achieved a tremendous amount of technical milestones with the highlight being able to map a 400,000 sq ft mall and the recent release of our V2.0 SDK Saas solution. He continues "we are seeing a tremendous amount of organic demand for our disruptive indoor wayfinding solution with a no-capex no-opex and no-BLE beacon AI powered platform we believe we have disrupted the
Condensed Consolidated Statements of Financial Position
As at | ||||||||
| November 30, 2022 | August 31, 2022 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash & cash equivalents | $ | 1,535,280 | $ | 1 | ||||
Receivables | 2,834 | - | ||||||
Prepaid expenses | 41,488 | - | ||||||
| 1,579,602 | 1 | |||||||
Non-current assets | ||||||||
Intangible asset (Note 4) | $ | 4,986,111 | - | |||||
Total assets | $ | 6,565,713 | $ | 1 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities (Note 5) | $ | 75,952 | $ | - | ||||
Total liabilities | 75,952 | - | ||||||
Share capital (Note 6) | 6,657,352 | 1 | ||||||
Reserves | 203,657 | |||||||
Accumulated other comprehensive income | - | |||||||
Deficit | (371,248 | ) | - | |||||
| 6,489,761 | 1 | |||||||
Total liabilities and shareholders' equity | $ | 6,565,713 | $ | 1 | ||||
Condensed Consolidated Statements of Comprehensive Loss
| FOR CONTINUING OPERATIONS | Three months ended | |||
| November 30, 2022 | ||||
Revenue | $ | 4,352 | ||
Operating expenses: | ||||
Sales and marketing (Note 8) | 31,848 | |||
General and administrative (Note 8) | 61,206 | |||
Research and development (Note 8) | 65,000 | |||
| 158,054 | ||||
Other expense (income) | ||||
Stock based compensation (Note 6) | 203,657 | |||
Amortization (Note 4) | 13,889 | |||
| 217,546 | ||||
Net loss and comprehensive loss from operations | $ | (371,248 | ) | |
Income (loss) per common share | ||||
Basic and diluted loss per common share | (0.04 | ) | ||
Weighted average number of common shares outstanding Basic and diluted | 10,534,828 | |||
Condensed Consolidated Statements of Cash Flows
| Three months ended | ||||
| November 30, 2022 | ||||
Cashflows from operating activities | ||||
Net loss | $ | (371,248 | ) | |
Items not affecting cash | ||||
Amortization of intangible assets | 13,889 | |||
Stock-based compensation | 203,657 | |||
Changes in non-cash working capital balances | ||||
Receivables | (2,834 | ) | ||
Prepaid expenses | (41,488 | ) | ||
Accounts payable and accrued liabilities | 75,952 | |||
Cashflows from operating activities | $ | (122,072 | ) | |
Cashflows from financing activities | ||||
Proceeds from exercise of options and warrants | - | |||
Proceeds from private placement | 1,657,351 | |||
Net cash provided by (used in) financing activities | $ | 1,657,351 | ||
Change in cash during the period | 1,535,279 | |||
Cash, beginning of period | 1 | |||
Cash, beginning of period | 1 | |||
Cash, end of period | $ | 1,535,280 | ||
Supplemental cash flow information | ||||
Taxes paid | - | |||
Interest paid | - | |||
Interest received | 1,130 | |||
Company Highlights
ARway Corp. recently announced a significant upgrade to its spatial computing Software Developer Kit (SDK) with the release of version 2.0. Launching the SDK and its latest updates contributes to the expansion of ARway as a major player in the spatial computing and wayfinding market.
The launch of version 2.0 SDK marks the completion of the last major component of the AR wayfinding and spatial computing platform. The full ARway platform offering consists of the ARway app - for spatial mapping, The Creator Portal - for content management and analytics , and The ARwayKit SDK - for custom apps and integrations. The ARway SDK is being offered as a SaaS platform or can be used in limited ways for free with the ARway watermark.
To learn more about ARway, please follow on Social Media: Twitter, YouTube, Instagram, LinkedIn, and Facebook, and visit our website: www.arway.ai
For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@arway.ai
ARway Corporation
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About ARway Corp
ARway is a no-code spatial computing platform for the real-world Metaverse. It enables AR-enhanced indoor navigation and wayfinding solutions for large, multi-purpose venues enabled by marker-based tracking using QR codes. Visitors can access a venue map by scanning a QR code with their smartphone upon entering the venue to navigate to any Point of Interest (POI) with step by step directions, learn information about those POIs, and interact with rich AR content and experiences along the way.
The ARway offering has an unlimited number of use cases for augmenting physical spaces in the metaverse, consisting of indoor navigation with AR activations to improve the visitor experience in large and complex spaces. With value propositions spanning multiple industries and use cases, ARway leverages Nextech's 3D/AR technology solutions to new substantial markets, for use by creators, brands, and companies.
The ARway Platform Includes:
Web Creator Platform
The Web-Based Creator Platform provides 'advanced' authoring capabilities compared to the mobile app, including the ability for creators to upload their own OBJ/GLB files, and create their own 3D objects. Placing content in a large area using only mobile app required the user to physically be in the specific location which was unscalable. The web studio allows the user to place and author content remotely and at scale.
Mobile App
With the ARway mobile app, anyone can spatially map their location within minutes using their smartphone, and populate it with interactive 3D content, augmented reality wayfinding, audio, text, images, and more. Nextech AR provides several pre-loaded 3D objects which creators can leverage to populate their metaverse.
Download the Mobile App
Apple iOs - click here
Google Play Store - click here
ARwayKit SDK
The Software Development Kit contains code libraries and API information that allows developers to build their own white label & private label mobile apps on both iOs and Android leveraging ARway's technology and creator tools to build AR wayfinding and spatial experiences. Creators will be able to develop white label and private label apps and access ARway APIs to author maps using the Web Creator Portal. The SDK features the latest and greatest of the ARway mobile app.
Nextech AR Solutions
On October 26, 2022, ARway Corp. was spun-out from its parent Company, Nextech AR Solutions (OTCQX:NEXCF) (CSE:NTAR) (FSE:EP2). Nextech AR retained a control ownership in ARway Corp. with 13 million shares, or a
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. ARway Corp. will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE: ARway Corporation
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