Locafy Reports Fiscal Fourth Quarter and Full Year 2024 Results
Locafy (NASDAQ: LCFY) reported its fiscal fourth quarter and full year 2024 results. The company saw a 4.7% reduction in total operating revenue to $1.2 million for Q4 2024, compared to the same period last year. Subscription revenue decreased by 34.6% to $731,000, while advertising revenue dropped 50.1% to $38,000. Conversely, services revenue surged 525.6% to $435,000. For the full year, total operating revenue decreased 22.8% to $4.2 million, subscription revenue fell 31.7% to $3.3 million, and advertising revenue declined 20.1% to $251,000. However, services revenue increased by 231.3% to $561,000. The company reported a net loss of $883,000 for Q4 2024 and a net loss of $3.0 million for the full year.
Locafy (NASDAQ: LCFY) ha riportato i risultati del quarto trimestre fiscale e dell'intero anno 2024. L'azienda ha registrato una riduzione del 4,7% del fatturato operativo totale, scendendo a $1,2 milioni nel Q4 2024, rispetto allo stesso periodo dell'anno precedente. Il fatturato da abbonamenti è diminuito del 34,6%, raggiungendo i $731.000, mentre il fatturato pubblicitario è crollato del 50,1%, arrivando a $38.000. Al contrario, il fatturato dei servizi è aumentato del 525,6%, raggiungendo i $435.000. Per l'intero anno, il fatturato operativo totale è diminuito del 22,8%, attestandosi a $4,2 milioni, il fatturato da abbonamenti è calato del 31,7% a $3,3 milioni e il fatturato pubblicitario è sceso del 20,1% a $251.000. Tuttavia, il fatturato dei servizi è aumentato del 231,3%, arrivando a $561.000. L'azienda ha registrato una perdita netta di $883.000 per il Q4 2024 e una perdita netta di $3,0 milioni per l'intero anno.
Locafy (NASDAQ: LCFY) informó sus resultados fiscales del cuarto trimestre y del año completo 2024. La empresa experimentó una reducción del 4,7% en los ingresos operativos totales, alcanzando los $1,2 millones en el Q4 2024, en comparación con el mismo período del año anterior. Los ingresos por suscripción disminuyeron un 34,6% hasta $731,000, mientras que los ingresos por publicidad cayeron un 50,1% hasta $38,000. Por otro lado, los ingresos por servicios aumentaron un 525,6% hasta $435,000. Para el año completo, los ingresos operativos totales cayeron un 22,8% hasta $4,2 millones, los ingresos por suscripción cayeron un 31,7% hasta $3,3 millones, y los ingresos publicitarios disminuyeron un 20,1% hasta $251,000. Sin embargo, los ingresos por servicios aumentaron un 231,3% hasta $561,000. La empresa reportó una pérdida neta de $883,000 para el Q4 2024 y una pérdida neta de $3,0 millones para el año completo.
Locafy (NASDAQ: LCFY)는 2024 회계 연도 4분기 및 전체 연도 결과를 발표했습니다. 회사는 Q4 2024 동안 총 운영 수익이 작년 같은 기간에 비해 4.7% 감소하여 $1.2백만에 이르렀다고 보고했습니다. 구독 수익이 34.6% 감소하여 $731,000에 도달했으며, 광고 수익은 50.1% 감소하여 $38,000에 이르렀습니다. 반면, 서비스 수익은 525.6% 증가하여 $435,000에 도달했습니다. 전체 연도의 경우, 총 운영 수익이 22.8% 감소하여 $4.2백만이 되었고, 구독 수익이 31.7% 감소하여 $3.3백만, 광고 수익이 20.1% 감소하여 $251,000에 달했습니다. 그러나 서비스 수익은 231.3% 증가하여 $561,000에 도달했습니다. 회사는 Q4 2024에 대해 $883,000의 순손실을 보고하였고, 전체 연도에 대해 $3.0백만의 순손실을 기록했습니다.
Locafy (NASDAQ: LCFY) a annoncé ses résultats pour le quatrième trimestre fiscal et l'année entière 2024. L'entreprise a enregistré une réduction de 4,7% des revenus opérationnels totaux, atteignant 1,2 million de dollars au T4 2024, par rapport à la même période de l'année dernière. Les revenus d'abonnement ont diminué de 34,6% pour atteindre 731 000 dollars, tandis que les revenus publicitaires ont chuté de 50,1% à 38 000 dollars. En revanche, les revenus des services ont bondi de 525,6% à 435 000 dollars. Pour l'année entière, les revenus opérationnels totaux ont baissé de 22,8% pour s'établir à 4,2 millions de dollars, les revenus d'abonnement ont diminué de 31,7% pour atteindre 3,3 millions de dollars et les revenus publicitaires ont décliné de 20,1% à 251 000 dollars. Cependant, les revenus des services ont augmenté de 231,3% pour atteindre 561 000 dollars. L'entreprise a signalé une perte nette de 883 000 dollars pour le T4 2024 et une perte nette de 3,0 millions de dollars pour l'année entière.
Locafy (NASDAQ: LCFY) hat seine Ergebnisse für das fiscale vierte Quartal und das gesamte Jahr 2024 bekanntgegeben. Das Unternehmen verzeichnete einen Rückgang der gesamten Betriebseinnahmen um 4,7% auf 1,2 Millionen USD im Q4 2024 im Vergleich zum gleichen Zeitraum des Vorjahres. Die Abonnement-Einnahmen sanken um 34,6% auf 731.000 USD, während Werbeeinnahmen um 50,1% zurückgingen auf 38.000 USD. Im Gegensatz dazu stiegen die Dienstleistungen um 525,6% auf 435.000 USD. Für das gesamte Jahr sanken die gesamten Betriebseinnahmen um 22,8% auf 4,2 Millionen USD, die Abonnement-Einnahmen fielen um 31,7% auf 3,3 Millionen USD und die Werbeeinnahmen sanken um 20,1% auf 251.000 USD. Die Einnahmen aus Dienstleistungen stiegen jedoch um 231,3% auf 561.000 USD. Das Unternehmen berichtete von einem Nettoverlust von 883.000 USD für das Q4 2024 und einem Nettoverlust von 3,0 Millionen USD für das gesamte Jahr.
- Services revenue surged 525.6% to $435,000 in Q4 2024.
- Full-year services revenue increased by 231.3% to $561,000.
- Operational cost reductions, including a 38.5% decrease in employment expenses.
- Total operating revenue decreased 4.7% to $1.2 million in Q4 2024.
- Subscription revenue decreased 34.6% to $731,000 in Q4 2024.
- Advertising revenue dropped 50.1% to $38,000 in Q4 2024.
- Net loss of $883,000 for Q4 2024 and $3.0 million for the full year.
Insights
The fiscal 2024 results present a mixed picture with concerning revenue trends but improving cost management. Total operating revenue declined 22.8% to
Key positives include reduced operating expenses (
The shift to performance-based revenue and strategic partnerships like Yext could provide future growth opportunities, but current financial metrics indicate the company remains in a challenging transition period with significant execution risks.
Locafy's strategic pivot towards entity-based SEO and the Article Accelerator technology shows promise in addressing emerging market needs, particularly as publishers struggle with sponsored content restrictions. The partnership with Yext for the Hotfrog Proximity Page demonstrates good market positioning.
However, the technical transition has caused significant customer disruption, evidenced by the extended billing relief and churn issues. The automation improvements in product deployment are positive for long-term scalability, but the immediate impact on subscription revenues raises concerns about product-market fit and implementation challenges.
The acquisition of Scoop's digital assets with its 48,000 backlinks and 157,000 organic keywords could provide strategic value, though the accounting treatment suggests complex deal structures that may not immediately translate to shareholder value.
PERTH, Australia, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Locafy Limited (Nasdaq: LCFY, LCFYW) (“Locafy” or the “Company”), a globally recognized software-as-a-service technology company specializing in ”entity-based” search engine optimization (SEO), today reported financial results for the fiscal fourth quarter and full year ended June 30, 2024. All financial results are reported in Australian Dollars (AUD).
Management Commentary
“Our fiscal 2024 was truly a transformational period for Locafy,” said CEO Gavin Burnett. “The launch of our enhanced performance-based revenue model, which aligns more closely with how customers engage with our products compared to traditional sponsored advertising, has given us strong momentum in the evolving SEO landscape. Our services revenue surged by
“Operationally, Locafy has heavily reduced its cost base, primarily from a decrease in headcount and technology expenses, which was made possible through increased automation in product deployments and streamlining products being offered to the market. The full impact of these cost reductions will be fully reflected in fiscal 2025.
“As we move into fiscal 2025, we believe that we are well-positioned to expand our suite of technologies in response to shifts in the SEO landscape. In an era of AI-driven content growth, we believe Locafy’s solutions will play a key role in helping our clients secure and maintain strong search positions. We are confident that our advanced capabilities will not only drive Locafy's growth but also deliver superior results for our customers. We look forward to sharing more progress in the coming quarters.”
Fiscal 2024 and Recent Operational Highlights
- Signed its first contracts related to the Company’s Article Accelerator technology to media publishers in the U.S. and Australia. Given the recent seismic changes in the SEO landscape which forced many publishers to remove “sponsored content” articles from their high-authority editorial websites, Locafy believes it has laid the foundation for its Article Accelerator solution to be packaged and marketed as a credible alternative to help restore lost revenues for those publishers.
- Introduced the Hotfrog Proximity Page, a new application developed in partnership with Yext, allowing businesses to create dynamic, SEO-optimized landing pages to enhance their online presence. The application integrates with Yext’s platform, ensuring real-time updates and consistency across digital listings. The Company intends to build on this product in fiscal 2025 to enable connectivity with additional citation management partners.
- Signed a series of agreements with Localista, acquiring the digital assets of Scoop, providing SEO consulting services, and adding Localista's sales team as a reseller of its Article Accelerator product. These deals aim to enhance Localista’s SEO performance while leveraging its directory network to promote Locafy's products, positioning both companies to capitalize on the competitive online marketplace in Australia and New Zealand. The Company believes the work undertaken to optimize the Localista website and to structurally separate paid advertorial content from free editorial content provides a technical solution and a commercial model that can be replicated for other publishers in the USA and Australian markets.
2024 Fiscal Fourth Quarter Financial Results
Results compare the 2024 fiscal fourth quarter end (June 30, 2024) to the 2023 fiscal fourth quarter end (June 30, 2023) unless otherwise indicated. All financial results are reported in Australian Dollars (AUD).
- Total operating revenue decreased
4.7% to$1.2 million from$1.3 million in the comparable year-ago period. - Subscription revenue decreased
34.6% to$731,000 from$1.1 million in the comparable year-ago period. For reporting purposes, the Company has reclassified and incorporated “Data” revenues within “Subscription” revenues. The reclassification was done on the basis that Data revenues are consistent with the nature of other subscription fee revenues i.e. recurring and related to publishing content, as opposed to the method in which the content data is received. Notwithstanding the reclassification, the decline in subscription revenue had commenced from the beginning of the 2024 fiscal year and was mainly driven by extended billing relief provided to customers transitioning their Proximity product campaigns onto Locafy’s upgraded technology platform, as well as general churn among resellers. The Company has sought to address these concerns by providing better reseller education as to the reasonable outcomes from implementing its products, enhancing its reporting dashboard to better articulate the value that its technology adds to an end user’s marketing efforts and improved reseller support. The Company expect subscription revenues to remain steady until the 2025 fiscal third quarter. - Advertising revenue decreased
50.1% to$38,000 from$77,000 in the comparable year-ago period. Advertising yields from existing ad units continue to underperform. To address this decline, the Company is implementing strategies to change the type of advertising placements across its online properties together with SEO strategies designed to improve audience (traffic). - Services revenue increased
525.6% to$435,000 from$69,000 in the comparable year-ago period. This increase was as a result of a significant SEO consulting project and a paid proof of concept for the Company’s recently developed Article publication solution. This level of services revenue is unlikely to be replicated in the near term, however, the work has allowed the Company to advance its own technical and commercial capabilities and expand its portfolio of digital assets. - Other income decreased
95.9% to$29,000 from$709,000 in the comparable year-ago period. The decrease in other income is partially due to R&D tax incentive grant received in the 2023 fiscal year, which was not replicated during the 2024 fiscal year, lower gains from the extinguishment of liabilities and a net foreign exchange gain in the comparable year-ago period, which did not occur during the 2024 fiscal fourth quarter. - Operating expenses increased
174.6% to$2.1 million from$770,000 in the comparable year-ago period. The 2023 fiscal fourth quarter included significant adjustments relating to the reversal of contractor termination expense provisions and an annual assessment of R&D expenses that were capitalized. Excluding these adjustments, the Company’s underlying operating expenses for 2023 fiscal fourth quarter was$2.5 million . Operating expenses for 2024 fiscal fourth quarter included a write off of long-standing historical receivable balance, excluding which, operating expenses would have been$1.6 million . - Net loss was
$883,000 , or$0.66 per diluted share, compared to a net profit of$1.2 million , or$1.03 per diluted share, in the comparable year-ago period. Excluding the 2024 fiscal fourth quarter write offs (as detailed above) would have resulted in a net loss$350,000 or$0.26 per diluted share. Similarly, excluding the 2023 fiscal fourth quarter adjustment to operating expenses (as detailed above) would have resulted in a net loss of$1.3 million or$1.15 per diluted share, in the comparable year-ago period.
Fiscal Full Year 2024 Financial Results
Results compare the 2024 fiscal year end (June 30, 2024) to the 2023 fiscal year end (June 30, 2023) unless otherwise indicated. All financial results are reported in Australian Dollars (AUD).
- Total operating revenue decreased
22.8% to$4.2 million from$5.4 million in the comparable year-ago period. - Subscription revenue decreased
31.7% to$3.3 million from$4.9 million in the comparable year-ago period. Compared to the fiscal third quarter of 2024, subscription revenue decreased2.9% . As previously mentioned, the decline in subscription revenue was primarily related to the provision of extended billing relief to customers whose Proximity product campaigns were affected by their transition to onto the Company’s upgraded technology platform, together with general reseller churn. The Company expects subscription revenues to remain steady until the 2025 fiscal third quarter. - Advertising revenue decreased
20.1% to$251,000 from$316,000 in the comparable year-ago period. The decline in advertising revenues resulted from the changes made by Google to its advertising program during the year. The Company plans to implement a number of initiatives to improve its advertising yields together with the expansion of its online property assets that can carry advertising. - Services revenue increased
231.3% to$561,000 from$169,000 in the comparable year-ago period, driven by an increase in product sales which require implementation work. Once implemented, these products are expected to derive monthly subscription revenues. In February 2024, the Company announced an agreement to provide SEO consulting services to Localista for$500,000. T his work related to the upgrade of the entire website structure of an online property owned by Localista comprising in excess of 700,000 individual listing pages, which the Company completed over a three-month period ending in June 2024. Further, as previously announced, Locafy separately acquired from Localista the digital assets of scoop.com.au to further its R&D and commercial efforts. The scoop.com.au domain name is a well-recognized brand in the travel, lifestyle and entertainment niche and, at the time of acquisition, the domain name had a Moz Domain Authority score of 36, approximately 48,000 backlinks (including approximately 5,000 Wikipedia backlinks) and ranked for over 157,000 relevant organic keywords (according to Semrush). The Company’s due diligence suggested that to replicate the asset would cost in excess of$500,000 and take several years to complete. Notwithstanding the foregoing, under accounting standards it was deemed that the scoop.com.au asset and services revenue transactions were tied together and the value of both equaled$58,500 , which is equivalent to the cost of providing the consulting services. Accordingly, this position is reflected in the Company’s financial statements. - Other income decreased
93.8% to$61,000 from$993,000 in the comparable year-ago period. The decrease was primarily due to R&D tax incentive grant received in the 2023 fiscal year, which was not replicated during the 2024 fiscal year. The Company’s 2024 fiscal year grant is currently being prepared and funds are expected to be received in the 2025 fiscal year. - Operating expenses decreased
30.2% to$7.1 million from$10.2 million in the comparable year-ago period. The decrease was primarily due to a38.5% decrease in employment expenses to$3.2 million from$5.3 million in the comparable year-ago period as a result of a reduction in headcount resulting from the Company’s ongoing efforts to streamline its technology, product suite and the geographical markets it serves. Technology expenses also decreased48.2% to$891,000 from$1.7 million in the comparable year-ago period, which decrease largely reflects the cost savings as a result of upgrades made to the Company’s technology platform. - Net loss for the year to date was
$3.0 million , or$2.30 per diluted share, compared to a net loss of$3.9 million , or$3.69 per diluted share, in the comparable year-ago period.
Key Performance Indicators (KPIs)
As part of its updated go-to-market strategy, Locafy has shifted its focus from traditional KPIs, which are no longer seen as adequate indicators of long-term success. The company now prioritizes Monthly Recurring Revenue (MRR) as the key measure of performance across its platform. Unless otherwise stated, KPI data is as of the fiscal fourth quarter of 2024 (ended June 30, 2024).
- Monthly recurring revenue (MRR) for the 2024 fiscal fourth quarter was
$256,000 , a35.6% decrease from the comparable year-ago period, and a3.7% decrease compared to the 2024 fiscal third quarter.
For more information, please see Locafy’s investor relations website at investors.locafy.com.
About Locafy
Founded in 2009, Locafy's (Nasdaq: LCFY, LCFYW) mission is to revolutionize the US
About Key Performance Indicators
Locafy defines MRR as the value of all recurring subscription contracts with active entitlements as at the end of each month. MRR across a period is the average of each month’s MRR within that period.
Locafy’s recent platform upgrade caused a significant change to the calculation of average page metrics, and Locafy management no longer views total active reseller count and total end user count as relevant indicators of the performance of Locafy’s technology. The Company may introduce additional KPIs in future quarters if deemed relevant long-term indicators of performance.
Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “subject to”, “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “project,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and similar expressions, or by discussions of strategy, although not all forward-looking statements contain these words. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors and risk factors, including those discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 20-F filed with the SEC on November 12, 2024, and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations Contact
Matt Glover or Matt Szot
Gateway Investor Relations
(949) 574-3860
LCFY@gateway-grp.com
| -Financial Tables to Follow- |
| Locafy Limited Consolidated Statement of Profit or Loss and Other Comprehensive Income | |||||||||
| 3 months to 30 Jun 2024 AUD $ (unaudited) | FY2024 AUD $ (audited) | FY2023 AUD $ (audited) | |||||||
| Revenue | 1,203,566 | 4,151,088 | 5,376,693 | ||||||
| Other income | 29,119 | 61,360 | 993,493 | ||||||
| Technology expense | (214,331 | ) | (890,778 | ) | (1,718,974 | ) | |||
| Employee benefits expense | (916,151 | ) | (3,238,568 | ) | (5,267,246 | ) | |||
| Occupancy expense | (26,360 | ) | (101,415 | ) | (113,572 | ) | |||
| Advertising expense | (7,895 | ) | (187,046 | ) | (318,492 | ) | |||
| Consultancy expense | (195,924 | ) | (853,850 | ) | (874,638 | ) | |||
| Depreciation and amortization expense | (394,339 | ) | (1,473,999 | ) | (1,355,170 | ) | |||
| Other expenses | (21,864 | ) | (68,826 | ) | (213,051 | ) | |||
| Impairment of financial assets | (339,382 | ) | (272,236 | ) | (295,262 | ) | |||
| Operating loss | (883,561 | ) | (2,874,270 | ) | (3,786,219 | ) | |||
| Financial cost | (16,539 | ) | (114,199 | ) | (105,367 | ) | |||
| Loss before income tax | (900,100 | ) | (2,988,469 | ) | (3,891,586 | ) | |||
| Income tax expense | - | - | - | ||||||
| Loss for the period | (900,100 | ) | (2,988,469 | ) | (3,891,586 | ) | |||
| Other comprehensive income | |||||||||
| Items that will be reclassified subsequently to profit and loss | |||||||||
| Exchange differences on translating foreign operations | 12,274 | 3,023 | (23,010 | ) | |||||
| Total comprehensive loss for the period | (887,826 | ) | (2,985,446 | ) | (3,914,596 | ) | |||
| Earnings per share | |||||||||
| Basic loss per share | (0.66 | ) | (2.30 | ) | (3.69 | ) | |||
| Diluted loss per share | (0.66 | ) | (2.30 | ) | (3.69 | ) | |||
| Locafy Limited Consolidated Statement of Financial Position | ||||||||
| As at 30 Jun 2024 AUD $ (audited) | As at 31 Dec 2023 AUD $ (audited) | As at 30 Jun 2023 AUD $ (audited) | ||||||
| Assets | ||||||||
| Cash and cash equivalents | 275,875 | 724,581 | 3,174,700 | |||||
| Trade and other receivables | 904,564 | 868,492 | 1,288,513 | |||||
| Other assets | 294,355 | 453,763 | 356,782 | |||||
| Current assets | 1,474,794 | 2,046,836 | 4,819,995 | |||||
| Property, plant and equipment | 196,929 | 317,618 | 380,018 | |||||
| Right of use assets | 280,810 | 268,558 | 314,596 | |||||
| Intangible assets | 4,204,966 | 4,022,887 | 3,720,272 | |||||
| Non-current assets | 4,682,705 | 4,609,063 | 4,414,886 | |||||
| Total assets | 6,157,499 | 6,655,899 | 9,234,881 | |||||
| Liabilities | ||||||||
| Trade and other payables | 1,252,503 | 1,289,251 | 2,507,573 | |||||
| Borrowings | 271,600 | 271,600 | 301,600 | |||||
| Provisions | 211,300 | 226,547 | 214,465 | |||||
| Accrued expenses | 496,749 | 357,776 | 512,611 | |||||
| Lease liabilities | 128,669 | 120,287 | 85,165 | |||||
| Contract and other liabilities | 147,640 | 139,120 | 152,211 | |||||
| Current liabilities | 2,508,461 | 2,404,581 | 3,773,625 | |||||
| Lease liabilities | 203,909 | 269,500 | 332,578 | |||||
| Provisions | 133,399 | 124,009 | 138,721 | |||||
| Non-current liabilities | 337,308 | 393,509 | 471,299 | |||||
| Total liabilities | 2,845,769 | 2,798,090 | 4,244,924 | |||||
| Net assets | 3,311,730 | 3,857,809 | 4,989,957 | |||||
| Equity | ||||||||
| Issued capital | 48,588,888 | 47,805,798 | 47,930,486 | |||||
| Reserves | 2,925,679 | 2,696,635 | 2,404,933 | |||||
| Accumulated losses | (48,202,837 | ) | (46,644,624 | ) | (45,345,462 | ) | ||
| Total equity | 3,311,730 | 3,857,809 | 4,989,957 | |||||
| Locafy Limited Consolidated Statement of Cash Flows | |||||||||
| 3 months to 30 Jun 2023 AUD $ (unaudited) | FY2024 AUD $ (audited) | FY2023 AUD $ (audited) | |||||||
| Cash flows from operating activities | |||||||||
| Receipts from customers (inclusive of GST) | 605,855 | 3,098,793 | 4,463,725 | ||||||
| Payments to suppliers and employees (inclusive of GST) | (475,965 | ) | (4,658,997 | ) | (7,005,510 | ) | |||
| R&D Tax Incentive and government grants | - | 561,501 | 386,181 | ||||||
| Financial cost | (16,539 | ) | (114,199 | ) | (105,367 | ) | |||
| Net cash used by operating activities | 113,351 | (1,112,902 | ) | (2,260,971 | ) | ||||
| Cash flows from investing activities | |||||||||
| Purchase of intellectual property | (492,943 | ) | (2,166,587 | ) | (1,617,446 | ) | |||
| Purchase of property, plant and equipment | - | - | (2,170 | ) | |||||
| Maturity of term deposit | - | 40,000 | - | ||||||
| Net cash used by investing activities | (492,943 | ) | (2,126,587 | ) | (1,619,616 | ) | |||
| Cash flows from financing activities | |||||||||
| Proceeds from issue of shares | 202,304 | 769,936 | 3,295,822 | ||||||
| Payment for share issue costs | (22,310 | ) | (313,643 | ) | (403,373 | ) | |||
| Repayment of borrowings | - | (30,000 | ) | (6,500 | ) | ||||
| Leasing liabilities | (29,228 | ) | (85,165 | ) | (32,673 | ) | |||
| Net cash from financing activities | 150,766 | 341,128 | 2,853,276 | ||||||
| Net decrease in cash and cash equivalents | (228,826 | ) | (2,898,361 | ) | (1,027,311 | ) | |||
| Net foreign exchange difference | 20,111 | (464 | ) | 118,276 | |||||
| Cash and cash equivalents at the beginning of the period | 484,590 | 3,174,700 | 4,083,735 | ||||||
| Cash and cash equivalents at the end of the period | 275,875 | 275,875 | 3,174,700 | ||||||
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