ACCESS Newswire
29 Sep 2022, 21:26 GMT+10
MISSISSAUGA, ON / ACCESSWIRE / September 29, 2022 / Armada Data Corporation (TSXV:ARD) reports that its annual financial results for the year ended May 31, 2022 have now been filed on SEDAR and are available to view on SEDAR at www.sedar.com and the company's web site www.armadadata.com.
Selected Annual Information
The Company's total revenue decreased by 20% in 2022 to $2,526,076 from $3,149,528 in 2021.
The Company reported comprehensive loss of $(334,698), due to the following:
Selected Quarterly Information
Segmented Annual Information
Revenues earned by divisions were as follows:
Liquidity
Based on a year-end cash position of $160,203, accounts receivable of $363,852, and accounts payable of $225,492, the company is in a positive cash position. By continuing to manage expenses efficiently during the Covid-19 pandemic and its aftermath, management expects that the Company's positive cash position will continue through fiscal 2023, and through the new car automobile industry's recovery from the pandemic.
On September 28, 2022, the Company has entered into a loan agreement, subject to regulatory approval, with a corporation controlled by a director and officer of the Company. The loan is available to a maximum of $200,000, to be advanced in amounts and at times requested by the Company, bears interest at 12% per annum, payable monthly. This loan is repayable on September 28, 2025 and is secured by a general security agreement over all assets of the Company. Any loan amounts repaid prior to the maturity date are not available for re-advance.
Outlook
COVID-19 emerged in December 2019 and subsequently spread worldwide, leading to the World Health Organization's declaration of a COVID-19 pandemic on March 11, 2020. To date, Canadian federal and provincial governments and businesses have mandated various measures, including: travel restrictions, restrictions on public gatherings, stay-at-home orders and advisories, and the quarantine of people who may have been exposed to the virus. The Company has and will continue to follow all federal and provincial guidelines mandated to combat this pandemic.
The Company's goals are to continue to increase top line sales and revenues from all divisions, establish a bigger presence on social media platforms and find new and unique ways to leverage client bases from our three divisions. Methods of achieving these goals include:
About Armada Data Corp.
Armada Data is a Canadian publicly traded Information & Marketing Services Company providing accurate and real-time data to institutional and retail customers, through developing, owning and operating automotive pricing-related web sites and providing information technology and marketing services to its clients.
Armada Data shares are listed on the TSX Venture exchange under the trading Symbol ARD. Armada currently has a total of 17,670,265 shares outstanding.
Additional information relating to Armada Data Corporation is filed on SEDAR, and can be viewed at www.sedar.com.
For further information, please contact:
Armada Data Corporation
Mr. R. James Matthews, President & CEO
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Armada Data Corporation
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