6/10/2023 0 Comments Cloudtag inc. ceo![]() “The board is aware that there has been investor frustration that the company did not release its product to the retail market during the year,” revealed chief executive officer Amit Ben-Haim. ![]() ![]() The majority of CloudTag’s fundraising has come from long term private investors and the board is confident that the company will continue to receive the support of these individuals. The directors are continuing to explore alternative sources of finance and have prepared the financial statements on the going concern basis on the assumption that such sources of finance will be found to enable the development of the product to continue. Unless it starts to generate revenue, the group will need to raise further funds over the next 12 months, which may prove difficult as an unlisted company, but the directors believe CloudTag will launch its first product within the next 12 months, thereby generating revenue. Read CloudTag receives £400,000 from loan notes conversion.Net cash outflow from operating activities after taxation was £4.38mln in the year to 30 September 2016, compared to £1.28mln the year before.Īt the end of the financial year the group held cash balances of £30,000, but since then it has renewed its £1.25mln convertible loan note draw-down facility and raised a further £4.5mln in funding from the issue of loan notes to L1 Capital Global Opportunities Master Fund, plus £516,000 from the issue of shares results from the exercising of options and warrants. The developer of wearable devices that monitor health, wellbeing and fitness is still in the pre-revenue stage, and in a year of heavy research & development plus preparation for the launch of its flagship product, the loss before tax ballooned to £8.32mln from £1.99mln the year before. The company will continue as a private company, it said in its full-year results statement. The company’s nominated adviser (Nomad) tendered its resignation a month ago and the company has not appointed a replacement, which means under Aim’s rules it cannot retain its listing. CloudTag Inc ( LON:CTAG) said it would seek a return to listed status in due course after its shares were delisted from Aim.
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