Quarterly Activities Report
Melbourne, April 22, 2022 AEST (ABN Newswire) - iSignthis Ltd (ASX:ISX) (TA8:FRA) and its subsidiary (the Group) presents its quarterly cash flow and business activity report, as at 31 March 2022.
- Cash and cash equivalents at the end of the quarter of $2.6 million, was down $0.3 million from the prior quarter ($2.9 million), inclusive of $1 million placed on trust as part of the Company's ASX legal procedings.
- Net cash outflows from operating activities was $0.8 million in the quarter, due largely to legal fees related to both the ASX and ASIC court cases.
- In the quarter the Company received $1.5 million in early repayments, from its Convertible note receivable.
The Company holds principal membership licenses from several major card schemes, as previously announced. The Group has started discussions to pursue partnership opportunities with other entities in Australia to monetise these licenses.
During the quarter the Company made payment of Directors fees totalling $67k to related parties.
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About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.