ARway Corp. The Spatial Computer Platform for the Metaverse Announces Q1 Financials
AR WAYFINDING SDK is now obtainable as a SaaS Answer
TORONTO, ON / ACCESSWIRE / January 13, 2023 / ARway Corporation (“ARway” or the “Company”) (CSE:ARWY)(OTC PINK:ARWYF)(FSE:E65) is disrupting the Augmented Actuality ( AR) Wayfinding market with a no-code, no beacon spatial computing platform enabled by visible marker monitoring. ARway is bringing many new applied sciences collectively into one platform together with; AI, AR, ML, LIDAR digital twins, 3D fashions and extra. ARway is happy to report its first quarter monetary outcomes, ending November 30, 2022. The firm completed the quarter with an ending Q1 money stability of $1.5 million.
Arway Corp.’s first submit spin out quarter went in accordance with the Firm’s plan as set out within the spin out info round. For extra particulars on these outcomes please go to ARway Corp.’s investor web page on the www.arway.ai or go to 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’re seeing an amazing quantity of natural demand for our disruptive indoor wayfinding resolution with a no-capex no-opex and no-BLE beacon AI powered platform we consider we’ve got disrupted the $40 billion greenback indoor Wayfinding market.”
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 go to our web site: www.arway.ai
For additional info, please contact:
Investor Relations Contact
Julia Viola
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