Ookami needs its new blockchain play to work out because it made $0 last quarter
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Ookami’s new investment in blockchain business Brontech is looking pretty important — because its other business made no money last quarter.
The tech company (ASX:OOK) owns a business called Akela Capital, which operates a platform that lets retail and sophisticated investors buy shares in IPOs, backdoor listings and other capital raisings.
“During the quarter, Ookami’s wholly-owned Akela platform continued to generate revenue and secure quality offerings for its retail and sophisticated (s708) investors,” Ookami said in its report.
(Sophisticated investors are people certified as wealthy and experienced enough to buy securities without the usual product disclosure requirements).
The platform did not, however, generate revenue for Ookami, which said its only income for the three months was $3000 from interest payments. They do still have $2.4 million in cash however.
Akela has so far offered investors eight deals since September 2016.
Akela Capital did however take a stake in Raiden Resources, one of the IPOs offered on its site.
Ookami spent $147,000 on admin, staff costs, and R&D in the quarter.
The proposed $933,240 investment in Brontech will take place this quarter.
Ookami hopes to kick start its Akela platform by integrating Brontech’s blockchain-based identification verification and data management software.
It plans to scale the Akela platform by marketing to brontech’s 9000 users.
Stockhead is seeking comment from Ookami.
Ookami shares were down 6 per cent on Wednesday morning to 7.8c.