IOT had $3k in the kitty as it moved from drones to blockchain to Internet of Things
IOT Group — which recently transitioned from drones to blockchain and now Internet of Things — had just $3000 left in the kitty at the end of September, its quarterly cashflow statement shows.
The business plans to spend $270,000 this quarter. Of that, $200,000 is destined for administration and corporate costs.
They took $221,000 in the quarter as cash receipts (up from $26,000 in the previous quarter) and are raising $60,000 at $0.000866 per share.
In its quarterly report on Wednesday, IOT Group said it’s hired a new general manager for its Internet Of Things business — but notes the tokens it’s been paid for advisory services can’t be traded for real money yet.
IOT says these tokens can only be traded on a regulated Token Exchange in Australia, which is now unlikely to happen before mid-2019.
“IOT had expected a Regulated Token Exchange would be established in Australia by this quarter however there have been delays. IOT currently expects it could take another six months before Australian Authorities approve such an Exchange.”
It’s unclear who is developing a regulated token exchange in Australia — a market that would be monitored by the corporate regulator.
One of the first regulated exchanges is Poloniex in the US, which made the announcement in February and has been moving towards compliance this month.
A difficult life
IOT Group has had a challenging life. It’s best known for trying to sell selfie-drones — but that didn’t work out and the company changed course to blockchain in May.
Two weeks ago managing director Sean Neylon sold all of his stock in the company.
The company listed in 2016 and shares hit a high of 10.5c — but they now trade at 0.1c.
The company (ASX:IOT) started out trying to sell smart watches, a television service as well as the selfie drones.
It’s since ditched those three and founder and CEO Simon Kantor has departed.
IOT has also been working on setting up a cryptocurrency mining centre around a long-defunct coal power plant in the Hunter Valley in NSW.