(TheNewswire)
SAN JOSE, Calif. - TheNewswire - September 2 8 , 2020-- Nubeva Technologies Ltd. (" Nubeva "or the " Company ") (TSXV:NBVA ) (OTC:NBVAF) , today published its unaudited consolidatedfinancial statements for the first quarter ended July 31, 2020.Financial statements along with management discussion and analysis offinancial results can be found at www.sedar.com . All dollar amounts in this release arequoted in U.S. Dollars.
During the quarter the Company enteredinto a license agreement for its Symmetric Key Intercept("SKI") software and received an initial payment of$1,000,000 which is recorded as deferred revenue. Recognition ofrevenue on this contract is anticipated to commence in the secondquarter of 2021. The Company reported subscription revenue for threemonths of $39,613, which was consistent with revenue of the samequarter of the previous year.
Expenses for the period ended July 31,2020, decreased by 13% over the prior year period largely due to a 27%decrease in sales and marketing costs and a decrease in share-basedcompensation. During the quarter ended July 31, 2020, the Companyreported other income of $240,086, mainly due to forgiveness of agovernment loan.
Selected operating data follows:
------------------------------------------------------------------------ |Income Statement Data |Three months |Three months | | |ended July 31,|ended July31, | | |2020 |2019 | |----------------------------------------------------------------------| |Revenue | 39,613 | 39,156 | |----------------------------------------------------------------------| |Expenses |821,964 |940,641 | |----------------------------------------------------------------------| |Other Items | | | |----------------------------------------------------------------------| |Fair value gain on digital currencies |8,727 |15,505 | |----------------------------------------------------------------------| |Government assistance |10,000 |- | |----------------------------------------------------------------------| |Forgiveness of government loan |197,399 |- | |----------------------------------------------------------------------| |Other income (loss) |(15,653) |14,747 | |----------------------------------------------------------------------| |Net loss for the period |(581,878) |(871,233) | |----------------------------------------------------------------------| |Other comprehensive gain | | | |----------------------------------------------------------------------| |Foreign currency translation adjustment|42,051 |434 | |----------------------------------------------------------------------| |Net and comprehensive loss |(539,827) |(870,799) | |----------------------------------------------------------------------| |Loss per share– basic and diluted | (0.01)| (0.02)| |----------------------------------------------------------------------| |Weighted average |56,265,017 |55,703,045 | |number of common | | | |shares | | | ------------------------------------------------------------------------
The Company's financial position as atJuly 31, 2020 compared with the Company's financial position as atApril 30, 2020 is as follows:
------------------------------------------------------------ |Balance Sheet Data |July 31, 2020 |April 30, 2020| |----------------------------------------------------------| |Current and total assets| 2,609,885 | | | | |2,284,976 | |----------------------------------------------------------| |Current liabilities | 1,646,410 | | | | | 837,773 | |----------------------------------------------------------| |Long-term debt | 127,715 | | | | | 102,413 | |----------------------------------------------------------| |Accumulated deficit |(13,541,999) |(12,960,121)| |----------------------------------------------------------| |Total Equity | 835,760 | | | | |1,344,790 | ------------------------------------------------------------
Assets as at July 31, 2020 increased by$324,909 over assets as April 30, 2020 due mainly to an increase incash and marketable securities of $275,062. The Company reported a netincrease in cash during the quarter as cash received from itslicensing agreement exceeded cash used for operations. Currentliabilities increased by $808,637 from current liabilities at April30, 2020. The increase is due to the $1 million increase in deferredrevenue, offset by a decrease in the current government loans due tothe loan forgiveness realized in the quarter.
About NubevaTechnologies Ltd.
Nubeva Technologies Ltd. has changed the decrypted visibility gamewith pure, symmetric decryption. Nubeva helps enterprises gain thevisibility needed through decryption so they can fully inspect networktraffic. The need to inspect data in motion is fundamental to networksecurity and application monitoring and assurance. The shift to SaaS,the cloud, and stronger encryption practices like perfect forwardsecrecy and TLS 1.3, create new and unique challenges for in-line andout-of-band decryption and visibility solutions. Nubeva re-imaginedTLS visibility and created a new solution for the modern era of strongencryption in dynamic and distributed compute environments. Visit nubeva.com for more information.
Forward LookingStatements
This news release contains"forward-looking information" within the meaning ofapplicable securities laws relating to the Company's business plansand the outlook of the cybersecurity industry. Although the Companybelieves in light of the experience of its officers and directors,current conditions and expected future developments and other factorsthat have been considered appropriate that the expectations reflectedin this forward-looking information are reasonable, undue relianceshould not be placed on them because the Company can give no assurancethat they will prove to be correct. Actual results and developmentsmay differ materially from those contemplated by these statements. Thestatements in this press release are made as of the date of thisrelease and the Company assumes no responsibility to update them orrevise them to reflect new events or circumstances other than asrequired by applicable securities laws. The Company undertakes noobligation to comment on analyses, expectations or statements made bythird-parties in respect of the Company, its subsidiaries, theirsecurities, or their respective financial or operating results (asapplicable).
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
For additional information, pleasecontact:
----------------------------------------- |Nubeva Technologies Ltd.Juliet Jones,| | |Chief Financial Officer | | |1-(844)538-4638 | | -----------------------------------------
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