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Common Shares: 28,928,947
Insider Holdings: 20,566,937 from Sedi
In 2011 the company did a 40:1 rollback on around 100 million shares. 1,581,926 shares of that are still held by insiders.
Total Assets: $1,283,000
Total Debt: $1,198,000 (Mostly Accounts Payable & Deferred Revenue)
Revenue after 9 Months: $2.02 million
Net Profit after 9 Months: $150,000
What I really like is that IQ is working with Mosaic Capital(M.V) which is a much larger company that likes to takeover companies in multiple sectors. They own 18% of IQ and recently had their loan paid back by that company.
AirIQ is located in Pickering, near Toronto, Ontario, Canada, and trades on the TSX Venture Exchange, under the symbol IQ.
AirIQ offers an end-to-end wireless solution which allows customers to manage mobile assets on a cost-effective basis. AirIQ combines the power and economics of four proven technologies and offers them as one easy-to-use solution. AirIQ integrates the global positioning system (“GPS”), wireless cellular networks, digitized mapping databases, computing intelligence and connectivity / content offered by the Internet, in order to offer a complete suite of services to a diverse set of customers. These services enable a person who is managing a fleet of vehicles to access vital information or remotely control their assets from their own computer or telephone. AirIQ’s customers are able to locate, manage, monitor, control, protect and communicate with monitored vehicles in real time.
Wireless services are best known in the context of cellular voice services that allow people to communicate “anywhere and anytime”. AirIQ uses the concept of wireless mobility services to connect devices and machines. The provision of such services for “stationary machines” is called Telemetry; whereas the provision of such services for “moving machines” is known as Telematics.
Specifically, “Telematics” is the wireless communication of information and control messages to and from mobile devices or assets. AirIQ offers its services by way of an application service provider (“ASP”) business model, specializing in Telematics. Telematics services offer high value to those markets that benefit from a high level of visibility, security, efficiency, safety and utilization.
Third Quarter Highlights: The main highlights of the quarter were as follows (with comparisons made between the 3rd quarter of 2014 and 3rd quarter of 2013):
• Revenue improved by 12% or $69 to $670 from $601; • Achieved positive EBITDAS (earnings before interest, taxes depreciation and stock-based compensation) of $79 representing a $132 improvement;
• Achieved net income of $44 representing a $227 improvement;
• Expenses (excluding stock based compensation) were down 38% or $118 from $429 to $311;
• Achieved positive cash flows from operations of $85 representing an improvement of $258;
• Recurring revenue was $478 with a gross margin of $342 or 72%; • Achieved positive working capital of $75 representing a 177% improvement;
• Established a revolving demand facility with the Royal Bank of Canada to support the Company’s growth initiatives.
Most recent news:
AirIQ repays $100,000 debt owed to Mosaic Capital
2015-02-26 15:10 MT - News Release
Mr. Michael Robb reports
AIRIQ ANNOUNCES REPAYMENT OF OUTSTANDING LOAN
AirIQ Inc. has repaid the outstanding amount due on its loan to Mosaic Capital Partners LP.
In December, 2013, the company entered into a credit facility with Mosaic and executed a promissory note in favour of Mosaic in the amount of $100,000. The loan had a maturity date ofJune 17, 2015, and bore interest at a rate of 15 per cent per annum, calculated daily and payable monthly in arrears. Interest only was payable on the loan on a monthly basis, and the loan was secured by a charge over all of AirIQ's property and assets, subordinate to the company's bankers.
"The loan was due for repayment in June of this year, but the board decided to repay it early given the company's strong fiscal performance to date," said Michael Robb, president and chief executive officer of AirIQ. "There was no penalty associated with prepayment, and the early repayment will allow the company to save on interest expense and strengthens the company's balance sheet," continued Mr. Robb.
"We appreciate Mosaic's support and assistance in helping the company to meet its goals and objectives."
Following this repayment, the company is no longer indebted to Mosaic, and is now free of all long-term debt.
We seek Safe Harbor.
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