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- Tech developer MyFiziq (MYQ) has just under half a million to take to the bank after it received a payment from Body Composition Technologies (BCT)
- Announced just two days earlier, the payment comprises a $200,000 licence fee and a $250,000 cheque for MYQ’s development work
- All up, the company has an extra $450,000 to bolster its balance sheet
- Additionally, MyFiziq says it completed its convertible note uptake, injecting roughly $670,000 into BCT’s $1.92 million capital raise
- Despite the announcement, MYQ shares have fallen 1.69 per cent in early trade
- Shares are priced at 29 cents each in a $33.74 million market cap.
MyFiziq (MYQ) has just under half a million to take to the bank after it received a payment from Body Composition Technologies (BCT).
Announced just two days earlier, the payment comprises a $200,000 licence fee and a $250,000 cheque for MYQ’s development work. Significantly, BCT’s $200,000 payment is the first step in paying off a $500,000 balance owed to MYQ for an exclusive licence.
All up, the company has an extra $450,000 to bolster its balance sheet.
Following the deposit, MyFiziq CEO Vlado Bosanac said the company had received all outstanding development and integration payments from BCT.
“In addition to this, we have received the second of three instalments agreed with Gold Quay Capital and BCT towards the $2 million licence fee due under the joint venture agreement,” Vlado said.
“Under this agreement, the balance of $300,000 will be due in November this year, when Gold Quay Capital anticipates concluding the balance of the convertible note funding into BCT,” he said.
Additionally, MyFiziq says it completed its convertible note uptake, injecting roughly $670,000 into BCT’s $1.92 million capital raise.
In return, MYQ’s funding will secure a 54.5 per cent stake in BCT, cementing its position as the majority shareholder.
Body Composition Technologies was born out of a joint venture formed between MyFiziq and Gold Quay Capital in 2017. The tech company is currently focused on developing its body measurement solutions for the fitness and oncology sectors.
Despite the announcement, MYQ shares have fallen 1.69 per cent in early trade. Shares are priced at 29 cents each in a $33.74 million market cap at 12:10 pm AEST.
