Total
0
Shares
Ookami (ASX:OOK) - Chairman, Faldi Ismail - The Market Herald
Chairman, Faldi Ismail
Source: WA Business News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Software company Ookami (OOK) has reported a quiet, inactive quarter for the period which ended on June 30, 2020
  • The company conducted no substantial business activities, besides seeking potential assets and opportunities to reinstate company securities on the ASX
  • Ookami saw a decrease in costs during the quarter, due to directors and business partners considerably lowering their fees
  • During the quarter, the company’s payments to related parties consisted of $40,000 in director fees to non-executive directors
  • Ookami shares have been suspended since June last year, priced at 2.2 cents per share

Software company Ookami (OOK) has reported a quiet, inactive quarter for the period which ended on June 30, 2020.

As of June 30, 2020, the company held approximately $410,000 in cash and cash equivalents. This is somewhat lower when compared to the $498,000 which Ookami held in cash and cash equivalents at the end of the March 2020 quarter.

The company used $86,000 in net cash for operating activities during the latest quarterly period. Comparatively, Ookami had spent $146,000 in net cash for operating activities at the end of the March 2020 quarter.

The company attributed this decrease in operating costs to fee reductions which occurred during the quarter. Directors of Ookami only took 50 per cent of their fees in cash, with the other 50 per cent accruing. The company’s business partners also assisted by lowering their own fees indefinitely.

These fee reduction measures are likely to remain until Ookami is re-admitted to the official list of the Australian Securities Exchange (ASX).

In its quarterly activity report, the company stated that its Board of Directors has been working towards this goal for much of this quarter. In particular, the Board has been seeking value-adding assets and opportunities which will assist in reinstating Ookami’s securities on the ASX.

There were apparently no other significant business activities conducted by the company during the June quarter.

Ookami’s cash flow report for the quarter indicates that the company made payments to related parties worth $40,000. This amount consisted of director fees, paid to non-executive directors.

Ookami shares have been suspended since June last year, priced at 2.2 cents per share.

OOK by the numbers
More From The Market Herald
Complii FinTech Solutions (ASX:CF1) bolsters revenue, grows customer base over March quarter

" Complii FinTech Solutions (ASX:CF1) bolsters revenue, grows customer base over March quarter

Financial services compliance business Complii FinTech Solutions (CF1) has spiked on the ASX today on the back of an encouraging quarterly financial report.
4DS Memory (ASX:4DS) - Non Executive Chairman, Jim Dorrian - The Market Herald

" 4DS Memory (ASX:4DS) spends March quarter focused on production

4DS Memory (4DS) has posted its March quarterly report, spending much of the period focused on its Second Non-Platform Lot of wafers.
Vection Technologies (ASX:VR1) - Managing Director, Gianmarco Biagi - The Market Herald

" Vection Technologies (ASX:VR1) to acquire Blank Canvas Studios

Vection Technologies (VR1) has signed a definitive agreement to acquire architectural visualisation studio Blank Canvas Studios.
Aerometrex (ASX:AMX) - Managing Director, Mark Deuter - The Market Herald

" Aerometrex (ASX:AMX) flies on rising MetroMap sales

Aerometrex (AMX) has bolstered annual recurring revenue (ARR) for its MetroMap business segment by almost 400 per cent over the March 2021 quarter.