DigiMax Announces Second Quarter Fiscal 2022 Results and Operational Update

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TORONTO, ON / ACCESSWIRE / September 29, 2021 / DIGIMAX GLOBAL INC (the “Society” Where “DigiMax“) (CSE: DIGI) is pleased to announce its financial results for the three and six months ended July 31, 2021 (“Q2 2022”). All currency amounts in this press release are in Canadian dollars.

Second Quarter Highlights – (includes non-IFRS / GAAP information):

  • The unrealized gain on digital currencies for the second quarter of 2022 was $ 2.65 million (not included in net income for the period in the IFRS financial statements)
  • The company’s net equity increased by $ 17.39 million in the first quarter of 2022 and an additional $ 1.9 million in the second quarter of 2022 as a result
  • Revenue for the six-month period ended July 31, 2021 is lower than forecast at $ 47,000, as unrealized foreign exchange gains are not included in net income for the period under IFRS, but are recognized in comprehensive income (loss )
  • Comprehensive income for the quarter ended July 31, 2021 is positive at $ 353,000
  • Shares outstanding at the end of the second quarter of 2022 increased to 268,265,013
  • The company continues to spend around $ 200,000 per month on development costs and operational support after slightly higher development costs earlier in the year for CryptoDivine and CryptoHawk.

Selected financial results

NOTE: Please refer to the Financial Statements and the MD&A for the complete statements prepared in accordance with International Financial Reporting Standards.

The Company’s unaudited interim consolidated financial statements as at July 31, 2021 and for the three- and six-month periods ended, as well as the related management report, have been filed on the Electronic Data, Analysis and Research System ( “SEDAR”) and can be viewed by interested parties under the Company’s profile at www.sedar.com or on the Company’s website at www.digimaxglobal.com

About DigiMax

DigiMax is an artificial intelligence technology company committed to unlocking the potential of disruptive technologies by providing advanced financial, predictive and cryptocurrency solutions across various verticals. DigiMax is an official partner of IBM Watson and the company’s engineering team has extensive experience in machine learning, neural language processing, AI, big data, and cryptocurrency technologies.

To learn more, visit our website: https://digimaxglobal.com/

Contact:

David Bhumgara
Financial director
416-574-4603
[email protected]

Chris Carl
President and CEO
416-312-9698
[email protected]

Caution Regarding Forward-Looking Statements

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATORY SERVICE PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION

This press release contains “forward-looking statements”. Forward-looking statements can be identified by words such as: anticipate, intend, plan, aim, seek, believe, project, estimate, expect, strategy, future, probable, may, should, will and similar references at future times. Examples of forward-looking statements in this press release include, among others, statements we make regarding the Company closing one or more additional tranches of the Offer.

Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions about the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Our actual results and financial condition may differ materially from those shown in forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, but are not limited to, the following: completion and timing of the offer, approval of the offer by the CSE, the adequacy of our cash flow and earnings, the availability of future funding and / or credit, and other conditions that may affect our ability to expand the application platform described herein, the level of demand and financial performance of the cryptocurrency industry, developments and changes in laws and regulations, including increased regulation of the cryptocurrency industry through legislative measures and revised rules and standards enforced by the Canadian Securities Administrators, the Ontario Securities Commission and / or other similar regulatory bodies areas in other jurisdictions, disruptions to our technology network, including computer systems, software and cloud data, or other disruptions to our operating systems, structures or equipment, as well as factors risks discussed or mentioned in the information documents filed by the Company with the securities regulators of certain provinces of Canada and available at the address www.sedar.com.

Any forward-looking statements we make in this press release are based solely on information currently available to us and speak only as of the date on which they are made. Except as required by applicable securities laws, we assume no obligation to publicly update any forward-looking statements, written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

THE SOURCE: Global DigiMax Solutions

See the source version on accesswire.com:
https://www.accesswire.com/666161/DigiMax-Announces-Second-Quarter-FY2022-Results-and-Operational-Update


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