PERTH, 31 January 2017 – MOKO Social Media Limited (MOKO) today lodged its quarterly cashflow results for the 6 month period ending 31 December 2016.
Net operating cashflows for the quarter ended 31 December were ($0.6m) including a R&D Tax Incentive Scheme rebate of $0.8m. Net financing cashflows were $0.1m with the Company utilising a short-term secured loan facility during the quarter to manage its working capital whilst the R&D tax rebate was outstanding.
MOKO today also reports an important milestone in its flagship sports management app. REC*IT has now reached 1,033,000+ Total First Launches.*
REC*IT also achieved a 46% increase in Page Views during the Fall 2016 Semester when compared to the same period in 2015, with a total 71.6 million+ Page Views.
MOKO CEO Shripal Shah said, “Surpassing a million Total First Launches validates our strong belief in the value REC*IT provides both college students and administrators.
While this achievement marks a special milestone, we are even more excited about adding over 376,700+ Unique Visitors who are responsible for generating 71.6 million+ Page/Screen Views during the Fall 2016 Semester. That’s approximately 190 Page/Screen Views per student on average this past semester.
The ongoing strong take-up of REC*IT and engagement levels confirms our product is widely engaging the US student market.”
The Company is currently in discussions with a number of parties in relation to securing additional funding. These negotiations are continuing and the Company is not yet in a position to make an announcement. The Company currently anticipates making an announcement in relation to the financing on or before Friday 10th February 2017.
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