PERTH, 31 October 2016 – MOKO Social Media Limited (MOKO) today lodged its quarterly cashflow results for the 3 month period ending 30 September 2016.
– Cash burn significantly reduced
– Further strong growth in the take-up of REC*IT in the new US academic year
– REC*IT now exceeds 948,000 total first launches
Net operating cashflows for the quarter improved from $(4.0) million in the final quarter of the 2016 financial year to $(2.0) million in the current quarter.
MOKO CEO Mr Shripal Shah said “the improvement reflected steps taken through out 2016 to reduce the cash burn and make it more appropriate for MOKO’s current and next stage of product development, including reductions in staff, office space and other operating overhead.”
MOKO today also reported further strong growth in take-up of its leading REC*IT app, into the new US academic year (2016-17) with over 948,000 total first launches for REC*IT as of 30th October 2016. Over 59,000 first launches have been achieved since our last market update just over 3 weeks ago.
In the period from the 1st of August 2016 until the 30th October REC*IT has achieved over 226,000 first launches – demonstrating a 19% increase compared to the same period last year.
Shripal Shah said: “The ongoing strong take-up of REC*IT confirms our product is widely engaging the US student market.
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