SYDNEY, 29 July 2016 – MOKO Social Media Limited (MOKO) today lodged its quarterly results for the period ending 30 June 2016.
Net operating cashflows for the year improved from $(18.2) million in 2015 to $(14.3) million in 2016.
Net operating cashflow for the quarter of ($4.0m) included one-off costs associated with the steps taken to reduce the cash burn as well as a reduction in creditors relating to the prior quarter.
Financing cashflows for the quarter included net proceeds from the pro-rata entitlement issue completed in April 2016 and repayment of unsecured short-term borrowings utilised in the prior quarter.
Moko CEO Mr Shripal Shah said the improvement resulted from significant reductions in staff, office space and other operating overheads.
“While some costs associated with these actions will continue into the next quarter, the company has aligned its cash burn to make it more appropriate for its current and next stage of product development,” he said.
“Moko’s decision to re-align its product portfolio and focus on the REC*IT suite targeting the US student market is well under way.”
“I encourage shareholders to review recent announcements on our achievements and the development of REC*IT Plus. This new app will enable MOKO to expand and entrench its market-leading position in recreation centre management and sports administration”
Download MOKO Quarterly Update here.