Ms. Juliet Jones reports
NUBEVA ANNOUNCES FISCAL 2020 FINANCIAL RESULTS
Nubeva Technologies Ltd. has published its audited consolidated financial statements for the year ended April 30, 2020. Financial statements along with management discussion and analysis of financial results can be found on SEDAR. All dollar amounts in this release are quoted in U.S. dollars.
Revenue for the year of $157,710 represented a 43-per-cent increase over prior year subscription revenues of $110,378. Total revenue from the prior year included $736,000 from software licences and services. Subsequent to April 30, 2020, the company entered into a licence agreement for its symmetric key intercept (SKI) software, which included a $1-million upfront payment. Recognition of revenue on this contract is anticipated to commence in the second quarter of 2021.
Expenses for the year ended April 30, 2020, grew by 13 per cent over the prior year largely due to an increase in research and development costs. Net research and development costs for the year
were $1,960,334 before refundable tax credits in the amount of $324,721, compared with $1,556,152 for the prior year, before refundable tax credits of $513,261. Tax credits in the current year related to the 12 months ending April 30, 2020. In the prior year, the company recognized refundable tax credits for the 22 months ended April 30, 2019.
INCOME STATEMENT DATA
Year ended April 30,
Revenue $157,710 $846,378
Expenses (4,025,800) (3,577,085)
Fair value gain (loss) on digital currencies 10,832 (1,323,336)
Government assistance 29,411 -
Other income (loss) 44,336 (3,918)
Net (loss) for the period, continuing operations $(3,783,511) $(4,057,961)
Net (loss) from discontinued operations - (356,619)
Gain on wind-up of subsidiary - 881,801
Foreign currency translation adjustment (42,036) (49,877)
Net and comprehensive (loss) $(3,825,547) $(3,582,656)
Earnings (loss) per share, discontinued operations -- basic and diluted $(0.00) $0.01
(Loss) per share -- basic and diluted, continuing operations $(0.07) $(0.07)
Assets as at April 30, 2020, decreased by $3,213,035 over assets as April 30, 2019, due mainly to a decrease in cash and marketable securities of $2,903,289. The decrease in cash was due $3,199,550 to operating activities. Cash and marketable securities also decreased by $42,036 due to the effect of foreign currencies.
Nubeva chief financial officer Juliet Jones said, "The company estimates that at the date of this press release we have adequate working capital for the ensuing eight-month period."
About Nubeva Technologies Ltd.
Nubeva Technologies has changed the decrypted visibility game with pure, symmetric decryption. Nubeva helps enterprises gain the visibility needed through decryption so they can fully inspect network traffic. The need to inspect data in motion is fundamental to network security and application monitoring and assurance. The shift to SaaS (software-as-a-service), the cloud, and stronger encryption practices like perfect forward secrecy and TLS 1.3, create new and unique challenges for in line and out-of-band decryption and visibility solutions. Nubeva reimagined TLS visibility and created a new solution for the modern era of strong encryption in dynamic and distributed compute environments.
We seek Safe Harbor.
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