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Nubeva Technologies Ltd
Symbol NBVA
Shares Issued 56,340,376
Close 2020-09-24 C$ 0.27
Recent Sedar Documents

Nubeva loses $581,878 (U.S.) in fiscal Q1

2020-09-28 08:20 ET - News Release

Ms. Juliet Jones reports


Nubeva Technologies Ltd. has released its unaudited consolidated financial statements for the first quarter ended July 31, 2020. Financial statements along with management discussion and analysis of financial results can be found at SEDAR. All dollar amounts in this release are quoted in U.S. dollars.

During the quarter the company entered into a licence agreement for its symmetric key intercept (SKI) software and received an initial payment of $1-million, which is recorded as deferred revenue. Recognition of revenue on this contract is anticipated to commence in the second quarter of 2021. The company reported subscription revenue for three months of $39,613, which was consistent with revenue of the same quarter of the previous year.

Expenses for the period ended July 31, 2020, decreased by 13 per cent over the prior-year period largely due to a 27-per-cent decrease in sales and marketing costs and a decrease in share-based compensation. During the quarter ended July 31, 2020, the company reported other income of $240,086, mainly due to forgiveness of a government loan.

                                          SELECTED OPERATING DATA 

Income statement data                     Three months ended July 31, 2020   Three months ended July 31, 2019

Revenue                                                            $39,613                            $39,156
Expenses                                                           821,964                            940,641
Other items
Fair value gain on digital currencies                                8,727                             15,505
Government assistance                                               10,000                                  -
Forgiveness of government loan                                     197,399                                  -
Other income (loss)                                                (15,653)                            14,747
Net (loss) for the period                                         (581,878)                          (871,233)
Other comprehensive gain
Foreign currency translation adjustment                             42,051                                434
Net and comprehensive (loss)                                      (539,827)                          (870,799)
(Loss) per share -- basic and diluted                                (0.01)                             (0.02)

Assets as at July 31, 2020, increased by $324,909 over assets as April 30, 2020, due mainly to an increase in cash and marketable securities of $275,062. The company reported a net increase in cash during the quarter as cash received from its licensing agreement exceeded cash used for operations. Current liabilities increased by $808,637 from current liabilities at April 30, 2020. The increase is due to the $1-million increase in deferred revenue, offset by a decrease in the current government loans due to the loan forgiveness realized in the quarter.

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.

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