The filing shows the growth of the working capital and an increase in sales due to the renewed business of
All the audited statements can be accessed from the SEDAR website.
Adamant is closing this period with a significantly strengthened balance sheet thanks to the reduction in costs for SG&A; decrease in total liabilities, reactivation in wholesale voice sales and strong capital inflows.We finished the year with positive working capital (
The current management was the main key to achieve and improve the financials relaunching the company and this has allowed us to continue working on integrating the payment solution to our existing application (Upco Messenger).
Our objectives have never changed and they will not change. The plan in 2021 to develop the product which would been in the market by the end of that year was too aggressive without the support of a business that we are consolidating now. Our goals are to make us stronger in the telecom business acquiring companies that will help us market the app in different regions and countries. We also want to reiterate to the shareholders that we are working non-stop to deliver a product, minimizing risks and maximizing chances with an adaptable plan.
Our operational highlights for the communication and payment aplication during 2021 were the following: 1. Engagement with Codeversity -a technology company that develops digital products for global customers- to create digital strategy, with the following results: Discovery phase resulting in a product design. 2. Work with
In addition to this,
Thanks to our positive working capital, our priorities for 2022 include: Continuing the development of the UPOne platform. Developing marketing with leading retailers. Strong investment in sales, marketing and communication strategies to drive growth.
Increasing the number of end-user customers leveraged by our acquisition strategy of telecom companies with a solid customer base. Our M&A strategy is fully in place, stronger than ever, as we are carrying out due diligence with several targets.
In the middle of this year, we decided to change the name of our company as part of our marketing strategy. Adamant refers to something unshakable; this is linked to the compromise that the company assumes: being in a solid position to address the technology sector.
Every day we gain more experience and our goals are more ambitious. We are working non-stop to deliver our promises. The company under the new name Adamant is stronger than ever, with several projects to be implemented and developed in a market that will continue growing'.
About ADAMANT
(C) 2022 Electronic News Publishing, source