Only thing shareholders can do is hope management is doing the right thingto eventualy gain significant revenue
IMAGINATION PARK ANNOUNCES FIRST QUARTER 2019 RESULTS
Imagination Park Technology Inc. has released the results for the three months ending Nov. 30, 2018. The company reported revenues of $45,794 and a net loss of $967,214 (one cent per share).
During the first quarter, the company completed an oversubscribed non-brokered private placement financing for gross proceeds of $3,028,718. The placement reinforces investor confidence and recognition in Imagination Park's products and services and provides the company with a runway to execute on its business plan. The company's cash position as at Nov. 30, 2018, was $2,469,623.
The company continues to generate awareness for it platform by promoting its technology in a variety of verticals, including retail, sports, live entertainment, education and fundraising. There continues to be significant interest and a pipeline of opportunities continues to grow. Over next months, the company expects to convert these opportunities into revenue in the form of monthly recurring licensing fees and upfront professional services fees from gaming and customer content.
The following are highlights for the quarter:
Exclusive engagement with the Tuscon Sugar Skulls of the Indoor Football League;
Filing of a comprehensive augmented reality patent with the U.S. Patent and Trademark Office;
Mall of America selects IP to provide Christmas shoppers with augmented reality experience;
Appointment of Jim Skippen as chairman of the board;
Sale of all interests in a production movie company.
Alen Paul Silverrstieen, chief executive officer of Imagination Park, stated: "We continue to educate the market about augmented reality and its unique ability to deliver content and connect brands to consumers. We have presented our platform to chief marketing officers and key decision makers in consumer brand and sports organizations, and the feedback has been extremely promising. We remain encouraged by the interest as we expand our sales funnel and look to monetize these new opportunities."
