Finally from today's filing of M&A of MIT we get some better idea of the trials and tribulations facing management.
here are some comments. I suggest shareholders should read the whole available filings
"in Management Discussion and Analysis for the three and six months ended June 30, 2020 and 2019 Page 5 of 28 The Corporation has incurred several years of losses and as at June 30, 2020, has a cumulative deficit of $72,223,622 (December 31, 2019 - $74,872,716); working capital deficit of $8,628,356 (December 31, 2019 – the working capital deficit of $7,030,344); negative cash flow from operations for the six months ended June 30, 2020 of $494,298 (for the six months ended June 30, 2019 - $623,051); and has a shareholders’ deficiency of $20,551,542 (December 31, 2019 - $23,210,066). The Corporation will need to secure additional financing in order to meet the Corporation’s requirements for funding of the business plan and pay its obligations as they come due. There is no assurance that these initiatives will be successful. These conditions represent material uncertainties that may cast significant doubts about the Corporation’s ability to continue as a going concern. These financial statements do not reflect adjustments to the carrying value of assets and liabilities or reported expenses and balance sheet classifications that would be necessary if the going concern assumption was not appropriate. These adjustments could be material. The Corporation’s ability to continue as a going concern has always depended on the ability of management to raise capital and issue debt in the market. The outcome of these initiatives cannot be predicted at this time. In the short term, the Corporation’s focus is on supporting the market development of the UAE Operations given Mint’s significant investment to date in the development of a versatile, full-stack technology platform, the existing base of customers, and the untapped market opportunities with underserved businesses and consumers. Within Mint UAE, there are four main areas of focus for 2020
In 2020 Mint is evaluating opportunities to “transplant” the technology and expertise from the Mint UAE Operations to the Canadian market, as the technology platform is globally-compliant within the payment industry. The evaluation of opportunities is ongoing and at the early stages. Mint has not yet generated operating profits. Longterm continuance of the Corporation’s operations is dependent upon achieving profitable operations and, until that occurs, the Corporation will rely on additional equity or debt financing from various sources which could include funding from its affiliates, its majority shareholder or financing sources in Canada.
The transition of Mint, from a program manager on the front-end of card issuing business relying on third parties to do the processing, to being a full service card issuing, processing and acquiring platform is a game changer in terms of the scale and scope of offerings that Mint can bring to the market place. Following the divestiture of the payroll card business, Mint will shift its strategic focus from the payroll card product focused on unbanked migrant workers to launching a digital banking platform that can be offered both as a white label product offering for other banks and or financial institutions and as a direct service to personal and small business clients. This digital banking platform in conjunction with our card management platform, payment gateway and merchant management platforms will round out Mint’s technology across the full spectrum to service banks, small business clients and personal clients. The initial focus will be on UAE market and then to expand regionally and into North America. Given the range of technology now available and being developed Mint has the flexibility to develop and focus on the unique needs of each market.
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