IPTK - Interesting startup company. Balance sheet not too bad, most of the debt is to "related parties." There's still no toxic debt. Some tidbits from the 10k and recent news. Bold type is my emphasis
The Company has continued development of its technology, which has led to an expanded product range to enable it to market to a broader range of business, airline and government aircraft operators.
With the launch of the airline system, the Company’s focus is to secure a launch airline that will create an opportunity to generate revenue from a whole new range of passenger value added services including commissions on sales from embedded advertising and additional revenue from enhanced communications. Under the fflya program, an airline will receive the system on a revenue share basis on terms to be agreed. As the equipment cost is a fraction of a Wi-Fi platform, the Company needs minimal commissions to justify the cost of the hardware. The Company believes low cost airlines will be attracted to this business model given approximately only 6% of passengers are prepared to pay for Wi-Fi, even on the lowest-cost Wi-Fi enabled US domestic airline. This means 94% of passengers are not prepared to pay as they expect connectivity to be cheaper or free. fflya data costs are so miniscule that commissions for value-added services are what allow the airline to offer free messaging.
The Company will continue to invest in marketing with representations at the major aviation exhibitions including APEX airline expo in October 2016, NBAA American business jet expo in November 2016, and EBACE the European business jet expo May 2017.
"Company CEO Ron Chapman said, "fflya is an extremely important development for the airline industry as it opens up a whole new way to connect, previously thought not possible. fflya is specifically designed for the majority of airlines waiting for a solution as passengers believe connectivity costs should be comparative to what they experience on the ground or free." fflya eliminates the high cost of satellite transmission by combining a proprietary satellite protocol with a Bluetooth network capable of connecting every passenger on-board with a single Bluetooth hotspot. AS-IP Tech, Inc. is currently in negotiations with an A340 operator to commence flight-testing of fflya."
Nice to see the raised capital going here instead of to salary: "Since November 2015, the Company estimates that it has expended $200,000 on research and development for the airline version"
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