XTM Files 2020 Year End Audited Financial Statements

By Pr Newswire10 days ago

MIAMI and TORONTO, May 4, 2021 /CNW/ - XTM, Inc. (XTM or the Company) (CSE:PAID) (FSE: 7XT), a Miami and Toronto-based Fintech company in the neo-banking space, providing mobile banking and payment solutions around the world announces the filing of its audited Financial Statements (Statements) and Management Discussion and Analysis (MD&A) for the year ending December 31, 2020. The Statements and a comprehensive discussion of XTM's financial position and results of operations is provided and filed on SEDAR and can be found atwww.sedar.com.

Selected Highlights (to be read together with the Company's Statements and MD&A):

  • Revenue for the year ending December 31, 2020 were $975,008 compared to $1,051,786 during same period for the year ending December 31, 2019 a decrease of $76,778 or 7.3%. The effects of COVID-19 and mandatory business closures and restrictions had a significant impact on the Company's ability to earn revenues from its client base of hospitality, salons and delivery businesses. Despite the closures and business restrictions the Company on- boarded a record number of new locations using the Today mobile instant employee payout solution totaling 1,144 locations.
  • The Company had a net loss for the year ending December 31, 2020 of $3,597,417 or a loss per share of $0.04 compared to a loss of $2,010,177 or a loss per share of $0.02 for the year ending December 31, 2019. The loss was mainly due to an increase in salaries, professional fees associated with go-public costs and marketing costs totaling $664,854 compared to $55,758 during the same period in 2019. Salaries increased $245,521 or 28.6% a result of new hires to support new client boardings, increases in IT staff and new hires support to support the US expansion that is scheduled to go live May 7, 2021.

Selected Subsequent Event Highlights (to be read together with the Company's Statements and MD&A):

  • On February 26, 2021, the Company closed non-brokered placement offering with strategic investors and clients including Groot Hospitality from Miami, FL and Harlo Entertainment from Toronto, ON. The placement was at a price of $0.15 per unit for gross proceeds of $1,195,000.
  • On March 5, 2021, XTM's common shares started trading on the OTCQB Venture Market, a US trading platform that is operated by OTC Markets Group in New York. The Company's common shares trade on the OTCQB under the symbol 'XTMIF. The OTCQB listing supports broader investor interest as the business rapidly expands into the US market.
  • On March 20, 2021, an outstanding loan payable by the Company with a principal amount of $500,000 was converted into 2,941,176 common shares at an exercise price of $0.17 and following such conversion the Company is now debt free.
  • Subsequent to year end, the Company saw a significant amount of its outstanding warrants and options exercised in Q1 2021 providing the Company with an unrestricted cash balance of $2,228,900 as at March 31, 2021.

About XTM Inc.

XTM, www.xtminc.comis a Toronto-based fintech innovator in the challenger banking space helping business and workers alike expedite earnings payout and reduce or eliminate banking fees. We are a global card issuer and payment specialist providing free technology to business to automate and expedite worker payouts that can eliminate cash. XTM integrates businesses to a payment ecosystem that is coupled with a free mobile app and Mastercard debit card with free banking features. XTM drives enterprise value and creates a positive user experience.

Continue read on benzinga.com