MySQUAR Ltd (LON:MYSQ) today confirmed it had achieved its objectives for the 2016 financial year, transitioning into a revenue generating entity.
“The group is now in an excellent position to build its revenues as it targets future profitability,” MySQUAR said in a statement.
“MySQUAR now has a large, growing user base on which various products have been generating, or are about to generate, revenue, and an appropriate team that can support and deliver the opportunities these businesses create.”
Revenue for the twelve months ended June 30 was reported at US$795,191, and the group says it had 2.9mln registered users at the end of the period.
Expenses amounted to US$3.24mln for the year, and the loss for the year was US$2.4mln.
Since the end of the financial year MySQUAR has brought in new capital – via separate placings of equity and convertible debt – and it has made operational progress with the launch of new games and apps.
In terms of its outlook the Myanmar based social media and app firm says it is focussing on the further monetisation of its platform.
“Overall, the key objective for all MySQUAR employees will be to work hard to achieve financial break-even as soon as possible,” it added.