The cloud-based software developer said it has continued to incurred operational and overhead costs as it continues its product development and invests in sales and marketing. However, it is yet to generate significant revenue from purchase orders for its products.
“Consequently, the company's working capital position has tightened considerably and the company is exploring its options for securing additional funding above the instalment schedule provided for in the convertible loan note with Innovation Corporation Limited, from which it has recently received additional funds totalling approximately £217,000,” BOS said in a statement.
In recent months the group has been implementing a cost reduction programme, which includes revising its strategy to focus its product offering in a narrower geographical range. Its BOS Time product and the UK and Australian markets are the primary focus.
“The board remains committed to seeing the Company through this period, and establishing a sustainable and profitable business for the benefit of all BOS GLOBAL shareholders and other stakeholders,” BOS said.
“The company will update the market on further progress on its financial position as information becomes available, and continues to work towards publishing its annual accounts for the financial year ending 30 June 2017 by no later than the end of December 2017.”