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Killi says balance sheet remains strong after wrapping up 3Q

The company recently banked $1.6 million from the exercise of 32 million common share purchase warrants

Killi Ltd - Killi Ltd says its balance sheet remains strong after banking $1.6 million from the exercise of 32 million purchase warrants
Killi said it has added 25 million accounts to its backlog for a grand total of 55 million total available accounts

Killi Ltd (CVE:MYID) (OTCQB:MYIDF), a global leader in data and consumer privacy, said Wednesday that its balance sheet remains strong.

The company said it recently banked $1.6 million from the exercise of 32 million common share purchase warrants.

Killi made the announcement as it filed its financial statements as well as management discussion and analysis (MD&A) for the three- (third quarter) and nine-month period ending September 30.

READ: Killi teams with enterprise data streaming company Narrative to deliver customer-approved personal data

"The third quarter was the first period where our sole focus was the Killi platform,” said CEO Neil Sweeney in a statement. “Our product has transitioned from a predominantly 'active' earning environment for our users to one that is passive, allowing our users to 'set it and forget it' and make money from the sale of their data.”

Sweeney added: "We also continued with the scaling of our account and user base which we believe will result in new and recurring revenue streams in the future, while also completing several corporate initiatives including the upgrading of our stock listing in the US to the OTCQB, and the strengthening of our balance sheet with a significant number of warrant holders exercising their warrants early. We continue to make great progress on achieving the company's goal of being the global leader in consumer privacy. We look forward to updating shareholders on our progress in early December."

Moreover, Killi said it has added a further 25 million accounts to its backlog via a new partnership that the company will look to process through its proprietary consent framework over the coming quarters. These account additions bring the total available accounts inside of Killi to approximately 55 million across the five countries it serves. 

“For more clarity regarding accounts, once an account has been created inside of Killi, the company then contacts each one directly, notifying them, and encouraging them to opt into other income-earning opportunities,” the company said. 

“Upon opting-in, the company then recognizes such accounts as 'active users,' and the account owners can then receive the Killi Paycheck, a weekly guaranteed payment based on the total data that each consumer chooses to share. The Killi Paycheck is the only program in the world that pays users a weekly guaranteed payment for the use of their data, often referred to as Universal Basic Income or a Data Dividend.”

With stricter privacy regulations sweeping the globe, the movement to place the consumer at the heart of privacy and data collection continues to grow around the world. This is the thesis that Killi has been building since its launch two years ago.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

 

Quick facts: Killi Ltd

Price: 0.125 CAD

TSX-V:MYID
Market: TSX-V
Market Cap: $36.07 m
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