MyFiziq has developed the globally patented MyFiziq technology, that features a proprietary image capturing system within a smartphone that has the ability to create a representation of an individual’s structure in the form of a 3D avatar with accurate circumference measurements.
Part of the company’s growth in the next financial year is likely to be based on an upcoming NASDAQ listing.
In late 2019, MyFiziq executed a formal funding agreement for US$1.5 million with Asia Cornerstone Asset Management (ACAM) by way of an unsecured convertible. MyFiziq has already received the initial payment of US$225,000 under the convertible note, with three further payments to come.
The capital raised is to assist the company with its US expansion, including the process of seeking a dual listing of its securities on the main index of the NASDAQ Capital Market.
MyFiziq held several meetings with New York-based bankers and advisors interested in participating in the opportunity.
The outcome of these meetings saw several offers presented to MyFiziq from well-established firms seeking to be engaged as the company’s exclusive underwriting advisor in relation to a NASDAQ listing.
Evolt presents another growth opportunity
With all of the 2018 convertible note debt being cleared, MyFiziq’s balance sheet and cash position has been strengthened.
A $1.5 million US funding and a $600,000 research and development advance has also positively impacted the balance sheet.
MYQ also has payments due amounting to $773,613 from current partners, Evolt, WellteQ and BCT.
Evolt is an FDA approved medical grade device/machine-based intelligent body scanning technology purchased and supported by health, fitness, and wellness companies including but not limited to F45, Anytime Fitness, HCF and KPMG.
The Evolt Active application is now available in the Apple App store.
This was the first Australian consumer-facing app to go live with the MyFiziq technology solution embedded.
Both MyFiziq and Evolt share a common interest in distributing the solution to governments, medical organisations and insurers, which represents $9 trillion per annum in global spending.
Evolt has committed to targeting an initial 100,000 active users on the joint offering in the first 12 months preceding launch.
Under the terms of the commercial contracts, MyFiziq will receive $2.99 per month per user.
If the initial target user numbers are achieved, it would see MyFiziq meet an initial break-even position, based on current monthly burn, driving the company closer to profitability.
Collaborative agreements expand potential revenue streams
The company has also seized on the opportunity to benefit from merging its technology with other health-focused technologies through negotiating a memorandum of understanding (MOU) with Canadian based NuraLogix Corporation.
NuraLogix is a pioneer of Affective Artificial Intelligence (AI) which is the combination of affective computing and artificial intelligence. It has developed the world’s first cloud-based Affective AI Engine, DeepAffexTM, which utilises the company’s proprietary facial imaging technology, Transdermal Optical Imaging (TOITM).
MyFiziq joint venture partner, BCT, had its first live insurance product launch in Hong Kong with The CareVoice.
The CareVoice is a well-established and rapidly growing Insurtech platform that is driving innovation in the region, representing one of the largest and most rapidly growing healthcare and insurance markets in the world with a population of over 1.4 billion people.
BCT has also signed definitive agreements with Active8me Pty Ltd, which will see the integration of the BCT platform into the Active8me health and wellness platform.
Active8me has agreed to pay certain user fees, data storage fees, support fees and incidental support fees to BCT.
MyFiziq has signed definitive agreements with Bearn LLC in North America in relation to its transformative Bearn Application app, Bearn LLC.
MyFiziq has also entered a Letter of Intent with the Serfaty Clinic to commence testing and to adapt the MyFiziq application in readiness to entry into the Brazilian market for the identification of the obese and overweight population in Brazil.
Moving into apparel
MyFiziq is currently extending the ways its technology is measuring garments and people.
The group will be entering the apparel sector, as there are so many different brands vying for market share, and a distinguishing factor is how these brands cut and manufacture their garments, which is the reason a purchaser chooses Nike over Under Amour or the other way around.
The company has advanced its technology to not only measure according to online sizing charts but, more importantly, to code the measurement applied by the apparel agency specificity.
In the next few months, collaborative agreements will transition to product launches which will in turn generate income for the group, suggesting fiscal 2021 is shaping up as a positive year for MyFiziq.
The current partnerships and agreements in place represent an audience of over 1 billion potential users.
With current activity, the company expects to be live in 4 to 5 partner applications in the next 60-90 days, giving customers a highly accurate, convenient, cost-effective, and easy to use solution in the palm of their hands.
The technology is easily scaled on a per hour basis once initial user targets are met.
Commenting on upcoming developments, chief executive and co-founder Vlado Bosanac said, ‘’We are accelerating launch timetables for existing partners and several new engagements, ultimately leading to earlier revenue generation than previously expected.
‘’We will work closely with our partners to meet these requests and are aiming to have 4 – 5 of these applications out over Q3 & Q4 2020.
‘’With the launch of Evolt, expansion into oncology and NuraLogix agreements, we are not only broadening the market use, we are expanding the value and ease of access to communities around the world.
‘’The guidance I have provided here is very exciting for the team at MyFiziq and our shareholders, and I am pleased we have navigated the current world events, whilst we push forward and deliver value to our partners and shareholders.
‘’This growth, coupled with the NASDAQ initiative, will hopefully see MyFiziq take a new form as a market leader in the space, whilst achieving a real presence globally.”