Peppermint Innovation lodges 2021 Annual Report
Peppermint Innovation has lodged its 2021 Annual Report.
Highlights for the 2021 financial year include:
- Raised $3,405,000 via capital raisings
- Raised a further $1,865,000 from shareholders exercising option
- Funding to support targeted sales and marketing campaign for bizmoto platform and allow Peppermint to pursue operational expansion
- Officially requoted on the Australian Stock Exchange on 25 February 2021
- Launched bizmoProtect – a micro-insurance producing offering in partnership
- Signed an API agreement with the Bank of the Philippine Islands (BPI) to make it seamless for bizmoto agents to top-up their mobile wallet 24 hours a day, 7 days a week, 365 days a year via online access to a BPI account
- Signed a Merchant Biller agreement with Cebuana Lhuillier, the Philippine’s largest and leading micro-financial services provider, to make It easier for bizmoto agents to ‘cash-In’ money and top-up their mobile wallets instantly through Cebuana’s circa 2,500 outlets
- Increased number of registered bizmoto agents to 55,218, bizmoGo riders to 636 and Merchants to 688
- Lodged the final application for Peppermint Finance Inc. with the Philippines’ Securities Exchange Commission (SEC) which will underpin bizmoPay operations,
- Subsequently awarded Finance License by the SEC and kicked off bizmoPay Pilot Lending Program to qualified bizmoto agents in August 2021
The Company had $3,112,411 cash at bank as at 30 June 2021.
The overall loss for the year of $2,833,000 includes $970,000 of non-cash finance costs resulting from the accounting for convertible notes which requires the right of the convertible note holder to convert to be valued at grant date and amortised as interest expense. This represents a ‘comparative’ loss of $1,863,000 for the 2021 financial year – an increase of about $172,000 on the 2020 financial year (or circa 10%) and less than Peppermint Innovation’s reported loss in 2019.
The impact of the COVID-19 pandemic on Peppermint Innovation’s 2021 financial year is difficult to precisely quantify, however, the various lockdowns that have been in place in the Philippines during the last 12 months have had a negative impact on the Company’s overall cash receipts.
Importantly, the Company recorded a very strong Net Asset position of $2,633,607 to the end of 30 June 2021 – the best reported in the last five years.
Peppermint is well placed and ready to springboard into the next stage of the company’s growth phase.
Click here to read the full 2021 Annual Report.
