XTM, Inc. (“XTM” or the “Company”) (QB: XTMIF / CSE:PAID / FSE:7XT), a Miami and Toronto-based Fintech innovator disseminating earned wages and providing gratuities access to service workers in the hospitality and personal care space, announced the filings of its quarterly unaudited condensed consolidated Financial Statements and Management Discussion and Analysis (“MD&A”) for Q1 2022 which shows, among other things, a 214% increase in revenue over Q1 2021.
Highlights include:
Cash totaled $6.4MM as at March 31, 2022, down -$2MM from prior year-end total of $8.4MM with the decrease attributable to funding operational requirements and issuance of a short term promissory note with repayment due June 30, 2022 of $651,265 from a strategic partner.
Subsequent events in Q1 2022:
“We are in this to win it,” said Marilyn Schaffer, CEO of XTM. “Our goal is to come through this market correction bigger, better and stronger demonstrating our strategic use of resources with a goal of delivering the best ROI for our financiers and shareholders.”
A comprehensive discussion of XTM’s financial position and results of operations is provided in the Unaudited Condensed Consolidated Financial Statements and MD&A for the periods ending March 31, 2022, and 2021, filed on SEDAR.
About XTM
XTM, www.xtminc.com, is a Miami and Toronto-based fintech innovator in the neo-banking space, helping businesses and service workers in the hospitality and personal care space disseminate and access earned wages and gratuities. XTM's Today™ Solution, comprised of a free mobile app and a Visa or Mastercard debit card with free banking features, is used by thousands of restaurants, salons and staff across Canada and the United States. XTM is a global card issuer and real-time payment specialist, and our technology is used by Restaurants and Salons at no charge to automate and expedite worker payouts and eliminate cash from their ecosystems. XTM's Today solution drives enterprise value with efficiency and a bespoke user experience designed specifically for restaurateurs and personal care services.
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (the “forward-looking statements”), within the meaning of applicable Canadian securities legislation, including expected performance of XTM, the expectation that businesses with which XTM does business or have committed to do business will in the expected timeline, the continuing trend toward electronic payment methods, the success of XTM’s intended geographic and business expansions, the success of XTM’s new market relationships, and the general conditions and revenues of XTM. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.
The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220524006183/en/
For further information please visit xtminc.com or contact:
Marilyn Schaffer, CEO
[email protected]
416-260-1641