Tikforce, the HR tech provider that performs background checks on incoming employees, acquired $254,000 in the March quarter – a sign that if the venture continues getting their ducks in a row, there might just be hope for the troubled company. By the end of March 2018, the company had only $48,000 in revenue, and expenses for the quarter were gauged to be almost nine times that amount. This was following $80,000 in December.
There were a number of obstacles and mishaps this year alone for the venture. Shareholder meetings led to almost kicking out the board, capital failed to be raised, and directors were reprimanded for alleged black-out period trade ins.
Tikforce, however, commented that earlier in April they had been the recipients of a convertible note worth $1.2 million – the stock, however, is still suspended from trade on the ASX despite the funds being received.
And shareholders are suing Tikforce of allegations of defaulting on another convertible note.
Read more here.
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