Vancouver, British Columbia–(Newsfile Corp. – May 20, 2022) – Adamant Global Holdings. (CSE: ADMT) (OTC Pink: UCCPF) (FSE: U060) (“Adamant”) published its Financial Statements 2021. The filing shows the growth of the working capital and an increase in sales due to the renewed business of Oktacom Inc, subsidiary of the public Canadian company. This translates in $496K of revenue.
All the audited statements can be accessed from the SEDAR website. Andrea Pagani, Adamant’s CEO, published a letter to the shareholders that expresses the following:
2021 was an incredible year, one of the best that we have had. After facing different problems successfully we are glad to announce the reactivation of our wholesale business. A year ago, Oktacom Inc., our subsidiary, was dormant, and during this period we established a professional team that has been helping us expand long distance communications. Nowdays, we are interconnected with many telecom carriers and are continuing to establish strong relations, with mobile operators around the world. This ongoing business allows us to reduce our debts, increase our working capital and have substantial revenue growth.
Adamant is closing this period with a significantly strengthened balance sheet thanks to the reduction in costs for SG&A; decrease in total liabilities, reactivation in wholesale voice sales and strong capital inflows. We finished the year with positive working capital ($1,300,000) and revenue ($496,000).
The current management was the main key to achieve and improve the financials relaunching the company; and this has allowed us to continue working on integrating the payment solution to our existing application (Upco Messenger).
Our objectives have never changed and they will not change. The plan in 2021 to develop the product which would been in the market by the end of that year was too aggressive without the support of a business that we are consolidating now. Our goals are to make us stronger in the telecom business acquiring companies that will help us market the app in different regions and countries. We also want to reiterate to the shareholders that we are working non-stop to deliver a product, minimizing risks and maximizing chances with an adaptable plan.
Our operational highlights for the communication and payment aplication during 2021 were the following:
- Engagement with Codeversity -a technology company that develops digital products for global customers- to create digital strategy, with the following results: Discovery phase resulting in a product design.
- Work with Snoop Consulting, a Digital Transformation company, to improve the customer experience for the user, redesigning the roadmap of an existing application.
- Growth of Upco Messenger (40,000 users)
In addition to this, Oktacom Inc, our subsidiary, was granted the 214 international Telecommunication License.
Thanks to our positive working capital, our priorities for 2022 include:
- Continuing the development of the…