3rd Mar 2020 13:45
(Alliance News) - Media and technology firm Iconic Labs PLC on Tuesday said it is on track to resolve "balance sheet concerns" before the end of 2020.
Shares in the company were 10% lower at 0.045 pence each in London on Tuesday afternoon.
The company said it aims to cover all general and administrative costs with revenue in the second half of its financial year, as its business "continues to show early signs of growth".
Iconic explained: "The company now generates revenues and expects growth of revenues to continue significantly. The board has therefore set a target that the company will aim to at least cover all general and administrative costs during the second half of 2020."
In February, the company said that it entered into a financing arrangement worth up to up GBP5.0 million with lenders European High Growth Opportunities Securitization Fund. As part of the agreement, Iconic Labs has committed to drawing down at least GBP2.0 million of funds.
"When combined with increased revenues, this capital should enable the company to meet its previously stated aim of resolving balance sheet concerns prior to the end of 2020," Iconic Labs added on Tuesday.
By Eric Cunha; [email protected]
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