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Glance Technologies (OTC:GLNNF) hopes short-term pain leads to long-term fiscal gains




Glance Technologies (OTC:GLNNF) this week announced financial results for the three month period ending Feb. 28, 2019.


Glance realized its first ever net income in Q1 2019 of $4,816,906 or $0.04 per share. A combination of improved investments and decreased expenses gets the credit. Working capital on Feb. 28, 2019 was $11,204,000. There is no long-term debt.

During the quarter, Glance continued to focus on recently announced innovations including Real-Time Bill and Order-from-Table. Glance launched Real-Time Bill to the public in Q1 and anticipates launching Order-from-Table soon. Subsequent to the quarter, Glance also announced its upcoming Order-From-Bar product. 

These innovations utilize Glance anti-fraud technology to protect merchants and leverage Glance’s promotion and loyalty platform to help increase sales and loyalty. Glance has increased its sales team and is focused on signing up new merchants with these products and targeting its marketing efforts around merchants adopting these features.

“We are convinced that products like our Real-Time Bill, Order-From-Table, and Order-From-Bar are the future of paying and ordering,” said Desmond Griffin, Glance CEO. “We believe they have the potential to disrupt the industry, including leapfrogging the adoption technologies such as chip and PIN machines in the US.”

Q1 2019 financial highlights
(all figures are rounded to the nearest thousand):

  • Net income increased to $4,817,000 or $0.04 per share, compared to a comprehensive loss of $4,869,000 or $(0.04) per share in Q1 2018 (an increase of $9,686,000).
  • Revenue of $43,000 in fiscal 2019 decreased 96% from $1,174,000 in Q1 2018. In the previous year, a $1 million royalty was received. As anticipated, licensing revenues have fluctuated significantly due to changes made to existing license agreements. A review was also carried out over the recognition periods of the licensing agreements.
  • Operating expenses of $1,925,000 decreased 63 percent from $5,224,000 in Q1 2018.
  • Working capital at Feb. 28, 2019 was $11,204,000 (Nov. 30, 2018: $6,962,000) and no long-term debt ($nil at Nov. 30, 2018).
  • Overall, Glance said it continues to work to reduce costs in many categories and has made significant changes to better utilize its cash resources going forward. Costs incurred on operating activities were approximately $1.7m in Q1 2019, compared to $4.9m in Q1 2018.

Q1 2019 Highlights:

  • Launched the Real-Time Bill feature;
  • Previewed its new Order-From-Table feature; and
  • Filed a provisional patent for Blockchain Technology with USPTO.


Management said it intends to pursue a number of technology, product, sales and marketing initiatives to continue to drive growth in 2019.  Strategic priorities include:

  • Grow monthly recurring revenue through a tiered SaaS subscription model by adding new merchants and consumers, and generate new revenue from advertising, promotions and consumer fees for premium features;
  • Rollout Real-Time Bill feature broadly to existing and new customers;
  • Launch and rollout Glance’s upcoming Order-From-Table;
  • Continue to develop Glance’s Order-From-Bar product; and
  • Investigate new geographic markets for Glance Pay.

Image by Rondell Melling from Pixabay

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