IMT(US:IMTE)2024-10-22 17:11Acquisitions and Divestitures - In 2023, the company acquired Itana Energy Pty Ltd to enter the new energy products sector under the Admiral Energy brand for the Asia Pacific region [165]. - The company divested from its China and Hong Kong businesses in 2022, reducing its equity interest in its financial research business to 23.8% [165]. - The company completed the acquisition of Marvel Digital Limited in 2015 for A$5,216,213, settling the consideration by issuing 26,081,065 shares at A$0.20 per share [167]. - In July 2023, the company acquired 100% equity interests in Teko Energy Pty Ltd for US$750,000, paid by issuing 3,000,000 ordinary shares at US$0.25 per share [186]. - The company acquired 51% of Sunup Holdings Limited for a total consideration of US$1,500,000, focusing on manufacturing nano-coated plates for air filters [197]. - The company completed the sale of its subsidiary eGlass Technologies Ltd for US$6.8 million, with the purchaser intending to list eGlass on the ASX within two years [182]. - The company disposed of its electronic glass business in China for US$6,800,000, realizing a gain on disposal of A$51,143 [204]. Financial Performance - The company reported total revenues of US$373,680 for the year ended December 31, 2023, compared to US$757,027 in 2022 [193]. - For the year ended December 31, 2023, the company reported revenues of $373,676, an increase of $9,271 or 2.54% compared to $364,405 in 2022, primarily from the sale of Halal products [268]. - The cost of sales for 2023 was $261,566, representing 70.0% of net revenues, a decrease from $475,546 or 130.5% in 2022 [267]. - The company incurred a total operating loss before income tax of $(20,037,431) for 2023, compared to $(11,578,149) in 2022 [267]. - The net loss for 2023 was $(18,350,112), which is an increase from $(10,901,539) in 2022, reflecting a significant operational challenge [267]. - The company has recorded losses of $18,350,112, $10,901,539, and $5,091,918 for the fiscal years ended December 31, 2023, 2022, and 2021 respectively [295]. Cash Flow and Financing - The company generated net cash proceeds of approximately US$920,000 from a securities purchase agreement in February 2020 [174]. - The company raised a total of US$10 million through the issuance of convertible notes, which were converted into 3,205,128 shares at a fixed conversion price of US$3.12 per share [180]. - In March and April 2022, the company sold 1,431,788 ordinary shares at US$4.50 per share, generating approximately US$6.4 million for expansion projects [181]. - From July to December 2022, the company raised US$5.5 million through convertible notes, which were converted into shares upon eGlass's admission to the ASX [183]. - The company raised US$15 million through convertible notes with a conversion price of US$1.42 per share, maturing in two years [188]. - Net cash provided by operating activities for the year ended December 31, 2023, was $2,840,058, a recovery from net outflows of $(17,183,849) in 2022 [300]. - Net cash outflows in investing activities were $14,998,240 in 2023, primarily due to deposits for lamination production lines [301]. - Net cash inflows from financing activities were $12,783,427 in 2023, attributed to share issuance and convertible notes [302]. Operational Developments - The company invested in a lamination glass project and a new nano-coated plate filter project to broaden its revenue base [165]. - The company stopped the marketing and sales of 3D display products in 2021 due to the pandemic's adverse effects on retail and advertising sectors [165]. - The company aims to produce approximately 160,000 m of laminated glass annually with its two lamination lines [209]. - The company has started limited manufacturing of air filter plates in 2020 and completed its proprietary design of air purifier products in 2022 [220]. - The company plans to seek manufacturing and distribution partners as part of its growth strategy for its nano-coated plate products [221]. - The company plans to invest in air purifiers targeting specific markets such as baby care and healthcare, and will explore manufacturing water filters for home use and food sanitary water treatment industries [222]. Market Strategy and Future Plans - The company plans to market its generation 2 air filter/purifiers in Korea, the United States, Europe, and Asia in 2024 [220]. - The company is in the process of identifying a manufacturing partner in Vietnam for its Ohho products, targeting sales in 2024 [197]. - The company plans to build its own brands for air purifiers, halal, and switchable glass products upon market launch [234]. - The halal products business is being developed through its subsidiary WISE, with a focus on establishing a global supply chain and halal certification, particularly in China following the lifting of travel restrictions [225][226]. - The halal products market is growing in Asia and Europe, driven by increased demand for halal food and the influx of immigrants from the Middle East [231]. - The company plans to focus on developing a network of suppliers for both halal and non-halal products in 2024, aiming to leverage a direct sales network with over 10,000 agents in Malaysia [265]. Governance and Management - The management team saw changes with the appointment of new directors and co-CEOs in 2023, enhancing leadership capabilities [306]. - The company follows ASX Corporate Governance Principles, ensuring a majority of independent directors on the board and compliance with NASDAQ requirements [340]. - The Audit Committee consists of three independent members, meeting at least twice a year to oversee financial reporting and risk management [344]. - The company has established a Nomination and Remuneration Committee consisting of a majority of independent directors [348]. - The company has established a formal remuneration policy based on financial performance and the success of product commercialization [324]. Employee and Compensation - Total executive compensation for fiscal year 2023 amounted to $423,187, with Mr. Xiaodong Zhang receiving $106,296 as the highest individual compensation [328]. - As of December 31, 2023, the company had 11 employees, a decrease from 15 employees as of December 31, 2022 [351]. - The company paid $228,400 in director remuneration for the year ended December 31, 2023 [361]. - The company has no employee share options issued and outstanding under the 2021 Employee Share Option Plan as of December 31, 2023 [331]. - There were no pension or retirement benefits accrued by the Group as of December 31, 2023, as these amounts were fully expensed [332].