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Quebec-based real-estate imaging company Urbanimmersive Inc. announces a workforce reduction and a review of its available alternatives.
In the last fiscal year, the company experienced a decline in revenues across all its divisions and regions due to the decreased number of new properties for sale entering the real estate market. So far in this fiscal year, contrary to historical seasonal trends where the company experienced significant revenue growth at the beginning of the high season, the company’s revenues for February and March 2023 have been relatively flat in comparison to the previous months which has negatively impacted its liquidities, the company said. As a result, as of March 31, 2023, Urbanimmersive has a cash position of $376,000 (and liquidities of $576k,000 while including unused lines of credit) with accounts payable of approximately $1.1 million.
The company is going to seek additional short-term financing of $1.0 million through a private placement of convertible debenture units with terms and conditions to be finalized. The company is also considering selling non-core assets.