Arria Nlg Ords Share Discussion Threads

[willowgrouse] 28/10/2024 21:23

Sounds a bit like deja vu

New Zealand-registered, US-based AI company Arria NLG has delayed its proposed ASX listing by six months as shareholders still await audited accounts from two years ago.In an update to shareholders this month, Arria said it had hired Australian broker Taylor Collison to run an initial public offer and raise US$25 million ($41.75m) of pre-IPO funding.“While a previous newsletter indicated a listing target for December 2024, the Arria ASX briefing document, which formed the basis for the Taylor Collison mandate, now aims for an IPO before 30 June, 2025, based on feedback from our auditors and advisers,” it said.A pro forma balance sheet provided to shareholders said the company had accounts payable of US$8.4m at September 30 this year and cash of US$582,993.Asked how Arria would pay its creditors and whether it was solvent at balance date, US-based chair and chief executive Sharon Daniels said: “The company is carrying out its plan to retire its payables and is operating.”This month, Arria averted liquidation of subsidiary Arria NLG (NZ) Ltd over a $1.5m debt to IRD after using proceeds from a convertible bond issue to pay the money owed.Among its other payables is a court-ordered US$120,000 owed to US IT supplier Sierra Microproducts, which includes a penalty payment after Arria defaulted on a previous repayment plan.Daniels said the company was “addressing its accounts payable individually.“Payments arrangements are being made for amounts undisputed.”
Sharon Daniels on the investor conference call this month.
No accountsA summary profit and loss statement provided to shareholders showed unaudited revenue of US$13.2m for the year to September and earnings before interest, tax, depreciation, and amortisation of minus US$15.5m.Arria is also yet to provide shareholders with audited accounts for the years to September 2022 and 2023.Daniels said it was preparing to complete three years of audited accounts simultaneously “and will present the audited financial statements required by ASX”.Short-term plans to strengthen the balance sheet include converting US$54m of debt to equity and a US$10m offer of convertible bonds closing on November 15.After losing US$140m over the past five years, Arria has told shareholders it is aiming to achieve cashflow breakeven and operating profitability in April 2025.Arria has been working on its technology to produce plain language reports from pure data since 2012, when it acquired Aberdeen University spin-out Data2Text.In a conference call with shareholders on October 15, Daniels said she had met with dozens of investor groups over the past few months.“The feedback is consistent. They love Arria’s technology,” she said.“They love the fact we’re in the heart of generative AI for enterprise. They love our Fortune 500 customers and our land and expand strategy.”Contract valuesAccording to Arria’s presentation, it has several well-known corporate customers, including Pfizer, Verizon, and Home Depot, who use the software to generate reports automatically.Annual contract values vary from an average of US$35,000 for media customers to US$500,000 for government customers.Arria said its sales growth projections were based on an average annual contract value of US$250,000 for new customers.On the conference call, Arria introduced its director Sean Drake, principal of US venture capital firm Stoney Lonesome Group, which owns a 1.1% stake in Arria according to Companies Office filings.Drake said Stoney Lonesome had a sister company called Pathfinder Solutions Group, “which works very closely with Arria in the Government and Department of Defence space”.Arria has previously said Pathfinder had won a contract to automate budget reporting for the US Air Force and subcontracted the job to Arria.Weapons targetingDrake said there were two active Air Force contracts.“One is in the finance side, helping to write the budget that is presented from the Secretary of the Air Force to Congress. Very engaged customer, very excited,” he said.“We have an 18-month milestone process with them but they’re so excited they want to condense that into six to eight months. They want Arria as fast as they can get it.”
Sean Drake on the conference call.
The other contract was in weapons systems, he said, “where decisions have to be made extremely quickly with multiple weapons systems and multiple targets, where you have to be 100% right. There’s no margin of error when you’re targeting something.“They’ve recognised that Chat GPT is not a solution and that something like Arria is the only thing out there that can help them reach the speed to decisions that is so necessary.”Florida-based Drake, a former US Army captain, has served on the Arria board since October 2022.Arria currently has one other board member, Dunedin-based Glenn Holmes, director of business loan broker Sticky Media Ltd.Daniels told shareholders Arria would be seeking an independent chair and recruiting more directors to bring the board up to seven.

[dingowatty] 28/10/2024 20:37

Arria delays IPO after 'feedback from auditors and advisers'

Loss-making Al company says it has a plan to pay creditors and is working on providing audited accounts. New Zealand-registered, US-based Al company Arria NLG has delayed its proposed ASX listing by six months as shareholders still await audited accounts from two years ago.


NZ NBR today.... I'm shocked - shocked!

[windhill] 26/9/2024 09:28

Kid you really are a moron. To hit the close and list schedule you need a 60 to 90 day open window. There is no one broking Arria now for a close in 90 days. The ASX list for October is for prospectus circulated as far back as June. So where are the offer docs to shareholders? They need to arrive soon or you won't even get a compliance listing away this year.

[windhill] 25/9/2024 00:04

Anyone seen a listing notice from the ASX for Arria? Thought not...

[rackersthedon] 10/9/2024 11:06

we called this right the last 10 years.

at least el capital realised he was always going to be wrong on this and left. Unlike kiddie here

[willowgrouse] 02/9/2024 07:34

Found a picture of Arria's Headquarters

hxxps://25fc482ddf92aa413bac-f38e90dc860e94d93d82757ea3e76c3d.ssl.cf2.rackcdn.com/docs/ArriaHQ.jpg

Ah well, looks like ADVFN changes h t t p to hxxs

[willowgrouse] 21/8/2024 09:51

In reality, it will cost north of $US5m to defend a patent.
No one is buying Arria shares until they list with good news/confidence

[windhill] 20/8/2024 07:30

Who exactly is impressed by these patents? Who has valued them? The tech has moved on Kiddo. Patents for lex rules and query forms are pointless in neural network NLG. It's like having patents for steam pumps when the internal combustion engine came along.