Thank you for your comments and feedback on our last update, and in light of those I would like to provide the FibTech community with a follow-up note on our status.
As I indicated in our last update, we achieved a great deal with our initial round of outside funding, but we needed additional capital to continue our operations and growth. So last fall we brought on Umergence, the respected capital placement firm, to help secure the needed funds. Unfortunately, our search for capital has been severely hampered by developments in the crypto market, as others in our space have also discovered.
Given our circumstances, partnership discussions were unfortunately not brought to fruition. But we’ve taken action accordingly, including cutting spending and putting our technology in protective hibernation while maintaining security.
While you will appreciate that I can give no assurances that we will be successful in finding the capital we need, I plan to continue to fund the company in its current state over the next few months while we monitor the market, and consistent with our objective of stakeholder communication, continue to keep you updated should there be a change in our status.
We are grateful for your support.