ICONOMI Financial Report — Q4 2019
--
Year 2019 was another one filled with improvement, adjustment, and strong belief. All of that came in handy because the year had its own ups and downs, but the outlook for the crypto industry is better than at any other time.
We are not just talking about strong development that will bring new products and services, but also about the foundation for mass adoption. There are so many signs out there that digital currencies are slowly, but surely overtaking the throne. To name just one, we can look at changing legislation in Germany that now allows banks to operate within the crypto industry. In other words, that means that the distribution channel just expanded, so buying crypto will be much easier going forward. But that does not mean we are out of the woods. A time of low activity and depression perception can last longer than the market anticipates. So, the challenge for the industry is to weather this period.
And in that way, we ended 2019. We restructured the company, finished the conversion process, and cleared the path for new ideas and features.
Looking at the revenues and also the book value, we can not overlook a high correlation with the market dynamics. The market dropped significantly in Q4, which also showed in our revenues and balance. We will continue to lower our costs, while expanding our revenue base. The short term goal is, of course, to reach a positive cash flow.
In Q4, our book value decreased from $37.9 M to $31.4M. We changed our structure a bit — we sold one portion of BTC and increased our cash position and stable currencies.
Q4 achievements
The last quarter was quite busy, even though it did not look like it from the outside. We had to prepare for upcoming AML changes, we also developed an assembly feature, tested new trading algorithms, introduced crypto strategies, published a new B2B web page, and continued our company restructuring. We also prepared for the last round of issuing securities and successfully ended our ICN token story.
Outlook for Q1
On the development side, a new trading API will be developed. We will also introduce some lending options, while the Power Mango solution needs additional testing.
Soon we will have the first general assembly of our securities owners, which of course embark on a new story. With that, we are slightly changing the dynamics of these reports — they will no longer be published on Medium, but will be shown/sent to securities owners.
Follow our official channels for more updates and news:
