ARway.ai Releases Q2 2023 Financial Results

TORONTO, ON / ACCESSWIRE / April 27 2023 / ARway Corporation ("ARway" or the "Company") (CSE:ARWY), (OTC:ARWYF) (FSE:E65) is disrupting the Augmented Reality ( AR) Wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking. ARway is pleased to report its Q2 financial results, ending February 28, 2023. The Company finished the quarter with an ending Q2 cash balance of close to $1.0 million, initial revenues from pilot programs, and continued development of the platform. ARway continues to execute its plan as set out in the spin out information circular.

CEO Evan Gappelberg commented, "We are excited by the early success of our pilot programs with ARway and believe that we have created the killer application for the next generation of devices: the AR glasses… AR Wayfinding is going to be a very big deal in 2023!" He continued, "Business momentum is building and deals with S&P 500 companies and others are expected to be landed in Q2/Q3, 2023."

Condensed Interim Statements of Financial Position

Condensed Interim Statements of Financial Position
(Expressed in Canadian dollars)
(Unaudited)

	February 28, 2023			August 31, 2022
Assets
Current assets
Cash & cash equivalents (Note 3)	$	957,201		$	1
Receivables		13,544			-
Prepaid expenses		43,218			-
Equipment		6,539			-
		1,020,502			1
Non-current assets
Deferred tax asset		156,806
Intangible asset (Note 4)		4,444,444			-
Total assets	$	5,621,752		$	1

Liabilities and Shareholders' Equity

Current liabilities
Accounts payable and accrued liabilities (Note 5)	$	112,057		$	-
Deferred revenue		941
Total liabilities		112,998			-

Shareholders' Equity
Share capital (Note 6)		6,657,352			1
Reserves		713,854
Deficit		(1,862,452	)		-
		5,508,754			1
Total liabilities and shareholders' equity	$	5,621,752		$	1

Condensed Interim Statements of Comprehensive Loss

Condensed Interim Statements of Comprehensive Loss
(Expressed in Canadian dollars)
(Unaudited)

	Three months ended February 28, 2023			Six months ended February 28, 2023

Revenue	$	21,781		$	26,133
Cost of sales		-			-
Gross profit		21,781			26,133

Operating expenses:
Sales and marketing (Note 8)		213,162			245,010
General and administrative (Note 8)		254,707			315,913
Research and development (Note 8)		150,058			215,058
Stock based compensation (Note 6)		407,994			713,854
Amortization (Note 4)		416,667			555,556
		1,442,588			2,045,391

Loss before income taxes		(1,420,807	)		(2,019,258	)
Current income tax expense		-			-
Deferred income tax recovery		156,806			156,806
Net loss and comprehensive loss from operations	$	(1,264,001	)	$	(1,862,452	)


Other comprehensive loss
Exchange differences on translating foreign operations		-			-
Total comprehensive loss	$	(1,264,001	)	$	(1,862,452	)

Income (loss) per common share
Basic and diluted loss per common share		(0.05	)		(0.10	)
Weighted average number of common shares outstanding Basic and diluted		26,629,552			18,537,730

Condensed Interim Statements of Cash Flows

Condensed Interim Statements of Cash Flows
(Expressed in Canadian dollars)
(Unaudited)

	Three months ended February 28, 2023			Six months ended February 28, 2023
Cashflows from operating activities
Net loss	$	(1,264,001	)	$	(1,862,452	)

Items not affecting cash
Amortization of intangible assets		416,667			555,556
Stock-based compensation		407,994			713,854

Changes in non-cash working capital balances
Receivables		(10,710	)		(13,544	)
Prepaid expenses		(1,730	)		(43,218	)
Accounts payable and accrued liabilities		36,105			112,057
Deferred tax asset		(156,806	)		(156,806	)
Deferred revenue		941			941
Cashflows from operating activities		(571,540	)	$	(693,612	)

Cashflows from financing activities
Proceeds from private placement		-			1,657,351
Net cash provided by (used in) financing activities		-		$	1,657,351

Change in cash during the period		(571,540	)		963,739
Cash, beginning of period		1,535,280			1
Effects of foreign exchange on cash		(6,539	)		(6,539	)

Cash, beginning of period		1			1
Cash, end of period	$	957,201		$	957,201

Supplemental cash flow information
Taxes paid	$	-		$	-
Interest paid		1,945			1,945
Interest received		7,684			8,814

Recents News

To learn more about ARway, please follow on Social Media: Twitter, YouTube, Instagram, LinkedIn, and Facebook, and visit our website: www.arway.ai

About ARway.ai

ARway is an AI-powered platform that provides augmented reality experiences for indoor spaces. The platform allows users to easily create experiences for navigation, tours, information sharing, notifications, advertising, and gamification. ARway leverages the power of mobile devices to create environments that can improve visitor experience, boost employee productivity, increase engagement, create new advertising space, and boost revenues. Visitors can scan a QR code to access a venue map, navigate to any point of interest with step-by-step directions, learn information about those POIs, and interact with rich AR content and experiences along the way. ARway has unlimited use cases for augmenting physical spaces in the metaverse, making it a valuable tool for creators, brands, and companies in various industries. The complete ARway platform includes: the Web Creator Studio, the ARwayKit Software Development Kit (SDK) and a mobile app for iOs and Android.

Nextech 3D.ai

On October 26, 2022, ARway.ai. was spun-out from its parent Company, Nextech3D.ai (OTCQX:NEXCF) (CSE:NTAR) (FSE:EP2). Nextech retained a control ownership in ARway.ai. with 13 million shares, or a 50% stake. Nextech3D.ai is a Metaverse Company and leading provider of augmented reality ("AR") experience technologies and 3D model services. Nextech's AI-powered 3D modeling platform, "ARitize3D" has contracts with; AMZN, KSS, CB2, Genuine Parts & many others. To learn more about Nextech3D.ai, visit www.nextechar.com

For further information, please contact:

Investor Relations Contact
Julia Viola
investor.relations@arway.ai

ARway.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)

Forward-looking Statements

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. ARway.ai will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE:ARway.ai

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ARway.ai Signs Deal with George Mason University for Augmented Reality Campus Navigation and Experience

ARway.ai ("ARway" or the "Company") (CSE:ARWY)(OTCQB:ARWYF)(FSE:E65) is an AI powered Augmented Reality Experience platform with a disruptive no-code, no beacon spatial computing solution enabled by visual marker tracking with centimeter precision is pleased to announce that George Mason University is signed up for the ARway platform and will be deploying ten spatial maps across the university campus. The rollout is part of a 2024 project aimed at enhancing the campus navigation and campus experience for students. GMU has an undergraduate enrollment of approximately 27,014 and the campus size is 817 acres. ARway.ai is seeing demand from across the globe for University Campus deployments, and is currently deployed in the Middle East at the Suleyman Demirel University in Turkey, In the EU at the Institut für Innovations- und Informationsmanagement (iFii), University of Applied Sciences Brandenburg. ARway has also signed multiple new subscriptions with prestigious universities around the globe including Bicol University in Indonesia, DHA Suffa University in Pakistan, University of Alberta in Canada, University College Cork in the UK and German University of Technology in Oman

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ARway.ai Releases Q2 2023 Financial Results

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