Minerva Intelligence an artificial intelligence software company focused on building decision support tools for climate risk, mineral exploration and mining, is pleased to announce its financial results for the three-month period ended March 31, 2021. All amounts are presented in Canadian dollars.
“We are pleased with the results of our first quarter despite the change in revenue from same quarter in the prior year. We have made the transition to SaaS sales for DRIVER, which results in revenues being allocated over the period of the contract, as opposed to a fixed consulting contract which provided immediate revenues once completed. In our opinion, this transition is positive as it will result in longer term more stable revenues” said Scott Tillman, Chief Executive Officer.
Management expects future periods to result in higher sales as the contracts for DRIVER accumulate and renew. In addition, the board of directors has authorized the issuance of 1,541,750 options to directors, officers and employees of the Company at an exercise price of USD 0.07 per share for a term of two years expiring May 26, 2024.
Additionally, the Company and Morgan Knowles have agreed to continue working together for one year, renewing the investor relations contract for a one-year term at the same rate as previously announced in addition to 100,000 options included in the prior paragraph on the same terms and conditions.
