Published On: Thu, Jun 30th, 2016

Nano Mobile Healthcare Inc (OTCMKTS:VNTH) Provides Business Update For 3Q2016

Nano Mobile Healthcare Inc (OTCMKTS:VNTH) has provided an update on its business activities for the 3Q2016. Recently, the company had filed its 10-Q, for the 1Q2016, posting yet another promising quarter. It should be noted here that the 1Q2016 was the third consecutive quarter, when the company was successfully able to reduce its operating expenses. Furthermore, the company was also able to significantly reduce its convertible debt, while also building its working capital.

For its 3Q2016, Nano Mobile plans to focus on the development of law enforcement sensors. The company believes that with the increasing number of states legalizing marijuana, there is a need for a law enforcement sensor, similar to that of alcohol. The new sensor would be capable of detecting marijuana abuse and impaired driving. Nano Mobile also plans to make the sensor capable of testing for both alcohol and marijuana abuse.

Regarding the change in strategy, the company revealed that the path towards a law enforcement device was shorter and would translate to quick revenues for the company. In comparison, if the company plans to pursue a medical device, it would require meeting the FDA requirements, conducting trials and consequently a long and difficult path for product approval. Moreover, VNTH’s sublicense for the use of a NASA technology has been extended. As such, the company’s patents would now expire in 2021. This would provide the management with enough time to bring the breathalyzer to the market and begin working on medical products as well.

Nano Mobile is yet to record any revenues and does not plan to do so until it has at least one of its technologies fully developed and out in the market. In its 1Q2016, VNTH announced that a surge in operating expenses is expected, as the company moves towards development of new products. However, currently the company is dependent upon debt and equity financing, for continuing its operations.

Nano Mobile Healthcare Inc (OTCMKTS:VNTH) completed the June 29 trading session, with a trade volume of 31.86 million, to reach a close at $0.0003 per share.

© Copyright 2016 OTC News Magazine. All rights reserved.