MyFiziq: Agrees to loan Bearn A$645K

MyFiziq (MYQ) has entered a funding agreement with Bearn, which runs an app that allows its customers to earn money while working out
MYQ has agreed to lend Bearn, a previous partner, US$500,000 (around A$645,000) to help expand the app’s platform capacity
In return, Bearn has promised to deliver MyFiziq one million active monthly users within a year or the loan is repayable with increasing interest
The founder of Bearn has pledged his 88 per cent ownership in the company as security for the loan, as well as the app’s software
MyFiziq’s body scanning tech has already integrated with the app, which has 56 million pre-registered users
Shares in MYQ are down a slight 1.26 per cent at $1.18 each

January 23, 2021