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The common shares of Glance trade under the symbol GET on the Canadian Stock Exchange, under GLNNF on the OTCQB and under GJT on the Frankfurt Exchange.
Glance became a publicly traded company on September 7, 2016.
Glance has explored and tested several different monetization strategies for its products. Current and future monetization opportunities for the Glance Pay platform include monthly and annual SaaS model fees to the merchant, transaction fees, licensing fees, promotion and advertising fees, and consumer fees for premium services.
The philosophy behind monetization options is to give partner businesses a return on investment that translates into increased customer retention, a larger number of customers, and higher-value transactions overall. These outcomes can be directly attributed to the main features of the Glance Pay App, such as payment efficiencies, promotions, events and Glance’s own loyalty rewards program. We plan to continue adding a number of services and features to our platform that could be used to earn additional revenue such as Order from Table and Real-Time Bill.
Having a connection to the Glance Pay user base also allows merchants to achieve and raise the bar for their operational and revenue goals. We believe we have an opportunity to provide services which can compete with large payment companies without requiring special hardware to combat fraud.
Glance believes that its downloadable merchant app, Glance PayMe, will be critical to its future growth. Glance PayMe™ will allow merchants to very quickly download an app to accept Credit Card and Visa/Mastercard Debit payments from Glance Pay users directly to their own mobile devices, with world-class built-in fraud-protection and loyalty rewards without the need for additional hardware. Glance intends to sell Glance PayMe predominantly through digital online sales, targeting markets in a number of geographies with minimal overhead.
Glance’s marketing plans are focused on building brand awareness, increasing the number of user downloads of Glance Pay and the launch of Glance PayMe™. Glance’s target market for Glance PayMe is small to medium sized businesses including segments in the rapidly growing freelance or “gig” economy. Glance will also be marketing to merchants and users through digital advertising, social media, influencers such as celebrity chefs and food bloggers, and traditional media such as transit ads and radio.
Glance’s sales team is focused on signing up large restaurant chains and high-volume busy urban restaurants. A cornerstone of the Company’s many restaurant partnerships are several signed restaurant chains, which boast lucrative businesses and an expanding footprint of franchised locations, including MR MIKES Steakhouse Casual, Ricky’s Group of Restaurants, Freshslice Pizza and the Steamworks Group of Companies.
Historically, a large percentage of Glance’s revenues have been received from licensing and services. By the very nature of these types of revenue sources and the accounting principles for revenue recognition, Glance has historically experienced wide variations in its revenue for licensing and services. As discussed above, Glance’s long term strategy is to shift from licensing and services revenue to software-as-a-service, enhanced fees, and transaction fee revenue.
At Glance we are building an ecosystem of merchants and users that are empowered through fast, secure payments that are incentivized through digital loyalty rewards.
We believe that fraud prevention is one of the most important features of our intellectual property to date, and we intend to leverage this advantage in various markets including cryptocurrency and blockchain, online e-commerce, mobile payments and in-store purchases.
We believe our anti-fraud technology represents a significant accomplishment and market edge. Based on recent announcements by credit card firms, fraud is also emerging as a major issue in the crypto space, and our technology could offer an important weapon against it.
As reported in Glance’s financial results for the three month period ended February 28, 2019, Glance’s working capital as at February 28, 2019 was $11,204,000 and it has no long-term debt.
Glance management regularly reviews and prioritizes its expenditures to improve efficiency. Costs incurred on operating activities were approximately $1.7m in Q1 2019, compared to $4.9m in Q1 2018. We have continued to focus on spending efficiency and we expect some of the recent changes we have adopted to be reflected in further cost reductions in future quarters.
