- ARHT Media (TSXV:ART), a live hologram technology provider, has initiated bankruptcy proceedings under the Bankruptcy and Insolvency Act
- The company posted increasing net income losses over the past four years
- ARHT was a pioneer and global leader in live hologram technology, allowing executives, medical experts, educators, entertainers and thought leaders to travel at the speed of light to any destination
- ARHT Media stock ends its decade-long run on the TSXV with a more than 99 per cent loss, last trading at C$0.015 per share
ARHT Media (TSXV:ART), a live hologram technology provider, has initiated bankruptcy proceedings under the Bankruptcy and Insolvency Act. The company has laid off all of its employees and contractors and is officially ending its operations Friday.
Founded in 2014, ARHT spent the past decade connecting clients around the world with their audiences, regardless of location, through its lifelike, real-time holographic solutions such as the Capsule and the Virtual Global Stage.
Though management succeeded in growing revenue from the pandemic low of C$2.22 million in 2020 to C$4.92 million in 2023, it did so at increasingly large net income losses, topping off at -C$11.26 million in 2023.
According to Friday’s news release, “while ARHT has been successful in reducing its overall cost structure, it has been unable to secure the additional financing required to fund the operations until such time as it achieves large-scale rollouts of its holographic products.”
MNP Ltd. will serve as licensed insolvency trustee, overseeing the disposition of assets that span the United States, United Kingdom, Singapore and Hong Kong.
About ARHT Media
ARHT was a pioneer and global leader in live hologram technology, allowing executives, medical experts, educators, entertainers and thought leaders to travel at the speed of light to any destination.
ARHT Media stock (TSXV:ART) ends its decade-long run on the TSXV with a more than 99 per cent loss, last trading at C$0.015 per share.
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(Top photo of ARHT Media’s Capsule product: ARHT Media)
