ASX-listed anti-counterfeit technology company Dotz says sales are on the horizon, but have yet to materialise for its products.

In its report for the fourth quarter the company revealed it had spent US$649,000 and received US$50,000 in income. For the year it spent US$2.75m with incomings of US$155m.

Dotz develops, manufactures, and commercialises tagging, tracing, anti-counterfeit and verification technology. The company has established distributors in North America, Europe and Japan, as well as collaborations and partnerships with several universities.

Its products – ValiDotz, BioDotz, Fluorensic, and InSpec – can be used for various applications, including anti-counterfeiting, and brand and reputation protection.

In its quarter results for the three months ending 31 December, Dotz reported little income from receipts from customers, but expressed confidence that this would increase in coming months.

In a letter to shareholders released with the results, Dotz CEO and executive director Uzi Breier expressed optimism that ongoing long-term commercial negotiations with prospective customers would bear fruit.

“Increasing sales activity and reaching profitability remain[s] a key … priority for Dotz and we continue to advance long-term commercial negotiations with prospective customers across the anti-counterfeiting, product liability, and oil and gas segments,” he wrote.

Breier said the company had completed customisation testing with a European transportation and logistic company for its ValiDotz product. He wrote that he expected the potential contract to be worth A$500,000.

“I am confident that 2020 will be a turning point for Dotz,” Breier wrote in the letter.

In its quarterly report, the company reported income of US$15,000 in receipts from customers. Other sources of income over the quarter were government grants and tax incentives US$35,000, and proceeds from issues of shares (US$1.35 million).

The company said it spent US$182,000 on research and development. Other cash outflows over the quarter included US$112,000 for advertising and marketing, and US$229,000 on interest, other costs of finance paid, input VAT, and “other”.

In December, the company restructured its board to prepare for an anticipated “growth phase”; former Meyer CEO Bernard Brookes was appointed non-executive director and chairman.

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