The Audio Pixels Ltd (ASX: AKP) share price climbed 2.3% to $18.33 today after the sound reproduction platform company held its AGM and provided an operating update.
The company claims to have patented technology that allows it to manufacture tiny microphone type devices or sound processing systems that are far superior to anything available today.
In fact it has been around since 2006 but its latest 4C quarterly report showed that it's yet to generate any sales as its products are still not complete due to a series of operational problems in developing them.
For the quarter ending March 31 2019 it posted an operating cash loss of $1.03 million and had cash on hand of $9.9 million as at quarter end.
Despite the chequered history it has a market value of $521 million based on 28.3 million shares on issue. As you can probably guess, given its lack of revenues, and huge exisiting valuation I wouldn't suggest buying Audio Pixel shares.
