The balance was the amount on hand as Xero issued the report for the quarter ended September 30. The amount on the financial statement for that date was about $45 million. The cash outflow for the quarter was about $8 million, much of which went into product development and office investments in San Francisco, Calif., and Denver, Colo. Xero says its quarterly report will be issued this month, although it did not provide a time frame.
XERO CASH TOPS $165 MILLION
Xero raised $150 million in equity investment last month. And with the proceeds from that fund-raising effort in hand, the company's cash topped roughly $165 million the New Zealand-based company said in a quarterly report required under the requirements for the listing of its securities on the Australian Securities Exchange.
