Annual Revenue of $5.0 Million; Lowered Shareholder Equity Deficit by 40% to $3.1 Million
LAS VEGAS, NV / ACCESSWIRE / April 15, 2020 / Beyond Commerce, Inc. (OTC PINK:BYOC) (the "Company"), a provider of B2B internet marketing analytics, technologies and services, today announced the company's financial results for its year ended December 31, 2019. Of note, Beyond Commerce closed its acquisition of Service 800 on March 4, 2019 and its acquisition of PathUX on May 31, 2019.
Key Financial Highlights for 2019:
- Revenues increased to $5.0 million
- Gross margin of 66%
- Net gain of $2.2 million on subsidiary investment
- Total assets of $9.2 million
- Total shareholders' deficit of $3.1 million, a significant improvement from $15.8 million deficit at the end Q2 2019
Key Business Highlights for 2019:
- Service 800 recognized bioMérieux with award for 20 years of steady commitment to customer experience excellence
- Service 800 awarded contract from Thermo Fisher Scientific initial multi-month pilot program
- Closed and integrated acquisitions of Service 800 and PathUX
Management Commentary
"2019 was an extremely active and positive year for our Company, having successfully closed and integrated our acquisitions of Service 800 and PathUX, commented, Geordan Pursglove, Beyond Commerce's Chief Executive Officer. While we are pleased to have reached $5 million in top-line revenue and significantly reduced our shareholders' deficit, we have a lot more in our sights and planned for 2020 and beyond. Our January 2020 acquisition of Customer Centered Strategies, L.L.C., a Minneapolis-based firm specializing in helping businesses grow their revenue through improved customer experience, demonstrates our ability to identify and acquire additional tuck-in acquisitions that are complementary and accretive to Service 800."
Pursglove, concluded, "We have prudently implemented cost reductions wherever possible in light of the effect from COVID-19, as we seek to operate more efficiently in this time of uncertainty. I am proud of our team as we have adapted and transitioned well and remain confident and enthusiastic on our future growth prospects."
Financial Results for the Year Ended December 31, 2019:
Revenue for the year ended December 31, 2019 was $5.0 million, compared to $0 for the year ended December 31, 2018. The increase in revenue relates to the acquisition of Service 800, which closed on March 4, 2019 and the acquisition of PathUX, which closed on May 31, 2019.
Gross profit for the year ended December 31, 2019 was $3.4 million, compared to $0 for the year ended December 31, 2018. The resulting gross margin was 66.4% for the year ended December 31, 2019.
Selling, General and administrative expenses for the year ended December 31, 2019 were $1.4 million, an increase of $1.2 million, compared to $0.2 million for the year December 31, 2018. The significant increase is mainly attributable to the Service 800 and PathUX acquisitions and the related costs associated with this operation, as the Company now has a significant amount of employees.
Payroll expenses for the year ended December 31, 2019 were $2.1 million, an increase of $1.7 million, compared to $0.4 million for the year ended December 31, 2018. The significant increase is mainly attributable to the Service 800 and PathUX acquisitions and the related costs associated with this operation, as the Company now has a significant amount of employees.
Professional expenses for the year ended December 31, 2019 were $1.5 million, an increase of $0.3 million, compared to $1.2 million for the year ended December 31, 2018.
Depreciation and amortization for the year ended December 31, 2019 were $0.6 million, an increase of $0.6 million, compared to $0 for the year ended December 31, 2018.
Operating loss for the year ended December 31, 2019 was $2.3 million, an increase of $0.5 million, compared to $1.8 million for the year ended December 31, 2018.
Net loss for the year ended December 31, 2019 was $5.5 million, an increase of $1.2 million, compared to a net loss of $4.3 million for the year ended December 31, 2018. Of note, the Company recorded a $2.2 million net gain on subsidiary investment in the year ended December 31, 2019. The resulting EPS loss for the year ended December 31, 2019 was ($0.00) per diluted share, compared to ($0.00) per diluted share for the year ended December 31, 2018.
About Beyond Commerce, Inc.
Beyond Commerce, Inc. (OTCPINK:BYOC) is focused on business combinations of "big data" companies in global B2B internet marketing analytics, technologies and services. The Company's objective is to develop and deploy disruptive strategic software technology that will build on organic growth potential and to exploit cross-selling opportunities. Beyond Commerce plans to offer a cohesive global digital product and services platform to provide clients with a single point of contact for their big data, marketing and related sales initiatives. For additional information, please visit: https://beyondcommerceinc.com and https://www.service800.com and https://www.pathux.co.
Twitter: @incbyoc
Facebook: fb.me/incbyoc
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the "safe harbor" created by those sections for such statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "design," "estimate," "except," "forecast," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," or the negatives or other tense of such terms and other similar expressions intended to identify forward-looking statements and similar expressions. We use forward-looking statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements.
Contact Information:
investors@beyondcommerceinc.com
p702-675-8022
SOURCE: Beyond Commerce, Inc.
View source version on accesswire.com:
https://www.accesswire.com/585174/Beyond-Commerce-Reports-2019-Results
