Refined Strategy with Complementary and Accretive Opportunities Around Service 800
LAS VEGAS, NV / ACCESSWIRE / May 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 first quarter ended March 31, 2020. Beyond Commerce entered into a Settlement and Release Agreement and unwound its acquisition of PathUX effective April 1, 2019, with all assets and liabilities returned to its former shareholders without any further recourse to the Company. Of note, Beyond Commerce closed its acquisition of Service 800 on March 4, 2019
Key Financial Highlights for Q1 2020:
- Revenues increased by 216% to $1.47 million
- Gross margin of 56%
- Net loss decreased by 89% to $0.4 million
- Total assets of $8.7 million
- Total shareholders' deficit of $3.2 million, a significant improvement from $15.8 million deficit at the end Q2 2019
Key Business Highlights for Q1 2020:
- Closed acquisition of Customer Centered Strategies
- Identified and improved operating efficiencies with Service 800
Management Commentary
"We are off to a solid start in 2020, as our team continues to identify and improve operating efficiencies with Service 800, commented, Geordan Pursglove, Beyond Commerce's Chief Executive Officer. We also sharpened the focus of our business and strategic vision by unwinding the PathUX acquisition and completing the acquisition of Customer Centered Strategies. The Minneapolis-based firm specializes in helping businesses grow their revenue through improved customer experience and demonstrates our ability to identify and acquire additional tuck-in acquisitions that are complementary and accretive to Service 800. We have adapted and transitioned well, especially amid these uncertain times surrounding the COVID-19 pandemic, and remain confident and enthusiastic on our future growth prospects."
Financial Results for the Three Months Ended March 31, 2020:
Revenue for the three months ended March 31, 2020 was $1,467,457, an increase of $1,003,543, or 216%, compared to $463,914 for the three months ended March 31, 2019. The increase in revenue relates to the acquisition of Service 800, which closed on March 4, 2019 and was effective February 28, 2019.
Gross profit for the three months ended March 31, 2020 was $825,170, an increase of $473,310, or 135%, compared to $351,860 for the three months ended March 31, 2019. The resulting gross margin was 56.2% for the three months ended March 31, 2020, compared to 75.8% for the three months ended March 31, 2019.
Selling, General and administrative expenses for the three months ended March 31, 2020 were $304,035, an increase of $182,992, or 151%, compared to $121,043 for the three months ended March 31, 2019. The increase is mainly attributable to the Service 800 acquisition and the related costs associated with this operation, as the Company now has a significant number of employees.
Payroll expenses for the three months ended March 31, 2020 were $669,109, an increase of $392,388, or 142%, compared to $276,721 for the three months ended March 31, 2019. The increase is mainly attributable to the Service 800 acquisition and the related costs associated with this operation, as the Company now has a significant number of employees.
Professional expenses for the three months ended March 31, 2020 were $250,158, an increase of $120,867, or 93%, compared to $129,291 for the three months ended March 31, 2019.
Depreciation and amortization for the three months ended March 31, 2020 were $123,440, an increase of $69,849, or 130%, compared to $53,591 for the three months ended March 31, 2019.
Operating loss for the three months ended March 31, 2020 was $521,572, an increase of $292,786, or 128%, compared to $228,786, for the three months ended March 31, 2019.
Net loss for the three months ended March 31, 2020 was $424,583, a decrease of $3,329,419, or 89%, compared to a net loss of $3,754,002 for the three months ended March 31, 2019. The decrease in net loss was primarily attributable to the changes in the derivative liability and debt fees associated with the Discover Growth Fund Note. The resulting EPS loss for the three months ended March 31, 2020 was ($0.00) per diluted share, compared to ($0.00) per diluted share for the three months ended March 31, 2019.
About Beyond Commerce, Inc.
Beyond Commerce, Inc. (OTC PINK: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
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:
investors@beyondcommerceinc.com
P:702-675-8022
SOURCE: Beyond Commerce, Inc.
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