SAN JOSE, CA / ACCESSWIRE / May 15, 2020 / iSign Solutions Inc. ("iSIGN") (OTC Pink:ISGN), a leading supplier of electronic signature and other software solutions enabling secure and cost-effective management of document-based digital transactions, today reported total revenue of $190,000 for the quarter ended March 31, 2020, a decrease of $9,000, or 5%, compared to total revenue of $199,000 for the prior year.
"First quarter revenue reflects the initial impact of COVID-19 on our transaction volume," said Philip Sassower, co-chairman and chief executive officer for iSIGN. "While certain verticals showed growth due to increased levels of remote working, areas like real estate and in-person transactions slowed down in March. In the long term, we expect higher demand for our solutions as business processes adapt to the pandemic's effects. We continue to manage our business in a prudent fashion by keeping our expenses in check and have implemented cost saving measures where possible."
For the quarter ended March 31, 2020, operating expenses were $442,000, an increase of $23,000, or 5%, compared to operating expenses of $419,000 in the prior year. This increase primarily was due to higher professional services expenses.
For the quarter ended March 31, 2020, the net loss was $339,000, an increase of $48,000, or 16%, compared to a net loss of $291,000 in the prior year. This increase primarily was due to the $32,000 increase in operating loss, and $18,000 increase in warrant expense and a $9,000 increase in interest expense, offset by a $10,000 decrease in amortization of debt discount.
Additional financial information regarding iSIGN's operating results for the quarter ended March 31, 2020, will be available in the Company's Quarterly Report on Form 10-Q that will be filed with the Securities and Exchange Commission and available at www.sec.gov.
ABOUT iSIGN
iSIGN (formerly known as Communication Intelligence Corporation or CIC) is a leading provider of digital transaction management (DTM) software enabling fully digital (paperless) business processes. iSIGN's solutions encompass a wide array of functionality and services, including electronic signatures, simple-to-complex workflow management and various options for biometric authentication. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated software platform for both ad-hoc and fully automated transactions. iSIGN's software platform can be deployed both on-premise and as a cloud-based service, with the ability to easily transition between deployment models. iSIGN is headquartered in Silicon Valley. For more information, please visit our website at www.isignnow.com. iSIGN's logo is a trademark of iSIGN.
FORWARD LOOKING STATEMENTS
Certain statements contained in this press release, including without limitation, statements containing the words "believes", "anticipates", "hopes", "intends", "expects", and other words of similar import, constitute "forward looking" statements within the meaning of the Private Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual events to differ materially from expectations. Such factors include the following (1) technological, engineering, quality control or other circumstances which could delay the sale or shipment of products containing the company's technology; (2) economic, business, market and competitive conditions in the software industry and technological innovations which could affect customer purchases of the company's solutions; (3) the company's inability to protect its trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others or prevent others from infringing on the proprietary rights of the company; and (4) general economic and business conditions.
Contact Information:
iSIGN
Andrea Goren
Chief Financial Officer
+1.646.763.8363
agoren@isignnow.com
SOURCE: iSign Solutions Inc.
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