ACCESS Newswire
15 Nov 2019, 19:01 GMT+10
Sequential Revenue Growth of 38% to $1.8 Million
Significant 68% Improvement in Shareholder Equity to a $5.1 Million Deficit
LAS VEGAS, NV / ACCESSWIRE / November 15, 2019 / Beyond Commerce, Inc. (OTC PINK:BYOC) (the 'Company'), a provider of B2B internet marketing analytics, technologies and services, announced the company's financial results for the third quarter ended September 30, 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 Q3 2019:
Key Business Highlights for Q3 2019:
Management Commentary
'We are pleased to report a solid full quarter of results demonstrating the strong ongoing Service 800 and Path UX businesses that were acquired during the first half of 2019,' commented, Geordan Pursglove, Beyond Commerce's Chief Executive Officer. 'Our efforts to re-energize the sales engines at both Service 800 and PathUX has paid off in sequential revenue growth. We are now in midst of initiating cross-sell opportunities, introducing new products and expanding their markets. We expect these initiatives to drive growth over the next few quarters. Additionally, we remain in active and discussions and negotiations with several acquisitions and expect to make announcements on such over the next few months.'
Pursglove, added, 'On the corporate front, our team has been extremely active with our attorneys and accountants in strengthening our balance sheet. We are extremely proud of the significant improvement in shareholder equity to a $5.0 million deficit. This puts us in much better position to achieve our 2020 goals of closing additional acquisitions and pursuing an uplist to a national exchange. All of our successful efforts are reflected in the fact that our corporate overhead and operations have been self-sustaining over the past six months, as we have not had to go back to the capital markets to raise money. We look forward to closing out the year strong and improving our business and capital markets positioning in 2020.'
Financial Results for the Three Months Ended September 30, 2019:
Revenue for the three months ended September 30, 2019 was $1.8 million, compared to $0 for the three months ended September 30, 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 three months ended September 30, 2019 was $1.1 million, compared to $0 for the three months ended September 30, 2018. The resulting gross margin was 58.4% for the three months ended September 30, 2019.
Selling, General and administrative expenses for the three months ended September 30, 2019 were $0.4 million, an increase of $0.3 million, compared to $0.1 million for the three months September 30, 2018. The significant increase is mainly attributable to the Service 800 and PathUX acquisitions and the related costs associated with this operation.
Payroll expenses for the three months ended September 30, 2019 were $0.5 million, an increase of $0.4 million, compared to $0.1 million for the three months ended September 30, 2018.
Professional expenses for the three months ended September 30, 2019 were $0.3 million, an increase of $0.2 million, compared to $0.1 million for the three months ended September 30, 2018.
Depreciation and amortization for the three months ended September 30, 2019 were $0.3 million, an increase of $0.3 million, compared to $0 for the three months ended September 30, 2018.
Operating loss for the three months ended September 30, 2019 was $0.5 million, an increase of $0.2 million, compared to $0.2 million for the three months ended September 30, 2018.
Net income for the three months ended September 30, 2019 was $1.8 million, an increase of $2.9 million, compared to a net loss of $1.1 million for the three months ended September 30, 2018. The net income of $1.9 million for the three months ended September 30, 2019 primarily reflects a positive $3.2 million change in derivative liability and also includes $0.8 million of interest expense, amortization of debt discount and derivative related expenses. The resulting EPS loss for the three months ended September 30, 2019 was $0.00 per diluted share, compared to ($0.00) per diluted share for the three months ended September 30, 2018.
Financial Results for the Nine Months Ended September 30, 2019:
Revenue for the nine months ended September 30, 2019 was $3.6 million, compared to $0 for the nine months ended September 30, 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 nine months ended September 30, 2019 was $2.3 million, compared to $0 for the nine months ended September 30, 2018. The resulting gross margin was 64.5% for the nine months ended September 30, 2019.
Selling, general and administrative expenses for the nine months ended September 30, 2019 were $0.9 million, an increase of $0.8 million, compared to $0.1 million for the nine months ended September 30, 2018. . The significant increase is mainly attributable to the Service 800 and PathUX acquisitions and the related costs associated with this operation.
Payroll expenses for the nine months ended September 30, 2019 were $1.5 million, an increase of $1.2 million, compared to $0.3 for the nine months ended September 30, 2018.
Professional expenses for the nine months ended September 30, 2019 were $0.8 million, a decrease of $0.1 million, compared to $0.9 million for the nine months ended September 30, 2018.
Depreciation and amortization for the nine months ended September 30, 2019 were $0.5 million, an increase of $0.5 million, compared to $0 for the nine months ended September 30, 2018.
Operating loss for the nine months ended September 30, 2019 was $1.4 million, an increase of $0.2 million, compared to $1.2 million for the nine months ended September 30, 2018.
Net loss for the nine months ended September 30, 2019 was $7.1 million, an increase of $4.9 million, compared to $2.2 million for the nine months ended September 30, 2018. The net loss of $7.1 million for the nine months ended September 30, 2019 primarily reflects a $1.9 million negative change in derivative liability and also includes $3.8 million of interest expense, amortization of debt discount and derivative related expenses. The resulting EPS loss for the nine months ended September 30, 2019 was ($0.01) per diluted share, compared to ($0.00) per diluted share for the nine months ended September 30, 2018.
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 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:
[email protected]
p702-675-8022
SOURCE: Beyond Commerce, Inc.
Get a daily dose of Miami Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Miami Mirror.
More InformationOTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...