Revenue Increased 5% Year-to-Date Thru Q3 2020
LAS VEGAS, NV / ACCESSWIRE / November 17, 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 third quarter ended September 30, 2020.
Key Financial Highlights for Year-to-Date 2020:
- Revenues increased by 5% to $3.0 million
- Gross profit decreased by 1% to $2.0 million
- Gross margin of 67%
- Total assets of $5.4 million
Key Business Highlights in Q3 2020:
- Awarded contract from Metrasens
- Awarded contract from Compass Minerals
Subsequent to the End of Q3 2020:
- Awarded contract from Cargill
- Awarded renewal contract from GE
- Joined CompTIA as an affinity partner
- Awarded contract from Vyaire Medical
- Joined TSIA's partner advisory board
- Awarded multi-year contract extension from 3M
- Awarded contract from Clarivate
Management Commentary
"As you can see from the flurry of recent press releases regarding new contract awards, extensions and renewals, we are returning to an increase in business activity from our customers, commented, Geordan Pursglove, Beyond Commerce's Chief Executive Officer. "While some customers had paused their businesses, no revenue was lost and we are witnessing an acceleration of revenue from pent-up demand. We continue on our path of complementary acquisitions, as exemplified by our recently announced definitive agreement to acquire E.G. Insight, we expect to close by the end of December. We are very well-positioned to continue to grow organically and acquisitively and have our sights on demonstrating operating profitability in 2021."
Financial Results for the Three Months Ended September 30, 2020:
Revenue for the three months ended September 30, 2020 was $983,155, a decrease of $201,144, or 17%, compared to $1,184,299 for the three months ended September 30, 2019. We began reporting revenue being created from the acquisition of Customer-Centered Strategies which were included for the entire quarter, however, our customer based growth was paused momentarily in response to the Covid-19 situation.
Gross profit for the three months ended September 30, 2020 was $656,703, a decrease of $163,411, or 20%, compared to $820,114 for the three months ended September 30, 2019. The resulting gross margin was 66.8% for the three months ended September 30, 2020, compared to 69.2% for the three months ended September 30, 2019.
Operating expenses for the three months ended September 30, 2020 were $1,654,955, an increase of $19,140, or 1%, compared to $1,635,815 for the three months ended September 30, 2019.
Operating loss for the three months ended September 30, 2020 was $671,801, an increase of $220,284, or 49%, compared to $451,517, for the three months ended September 30, 2019.
Non-Operating expenses for the three months ended September 30, 2020 were $7,057,649, an increase of $, or %, compared to a non-operating income of $2,312,077 for the three months ended September 30, 2019. The significant increase is mainly attributable to the changes in the derivative liability and debt fees associated with our convertible notes and the increase in stock conversion and relative volatility increase in fluctuation.
Net loss for the three months ended September 30, 2020 was $7,729,449, compared to a net income of $1,860,561 for the three months ended September 30, 2019. The net loss was primarily due to derivative-related income from the changes in liability and debt fees associated with our convertible notes and the increase in stock conversion and relative volatility increase in fluctuation. The resulting EPS loss for the three months ended September 30, 2020 was ($0.00) per diluted share, compared to ($0.00) per diluted share for the three months ended September 30, 2019.
Financial Results for the Nine Months Ended September 30, 2020:
Revenue for the nine months ended September 30, 2020 was $3,012,754, an increase of $150,613, or 5%, compared to $2,862,141 for the nine months ended September 30, 2019.
Gross profit for the nine months ended September 30, 2020 was $2,015,865, a decrease of $27,007, or 1%, compared to $2,042,872 for the nine months ended September 30, 2019. The resulting gross margin was 66.9% for the nine months ended September 30, 2020, compared to 71.4% for the nine months ended September 30, 2019.
Operating expenses for the nine months ended September 30, 2020 were $4,946,098, an increase of $760,095, or 18%, compared to $4,186,003 for the nine months ended September 30, 2019.
Operating loss for the nine months ended September 30, 2020 was $1,933,344, an increase of $609,482, or 46%, compared to $1,323,862, for the nine months ended September 30, 2019.
Non-Operating expenses for the nine months ended September 30, 2020 were $8,734,813, an increase of $2,986,030, or 52%, compared to $5,748,783 for the nine months ended September 30, 2019. The significant increase is mainly attributable to the changes in the derivative liability and debt fees associated with our convertible notes, along with an increase in interest expense of $921,408 due to the increase in debt level and default interest rates the Company is currently paying.
Net loss for the nine months ended September 30, 2020 was $10,668,157, an increase of $, or %, compared to a net loss of $7,072,644 for the nine months ended September 30, 2019. The increase in net loss was primarily due to derivative-related income from the changes in liability and debt fees associated with our convertible notes and the increase in stock conversion and relative volatility increase in fluctuation. The resulting EPS loss for the nine months ended September 30, 2020 was ($0.01) per diluted share, compared to ($0.01) per diluted share for the nine months ended September 30, 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.
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SOURCE: Beyond Commerce, Inc.