VANCOUVER, BC / ACCESSWIRE / November 29, 2022 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), announces its Company quarterly numbers for the three months ended September 30, 2022 and a business outlook for 2022-23.
InsuraGuest Technologies Inc. is a publicly traded Canadian insurtech (insurance + technology) software company ("ISGI") with offices in Vancouver, British Columbia and Salt Lake City, Utah. Our proprietary software platform delivers digitally embedded, opt-in, and subscription-based insurance packages directly to our members on a business-to-business and business-to-consumer basis. The Company also provides insurance agents and brokers the ability to sign up instantly online through its automated agency/broker software platform. These brokers and agents then become channels to sell the Company's products to their own customers, speeding up the process of distributing products through the insurtech platform.
During the three months ended September 30, 2022, the Company generated revenues of $81,405 leading to $54,612 of gross margin versus $40,726 of revenue and $32,185 of gross margin for the same period in fiscal 2021. During the three months ended September 30, 2022, the Company recorded a comprehensive loss of $190,991 as compared to a comprehensive loss of $598,950 for the quarter ended September 30, 2021.
Revenue increased from $40,726 for the three months ended September 30, 2021, to $81,405 for the quarter ended September 30, 2022. The increase was primarily related to revenue generated from our recently launched vacation rental insurance subscription service; a product that continues to grow every day.
The decrease in operating expenses was primarily related to cashflow management efforts and one-time fundraising expenses from exercise of options and warrants from the Company's June 2021 unit offering. These items led to i) decreased advertising and marketing by $182,515 from $221,156 for the quarter ended September 30, 2021 to $38,641 for the three months ended September 30, 2022; ii) decreased professional fees by $73,514 from $100,666 for the quarter ended September 30, 2021 to $27,152 for the three months ended September 30, 2022; and iii) a $100,889 decrease from one-time share-based payments from $110,410 for the quarter ended September 30, 2021 to $9,521 for the three months ended September 30, 2022.
"In the last 90 days, we increased our vacation rental subscription base by 283 doors and continue to increase that number and our revenues daily," states Reed Wright InsuraGuest's President. "With our growing success, we are increasing our investments in sales and marketing to further drive this revenue growth while decreasing internal expenses."
About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSX.V:ISGI) (OTCQB:ISGIF) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to embed its short-term rental insurance products to vacation rentals, sports and ticketed events, hotels, and resorts.
CA / LIC: 6001686
For more information, visit the company's website at: www.InsuraGuest.com
The Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. There is no assurance that this new business product offering or other planned products will be successful. The insurance industry is intensely competitive, and the Company's competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance, this will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all. Other risk factors are identified in our quarterly filing and should be read and considered in connection with this release.
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InsuraGuest Technologies, Inc.
SOURCE: InsuraGuest Technologies Inc.