LAS VEGAS, NV / ACCESSWIRE / May 12, 2021 / DLT Resolution, Inc. (OTC PINK:DLTI), an information technology, cyber security, telecommunications and Union Services company, reported financial results for the year ended December 31, 2020.
2020 Highlights:
- 2020 Q4 revenue of $584,000 was 487% higher than 2019 Q4 revenue
- 2020 annual revenue of $2,161,000 was 366% higher than 2019 annual revenue
- 2020 annual EBITDA of $78,000 compared to 2019 EDITDA of ($929,000)
"We are pleased to report revenue growth and positive EDITDA despite the business environment made challenging by the COVID-19 pandemic." said John Wilkes, Chief Executive Officer of DLT Resolution Inc., adding "We are currently expanding our service offerings and expect revenue growth will continue to drive our improved financial performance."
Fourth Quarter 2020 Results
The increase in 2020 fourth quarter revenue to $584,000 from 2019's fourth quarter revenue of $99,000 resulted from revenue generated by Union Strategies, Inc. following the Company's acquisition of its business on January 30, 2020. The Company reported a 2020 fourth quarter net loss of $94,000 as compared to a $377,000 2019 fourth quarter net loss.
John Wilkes concluded, "Our focus is to expand our service offerings in order to grow and diversify our revenues while maintaining positive EBITDA and delivering profitability."
Forward-Looking and Cautionary Statements
The use of the word "company" or "Company" refers to DLT Resolution Incorporated and its wholly-owned subsidiaries. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the company's actual results. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. DLT Resolution may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (available at http://www.sec.gov). DLT Resolution undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise. Nothing within this communication is meant to be a solicitation to buy or sell our securities. Investing in over the counter (OTC) securities often carries a high degree of risk. Please contact your financial advisor before investing in our securities.
Source: DLT Resolution Inc.
Contact:
Fred Vecchio
President
Union Strategies Inc.
(647) 776-0950 ext. 874
(416) 669-5465 Cell
87 Caster Avenue, Woodbridge ON, L4L 5Z2
UnionStrategiesinc.com
DLTTelecom.com
1 800-463-5465
DLT RESOLUTION, INC
Condensed Consolidated Balance Sheets
(Unaudited)
|
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September 30,
2020
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December 31,
2019
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|||||||||
| ASSETS | |||||||||||
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Current assets
|
|||||||||||
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Cash and cash equivalents
|
$ | 11,487 | $ | 13,140 | |||||||
|
Accounts receivable, net of allowance for doubtful accounts of $44,730 at September 30, 2020 and $0 at December 31, 2019
|
296,969 | 34,631 | |||||||||
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Other current asset
|
76,587 | - | |||||||||
|
Total current assets
|
385,043 | 47,771 | |||||||||
|
|
|||||||||||
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Property, plant and equipment, net of accumulated depreciation
|
76,963 | - | |||||||||
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Operating lease - right of use asset
|
9,082 | - | |||||||||
|
Intangible assets, net of accumulated amortization
|
2,020,358 | 376,460 | |||||||||
|
Goodwill
|
914,959 | 165,022 | |||||||||
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|||||||||||
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Total assets
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$ | 3,406,405 | $ | 589,253 | |||||||
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| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | |||||||||||
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|||||||||||
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Current liabilities
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|||||||||||
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Bank overdraft
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$ | 32,085 | $ | 16,782 | |||||||
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Accounts payable and accrued liabilities
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569,650 | 99,201 | |||||||||
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Related party payables
|
35,872 | 35,880 | |||||||||
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Interest payable, related party
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39,722 | 34,190 | |||||||||
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Note payable, related party
|
81,500 | 81,500 | |||||||||
|
Notes payable, current portion
|
5,000 | - | |||||||||
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Lease obligation - operating lease
|
6,116 | - | |||||||||
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Total current liabilities
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769,945 | 267,553 | |||||||||
|
|
|||||||||||
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Notes payable, net of current portion
|
90,069 | 5,000 | |||||||||
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Other long term liability
|
1,860,000 | 685,000 | |||||||||
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Lease obligation - operating lease, net of current portion
|
2,412 | - | |||||||||
|
Total liabilities
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2,722,426 | 957,553 | |||||||||
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|||||||||||
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Stockholders' equity (deficit)
|
|||||||||||
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Series A convertible preferred stock, $1.00 par value; 5,000,000 shares authorized; 0 and 25,000 issued and outstanding at September 30, 2020 and December 31, 2019
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- | - | |||||||||
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Series B convertible preferred stock, $1.00 par value; 500,000 shares authorized; 64,000 and 64,000 issued and outstanding at September 30, 2020 and December 31, 2019
|
64,000 | 64,000 | |||||||||
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Common stock, $0.001 par value; 275,000,000 shares authorized; 25,926,287 and 24,395,037 issued; 22,698,787 and 21,167,537 outstanding at September 30, 2020 and December 31, 2019
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25,926 | 24,395 | |||||||||
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Common stock subscribed
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14,000 | - | |||||||||
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Additional paid-in capital
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4,913,010 | 4,218,265 | |||||||||
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Other comprehensive income
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719,042 | (34,430) | |||||||||
|
Treasury stock, 3,815,000 shares as of September 30, 2020 and December 31, 2019, at cost
|
(5,300) | (5,300) | |||||||||
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Accumulated deficit
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(5,046,699) | (4,653,230) | |||||||||
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Total stockholders' equity (deficit)
|
683,979 | (368,300) | |||||||||
|
|
|||||||||||
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Total liabilities and stockholders' equity (deficit)
|
$ | 3,406,405 | $ | 589,253 | |||||||
|
|
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DLT RESOLUTION, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
|
|
Three months ended
September 30,
|
Nine months ended
September 30,
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2020 | 2019 | 2020 | 2019 | ||||||||||||
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Revenue
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$ | 599,160 | $ | 128,482 | $ | 1,576,960 | $ | 363,849 | ||||||||
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Cost of revenue and operating expenses
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Cost of revenue
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317,418 | 42,264 | 819,932 | 114,676 | ||||||||||||
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General and administrative
|
246,487 | 72,482 | 615,375 | 194,852 | ||||||||||||
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Depreciation and amortization
|
1,288 | 25,768 | 268,321 | 76,980 | ||||||||||||
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Professional fees
|
29,060 | 55,421 | 93,481 | 119,842 | ||||||||||||
|
Goodwill impairment loss
|
(4,768) | - | 160,594 | - | ||||||||||||
|
Total operating expenses
|
600,428 | 198,295 | 1,957,703 | 506,350 | ||||||||||||
|
|
||||||||||||||||
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Loss from operations
|
(1,268) | (69,813) | (380,743) | (142,501) | ||||||||||||
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Other income (expense)
|
||||||||||||||||
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Gain/(loss) on stock based liability
|
- | 267,602 | - | (227,836) | ||||||||||||
|
Foreign exchange gain/(loss)
|
(3) | 4 | (3) | 5,353 | ||||||||||||
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Loss on investment
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- | - | - | (331,787) | ||||||||||||
|
Interest expense
|
(11,817) | (1,844) | (30,723) | (5,471) | ||||||||||||
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Total other income (expense)
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(11,820) | 265,762 | (30,726) | (559,741) | ||||||||||||
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Net (loss) income
|
$ | (13,088) | $ | 195,949 | $ | (411,469) | $ | (702,242) | ||||||||
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|
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Basic loss per common share - net (loss) income
|
$ | (0.00) | $ | 0.01 | $ | (0.02) | $ | (0.03) | ||||||||
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Diluted loss per common share - net (loss) income
|
$ | (0.00) | $ | 0.01 | $ | (0.02) | $ | (0.03) | ||||||||
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Weighted average basic shares outstanding
|
25,926,287 | 21,170,526 | 25,760,571 | 21,113,158 | ||||||||||||
|
Weighted average diluted shares outstanding
|
25,926,287 | 21,170,526 | 25,760,571 | 21,153,158 | ||||||||||||
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SOURCE: DLT Resolution Inc.