Data443 Reports 112% Revenue Increase, 57% Reduction in Net Loss for Fiscal Year 2023 - Seite 3

• The Company attributes its increase in revenue to its acquisition of intellectual property, accounts receivable, and other assets from the assets of Cyren Ltd.
  
• Data443 continues to see organic growth in increased consumption of its services that contain storage or volume components, matching its expectations and as reflected in its continuing ARR growth.
  

General and administrative expenses for the year ended December 31, 2023, were $5,951,386, compared to $5,552,936 for the year ended December 31, 2022, an increase of 7%. The increase in general and administrative expenses was primarily due to an increase in costs to integrate assets we acquired and expand sales, along with an increase in professional service fees.

Net loss decreased 57% from $9,713,467 for the year ended December 31, 2022 to $4,046,851 for year ended December 31, 2023.

• The net loss was mainly derived from an operating loss of $2,586,602 and interest expense of $6,417,407 and settlement of debt of $4,913,181. The net loss for the year ended December 31, 2022 was mainly derived from an operating loss of $3,676,128, and interest expense of $5,979,456 and loss on change in fair value of derivative liability of $57,883.
  

Liquidity:

As of December 31, 2023, Data443 had assets of cash in the amount of $84,570 and other current assets in the amount of $339,235, as compared to cash of $1,712, and other current assets in the amount of $123,182 as of December 31, 2022.

About Data443 Risk Mitigation, Inc.

Data443 Risk Mitigation, Inc. (OTCPK: ATDS) provides software and services to enable secure data across devices and databases, at rest and in flight/in transit, locally, on a network or in the cloud. We are All Things Data Security. With over 10,000 customers in over 100 countries, Data443 provides a modern approach to data governance and security by identifying and protecting all sensitive data regardless of location, platform or format. Data443’s framework helps customers prioritize risk, identify security gaps and implement effective data protection and privacy management strategies.