Data443 Risk Mitigation Reports Operating Results For the Year Ended December 31, 2019 - Seite 3

General and administrative expenses for the year ended December 31, 2019 were $4,797,000, compared to $1,068,000 for the year ended December 31, 2018, an increase of $3,729,000. The increase in general and administrative expense was primarily due to an increase in amortization of intangible assets, payroll expense, professional fees, and other expenses related to SEC reporting, including the re-classification of sales-related management expenses, in connection with the projected growth of the Company’s business. The Company became a fully-reporting company with the SEC in March 2019.

The net loss for the year ended December 31, 2019 was $607,000 as compared to a loss of $15,091,000 for the year ended December 31, 2018. The net loss for the year ended December 31, 2019 was mainly derived from an operating loss of $5,270,386, due in part by increased general and administrative costs and reduced by other net income of $3,326,708, which was mainly from a gain on change in fair value of derivative liability. The net loss for the year ended December 31, 2018 was mainly derived from a loss on change in fair value of derivative liability of $13,271,308 associated with convertible notes payable and an operating loss of $2,201,253.

Liquidity
As of December 31, 2019, we had cash in the amount of $19,000 and other current assets in the amount of $73,000, compared to cash in the amount of $325,000, and other current assets in the amount of $1,500 as of December 31, 2018. 

About Data443 Risk Mitigation, Inc.
Data443 Risk Mitigation, Inc. (OTCPK: ATDS), is an industry leader in the data security and privacy business, providing software and services to enable secure data across local devices, network, cloud, and databases, at rest and in flight. Its suite of products and services is highlighted by: (i) ARALOC, which is a market leading secure, cloud-based platform for the management, protection and distribution of digital content to the desktop and mobile devices, which protects an organization’s confidential content and intellectual property assets from leakage — malicious or accidental — without impacting collaboration between all stakeholders; (ii) ArcMail, which is a leading provider of simple, secure and cost-effective email and enterprise archiving and management solutions; (iii) ClassiDocs, the Company’s award-winning data classification and governance technology, which supports CCPA, LGPD and GDPR compliance; (iv) ClassiDocs for Blockchain, which provides an active implementation for the Ripple XRP that protects blockchain transactions from inadvertent disclosure and data leaks; (v) Data443 Global Privacy Manager, the privacy compliance and consumer loss mitigation platform which is integrated with ClassiDocs to do the delivery portions of GDPR and CCPA as well as process Data Privacy Access Requests – removal request – with inventory by ClassiDocs; (vi) Data443 Protect, which provides nearly instant Cloud-deployed Data Loss Prevention capabilities with false positive rates unmatched enabled by ClassiDocs; (vii) Data443 Virtual Data Protection Officer program that offers a turnkey and outsourced DPO capability for smaller organizations; (viii) DATAEXPRESS, the leading Data transport, transformation and delivery product trusted by leading financial organizations worldwide; (ix) the WordPress GDPR Framework with over 30,000 active users enables organizations of all sizes to comply with the GDPR and other privacy frameworks. For more information, please visit https://www.data443.com/.