DATA443 REPORTS RECORD SECOND QUARTER RESULTS - Seite 2
“I will be holding a business update conference call on Wednesday, August 12th at 4:30PM ET to provide greater detail on our plans for the rest of 2020 and going forward. I believe that Data443 is in the best positioning of its relatively short history, and we have an impressive story to tell,” concluded Mr. Remillard.
Business Highlights for the First Half of Fiscal Year 2020 and Year-to-Date
- Concluded litigation settlement resulting in the cancellation of 2 billion (pre-split) shares
- Completed all payments related to ARALOC acquisition
- Secured shareholder-friendly forbearance agreements for outstanding convertible notes
- Launched Global Privacy Manager, industry’s only end-to-end privacy compliance, governance, and consumer loss-mitigation platform
- Launched new Data Center in the Raleigh-Durham Research Triangle Region (adjacent to our headquarters)
- Released new CCPA Framework Plugin for WordPress
- Released Privacy Badge – an industry first, with over 500 subscribers in 2 months
- Launched first Privacy Scanner for the world’s leading online video communication platform
- Secured contract renewal with the Miami Dolphins for the ARALOC Secure Sports Management Platform
- Won new contract with the Pittsburgh Steelers for the ARALOC Secure Sports Management Platform
- Appointed Mr. Omkhar Arasaratnam who currently serves as Director of Engineering, Assurant Security for Google LLC to our Advisory Board
Second Quarter 2020 Financial Results:
We recorded net billings of $869,000 for the three months ended June 30, 2020, compared to $483,000 in the prior year period. We recognized $466,000 of revenue during the second quarter of fiscal year 2020, compared to $359,000 of revenue during the second quarter of fiscal year 2019. Deferred revenues were $1,212,000 as of June 30, 2020, an increase of $303,000 from $954,000 as of December 31, 2019.
General and administrative expenses for the second quarter of fiscal year 2020 amounted to $1,666,000 compared to $1,197,000 for the three months ended June 30, 2019, which is an increase of $469,000, or 39%. The expenses for the second quarter of fiscal year 2020 primarily consisted of management costs, costs to integrate assets we acquired and to expand sales, audit and review fees, filing fees, professional fees, and other expenses, including the re-classification of sales-related management expenses, in connection with the projected growth of the Company’s business.