Management Commentary:
"As we all know, 2020 will go down in history as one of the most unusual business climates in history, commented, Geordan Pursglove, Beyond Commerce's Chief Executive Officer. "Beyond Commerce and Service 800 did not sit idle. Over the past several months, we have bolstered our business development and sales teams' efforts to take advantage of an increasing number of prospects across a range of industries. We have successfully won new business and renewed most existing clients for 2021. Our pipeline of business is expected to significantly ramp in 2021 and beyond."
Pursglove, continued, "Through our Service 800 subsidiary, many of our clients took the time during pandemic to begin strategic planning with Service 800 to grow their business with the company by renewals, expansion, and better ways to grow our programs with each and every one of them for the future. This select market segment continues to be a major source of revenue for the Company as we expand our services within this business segment. We anticipate revenue getting back in line with exceeding our expectations as the economy recovers from the Covid-19 pandemic and we progress further into the year. All renewals that have taken place are on a minimum of a one to two-year term with an auto renewal taking place when the contract expires. During the pandemic, it made our customers realize the value that Service 800 brings to the clients in the form of providing valuable information to not only help their growth within their own companies, but it also helps them be better providers to their customers as well. We continue to look forward to growth into each division of these companies and expansion to exceed expectations that have been set. We value these customers and are looking for all of the positive growth we have set for the remainder of the year and moving onwards to future years to come."
Pursglove, concluded, "More recently, Beyond Commerce has executed several corporate initiatives that we believe will enhance shareholder value. Most importantly, we have strengthened our balance sheet by eliminating a large part of our debt and increasing our cash position. We look forward to reporting on the progress of these potential highlights over the remainder of 2021."
Subsequent to the End of 2020:
On March 19, 2021, Beyond Commerce entered into a securities exchange agreement with an existing institutional investor, whereby, in exchange for the Investor returning to the Company for cancellation the Senior Secured Redeemable Convertible Debenture in the initial face amount of $2,717,391.30, issued by the Company on August 7, 2018, which was convertible into Common Stock at a variable conversion price, the Company is issuing to the Investor 1,556,905 shares of the Company's Series C Convertible Preferred Stock, which are convertible into a fixed number of shares of Common Stock
On March 31, 2021, Beyond Commerce entered into a Stock Purchase Agreement with an existing institutional investor pursuant to which the Investor purchased for $1,000,000.00 in cash 10,000 shares of the Company's Series C Convertible Preferred Stock, convertible into 100,000,000 shares of the Company's common stock, at a fixed conversion price of $0.01 per share.
Financial Results for the Year Ended December 31, 2020:
Revenue for the year ended December 31, 2020 was $4.2 million, an increase of $0.1 million or 2%, compared to $4.1 million for the year ended December 31, 2019. In 2020 we began reporting revenue from both the Service 800 and Customer Centered Strategies acquisitions which closed in 2019 for the full twelve months, compared to $4,099,925 for the year ended December 31, 2019.
Gross profit for the year ended December 31, 2020 was $2.8 million, a decrease of $0.2 million or 1%, compared to $3.0 million for the year ended December 31, 2019. The resulting gross margin was 66.6% for the year ended December 31, 2020, as compared to 73.8% for the year ended December 31, 2019.
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