Full Year 2018 Financial Results:
Total revenues in 2018 were $28,772, as compared to $0 in 2017. Revenues consisted of ARALOC contract renewals that closed in the last few weeks of 2018 after the close of the ARALOC acquisition on October 25, 2018.
General and administrative expenses for the year ended December 31, 2018 were $1,067,901, compared to $24,284 for the year ended December 31, 2017, an increase of $1,043,617. The expenses for the years ended December 31, 2018 and 2017 primarily consisted of management costs, audit and review fees, filing fees, legal & professional fees, and sales expenses in connection with the projected growth of the Company's business.
The Company incurred an operating and net loss of $15,091,333, or $0.00 per share in 2018, compared to an operating or net loss of $328,462, or $0.00 per share in 2017. The net loss for 2018 was mainly derived from the fair value of derivative liability of $13,271,308 associated with convertible notes payable.
The Company had $324,935 in cash and cash equivalents as of December 31, 2018, compared to $4,478 in cash and cash equivalents as of December 31, 2017.
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