Verb Technology Company Inc (VERB)

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Verb CC

Theodore Rudd O’Neill
Litchfield Hills Research, LLC

Great. I have 2 more. The first, your classic COVID question. Can you talk about business development and customer additions in April and early May? How has that trended compared to maybe the first quarter and months before?

Rory J. Cutaia
Founder, Chairman, President, CEO, Secretary & Treasurer

Well, as we went into January, we had a pretty good pipeline of deals that we expected to — that would be signed in January and February. And a really great-looking pipeline. And we know what our success rate is when we submit proposals and get contracts out for signature. But we saw that saw that drop off a bit because — and people were pretty honest with us. That was a time, if you recall, where there was so much fear and uncertainty about what was going to happen. And I remember back then, Governor of California was talking about 25 million deaths just in California. So it was a scary time. And people said, “Look, we really like this, we want to do this but we’re just not prepared to execute the contract right now because we just need to see how things pan out.” Okay. So that was then. Look, we still signed 11 new accounts in that period of time, which is pretty impressive.

But now as we got into second quarter and the period of time that you just referenced, boy, I’ll tell you, everything turned around very, very rapidly. That fear dissipated, as I referred to in my talk a little bit ago. And now we’re off and running because now people have a better sense of what they’re facing in terms of their business. And what’s even more interesting, and obviously, rewarding for us is the fact that these people are now recognizing that they need us more than ever in this environment. This whole work from home, work remotely, they’re not going to the big conferences and conventions that they usually do where they grow their business. They need this tool. They recognize that on their own. And through the period that you just mentioned, as we got past March and April, when a lot of businesses really have suffered and believe me, we’re very sympathetic about that, we’ve done amazing.

And I think that is going to continue as more and more companies, more and more people begin to realize this is a tool that will absolutely help them through what is obviously a very difficult period of time for everyone.