Second Quarter 2020 Financial Results
Revenue for the second quarter of 2020 was $2.3 million, down from $2.9 million during the second quarter of 2019. Revenue from the new bio-safety business totaled $1.1 million as thermal imaging products were delivered to casinos, restaurants, hotels, law enforcement agencies, medical centers, office buildings, and customers in other industries throughout the United States.
Several factors, including COVID-19-related quarantines, continued to adversely impact revenue from the company's China business early in the second quarter by preventing personnel in China from continuing project roll outs and by delaying project testing and customization work on larger projects. However, projects resumed during the latter part of the second quarter, leading to approximately $1.0 million of revenue.
Total cost and expense for the second quarter of 2020 was $5.1 million, a decrease from the $5.8 million reported in the same period of 2019. The decrease is primarily attributable to a $0.3 million decline in the cost of revenue resulting primarily from fewer international project completions, and decreases in sales and marketing expense of $0.2 million, and in general and administrative expense of $0.6 million, as headcount declined. Such decreases were offset by a $0.6 million increase in share-based compensation expense in the technology and development cost category caused by an increase in the liability associated with share-based grants to our employees in China.
Operating loss declined to $2.8 million in the second quarter of 2020 from $2.9 million in the second quarter of 2019 commensurate with the cost and expense declines.
Loss from continuing operations totaled $9.8 million, or $0.11 per diluted share, in the second quarter ended June 30, 2020, compared to a net loss from continuing operations of $1.3 million, or $0.03 per diluted share in the second quarter ended June 30, 2019. The bulk of the loss is tied to a non-cash change in the fair value of warrant liability of ($6.3) million compared to a $2.1 million gain in the comparable period of 2019, as a result of the increased share price of Remark's common shares.
At June 30, 2020, the cash and cash equivalents balance was $10.2 million, compared to a cash position of $0.3 million at December 31, 2019. Cash increased primarily due to $32.1 million in proceeds from common stock issuances, which increase was partially offset by use of the proceeds to make debt principal repayments of $13.3 million, to make other liability payments and to generally operate the business.
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