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Monday, August 23, 2021 9:52:59 AM

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Revenues from ongoing operations for the quarter ended June 30, 2021, were $3.85M vs. $2.46M
for the quarter ended June 30, 2020. Gross profit for the quarter ended June 30, 2021, was $0.36M
vs. $0.37M for the quarter ended June 30, 2020. The primary reason for the slight decrease in gross
profit despite the significant growth in revenue was a significant increase in revenues from lower
margin hardware sales, which grew by 568% to $2.36M in the quarter from $0.35M in Q2 of 2020.
The managed services segment contributed $3.61M in revenues over the quarter, while the AI
segment contributed $0.23M. Gross profit margins fell from 15.0% to 9.3% reflecting the shift
towards hardware sales during the quarter.
The Company had a net loss from operations of $0.92M during the quarter ended June 30, 2021,
vs. a loss of $1.73M for the quarter ended June 30, 2020, an improvement of $0.81M (47%). The
net operating loss in the AI services segment declined by $0.54M, a 41% improvement over Q2
The primary reason for this reduced loss was the impact of cost-cutting measures taken over 2020
in response to the COVID pandemic. Compensation expenses versus the year ago quarter were
down by 49% ($0.51M), and overall operating expenses declined by 39% ($0.83M).
The Company’s cash position at the end of the quarter was $0.54M. Net loss per share from
continuing operations was cut by two-thirds, dropping from $0.006 per share to $0.002 per share

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