NEW YORK, NY / ACCESSWIRE / August 13, 2020 / Meet Mr. Bennie Randall, founder of the Bshani Radio Network, who launched the Bshani Radio App in February 2020 with a total of 2.4 Million downloads to smartphones, tablets, and other portable devices worldwide on both android and iPhone platforms.

The Bshani Radio Network is one of the biggest African American podcast networks in the world. Content featured in the Bshani Radio Network are available on two channels. The Bshani Channel and the Vercay channel. The Bshani Channel features content on a wide variety of topics. The Vercay Channel is a channel for women by women. The Bshani Radio Network is proud to feature positive content to entertain, uplift, empower, and educate listeners about topics from business, faith, marketing, motivation, music, technology, relationships and more.

In 2017 Mr. Bennie Randall was inspired to create a platform where independent thought leaders and entrepreneurs have a voice to share their story and expertise. Popular shows in the Bshani Radio App include: The Bennie Love Show hosted by Mr. Bennie Randall; The Millionaire Mentorship Show hosted by Dr. Herbert Harris; Client Attraction hosted by Marquel Russell; and The Secret Vibe Show with Valerie A. Campbell. Bennie Randall says "We are a network for the human race all podcasters are welcome to become part of our family"

Three years later from the initial launch of the Bshani and Vercay Radio channels, Bshani is in a new phase. The launch of the Bshani Radio App has been a game changer. When Tracey Lopez, Executive Director of Bshani International is asked about the impact of the Bshani Radio App she says, " ‘It's not a game it's a lifestyle' Mr. Randall always tells us to remember this!"

The Bshani Radio App is a game changer with cutting edge features that do not take up valuable memory and disk space on your mobile device. The Bshani Radio App Features:

A Light Install: It does not take up very much valuable memory space on busy smartphones.
No Login Required
Multitask feature. This allows you to listen to the episode of your choice while sending emails or a text on your smartphone or tablet.
You can win great prizes. Push notifications let you know when free merchandise, cash giveaways and more are happening in the Bshani Radio Network.
Great motivational content to keep you informed, inspired, and entertained.

The feedback in the four months of the app launch has been great. Lady Zhe, host of the Jazz and Tech Lounge on the Bshani Channel says that, "I am very grateful for the Bshani Radio Network grabbing a foothold in the information age and providing such an awesome platform like the Bshani Radio App. I love it!"

The Bshani Radio Network is three years old with a total of 2,448 episodes total between its two channels. 94% of the listeners are women and 6% are men. The top locations tuning in Bshani Radio are the United States, Zimbabwe, Germany, Canada, and the United Kingdom. Sponsorships and advertising are available on the network. Just contact Tracey Lopez at BshaniRadio.com The founder of the Bshani Radio, Mr. Bennie Randall is also the founder and CEO of Bshani International, Real Estate Investor, CEO, Author and Father. Bshani Radio Network is headquartered in New York City, Manhattan.

Media Contact:

Tracey Lopez
Hello@bshaniradio.com

SOURCE: Bshani International

ReleaseID: 601722

NEW YORK, NY / ACCESSWIRE / August 13, 2020 / Nine University has gained significant traction these past six-months, as sellers are turning their attention to online programs like Amazon FBA. But what is so special about these programs? Arguably, nothing. It's the skills these sellers are bringing with them, from the right coaches who know what it means to truly thrive in today's e-commerce platforms, especially given our global coronavirus pandemic.

Image credit: Payoneer

Nine University, launched by Kale Abrahamson and Taylor Hiott, helps train buyers and sellers how to navigate Amazon's FBA program. Back in January, Abrahamson and Hiott spoke with Forbes about why programs like Nine University are becoming essential for third-party sellers to thrive.

"For years Amazon has had a Brand Registry where a company could become more official on Amazon. That was the highest you could go there," Abrahamson explained. "Now it sounds like they are taking that to a whole other level."

In a recent interview with Grit Daily, Abrahamson explained that as it pertains to Amazon's current landscape, over two-thirds (69%) of Amazon sellers are men, while just over one-quarter (26%) are women.

But while this is a program that any woman or man can succeed in, sellers are not all created equal when we are talking about the necessary skill sets required to thrive, especially during COVID-19.

#1 – Find a Suitable Market to Pierce

Entering into this space requires the seller to genuinely differentiate themselves. There are much better things to sell on Amazon FBA, Abrahamson believes, referring to Nine University's proprietary software which helps make that possible.

But generally speaking, Nine University encourages its students to stay away from clothing and apparel, whether you are a male or female. "That category has many of the opposite characteristics that we teach our students to look for, such as low margins, extremely well-branded and deep-pocketed competition, and tons of sizes which means tons of SKUs and inventory headaches."

Yet, as Amazon continues to grow and expand its reach (especially during this pandemic), there are still challenges for both the domestic and international markets when it comes to e-commerce.

"It's always product product product," Abrahamson explains, adding that "you must select the right product for that market, and base it on data rather than opinion. At Nine University, we have proprietary software and live consultants 24/7 who help vet these product choices, so you don't end up selling something with too much competition, not enough demand, and/or simply not enough ROI for you to actually make money."

#2 – Find an Experienced Mentor/Coach

And adding to Abrahamson's point above, you are nearly guaranteed to fail if you attempt to shortcut and just bring on anyone as your coach or tutor. Hiring a crappy coach, according to the CEO, is the first challenge to overcome that you want to get out of the way early on.

In our conversation with Abrahamson, it's nearly impossible to succeed in Amazon's FBA program without some sort of guide. Oh and if you are looking at out-of-date piecemeal YouTube videos, you will fail. Learn to search the tube for tailored videos–because they may not all be on the first page, you know.

#3 – Accept Your Competition (Otherwise You Just Look Foolish)

Another major no no is recognizing your competition, but ignoring them. Why on earth would you ever do that? Only by studying them, their product, technique and marketing strategies can you build and maintain a strong enough infrastructure so as to compete effectively.

Otherwise, your dogmatic, narrow view of how your competition thrives (or fails) only sets you up for failure. By embracing Amazon's FBA program in both a domestic and international market, a seller can still demonstrate market attractiveness and relevance.

"It may be the only thing that keeps you relevant during this day and age," Abrahamson says. "Amazon is absolutely dominant in the U.S. online marketplace, and looks to be headed that direction aggressively overseas. The real question is, can you afford to avoid or ignore Amazon as it takes an ever-increasing market share?"

At the end of the day, Amazon yields some extremely favorable advantages.

"Honestly, just the fact that Amazon now allows us to use their ridiculous, never-before-seen-in-this-world infrastructure," is one of those appeals. "By attaching yourself to Amazon and letting it handle all the fulfillment side of things (storage, order processing, shipping, etc.), you've basically turned your small company into a trillion-dollar enterprise that is capable of delivering goods to customers houses in hours in some cases (rather than days or weeks)."

And that capability, according to Abrahamson, in combination with the trust that Amazon pulls, should never be discounted. "Nine University coaches businesses to piggyback off the most trusted brand name in history (e.g. Amazon), while also building their own brand ‘behind the scenes' so that they can someday expand off of Amazon if they ever want to. However, many of our students make 6 and 7 figures simply by selling on Amazon. They never create a website or run a single line of code. And they work a few hours a week once everything is scaled up. Pretty incredible."

Company: Nine University
Email: kaleandtaylor@ktnine.com
Phone number: 336-655-2896
Website: nineuniversity.com

SOURCE: Nine University

ReleaseID: 601689

ST. LOUIS, MO / ACCESSWIRE / August 13, 2020 / ​Inc. Magazine Names BowPoint to Inc. 5000 List of America's Fastest-Growing Private Companies.

BowPoint, LLC ("BowPoint"), a St. Louis based buyside mergers and acquisitions firm has been named by Inc. Magazine as number 692 on its annual Inc. 5000 list of America's fastest-growing private companies, making BowPoint one of the few M&A firms to have ever been named to the Inc. 5000, and ranking BowPoint as the fastest growing financial services firm in the State of Missouri with a 678% 3-Year revenue growth rate.

BowPoint joins companies such as Intuit, Zappos, Under Armour, Microsoft, Patagonia, and many others who first gained national exposure as honorees on the Inc. 5000. The 2020 Inc. 5000 winners achieved an incredible three-year average growth of over 500 percent, and a median revenue growth rate of 165 percent, with aggregate revenue of $209 billion in 2019.

"The companies on this year's Inc. 5000 come from nearly every realm of business," says Inc. editor-in-chief Scott Omelianuk. "From health and software to media and hospitality, the 2020 list proves that no matter the sector, incredible growth is based on the foundations of tenacity and opportunism."

BowPoint's rapid revenue growth has been the result of the successful completion of a record 19 transactions in 2019 involving buyers and sellers headquartered in 13 U.S. states and 2 Canadian provinces, accounting for over $350 Million in total enterprise value, with completed transactions within the niche manufacturing, value-added distribution, industrial products, medical equipment, residential services, consumer services, industrial services, financial services, branded consumer products, and food co-packing industries.

"I'm extremely proud of our team and what we've been able to accomplish these last few years together," said BowPoint's Founder, Berlin Haugen. "We are lucky to work with some of the very best private equity groups in the country, and we truly owe our record growth to our amazing clients!"

Complete results of the Inc. 5000, including company profiles and an interactive database, can be found at www.inc.com/inc5000/2020

Selection Methodology:
The 2020 Inc. 5000 is ranked according to percentage revenue growth when comparing 2016 and 2019. To qualify, companies must have been founded and generating revenue by March 31, 2016. They had to be U.S. based, privately held, for-profit, and independent-not subsidiaries or divisions of other companies-as of December 31, 2019. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2016 is $100,000; the minimum for 2019 is $2 million. Companies on the Inc. 500 are featured in Inc.'s September issue.

About BowPoint:
BowPoint is a St. Louis, Missouri based buyside mergers and acquisitions intermediary that specializes in generating deal flow and provides M&A deal origination and corporate development support services to middle-market private equity groups, family offices, billionaire entrepreneurs, and retired Fortune 500 CEOs seeking to make platform and add-on acquisitions across North America. For more information, visit www.bowpoint.com.

About Inc. Media:
The world's most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.

For More Information Contact:
Berlin M. Haugen – Founder & CEO
BowPoint | www.bowpoint.com
7733 Forsyth Blvd, Suite 1100 | St. Louis, MO 63105
314.315.4170 (Direct) | bhaugen@bowpoint.com

Related Images

SOURCE: BowPoint

ReleaseID: 601695

More rain, higher wind speeds, and increased storm surge all add up to more destruction caused by hurricanes, warns oceanographer and retired professor, Dr. David Hastings.

GAINESVILLE, FL / ACCESSWIRE / August 13, 2020 / Major hurricanes are the costliest natural weather disasters. Recently, major hurricanes have incurred over $100 billion in damages. How has human influence affected these remarkable costs? here is evidence that the unnatural influence of human-driven climate change is making hurricanes stronger and more destructive than ever before.

Hurricanes form from the massive amount of energy derived from water evaporating from warm ocean water. These storms suck heat from tropical waters. Warm ocean air rises, causing air to rush in below. In the clouds overhead, water condenses, water droplets form, releasing even more heat to power the storm.

"The latest research reveals that these upward trends are likely to continue climbing as long as the climate continues warming," warns Dr. David Hastings. "Hurricanes are caused by small atmospheric disturbances in warm tropical oceans. If the water is warm enough, over 80F, and atmospheric conditions are just right with steady winds, adequate moisture and little or no wind shear, a tropical storm is born – and can grow in strength. Once winds rise to over 74 mph, we call the storm a hurricane."

Hurricanes Aren't Becoming More Frequent – But They Are Getting Stronger Says Dr. David Hastings

Studies consistently agree that there is no clear trend in the number of hurricanes recorded globally. "You would think that as water temperatures continue to rise due to global warming, the conditions required for hurricanes to form would become more favorable and therefore cause more of them to form," says Dr. David Hastings. "But computer models of the ocean-atmosphere system embraced and validated by scientific community reveal that storm intensity will increase while frequency decreases or holds steady."

A study done in 2013 found substantial regional and global increases in category 4 and 5 hurricanes – the strongest levels on the Saffir-Simpson scale. The study concluded that the proportion of category 4-5 hurricanes increased 25-30% per degree (C) of human-induced global warming.

"Even more alarming are the model predictions that hurricanes will routinely reach wind speeds well above those defined as category 5 hurricanes," says Dr. David Hastings. The model used in the study, HiFLOR, is one of the most advanced climate models in the world and it is used to make predictions about how current climate conditions will affect weather patterns well into the future.

"Based on these model predictions, we're going to have to create a sixth category to describe hurricane strengths within the next 20-50 years," says Dr. David Hastings.

David Hastings is a chemical oceanographer and marine geochemist and a retired marine science and chemistry professor from Eckerd College. After studying chemistry at Princeton University, Dr. Hastings pursued his Ph.D. in chemical oceanography at the University of Washington. Dr. Hastings believes that it is imperative for scientists to engage actively in policy conversations concerning climate change with both the public and elected officials in order to effect meaningful change.

CONTACT:

Caroline Hunter
Web Presence, LLC
+1 7865519491

SOURCE: David Hastings

ReleaseID: 601690

NEW YORK, NY / ACCESSWIRE / August 13, 2020 / Kadmon Holdings, Inc. (NYSE:KDMN) today announced the appointment of Nancy Miller-Rich to its Board of Directors.

"Nancy possesses an extensive, decades-long track record of business development and commercialization success in varying roles across globally focused healthcare organizations," said Harlan W. Waksal, M.D., President and CEO of Kadmon. "We expect Nancy's guidance will be instrumental as we prepare strategically for a number of key milestones, including our planned NDA submission of belumosudil for cGVHD. We are pleased to welcome Nancy to our Board and we look forward to leveraging her insights on our corporate strategy and global commercialization plans."

Ms. Miller-Rich has 35 years of experience in the pharmaceutical industry. Since September 2017, Ms. Miller-Rich has served as a consultant to several biopharmaceutical companies and healthcare organizations. Previously, Ms. Miller-Rich served as Senior Vice President, Global Human Health Business Development & Licensing, Strategy and Commercial Support at Merck from 2013 to 2017. At Merck, Ms. Miller-Rich's responsibilities included direct global business development, alliance management, strategy and commercial assessment. Prior to this role, Ms. Miller-Rich was Group Vice President, Consumer Care Global New Ventures and Strategic Commercial Development at Schering-Plough from 2007 to 2013. Prior to joining Schering-Plough in 1990, Ms. Miller-Rich served in a variety of commercial and marketing roles at Sandoz (now Novartis) and at Sterling Drug. Ms. Miller-Rich currently serves as a member of the Board of Directors of Intercept Pharmaceuticals, Aldeyra Therapeutics and the TB Alliance as well as an advisor to 1063 Therapeutics and Aurora Bio. Ms. Miller-Rich received her B.S. in Business Administration and marketing from Ithaca College in Ithaca, New York.

About Belumosudil (KD025)

Belumosudil (KD025) is a selective oral inhibitor of Rho-associated coiled-coil kinase 2 (ROCK2), a signaling pathway that modulates inflammatory response. The Food and Drug Administration (FDA) has granted Breakthrough Therapy Designation for belumosudil for the treatment of patients with chronic graft-versus-host disease (cGVHD) who have received at least two prior lines of systemic therapy. The FDA has also granted Orphan Drug Designation to belumosudil for the treatment of cGVHD. The FDA has accepted belumosudil for review under its Real-Time Oncology Review (RTOR) pilot program, which aims to explore a more efficient review process to ensure safe and effective treatments are available to patients as early as possible. Belumosudil is also being studied in an ongoing Phase 2 clinical trial in adults with diffuse cutaneous systemic sclerosis (KD025-209).

About Kadmon

Kadmon is a clinical-stage biopharmaceutical company that discovers, develops and delivers transformative therapies for unmet medical needs. Our clinical pipeline includes treatments for immune and fibrotic diseases as well as immuno-oncology therapies.

Forward Looking Statements

This press release contains forward-looking statements. Such statements may be preceded by the words "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We believe that these factors include, but are not limited to, (i) the initiation, timing, progress and results of our preclinical studies and clinical trials, and our research and development programs; (ii) our ability to advance product candidates into, and successfully complete, clinical trials; (iii) the impact of the COVID-19 pandemic on our business, workforce, patients, collaborators and suppliers, including delays in anticipated timelines and milestones of our clinical trials and on various government agencies who we interact with and/or are governed by; (iv) our reliance on the success of our product candidates; (iv) the timing or likelihood of regulatory filings and approvals, especially in light of the COVID-19 pandemic; (v) our ability to expand our sales and marketing capabilities; (vi) our ability to expand our sales and marketing capabilities; (vii) the commercialization, pricing and reimbursement of our product candidates, if approved; (viii) the implementation of our business model, strategic plans for our business, product candidates and technology; (ix) the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology; (x) our ability to operate our business without infringing the intellectual property rights and proprietary technology of third parties; (xi) costs associated with defending intellectual property infringement, product liability and other claims; (xii) regulatory developments in the United States, Europe, and other jurisdictions; (xiii) estimates of our expenses, future revenues, capital requirements and our needs for additional financing; (xiv) the potential benefits of strategic collaboration agreements and our ability to enter into strategic arrangements; (xv) our ability to maintain and establish collaborations; (xvi) the rate and degree of market acceptance of our product candidates, if approved; (xvii) developments relating to our competitors and our industry, including competing therapies; (xviii) our ability to effectively manage our anticipated growth; (xix) our ability to attract and retain qualified employees and key personnel; (xx) our expected use of cash and cash equivalents and other sources of liquidity; (xxi) the potential benefits of any of our product candidates being granted orphan drug designation; (xxii) the future trading price of the shares of our common stock and impact of securities analysts' reports on these prices; (xxiii) our ability to apply unused federal and state net operating loss carryforwards against future taxable income and/or (xxiv) other risks and uncertainties. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including Kadmon's Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Investors and security holders are urged to read these documents free of charge on the SEC's website at www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Contact Information

Ellen Cavaleri, Investor Relations
646.490.2989
ellen.cavaleri@kadmon.com

SOURCE: Kadmon Holdings, Inc.

ReleaseID: 601650

CORONA, CA / ACCESSWIRE / August 13, 2020 / ADOMANI, Inc. (OTCQB:ADOM), a provider of new zero-emission, purpose-built vehicles and drivetrain solutions, today announced its results for the second quarter ended June 30, 2020.

Quarterly and Recent Developments

Sold an all-electric, zero-emission logistics van to SnowCap Community Charities in Fairview, Oregon in June. The EV van will be used to deliver food and collect donations to benefit residents in the SnowCap service area.

Received a purchase order from the City of Palmdale, California in June for one all-electric, zero-emission logistics van. The van was delivered in July. The EV van will be in service for the South Antelope Valley Emergency Services (SAVES) program that is dedicated to alleviating hunger among very low and extremely low-income residents of the SAVES service area in a number of south Antelope Valley communities.

In August, we received final approval as a dealer for our products in the New York Truck Voucher Incentive Program ("NYTVIP"), which funds up to $100,000 per vehicle. We also shortly expect to be approved in the New York City Clean Trucks Program, which requires being approved for NYTVIP.

In June, we announced our membership in the National Zero-Emission Truck (ZET) Coalition, a CALSTART-organized and diverse group of stakeholders across the clean commercial vehicle supply chain advocating for federal investments in commercial zero-emission vehicle infrastructures.

We applaud the California Air Resources Board's ("CARB") first-in-the-world rule requiring truck manufacturers to transition from diesel trucks and cargo vans to electric zero-emission vehicles beginning in 2024.

Continued to respond and adapt to many legal and regulatory changes resulting from the ongoing COVID-19 pandemic, such as shelter-in-place orders, travel, social distancing and quarantine policies, boycotts, curtailment of trade, and other business restrictions affecting our ability to assemble and sell our products, and provide our services.

Received an Economic Injury Disaster Loan and a Paycheck Protection Program loan in May under the Small Business Association loan programs authorized by the Coronavirus Aid, Relief, and Economic Security Act due to the impact of the COVID-19 pandemic on our business.

Backlog at June 30, 2020 was $3.0 million.

Continued to work, in connection with an experienced lobbyist hired by us to supplement our efforts, with CARB's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ("HVIP") and other state agencies to resolve the egregious administrative delays and the resulting lack of access to HVIP funds that have to-date prevented us from not only delivering available vehicle inventory to customers with purchase orders, but have also impaired our ability to obtain new orders. In particular, such administrative delays caused the HVIP certification for our trucks and vans to take eight months instead of the usual eight weeks. As a result, we did not receive HVIP certification until October 23, 2019, which was eight days after the deadline for us to submit voucher requests under the program in 2019, thereby denying us and our customers access to such funds until additional amounts are made available under the program, which additional funding is currently not expected to occur until late this year.

Following the relaxation of applicable state and local COVID-19 restrictions, resumed showcasing our all-electric commercial trucks and vans in ride-and-drive events, including also introducing them to a number of private fleet operators in the delivery and trucking industry.

Signed a Letter of Intent ("LOI") in April to purchase 120 FireFly ESV vehicles from Massachusetts-based ev Transportation Services, Inc ("evTS"), beginning late summer 2020, subject to the parties entering into related definitive agreements and certain other contingencies contemplated by the LOI. Pursuant to the LOI, we intend to discuss a potential business arrangement with evTS, whereby we would serve as a distributor in California for their current and future all-electric vehicle offerings, including the FireFly ESV and other vehicles as they are developed. In addition, it is contemplated by the LOI that evTS will discuss entering into a contract with us to perform final assembly, testing and warranty servicing of its vehicles.
We continue to be excited about a number of new international opportunities that we learned about in 2019 in Ukraine, Mexico, South America and a number of other countries and have been investigating them diligently. However, progress on all these opportunities has been significantly slowed down by the COVID-19 virus impacts in these countries as well. While we remain confident that a number of them may develop into projects, we continue to work through the laborious process as of the date of this release.

Our e-trike activity in the Philippines has also been severely impacted by COVID-19 restrictions affecting our supply chain, our manufacturing activity, and our ability to travel to the island on which our initial 10 e-trikes were placed in service. Significant damage to the island's economy has occurred as a result of travel restrictions slowing tourism to a halt.

Jim Reynolds, CEO of ADOMANI, commented, "The COVID-19 virus impact on our business has been significant. We support the government's efforts to slow the spread of the virus while medical researchers try to create a vaccine, and we hope the relaxation of some of the restrictions happen soon, but that is out of our control. We remain convinced, however, that our biggest obstacle to success has been and remains the temporary inability for ADOMANI, a licensed California dealer for EV products and HVIP-certified since late October 2019, and our customers to access HVIP funding as a result of what we believe were serious administrative missteps by CARB and HVIP in 2019 that have made it impossible for us to deliver product that we have had since late 2019 to customers whose orders constitute the bulk of our backlog. We continue to believe that if those issues can be addressed and funds made available to us and our customers, we will benefit in 2020 and 2021 from additional diversification of both our customer base and our product offerings. We believe that our efforts, including our engagement of an experienced California lobbying firm, are making progress toward freeing up some HVIP funds for us and any other companies in a similar situation. However, access to the HVIP funds may not be made available to us and others until ‘late 2020,' per the HVIP website.

We also believe that access to HVIP funding would result in a significant increase in orders and backlog once the many interested parties we have demonstrated our electric vehicles to know they can benefit from the buy-down funds. Additional incentive funds that we expect will also be available in 2020 and will spur demand for electric vehicles include, among other potential available incentives, California Energy Commission funding for zero-emission all-electric vehicles; additional grant funding available from states such as Michigan, Indiana, Florida, and New York, through the NYTVIP and New York City's Clean Trucks Program; programs for electric infrastructure from utilities in California and a number of other states; as well as the release of millions from available Volkswagen settlement funding, which we believe will allow us to accelerate accepting orders for our new trucks, cargo vans and chassis, with deliveries potentially starting as early as the fourth quarter 2020.

We continue to believe that, if we are able to free up HVIP, NYTVIP and other funding, resume our sales and marketing efforts that have been severely curtailed by the COVID-19 virus restrictions, and effectively execute our revised, more conservative business plan and capitalize on the opportunities that are presented to us, we will be profitable, hopefully by mid-2021."

Second Quarter 2020 Financial Results
Sales, severely impacted by the HVIP-created administrative delays and subsequent denying us access to funding, were approximately $130,000 and $413,000 for the three and six months ended June 30, 2020, respectively, compared to $4.4 million and $4.8 million for the three and six months ended June 30, 2019, respectively.

Cost of sales were approximately $83,000 and $163,000 for the three and six months ended June 30, 2020, respectively, compared to $4.1 million and $4.5 million for the three and six months ended June 30, 2019, respectively.

General and administrative expenses for the three months ended June 30, 2020 were approximately $1.1 million, compared to approximately $1.5 million for the corresponding three-month period of 2019, a decrease of $400,000, which was primarily related to a $229,000 decrease in non-cash stock-based compensation expense in the current year period and to decreases in legal and investor relations expenses. The second quarter 2020 general and administrative expenses include approximately $158,000 in non-cash charges, including $100,000 in bad debt expense and $46,000 in stock-based compensation expense.

General and administrative expenses for the six months ended June 30, 2020 were approximately $2.5 million, compared to approximately $2.9 million for the corresponding six-month period of 2019, a decrease of $400,000, which was primarily related to a $282,000 decrease in non-cash stock-based compensation expense in the current year period and to decreases in investor relations expenses. The six month 2020 general and administrative expenses include approximately $370,000 in non-cash charges, including $246,000 in stock-based compensation expense and $100,000 in bad debt expense.

Consulting expenses were $58,000 and $102,000 for the three and six months ended June 30, 2020, respectively, as compared to $77,000 and $154,000, respectively, for the corresponding periods in 2019, which decreases were primarily a result of the absence of grant application and tax credit consulting expenses incurred in 2019 that were not incurred in 2020. Consulting expenses include non-cash charges of approximately $26,000 and $41,000 for the three and six months ended June 30, 2020, respectively.

Research and development expenses were $0 for both the three and six months ended June 30, 2020, respectively, as compared to $103,000 and $148,000, respectively, for the corresponding periods in 2019, which decreases were primarily attributable to certain supply chain expenditures made for research and development activity in 2019.

Total net operating expenses were approximately $1.2 million and $2.6 million for the three and six months ended June 30, 2020, respectively, as compared to approximately $1.6 million and $3.2 million, respectively, for the corresponding periods in 2019. The decreases of $400,000 and $600,000, respectively, in the current year periods compared to the prior year periods were primarily due to the expense reductions discussed above.

Net loss for the three months ended June 30, 20, was approximately $1.1 million, as compared to a net loss of approximately $1.3 million for the three months ended June 30, 2019, a decrease of approximately $200,000 for the reasons described above. The total non-cash expenses included in the net loss for the three months ended June 30, 2020 and 2019, were approximately $184,000 and $301,000, respectively.

Net loss for the six months ended June 30, 2020, was approximately $2.4 million, as compared to a net loss of approximately $2.7 million for the six months ended June 30, 2019, a decrease of approximately $300,000 million for the reasons described above.. The total non-cash expenses included in the net loss for the six months ended June 30, 2020 and 2019, were approximately $411,000 and $576,000, respectively.

As of June 30, 2020, the Company had cash, cash equivalents, and short-term investments of approximately $884,000 and debt of $412,000, as compared to $7.2 million of cash, cash equivalents and short-term investments and debt of $5.8 million as of June 30, 2019. Working capital at June 30, 2020 was $893,000 as compared to $2.7 million at June 30, 2019.

About ADOMANI®
ADOMANI, Inc. is a provider of new zero-emission electric vehicles and is a provider of zero-emission electric drivetrain systems for integration in medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI's zero-emission electric vehicles are focused on reducing the total cost of vehicle ownership and help fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and federal environmental regulatory compliance. For more information visit www.ADOMANIelectric.com

Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by ADOMANI with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Investor Relations Contacts:
ADOMANI, Inc.
Kevin Kanning
VP Investor Relations
Telephone: (650) 533-7629
Email: kevin.k@ADOMANIelectric.com

Michael K. Menerey
Chief Financial Officer
Telephone: (951) 407-9860 ext. 205
Email: mike.m@ADOMANIelectric.com

Renmark Financial Communications, Inc.
Joshua Lavers
Telephone: (416) 644-2020, ext. 3409 or (514) 939-3989
Email: jlavers@renmarkfinancial.com

SOURCE: ADOMANI, Inc.

ReleaseID: 601234

Quarterly ARR Improvements Driven by Consistent, Strong Agency Adoption and Larger Contracts

Company Achieves Thirteenth Consecutive Quarter of Record Revenue and Improved Profitability Metrics, Demonstrating Resilient Operating Model

GAINESVILLE, FL / ACCESSWIRE / August 13, 2020 / SharpSpring, Inc. (NASDAQ:SHSP), a leading cloud-based marketing and sales automation platform, reported financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 and Recent Operational Highlights

Added 276 new SharpSpring customers, of which 81% were agency customers, who selected the platform to generate leads, convert more leads to sales and measure the ROI of their marketing campaigns. Average annual recurring revenue (ARR) per customer acquired in second quarter of 2020 improved approximately 11% compared to the second quarter of 2019 as a result of landing larger customers.

Finished the quarter with approximately 2,000 agency customers, 500 direct customers, and more than 8,500 total businesses using SharpSpring to power their sales and marketing efforts.

On a year-over-year basis, Q2 2020 net revenue retention was 91.6%, when compared to the second quarter of 2019. On a monthly basis, second quarter 2020 average net revenue retention was 97.6%.

The Perfect Audience platform ended the quarter with more than 1,200 customers.

Further strengthened the management team by adding former Salesforce Marketing Cloud executive and Software-as-a-Service (SaaS) industry veteran Chip House as the Company's Chief Marketing Officer (CMO).

Recognized by two of the leading software review platforms, earning placement as a 2020 Best Software Award winner on G2 and a Top Rated Marketing Automation Software for 2020 on TrustRadius.

Launched Agency Acceleration Series with top digital marketing experts leading speaker line-up, including superstar industry influencers like Neil Patel, Shama Hyder, Rand Fishkin, Ann Handley, and Seth Godin.

Second Quarter 2020 Financial Results

Total revenue increased 32% to a record $7.3 million from $5.5 million in the same year-ago period.

Gross profit increased 39% to a record $5.4 million (74% of total revenue) from $3.9 million (71% of total revenue) in the same year-ago period.

Net loss was $970,000, or $0.08 per share, compared to net loss of $4.2 million, or $0.41 per share, in the same year-ago period.

Adjusted EBITDA loss (a non-GAAP metric reconciled below) totaled $122,000, compared to an adjusted EBITDA loss of $1.7 million in the same year-ago period.

Core net loss (a non-GAAP metric reconciled below) totaled $381,000, or $0.03 per share, compared to core net loss of $1.9 million, or $0.19 per share, in the same year-ago period.

At quarter-end, the Company had $15.3 million in cash, compared to $11.9 million at December 31, 2019.

2020 Financial Outlook

The Company expects total revenue of approximately $29.5 to $30.5 million, which would represent an increase of 32% compared to the prior year. The Company's guidance is based on recurring revenue from its current customer base and performance results tracked through July of this year. These expectations also include an anticipated impact from the COVID-19 global pandemic based on information available as of the date of this report.

Management Commentary

"In the second quarter of 2020 we built on our strong start to the year and continued to generate consistent results, both in new customer wins and in many of our key operating metrics," said SharpSpring CEO Rick Carlson. "More specifically, the 276 new customers we secured during the period represented approximately $2.2 million in annual recurring revenue, a healthy improvement over last year, which was driven by the introduction and successful execution of larger contracts with several new agencies as well as a return to a more regular deal flow later in the quarter. Additionally, thanks to our ongoing cost reduction measures implemented in conjunction with our comprehensive COVID-19 response plan, we drove healthy improvements in our margins and overall profitability.

"In the uncertain environment we find ourselves, our goal is to be even more deliberate with our spend and more direct with our approach to sales. To that end, we have been focusing our efforts in recent quarters on making SharpSpring a primarily ‘sales-oriented' business, which has already led to a more efficient and effective lead conversion process. Going forward, we'll be looking to make additional investments in growing our brand awareness to drive more organic lead growth in support of our outbound business development initiatives. Heading into the back half of the year, we remain confident in our ability to drive incrementally improved performance and are well-positioned to benefit from the ongoing shift to more digital, remote work."

Conference Call

SharpSpring management will hold a conference call today, August 13, 2020 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.

Company CEO Rick Carlson and Interim CFO Aaron Jackson will host the call, followed by a question and answer period.

U.S. dial-in number: 844-369-8770
International number: 862-298-0840

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.

The conference call will be broadcast live and available for replay here and via the investor relations section of the company's website at investors.sharpspring.com.

A replay of the conference call will be available after 7:30 p.m. Eastern time today through August 27, 2020.

Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 35691

About SharpSpring, Inc.

SharpSpring, Inc. (NASDAQ: SHSP) is a rapidly growing, highly-rated global provider of affordable marketing automation delivered via a cloud-based Software-as-a-Service (SaaS) Platform. Thousands of businesses around the world rely on SharpSpring to generate leads, improve conversions to sales, and drive higher returns on marketing investments. Known for its innovation, open architecture and free customer support, SharpSpring offers flexible monthly contracts at a fraction of the price of competitors making it an easy choice for growing businesses and digital marketing agencies. Learn more at sharpspring.com.

Non-GAAP Financial Measures

Adjusted EBITDA, core net loss and core net loss per share are "non-GAAP financial measures" presented as supplemental measures of the Company's performance. These metrics are not presented in accordance with United States generally accepted accounting principles, or GAAP. The Company believes these measures provide additional meaningful information in evaluating its performance over time. However, the measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. A reconciliation of net loss to these measures is included for your reference in the financial section of this earnings press release.

Important Cautions Regarding Forward-Looking Statements

The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continues," "estimates," "projects," "intends," and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, our ability to successfully utilize our cash to develop current and future products, delays due to issues with outsourced service providers, those events and factors described by us in Item 1. A "Risk Factors" in our most recent Form 10-K and other risks to which our company is subject, and various other factors beyond the Company's control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Company Contact:

Aaron Jackson
Interim Chief Financial Officer
Phone: 352-448-0967
Email: IR@sharpspring.com

Investor Relations:

Gateway Investor Relations
Matt Glover or Tom Colton
Phone: 949-574-3860
Email: SHSP@gatewayir.com

SharpSpring, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
Three Months Ended
 
 
Six Months Ended
 

 
June 30,
 
 
June 30,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

Revenue

 
$ 
7,270,905
 
 
$ 
5,517,433
 
 
$ 
14,323,634
 
 
$ 
10,843,718
 

Cost of services

 
 
1,873,029
 
 
$ 
1,625,818
 
 
 
4,240,671
 
 
 
3,174,200
 

Gross profit

 
 
5,397,876
 
 
 
3,891,615
 
 
 
10,082,963
 
 
 
7,669,518
 

Operating expenses:

Sales and marketing

 
 
2,395,100
 
 
 
2,865,610
 
 
 
5,429,222
 
 
 
5,873,813
 

Research and development

 
 
1,484,890
 
 
 
1,217,981
 
 
 
3,063,029
 
 
 
2,476,709
 

General and administrative

 
 
2,244,560
 
 
 
1,935,291
 
 
 
4,658,401
 
 
 
4,162,966
 

Intangible asset amortization

 
 
183,746
 
 
 
95,250
 
 
 
336,547
 
 
 
190,500
 

Total operating expenses

 
 
6,308,296
 
 
 
6,114,132
 
 
 
13,487,199
 
 
 
12,703,988
 

Operating loss

 
 
(910,420
)
 
 
(2,222,517
)
 
 
(3,404,236
)
 
 
(5,034,470
)

Other expense, net

 
 
(2,777
)
 
 
(41,966
)
 
 
(59,556
)
 
 
(146,093
)

Loss on induced conversion

 
 
–
 
 
 
(2,162,696
)
 
 
–
 
 
 
(2,162,696
)

Gain on embedded derivative

 
 
–
 
 
 
189,776
 
 
 
–
 
 
 
214,350
 

Loss before income taxes

 
 
(913,197
)
 
 
(4,237,403
)
 
 
(3,463,792
)
 
 
(7,128,909
)

Provision (benefit) for income taxes

 
 
57,187
 
 
 
787
 
 
 
(1,505,331
)
 
 
3,126
 

Net loss

 
$ 
(970,384
)
 
$ 
(4,238,190
)
 
$ 
(1,958,461
)
 
$ 
(7,132,035
)

Basic net loss per share

 
$ 
(0.08
)
 
$ 
(0.41
)
 
$ 
(0.17
)
 
$ 
(0.75
)

Diluted net loss per share

 
$ 
(0.08
)
 
$ 
(0.41
)
 
$ 
(0.17
)
 
$ 
(0.75
)

Weighted average common shares outstanding

Basic

 
 
11,529,324
 
 
 
10,296,041
 
 
 
11,525,258
 
 
 
9,568,161
 

Diluted

 
 
11,529,324
 
 
 
10,296,041
 
 
 
11,525,258
 
 
 
9,568,161
 

SharpSpring, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)

 
June 30,
 
 
December 31,
 

 
2020
 
 
2019
 

Assets

Cash and cash equivalents

 
$ 
15,286,895
 
 
$ 
11,881,949
 

Accounts receivable

 
 
448,016
 
 
 
340,344
 

Unbilled receivables

 
 
1,134,432
 
 
 
998,048
 

Income taxes receivable

 
 
42,179
 
 
 
15,010
 

Other current assets

 
 
1,203,445
 
 
 
1,363,366
 

Total current assets

 
 
18,114,967
 
 
 
14,598,717
 

Property and equipment, net

 
 
2,336,154
 
 
 
1,996,722
 

Goodwill

 
 
10,925,003
 
 
 
10,922,814
 

Intangibles, net

 
 
4,321,453
 
 
 
4,658,000
 

Deferred income taxes

 
 
5,520
 
 
 
–
 

Right-of-use assets

 
 
8,756,920
 
 
 
5,281,530
 

Other long-term assets

 
 
579,015
 
 
 
549,022
 

Total assets

 
$ 
45,039,032
 
 
$ 
38,006,805
 

Liabilities and Shareholders' Equity

Accounts payable

 
$ 
1,931,572
 
 
$ 
2,052,538
 

Accrued expenses and other current liabilities

 
 
631,042
 
 
 
919,089
 

Line of credit

 
 
1,900,000
 
 
 
–
 

Deferred revenue

 
 
659,650
 
 
 
860,820
 

Income taxes payable

 
 
73,483
 
 
 
13,944
 

Lease liability, current portion

 
 
685,876
 
 
 
370,340
 

Notes payable, current portion

 
 
1,493,024
 
 
 
 
 

Total current liabilities

 
 
7,374,647
 
 
 
4,216,731
 

Lease liability, net of current portion

 
 
8,172,482
 
 
 
4,976,727
 

Notes payable, net of current portion

 
 
1,906,475
 
 
 
 
 

Total liabilities

 
 
17,453,604
 
 
 
9,193,458
 

Shareholders' equity:

Preferred stock, $0.001 par value

 
 
–
 
 
 
–
 

Common stock, $0.001 par value

 
 
11,555
 
 
 
11,537
 

Additional paid in capital

 
 
59,587,378
 
 
 
58,851,285
 

Accumulated other comprehensive loss

 
 
(230,362
)
 
 
(224,793
)

Accumulated deficit

 
 
(31,699,143
)
 
 
(29,740,682
)

Treasury stock

 
 
(84,000
)
 
 
(84,000
)

Total shareholders' equity

 
 
27,585,428
 
 
 
28,813,347
 

Total liabilities and shareholders' equity

 
$ 
45,039,032
 
 
$ 
38,006,805
 

SharpSpring, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
Three Months Ended
 
 
Six Months Ended
 

 
June 30,
 
 
June 30,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

Net loss

 
$ 
(970,384
)
 
$ 
(4,238,190
)
 
$ 
(1,958,461
)
 
$ 
(7,132,035
)

Adjustments to reconcile loss from operations:

Depreciation and amortization

 
 
417,560
 
 
 
244,265
 
 
 
774,140
 
 
 
471,518
 

Amortization of costs to acquire contracts

 
 
202,329
 
 
 
228,812
 
 
 
404,767
 
 
 
431,757
 

Non-cash stock compensation

 
 
370,418
 
 
 
262,074
 
 
 
741,051
 
 
 
565,592
 

Deferred income taxes

 
 
(5,504
)
 
 
–
 
 
 
(5,504
)
 
 
–
 

Gain on disposal of property and equipment

 
 
–
 
 
 
(617
)
 
 
–
 
 
 
(617
)

Non-cash interest

 
 
–
 
 
 
43,373
 
 
 
–
 
 
 
139,372
 

Amortization of debt issuance costs and embedded derivative

 
 
–
 
 
 
903
 
 
 
–
 
 
 
2,903
 

Gain on embedded derivative

 
 
–
 
 
 
(189,776
)
 
 
–
 
 
 
(214,350
)

Loss on induced conversion

 
 
 
 
 
 
2,162,696
 
 
 
–
 
 
 
2,162,696
 

Unrealized foreign currency loss

 
 
29,201
 
 
 
6,387
 
 
 
109,928
 
 
 
17,126
 

Changes in assets and liabilities:

Accounts receivable

 
 
(20,988
)
 
 
(39,742
)
 
 
(106,260
)
 
 
(25,294
)

Unbilled receivables

 
 
(40,819
)
 
 
(45,047
)
 
 
(133,315
)
 
 
(138,819
)

Right-of-use assets

 
 
(3,069,671
)
 
 
107,718
 
 
 
(3,475,390
)
 
 
213,933
 

Other assets

 
 
63,772
 
 
 
(373,421
)
 
 
(279,099
)
 
 
(416,276
)

Income taxes, net

 
 
1,596,583
 
 
 
(30,901
)
 
 
33,639
 
 
 
(28,562
)

Accounts payable

 
 
(1,010,945
)
 
 
195,806
 
 
 
(120,934
)
 
 
(78,830
)

Lease liabilities

 
 
3,090,202
 
 
 
(93,540
)
 
 
3,511,291
 
 
 
(185,575
)

Other liabilities

 
 
106,198
 
 
 
(18,019
)
 
 
(288,041
)
 
 
(87,300
)

Deferred revenue

 
 
(107,604
)
 
 
26,027
 
 
 
(201,893
)
 
 
65,612
 

Net cash provided by (used in) operating activities

 
 
650,348
 
 
 
(1,751,192
)
 
 
(994,081
)
 
 
(4,237,149
)

Cash flows from investing activities

Purchases of property and equipment

 
 
(211,970
)
 
 
(69,553
)
 
 
(352,900
)
 
 
(239,530
)

Proceeds from the sale of property and equipment

 
 
–
 
 
 
617
 
 
 
–
 
 
 
617
 

Capitalization of software development costs

 
 
(151,842
)
 
 
(195,376
)
 
 
(424,124
)
 
 
(372,574
)

Net cash used in investing activities

 
 
(363,812
)
 
 
(264,312
)
 
 
(777,024
)
 
 
(611,487
)

Cash flows used in financing activities:

Proceeds from line of credit

 
 
–
 
 
 
–
 
 
 
1,900,000
 
 
 
–
 

Proceeds from note payable

 
 
3,399,500
 
 
 
–
 
 
 
3,399,500
 
 
 
 
 

Proceeds from exercise of stock options, net

 
 
12,288
 
 
 
302,752
 
 
 
23,462
 
 
 
906,617
 

Proceeds from issuance of common stock, net

 
 
–
 
 
 
(23,439
)
 
 
–
 
 
 
10,649,005
 

Payments for taxes related to net share settlement of equity awards

 
 
(1,869
)
 
–
 
 
 
(28,402
)
 
 
–
 

Net cash provided by financing activities

 
 
3,409,919
 
 
279,313
 
 
 
5,294,560
 
 
 
11,555,622
 

Effect of exchange rate on cash

 
 
(34,609
)
 
 
(18,901
)
 
 
(118,509
)
 
 
(30,186
)

Change in cash and cash equivalents

 
$ 
3,661,846
 
 
(1,755,092
)  
 
$ 
3,404,946
 
 
$ 
6,676,800
 

Cash and cash equivalents, beginning of period

 
$ 
11,625,049
 
 
 
17,752,758
 
 
$ 
11,881,949
 
 
$ 
9,320,866
 

Cash and cash equivalents, end of period

 
$ 
15,286,895
 
 
15,997,666
 
 
$ 
15,286,895
 
 
$ 
15,997,666
 

SharpSpring, Inc.
RECONCILIATION TO ADJUSTED EBITDA
(Unaudited, in Thousands)

 
Three Months Ended
 
 
Six Months Ended
 

 
June 30,
 
 
June 30,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

Net loss

 
$
(970
)
 
$
(4,238
)
 
$
(1,958
)
 
$
(7,132
)

Provision (benefit) for income taxes

 
 
57
 
 
 
1
 
 
 
(1,505
)
 
 
3
 

Other expense, net

 
 
3
 
 
 
42
 
 
 
60
 
 
 
146
 

Non-cash gain on embedded derivative

 
 
–
 
 
 
(190
)
 
 
–
 
 
 
(214
)

Non-cash loss on induced conversion

 
 
–
 
 
 
2,163
 
 
 
–
 
 
 
2,163
 

Depreciation & amortization

 
418
 
 
244
 
 
774
 
 
472
 

Non-cash stock compensation

 
 
370
 
 
 
262
 
 
 
741
 
 
 
566
 

Restructuring

 
 
–
 
 
 
–
 
 
 
–
 
 
 
133
 

Franchise tax settlement

 
 
–
 
 
 
–
 
 
 
–
 
 
 
318
 

Adjusted EBITDA

 
(122
)
 
(1,716
)
 
(1,888
)
 
(3,545
)

SharpSpring, Inc.
RECONCILIATION TO CORE NET LOSS AND CORE NET LOSS PER SHARE
(Unaudited, in Thousands)

 
Three Months Ended
 
 
Six Months Ended
 

 
June 30,
 
 
June 30,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

Net loss

 
$ 
(970
)
 
$ 
(4,238
)
 
$ 
(1,958
)
 
$ 
(7,132
)

Amortization of intangible assets

 
 
184
 
 
 
95
 
 
 
337
 
 
 
191
 

Non-cash stock compensation

 
 
370
 
 
 
262
 
 
 
741
 
 
 
566
 

Non-cash gain on embedded derivative

 
 
–
 
 
 
(190
)
 
 
–
 
 
 
(214
)

Restructuring

 
 
–
 
 
 
–
 
 
 
–
 
 
 
133
 

Non-cash loss on induced conversion

 
 
–
 
 
 
2,163
 
 
 
–
 
 
 
2,163
 

Franchise tax settlement

 
 
–
 
 
 
–
 
 
 
–
 
 
 
318
 

Tax adjustment

 
 
35
 
 
 
 
 
 
 
(112
)
 
 
1
 

Core net loss

 
$ 
(381)
 
 
$ 
(1,908)
 
 
$ 
(992)
 
 
$ 
(3,974)
 

Core net loss per share

 
$ 
(0.03)
 
 
$ 
(0.19)
 
 
$ 
(0.09)
 
 
$ 
(0.42)
 

Weighted average common shares outstanding

 
 
11,529
 
 
 
10,296
 
 
 
11,525
 
 
 
9,568
 

SOURCE: SharpSpring, Inc. 

ReleaseID: 601335

WESTMINSTER, MA / ACCESSWIRE / August 13, 2020 / TechPrecision Corporation (OTCQB:TPCS) ("TechPrecision" or "the Company"), an industry-leading manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the defense and precision industrial sectors, today reported financial results for the first quarter ended June 30, 2020. Fiscal 2021 first quarter sales were $3.3 million compared to $4.3 million in the first quarter of fiscal 2020. The Company recorded a net loss of $116,000 in the first quarter of fiscal 2021, compared to net income of $221,000 in the first quarter of fiscal 2020.

"As we discussed at the end of fiscal 2020, we have learning-curve challenges on a limited number of projects in the manufacturing schedule, resulting in an unfavorable financial impact. These projects as well as an unfavorable mix of other lower-margin projects contributed to our net loss in the first quarter of fiscal 2021," stated Alexander Shen, TechPrecision's Chief Executive Officer. "The project mix also contributed to slower project turnover, dampening revenue during the first quarter. We do, however, expect overall improvement in revenues and margins during the remainder of fiscal 2021."

"The Company's sales order backlog was $14.4 million on June 30, 2020 compared with $16.8 million on March 31, 2020." stated Mr. Shen. "We continue to replenish backlog as we booked over $4.0 million of new orders in the month of July."

First Quarter of Fiscal 2021 Financial Results

Net sales were $3.3 million or 24% lower when compared to $4.3 million in the same quarter a year ago.
Cost of sales were 20% lower than the same quarter a year ago, primarily due to lower revenues.
Gross profit was $0.7 million, down $0.4 million from the same quarter last year.
Gross margin was 21.2%, down from 25.6% in the first quarter of fiscal 2020 due to slower project turnover.
Operating loss was $96,000, compared to operating income of $368,000 in the same period a year ago.
Net loss was $116,000, compared to net income of $221,000 for the same period a year ago.
EBITDA, a non-GAAP financial measure, was $74,000, compared to $577,000 in the same period last year.

Financial Position

At June 30, 2020, TechPrecision had $1.8 million in cash and cash equivalents, an increase of $0.9 million since March 31, 2020.

On April 3, 2020, as a precautionary measure due to the outbreak of the COVID-19 pandemic, we drew down $1.0 million under our existing revolver loan with Berkshire Bank, which was repaid in full on June 30, 2020. In addition, on May 8, 2020, the Company issued a promissory note evidencing an unsecured loan in the amount of $1.3 million under the Paycheck Protection Program, or the PPP. The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act and is administered by the U.S. Small Business Administration. The loan was made through Berkshire Bank, and the Company received $1.3 million of proceeds on May 11, 2020.

Working capital was $6.4 million compared to working capital of $5.6 million at March 31, 2020. The Company has access to additional capital via the existing revolver loan should management determine it needs to bolster liquidity as the Company manages through the effects of the pandemic.

COVID-19 Update

At the end of March of 2020, the outbreak of coronavirus (COVID-19) had spread worldwide as a pandemic. The full extent of the outbreak, related business and travel restrictions and changes to social behavior intended to reduce its spread remain uncertain as the health crisis continues to evolve in the U.S. and abroad. The directives imposed by federal, state and local governments did not impair our ability to maintain operations during the fourth quarter of fiscal 2020 or the first quarter of fiscal 2021 as the Company was designated an "Essential Service." However, the pandemic has negatively affected the Company's customers, suppliers and labor force, resulting in a number of inspection and approval delays for certain projects caused by new or enhanced mandated safety precautions. Accordingly, as conditions continue to change as a result of the COVID-19 outbreak, the impact on our operations and financial results for the remainder of fiscal 2021 remains uncertain.

Teleconference Information

The Company will hold a conference call at 4:30 p.m. Eastern (U.S.) time on August 13, 2020. To participate in the live conference call, please dial 1-844-602-0380 five to 10 minutes prior to the scheduled conference call time. International callers should dial 1-862-298-0970. When prompted, reference TechPrecision.

A replay will be available until August 27, 2020. To access the replay, dial 1-877-481-4010 or 1-919-882-2331. When prompted, enter Conference Passcode 36331. The call will also be available over the Internet and accessible at: https://www.webcaster4.com/Webcast/Page/2198/36331.

About TechPrecision Corporation

TechPrecision Corporation, through its wholly owned subsidiary, Ranor, Inc., manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: defense, aerospace, nuclear, industrial, and medical. TechPrecision's goal is to be an end-to-end service provider to its customers by furnishing customized solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing. To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company's website or any other website does not constitute a part of this press release.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements other than statements of current or historical fact contained in this press release, including statements that express our intentions, plans, objectives, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "should," "would" and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections made by management about our business, our industry and other conditions affecting our financial condition, results of operations or business prospects. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, the forward-looking statements due to numerous risks and uncertainties. Factors that could cause such outcomes and results to differ include, but are not limited to, risks and uncertainties arising from: our reliance on individual purchase orders, rather than long-term contracts, to generate revenue; our ability to balance the composition of our revenues and effectively control operating expenses; external factors, including the COVID-19 pandemic, that may be outside of our control; the impacts of the COVID-19 pandemic and government-imposed lockdowns in response thereto; the availability of appropriate financing facilities impacting our operations, financial condition and/or liquidity; our ability to receive contract awards through competitive bidding processes; our ability to maintain standards to enable us to manufacture products to exacting specifications; our ability to enter new markets for our services; our reliance on a small number of customers for a significant percentage of our business; competitive pressures in the markets we serve; changes in the availability or cost of raw materials and energy for our production facilities; operating in a single geographic location; restrictions in our ability to operate our business due to our outstanding indebtedness; government regulations and requirements; pricing and business development difficulties; changes in government spending on national defense; our ability to make acquisitions and successfully integrate those acquisitions with our business; general industry and market conditions and growth rates; general economic conditions; and other risks discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). Any forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.

Company Contact: Investor Relations Contact:

Mr. Thomas Sammons
Chief Financial Officer
TechPrecision Corporation
Phone: 978-883-5109
Email: sammonst@ranor.com
Website: www.techprecision.com

Hayden IR
Brett Maas
Phone: 646-536-7331
Email: brett@haydenir.com
Website: www.haydenir.com

— Tables Follow —

TECHPRECISION CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

June 30,

2020

March 31,

2020

ASSETS

Current assets:

Cash and cash equivalents

 
$
1,802,039
 
 
$
930,856
 

Accounts receivable, net

 
 
916,529
 
 
 
990,300
 

Contract assets

 
 
5,197,463
 
 
 
4,504,621
 

Raw materials

 
 
558,357
 
 
 
561,572
 

Work-in-process

 
 
739,090
 
 
 
656,041
 

Other current assets

 
 
418,890
 
 
 
606,151
 

Total current assets

 
 
9,632,368
 
 
 
8,249,541
 

Property, plant and equipment, net

 
 
4,055,392
 
 
 
4,182,861
 

Deferred income taxes

 
 
2,152,840
 
 
 
2,115,480
 

Other noncurrent assets, net

 
 
21,369
 
 
 
32,600
 

Total assets

 
$
15,861,969
 
 
$
14,580,482
 

LIABILITIES AND STOCKHOLDERS' EQUITY:

Current liabilities:

Accounts payable

 
$
555,979
 
 
$
185,065
 

Accrued expenses

 
 
1,528,531
 
 
 
1,554,524
 

Contract liabilities

 
 
516,337
 
 
 
805,049
 

Current portion of long-term debt

 
 
621,251
 
 
 
109,829
 

Total current liabilities

 
 
3,222,098
 
 
 
2,654,467
 

Long-term debt

 
 
3,231,247
 
 
 
2,456,560
 

Commitments and contingent liabilities (Note 13)

Stockholders' Equity:

Common stock – par value $.0001 per share, 90,000,000 shares authorized,

29,398,662 and 29,354,594 shares issued and outstanding,

at June 30, 2020 and March 31, 2020

 
 
2,939
 
 
 
2,935
 

Additional paid in capital

 
 
8,848,558
 
 
 
8,793,062
 

Accumulated other comprehensive income

 
 
21,591
 
 
 
21,688
 

Retained earnings

 
 
535,536
 
 
 
651,770
 

Total stockholders' equity

 
 
9,408,624
 
 
 
9,469,455
 

Total liabilities and stockholders' equity

 
$
15,861,969
 
 
$
14,580,482
 

TECHPRECISION CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE (LOSS) INCOME
(unaudited)

 
Three months ended June 30,
 

 
2020
 
 
2019
 

Net sales

 
$ 
3,282,525
 
 
$ 
4,334,268
 

Cost of sales

 
 
2,585,511
 
 
 
3,224,767
 

Gross profit

 
 
697,014
 
 
 
1,109,501
 

Selling, general and administrative

 
 
793,362
 
 
 
741,413
 

(Loss) income from operations

 
 
(96,348
)
 
 
368,088
 

Other income

 
 
652
 
 
 
19,430
 

Interest expense

 
 
(57,898
)
 
 
(76,523
)

Total other expense, net

 
 
(57,246
)
 
 
(57,093
)

(Loss) income before income taxes

 
 
(153,594
)
 
 
310,995
 

Income tax expense

 
 
(37,360
)
 
 
90,218
 

Net (loss) income

 
$ 
(116,234
)
 
$ 
220,777
 

Other comprehensive loss:

Foreign currency translation adjustments

 
 
(97
)
 
 
(179
)

Other comprehensive loss, net of tax

 
 
(97
)
 
 
(179
)

Comprehensive (loss) income

 
$ 
(116,331
)
 
$ 
220,598
 

Net (loss) income per share – basic

 
$ 
(0.01
)
 
$ 
0.01
 

Net (loss) income per share – diluted

 
$ 
(0.01
)
 
$ 
0.01
 

Weighted average number of shares outstanding – basic

 
 
29,359,921
 
 
 
29,253,495
 

Weighted average number of shares outstanding – diluted

 
 
29,359,921
 
 
 
30,711,007
 

TECHPRECISION CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

 
Three Months Ended June 30,
 

 
2020
 
 
2019
 

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) income

 
$
(116,234
)
 
$
220,777
 

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation

 
 
169,237
 
 
 
190,005
 

Amortization of debt issue costs

 
 
15,141
 
 
 
10,741
 

Stock based compensation expense

 
 
55,500
 
 
 
30,625
 

Change in contract loss provision

 
 
(64,699
)
 
 
120,393
 

Deferred income taxes

 
 
(37,360
)
 
 
90,218
 

Changes in operating assets and liabilities:

Accounts receivable

 
 
73,771
 
 
 
144,381
 

Contract assets

 
 
(692,842
)
 
 
1,517,221
 

Inventories

 
 
(79,834
)
 
 
38,517
 

Other current assets

 
 
187,261
 
 
 
78,219
 

Accounts payable

 
 
370,914
 
 
 
(342,639
)

Accrued expenses

 
 
38,614
 
 
 
5,915
 

Contract liabilities

 
 
(288,712
)
 
 
(401,097
)

Net cash (used in) provided by operating activities

 
 
(369,243
)
 
 
1,703,276
 

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property, plant and equipment

 
 
(41,768
)
 
 
(10,200
)

Net cash used in investing activities

 
 
(41,768
)
 
 
(10,200
)

CASH FLOWS FROM FINANCING ACTIVITIES

Debt issue costs

 
 
(8,282
)
 
 
—
 

Proceeds from payroll protection program

 
 
1,317,100
 
 
 
—
 

Proceeds from revolver loan

 
 
1,000,000
 
 
 
—
 

Repayment of revolver loan

 
 
(1,000,000
)
 
 
—
 

Repayment of long-term debt

 
 
(26,618
)
 
 
(199,533
)

Net cash provided by (used in) financing activities

 
 
1,282,200
 
 
 
(199,533
)

Effect of exchange rate on cash and cash equivalents

 
 
(6
)
 
 
164
 

Net increase in cash and cash equivalents

 
 
871,183
 
 
 
1,493,707
 

Cash and cash equivalents, beginning of period

 
 
930,856
 
 
 
2,036,646
 

Cash and cash equivalents, end of period

 
$
1,802,039
 
 
$
3,530,353
 

TECHPRECISION CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of EBITDA to Net (Loss) Income

The following table provides a reconciliation of EBITDA to net (loss) income, the most directly comparable U.S. GAAP measure reported in our condensed consolidated financial statements:

(dollars in thousands)

June 30,

2020

June 30,

2019

Change

Amount

Net (loss) income

 
$
(116
)
 
$
221
 
 
$
(337
)

Income tax (benefit) expense

 
 
(37
)
 
 
90
 
 
 
(127
)

Interest expense (1)

 
 
58
 
 
 
76
 
 
 
(18
)

Depreciation

 
 
169
 
 
 
190
 
 
 
(21
)

EBITDA

 
$
74
 
 
$
577
 
 
$
(503
)

(1) Includes amortization of debt issue costs.

SOURCE: TechPrecision Corporation

ReleaseID: 601575

TAMPA, FL / ACCESSWIRE / August 13, 2020 / The Mosaic Company (NYSE:MOS) announced today that its Board of Directors declared a quarterly dividend of $0.05 per share on the Company's common stock. The dividend will be paid on September 17, 2020, to stockholders of record as of the close of business on September 3, 2020.

The declaration and payment of any future dividends is subject to approval by Mosaic's Board of Directors. There can be no assurance that the Company's Board of Directors will declare future dividends.

About The Mosaic Company

The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.

Media
Ben Pratt
The Mosaic Company
813-775-4206
benjamin.pratt@mosaicco.com

Investors
Laura Gagnon
The Mosaic Company
813-775-4214
investor@mosaicco.com

SOURCE: The Mosaic Company via EQS Newswire

ReleaseID: 601609

Advanced critical SUI feasibility study for late summer readout
Achieved FDA clearance to conduct pivotal SUI PURSUIT Trial
Company to host conference call at 5:00 PM ET today

ENGLEWOOD, CO / ACCESSWIRE / August 13, 2020 / Viveve Medical, Inc. (NASDAQ:VIVE), a medical technology company focused on women's intimate health, today reported financial results for the quarter ended June 30, 2020, and will provide a corporate update on its scheduled conference call at 5:00 PM ET today.

During the second quarter of 2020 Viveve experienced the impact of the COVID-19 crisis on business operations, particularly in the United States. Significant organizational reductions and operational efficiencies, designed to reduce cash burn, were initiated by the Company late in the first quarter of 2020 and were in effect throughout the second quarter and have continued into the third quarter.

Q2 2020 and Recent Business Highlights

Reported $704 thousand in total revenue for the second quarter 2020 with a global installed base of 855 Viveve® Systems as of June 30, 2020;
Received U.S. Food and Drug Administration (FDA) approval of the Investigational Device Exemption (IDE) to conduct the pivotal PURSUIT clinical trial for improvement of stress urinary incontinence (SUI) in women;
Continued to advance the fully enrolled 3-arm SUI feasibility study;
Announced regulatory approval in Thailand of the Viveve 2.0 next-generation system and consumable treatment tips, expanding its commercial availability throughout the Asia Pacific region; and
Executed significant organizational realignments and operational measures to reduce costs, and secured additional capital to strengthen the balance sheet to support sustainability during the continuing COVID-19 crisis.

"The COVID-19 crisis continues to present challenges to our commercial operations, but the environment is improving. With a focus on our existing customers, our talented and dedicated team has enabled the Company to meet these challenges head-on. During this time, we achieved significant regulatory milestones including FDA clearance to conduct the PURSUIT trial and advancement of our SUI feasibility study targeted for readout in the coming weeks. We are continuing to provide excellent customer service and support even as many members of our team work remotely. As we plan for the months ahead, the health, safety and well-being of our employees, customers and associates will remain our priority," said Scott Durbin, Viveve's chief executive officer. "I am proud of the entire Viveve organization and confident that we will continue to make rapid progress in our efforts to advance our Cryogen-cooled Monopolar Radiofrequency (CMRF) technology in pursuit of a SUI indication in the U.S."

Q2 2020 Financial Results

Revenue for the second quarter ended June 30, 2020 totaled $704 thousand from the global placement of six Viveve Systems and global sales of approximately 1,600 disposable treatment tips, compared to revenue of $1.1 million for the same period in 2019. As of June 30, 2020, the Company had an installed base of 855 Viveve Systems worldwide, 481 in the U.S. and 374 internationally.

Total operating expenses for the second quarter of 2020 were $4.6 million, down from $8.4 million for the same period in 2019. The decrease is a result of the Company's organizational realignments, commercial team reduction, and additional cost-saving efforts executed in response to the impact of the COVID-19 crisis.

Net loss attributable to common stockholders (including a one-time, noncash charge for the modification of Series A and B warrants of $1.8 million) for the second quarter of 2020 was $8.1 million, or ($0.57) per share, compared to a net loss of $9.7 million, or ($20.93) per share, for the same period in 2019.

Cash and cash equivalents were $8.5 million as of June 30, 2020, compared to $9.0 million as of March 31, 2020.

Conference Call Information

The Company will host a conference call and webcast at 5:00 PM ET today. The conference call may be accessed by dialing 1-833-255-2833 (domestic) or 1-412-902-6728 (international) or via live webcast at https://services.choruscall.com/links/vive200813.html. Participants may also pre-register for the conference call at http://dpregister.com/10146475.

A recording of the webcast will be posted on the Company's investor relations website following the call at ir.viveve.com and will be available online for 90 days.

About Viveve

Viveve Medical, Inc. is a medical technology company focused on women's intimate health. Viveve is committed to advancing new solutions to improve women's overall well-being and quality of life. The internationally patented Viveve® System incorporates Cryogen-cooled Monopolar Radiofrequency (CMRF) technology to uniformly deliver volumetric heating while gently cooling surface tissue to generate neocollagenesis in a single in-office session. In the United States, the Viveve System is cleared by the Food and Drug Administration (FDA) for use in general surgical procedures for electrocoagulation and hemostasis. International regulatory approvals and clearances have been received for vaginal laxity and/or improvement in sexual function indications in more than 50 countries.

Viveve continues to advance its clinical development program in SUI and is conducting a short-term feasibility study under an Investigational Testing Application approved by the Canadian Ministry of Health. The feasibility study is a single-blind, three-arm study to compare Viveve's CMRF treatment and a cryogen-only sham to an inert sham treatment in order to capture short-term safety and effectiveness data on use of the Viveve System for the improvement of SUI in women. Subject enrollment in the study was completed in March 2020. Results of the SUI feasibility study are targeted for readout in late summer of 2020. If positive, the feasibility study results could support the initiation of the pivotal PURSUIT Trial. As announced on July 7, 2020, Viveve received FDA approval of its Investigational Device Exemption application to conduct the multicenter, randomized, double-blinded, sham-controlled PURSUIT Trial for improvement of SUI in women.

For more information visit Viveve's website at www.viveve.com.

Safe Harbor Statement

All statements in this press release that are not based on historical fact are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While management has based any forward-looking statements included in this press release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, the fluctuation of global economic conditions, the impact of the novel coronavirus termed COVID-19 on our clinical development and regulatory review and clearances and on the manufacturing, placements and patient utilization of our Viveve Systems, the performance of management and our employees, the outcome of our assessment of strategic alternatives, our ability to obtain financing, our evaluation of strategic alternatives, our ability to obtain approval or clearance for sale of our medical device for all indications sought, competition, general economic conditions and other factors that are detailed in our periodic and current reports available for review at www.sec.gov. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware, unless required by law.

Viveve is a registered trademark of Viveve, Inc.

Investor Relations contacts:
Amato and Partners, LLC
Investor Relations Counsel
admin@amatoandpartners.com

Media contact:
Bill Berry
Berry & Company Public Relations
(212) 253-8881
bberry@berrypr.com

VIVEVE MEDICAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)

 
June 30,
 
 
December 31,
 

 
2020
 
 
2019
 

ASSETS

Current assets:

Cash and cash equivalents

 
$
8,500
 
 
$
13,308
 

Accounts receivable, net

 
 
1,017
 
 
 
1,573
 

Inventory

 
 
4,917
 
 
 
4,861
 

Prepaid expenses and other current assets

 
 
1,921
 
 
 
2,447
 

Total current assets

 
 
16,355
 
 
 
22,189
 

Property and equipment, net

 
 
2,853
 
 
 
3,046
 

Investment in limited liability company

 
 
948
 
 
 
1,216
 

Other assets

 
 
376
 
 
 
526
 

Total assets

 
$
20,532
 
 
$
26,977
 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

 
$
1,257
 
 
$
1,608
 

Accrued liabilities

 
 
2,835
 
 
 
4,698
 

Note payable, current portion

 
 
559
 
 
 
–
 

Total current liabilities

 
 
4,651
 
 
 
6,306
 

Note payable, noncurrent portion

 
 
5,025
 
 
 
3,983
 

Other noncurrent liabilities

 
 
229
 
 
 
167
 

Total liabilities

 
 
9,905
 
 
 
10,456
 

Stockholders' equity:

Capital stock and additional paid-in capital

 
 
221,963
 
 
 
214,432
 

Accumulated deficit

 
 
(211,336
)
 
 
(197,911
)

Total stockholders' equity

 
 
10,627
 
 
 
16,521
 

Total liabilities and stockholders' equity

 
$
20,532
 
 
$
26,977
 

VIVEVE MEDICAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)

 
Three Months Ended
 
 
Six Months Ended
 

 
June 30,
 
 
June 30,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

Revenue

 
$ 
704
 
 
$ 
1,052
 
 
$ 
2,008
 
 
$ 
4,064
 

Cost of revenue

 
 
1,071
 
 
 
941
 
 
 
2,200
 
 
 
2,882
 

Gross profit (loss)

 
 
(367
)
 
 
111
 
 
 
(192
)
 
 
1,182
 

Operating expenses:

Research and development

 
 
1,224
 
 
 
2,902
 
 
 
2,862
 
 
 
5,382
 

Selling, general and administrative

 
 
3,350
 
 
 
5,530
 
 
 
7,715
 
 
 
12,156
 

Restructuring costs

 
 
–
 
 
 
–
 
 
 
–
 
 
 
742
 

Total operating expenses

 
 
4,574
 
 
 
8,432
 
 
 
10,577
 
 
 
18,280
 

Loss from operations

 
 
(4,941
)
 
 
(8,321
)
 
 
(10,769
)
 
 
(17,098
)

Modification of Series A and B warrants

 
 
(1,838
)
 
 
–
 
 
 
(1,838
)
 
 
–
 

Interest expense, net

 
 
(223
)
 
 
(1,194
)
 
 
(433
)
 
 
(2,310
)

Other expense, net

 
 
(27
)
 
 
(71
)
 
 
(117
)
 
 
(82
)

Net loss from consolidated companies

 
 
(7,029
)
 
 
(9,586
)
 
 
(13,157
)
 
 
(19,490
)

Loss from minority interest in limited liability company

 
 
(86
)
 
 
(138
)
 
 
(268
)
 
 
(263
)

Comprehensive and net loss

 
 
(7,115
)
 
 
(9,724
)
 
 
(13,425
)
 
 
(19,753
)

Series B convertible preferred stock dividends

 
 
(1,021
)
 
 
–
 
 
 
(2,011
)
 
 
–
 

Net loss attributable to common stockholders

 
$ 
(8,136
)
 
$ 
(9,724
)
 
 
(15,436
)
 
$ 
(19,753
)

Net loss per share of common stock:

Basic and diluted

 
$ 
(0.57
)
 
$ 
(20.93
)
 
 
(1.34
)
 
$ 
(42.54
)

Weighted average shares used in

computing net loss per common share:

Basic and diluted

 
 
14,186,199
 
 
 
464,638
 
 
 
11,558,472
 
 
 
464,321
 

SOURCE: Viveve Medical, Inc.

ReleaseID: 601510