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CALGARY, AB / ACCESSWIRE / May 28, 2021 / Ivrnet Inc. (TSXV: IVI) (“Ivrnet“or the”Company“) announces that it has filed its interim financial statements for the three months ended March 31, 2021 and the accompanying management report (” management report “).
The following Q1 2021 Financial Highlights should be read in conjunction with the unaudited interim financial statements and accompanying MD&A for the three months ended March 31, 2021, which can be viewed on the Canadian System of Analysis and Reporting. electronic document recovery (“SEDAR”) at www.sedar.com.
Financial Highlights – Q1 2021:
- Sharp increase in FinTech services revenues. An increase in recurring fixed income from $ 58,010 to $ 69,570 in the first quarter of 2021 compared to $ 11,560 in the first quarter of 2020 and an increase in variable recurring income from $ 42,051 to $ 64,671 in the first quarter of 2021 compared to 22,620 $ in the first quarter of 2020. The increases come from new customers added in 2020 and in the first quarter of 2021.
- Decrease in recurring fixed income from central services in Q1 2021 compared to Q1 2020 due to the planned phase-out of the Company’s sports registration services.
- Expected decrease in variable recurring revenues from communications services in Q1 2021 compared to Q1 2020 mainly due to the temporary increase in these revenues in Q1 2020 since the start of the COVID-19 pandemic as more and more businesses switched to telephony and audio conferencing solutions to stay connected. As businesses have adapted to COVID-19 restrictions, the use of these solutions has declined.
- Ongoing support from the Company’s commercial lender. On March 31, 2021, the Company and its commercial lender amended the term loan and credit facility agreement for the months of March, April, May and June 2021. Of the 17% annual interest owed on the loan to term and the credit facility, the Company will pay to the commercial lender 10% per annum on the unpaid amount, calculated monthly, in the respective months and 7% per annum on the unpaid amount, calculated monthly, will be added to the unpaid amount of the loan to term and installation credit, in the respective months.
- Continued focus and investment in the migration of the company’s data center to a virtual environment. The virtual data center will give the company more flexibility and allow for faster scaling to accommodate new customers.
- Continuous focus on strict cost management.
Ivrnet is a software and communications company that develops, hosts, sells and supports value-added business automation software. The Company’s products and services are delivered via the Internet and the traditional telephone network. These applications facilitate automated interaction through personalized communication between people, mass communication to deliver information to thousands of people simultaneously, and personalized communication between people and automated systems.
For more information: please contact Andrew Watts, President and CEO, Ivrnet Inc .; Suite 222, 1338B – 36 Avenue NE, Calgary, Alberta T2E 6T6; Tel / fax 1.800.351.7227; Email: [email protected]; www.ivrnet.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Ivrnet Inc.
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