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DLT Resolution Reports 366% Sales Growth in Third Quarter 2020

·6 min read

LAS VEGAS, NV / ACCESSWIRE / November 16, 2020 / DLT Resolution, Inc. (OTC:DLTI), an information technology, cyber security, telecommunications and Union Services company, today reported financial results for its third quarter ended September 30, 2020.

2020 Second Quarter Highlights:

  • 2020 Q3 revenue of $599,000 was 366% higher than 2019 Q3 revenue

  • On a consecutive quarter basis, 2020 Q2 revenue of $599,000 was 9% higher than the 2020 Q2 quarter

  • 2020 EBITDA of $48,000 for nine months ended September 30, 2020 compared to 2019 EDITDA of ($620,000) for nine months ended September 30, 2019

"We are pleased to report accelerating revenue growth for the Q3 despite the business environment made challenging by the COVID-19 pandemic." said John Wilkes, Chief Executive Officer of DLT Resolution Inc., adding "We are currently expanding our service offerings and expect revenue growth will continue to drive our improved financial performance."

Third Quarter 2020 Results

The increase in 2020 third quarter revenue to $599,000 from 2019's third quarter revenue of $128,000 resulted from revenue generated by Union Strategies, Inc. following the Company's acquisition of its business on January 30, 2020. The Company reported a 2020 third quarter net loss of $13,000 that includes $8,000 in depreciation, amortization and interest expense, as compared to a $196,000 2019 third quarter net profit that benefited from a one-time $268,000 gain on a stock-based liability at the time.

John Wilkes concluded, "During the remainder of 2020 and the first half of 2021, our focus is to expand our service offerings in order to grow and diversify our revenues while maintaining positive EBITDA and delivering profitability."

Forward-Looking and Cautionary Statements

The use of the word "company" or "Company" refers to DLT Resolution Incorporated and its wholly-owned subsidiaries. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the company's actual results. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. DLT Resolution may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (available at http://www.sec.gov). DLT Resolution undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise. Nothing within this communication is meant to be a solicitation to buy or sell our securities. Investing in over the counter (OTC) securities often carries a high degree of risk. Please contact your financial advisor before investing in our securities.

Contact:

John S. Wilkes
President
DLT Resolution Inc.
DLTTelecom.com
1 800-463-5465

DLT RESOLUTION, INC
Condensed Consolidated Balance Sheets
(Unaudited)

September 30,

2020

December 31,

2019

ASSETS

Current assets

Cash and cash equivalents

$

11,487

$

13,140

Accounts receivable, net of allowance for doubtful accounts of $44,730 at September 30, 2020 and $0 at December 31, 2019

296,969

34,631

Other current asset

76,587

-

Total current assets

385,043

47,771

Property, plant and equipment, net of accumulated depreciation

76,963

-

Operating lease - right of use asset

9,082

-

Intangible assets, net of accumulated amortization

2,020,358

376,460

Goodwill

914,959

165,022

Total assets

$

3,406,405

$

589,253

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities

Bank overdraft

$

32,085

$

16,782

Accounts payable and accrued liabilities

569,650

99,201

Related party payables

35,872

35,880

Interest payable, related party

39,722

34,190

Note payable, related party

81,500

81,500

Notes payable, current portion

5,000

-

Lease obligation - operating lease

6,116

-

Total current liabilities

769,945

267,553

Notes payable, net of current portion

90,069

5,000

Other long term liability

1,860,000

685,000

Lease obligation - operating lease, net of current portion

2,412

-

Total liabilities

2,722,426

957,553

Stockholders' equity (deficit)

Series A convertible preferred stock, $1.00 par value; 5,000,000 shares authorized; 0 and 25,000 issued and outstanding at September 30, 2020 and December 31, 2019

-

-

Series B convertible preferred stock, $1.00 par value; 500,000 shares authorized; 64,000 and 64,000 issued and outstanding at September 30, 2020 and December 31, 2019

64,000

64,000

Common stock, $0.001 par value; 275,000,000 shares authorized; 25,926,287 and 24,395,037 issued; 22,698,787 and 21,167,537 outstanding at September 30, 2020 and December 31, 2019

25,926

24,395

Common stock subscribed

14,000

-

Additional paid-in capital

4,913,010

4,218,265

Other comprehensive income

719,042

(34,430)

Treasury stock, 3,815,000 shares as of September 30, 2020 and December 31, 2019, at cost

(5,300)

(5,300)

Accumulated deficit

(5,046,699)

(4,653,230)

Total stockholders' equity (deficit)

683,979

(368,300)

Total liabilities and stockholders' equity (deficit)

$

3,406,405

$

589,253

DLT RESOLUTION, INC.
Condensed Consolidated Statements of Operations
(Unaudited)

Three months ended

September 30,

Nine months ended

September 30,

2020

2019

2020

2019

Revenue

$

599,160

$

128,482

$

1,576,960

$

363,849

Cost of revenue and operating expenses

Cost of revenue

317,418

42,264

819,932

114,676

General and administrative

246,487

72,482

615,375

194,852

Depreciation and amortization

1,288

25,768

268,321

76,980

Professional fees

29,060

55,421

93,481

119,842

Goodwill impairment loss

(4,768)

-

160,594

-

Total operating expenses

600,428

198,295

1,957,703

506,350

Loss from operations

(1,268)

(69,813)

(380,743)

(142,501)

Other income (expense)

Gain/(loss) on stock based liability

-

267,602

-

(227,836)

Foreign exchange gain/(loss)

(3)

4

(3)

5,353

Loss on investment

-

-

-

(331,787)

Interest expense

(11,817)

(1,844)

(30,723)

(5,471)

Total other income (expense)

(11,820)

265,762

(30,726)

(559,741)

Net (loss) income

$

(13,088)

$

195,949

$

(411,469)

$

(702,242)

Basic loss per common share - net (loss) income

$

(0.00)

$

0.01

$

(0.02)

$

(0.03)

Diluted loss per common share - net (loss) income

$

(0.00)

$

0.01

$

(0.02)

$

(0.03)

Weighted average basic shares outstanding

25,926,287

21,170,526

25,760,571

21,113,158

Weighted average diluted shares outstanding

25,926,287

21,170,526

25,760,571

21,153,158

SOURCE: DLT Resolution Inc.



View source version on accesswire.com:
https://www.accesswire.com/616999/DLT-Resolution-Reports-366-Sales-Growth-in-Third-Quarter-2020