NEWPORT BEACH, Calif. and SALT LAKE CITY, Aug. 14, 2019 (GLOBE NEWSWIRE) — VERB Technology Company, Inc. (NASDAQ: VERB; VERBW) (“VERB” or the “Company”), a leader in business-focused interactive video sales and marketing applications and the pioneer of Augmented Sales Intelligence software, today reported its financial results for the second quarter ended June 30, 2019 on Form 10-Q. Management hosted a conference call today at 4:30 pm EDT to present the results. To listen to a replay of the call, dial toll free: 1-844-512-2921, International: 1-412-317-6671, please use Conference ID: 13693748.
VERB Consolidated, Unaudited, Pro Forma, Income Statements of Operations and Balance Sheet as of June 30, 2019:
- Total revenue was $3.7 million, an increase of 20% for Q2, as compared to $3.1 million for the same period of the year prior.
- Total SAAS revenue for Q2, which is the Company’s stated business focus, totaled $1.5 million, an increase of 37% over the $1.1 million for Q1, and an increase of 57% over the $928,000 reported for the same period last year.
- Total revenue for the first 6 months of 2019 was $7.7M, an increase of 32% over the $5.9M for the first six months of last year.
- Gross profit for Q2 totaled $1.7 million, an increase of 5%, as compared to $1.6 million for the same period of the year prior.
- Gross profit for the first 6 months of 2019 totaled $3.4M, an increase of 19% over the $2.9M for same period last year
- Total cost of revenue for Q2 was $2 million, an increase of 36%, as compared to $1.5 million for the same period of the year prior.
- Total cost of revenue for the first 6 months was $4.3 million, an increase of 45%, as compared to $3 million for the same period of the year prior.
- General and administrative expenses in Q2 totaled $3.3 million versus $283,000 during the same period last year. The increase is primarily attributed to non-cash stock compensation expense of $2.4 million, related to the re-valuation of stock options for our consultants as required by Generally Accepted Accounting Principles (GAAP).
- The Company increased its commitment to research and development, as R&D expense increased in Q2 by $700,000 to $1.3 million from $605,000 for the same period last year.
- As of June 30, 2019, total assets were $25.7 million, total liabilities were $7.1 million and total stockholders’ equity was $18.6 million.
- During Q2 , the Company extinguished $2.8 million of debt that had been reflected on the Company’s March 31, 2019 balance sheet.
- As of June 30, 2019, cash totaled $412,000. However, as also reported in today’s Form 10-Q filing, on Aug 14, 2019 the Company entered into a Securities Purchase Agreement and issued 5,030 shares of its Series A Convertible Preferred Stock and granted warrants to purchase up to 3.2 million shares of common stock resulting in aggregate proceeds of $5,030,000. Please refer to today’s Form 10-Q filing for complete details of this financing.
The Company also reported:
- As of today, VERB has 23,263,187 shares of common stock issued and outstanding.
- The total Verb application user base is currently approximately 700,000 users, a 93% increase from this time last year, and an increase of 124,000 or 22% over last quarter.
Management intends to host a stockholder town hall conference call on Thursday, August 29, 2019 at 6:00 pm Eastern Time to respond to investor questions concerning today’s Form 10-Q filing, that were not answered in today’s conference call.
Management encourages all investors to submit their questions by close of business on Friday, August 23, 2019 to AskVERB@myVERB.com.
|What:||VERB Technology Stockholder Town Hall Conference Call|
|Date:||Thursday, August 29, 2019|
|Time:||6:00 pm Eastern Time|
|Live Call:||Toll Free: 1-877-407-4018|
|Conference ID: 13693892|
|Replay:||Toll Free: 1-844-512-2921
Replay Pin Number: 13693892
Replay Start: Thursday August 29, 2019, 9:00 PM ET
Replay Expiry: Thursday September 12, 2019, 11:59 PM ET
VERB Technology Company, Inc. is rapidly emerging as the market leader in sales and marketing applications utilizing its proprietary interactive video data collection and analysis technology. Following its successful acquisition of Utah-based Sound Concepts, the leading provider of digital tech-based marketing and customer relationship management applications for the direct sales, network marketing and affiliate marketing industries, the newly combined company provides next-generation customer relationship management (“CRM”), lead generation, and video marketing software applications under the brand name Verb GO. The Company’s proprietary and patent-pending technology produces real-time, measurable results with customers reporting greater than 600% increases in conversion rates. The Company’s software-as-a-service (SaaS) products are cloud-based, accessible on all mobile and desktop devices, and are available by subscription for individual and enterprise users. The Company’s technology is integrated into popular ERP, CRM, and marketing platforms, including Oracle NetSuite, Adobe Marketo, and integrations into Salesforce.com, Odoo, and Microsoft, among others are underway.
For more information, please visit: www.myverb.com
Forward-Looking and Cautionary Statements
This press release may contain “forward-looking” information 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. 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, 2018, and other filings with the U. S. Securities and Exchange Commission (available at www.sec.gov). The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
CONTACT: CONTACT INFORMATION Please address media inquiries to: firstname.lastname@example.org 855.250.2300, extension 7 Please address investor inquiries to: email@example.com 855.250.2300, extension 2
vSync Circuits Adds Verific’s Static Elaborator to Product Mix
ALAMEDA, Calif., Dec. 03, 2019 (GLOBE NEWSWIRE) — Verific Design Automation today announced long-time customer vSync Circuits added Verific’s static elaboration to its product mix and introduced vLinter, early rule-based design analysis and verification software.
“Our relationship with Verific is one of great mutual admiration,” remarks Dr. Reuven Dobkin, chief executive officer and chief technology officer of vSync. “We respect Verific and value it as a trusted vendor with incomparable support and service.”
vLinter, static analysis-based verification used in early design stages, hunts design bugs due to bad coding practices, including unsynthesizable code, unintentional latches, undriven signals, race conditions, out-of-range indexing, incomplete case statements and simulation and synthesis mismatches. It supports both ASIC and FPGA design flows and allows easy and fast setup by directly loading project files from leading synthesis software.
“VSync takes a clever approach to functional verification using structural and formal verification, RTL and gate-level verification, automatic timing constraints generation and automatic bug fixing,” remarks Michiel Ligthart, Verific’s president and chief operating officer. “The result is a powerful methodology that works in either FPGA or ASIC verification and integration flows with Verific’s parser platforms serving as the front end.”
Verific’s SystemVerilog, VHDL and universal power format (UPF) Parser Platforms are in production and development flows at semiconductor companies worldwide, from emerging companies to established Fortune 500 vendors. Applications range from analysis, simulation, formal verification and synthesis to emulation and virtual prototyping, in-circuit debug and design for test. Verific distributes its Parser Platforms as C++ source code and compiles on all 32- and 64-bit Unix, Linux, Mac OS and Windows operating systems.
About vSync Circuits
vSync Circuits is an EDA and IP solutions company providing integration and verification solutions for ASIC and FPGA design and verification groups. It introduces a novel and unique technology for reliable multiple clock-domain design integration and verification comprised of a tool-based approach that bridges the design and verification worlds. vSync Circuits methodology is generic and is compatible with all different design flows.
About Verific Design Automation
Verific Design Automation is celebrating 20 years as the leading provider of SystemVerilog, Verilog, VHDL and UPF Parser Platforms that enable project groups to develop advanced electronic design automation (EDA) products quickly and cost effective worldwide. Verific, with offices in Alameda, Calif., and Kolkata, India, has shipped more than 60,000 copies of its software used worldwide by the EDA and semiconductor industry. Corporate headquarters is located at: 1516 Oak Street, Suite 115, Alameda, Calif. 94501. Telephone: (510) 522-1555.
Engage with Verific at:
Verific Design Automation acknowledges trademarks or registered trademarks of other organizations for their respective products and services.
For more information, contact:
Public Relations for Verific
Rackspace Expands Professional and Managed Services to Accelerate Customer Cloud Adoption with Amazon Web Services
SAN ANTONIO and LAS VEGAS, Dec. 03, 2019 (GLOBE NEWSWIRE) — Announced today from AWS re:Invent 2019, Rackspace accelerates its growth as a full stack service provider by expanding its portfolio of Rackspace Service Blocks™. This news expands Rackspace’s leadership in providing professional and managed services for Amazon Web Services (AWS).
With the expansion of the Service Blocks portfolio, Rackspace further empowers customers to keep pace with innovation and capitalize on new services and features like Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and Serverless Computing.
“Our customers need deep AWS expertise that helps them develop, deploy, and integrate the latest applications, improve and secure their infrastructure, and ultimately make the most of what AWS has to offer so that they can move their businesses forward,” said Matt Stoyka, Chief Relationship Officer, Rackspace. “Our enhancement of Rackspace Service Blocks bridges the skills gap faced by customers who are quickly maturing on AWS.”
“For 15 years, we’ve trusted Rackspace to hear and understand our challenges, diagnose our problems, and quickly develop solutions that fit our evolving needs as a company,” said Bill Dalton, Vice President of Firefly Digital. “Today, bringing their expertise to manage our entire container services journey, Rackspace ensures we’re getting the most from AWS so we can focus on innovating and staying competitive.”
Enhanced Portfolio for AWS Services: Rackspace Introduces Three New Rackspace Service Block Patterns
Rackspace Service Blocks is the modular cloud services portfolio comprised of discrete, customizable services provided on a flexible consumption model, which allows customers to only pay for the cloud services they need, optimizing IT economics.
Today’s newly introduced Rackspace Service Block patterns are designed to streamline the adoption of AWS by consolidating broad expertise across infrastructure, applications, data, strategy and integration. This expertise is distilled into solution roadmaps designed to help customers deploy three key types of solutions:
- Container Services Journey – A combination of Professional Services, Managed Cloud and Advanced Kubernetes Management Service Blocks, this offering helps customers outline their container strategy, build containerized applications and transition them into ongoing management.
- Hybrid Transformation with VMware Cloud on AWS – A grouping of managed and professional services designed to provide customers with the tools and expertise needed to make a smooth transition to hybrid cloud with VMware Cloud on AWS.
- Data Modernization – This configuration helps customers streamline analytics processes, uncover deficiencies within processes and derive meaning from data to enable better data-driven business decisions and serve their customers with accurate and timely data.
Learn more about Rackspace Service Blocks at rackspace.com/lp/new-aws-service-blocks.
Visit Rackspace at Booth #1637 in the Venetian at AWS re:Invent 2019.
At Rackspace, we accelerate the value of the cloud during every phase of digital transformation. Across applications, data, security, hybrid and multiple clouds worldwide, we provide cloud specialists with unbiased expertise, continuous modernization and Rackspace Service Blocks. We work with leading partners and alliances. As a recognized Gartner Magic Quadrant leader, we deliver Fanatical Experience™ across every interaction. Rackspace has been honored by Fortune, Forbes, Glassdoor and others as one of the best places to work.
New Research Finds Latest Accounting Regulations Are Significantly Driving Up Audit Costs
LOS ANGELES, Dec. 03, 2019 (GLOBE NEWSWIRE) — FloQast, a provider of close management software created by accountants for accountants to close the books faster and more accurately, today announced the results of a just released survey entitled “The Ugliness of the Audit.” The study, based on feedback from more than 200 financial audit stakeholders, clearly demonstrates that audits are becoming significantly more costly and burdensome for companies of all sizes and the situation is not expected to improve in the next two years. It is important to note that these cost increases are driven primarily by changing accounting rules and regulations such as ASC 606.
“The audit is an essential part of the accounting process, but it is abundantly clear that the process has become overly taxing and expensive for companies of all sizes,” said Diane Hagglund, senior research analyst at Dimensional Research. “As audits become increasingly painful and burdensome, it is driving demand for innovative software solutions that help mitigate this pain by delivering a level of sanity into the process.”
Key findings in the report include:
- Audit costs are rapidly growing – Audits are becoming increasingly expensive for organizations of all sizes, with over half of finance teams (53%) reporting substantial increases in audit costs in the past two years, driven primarily (64%) by new accounting regulations. The vast majority (81%) of companies that have adopted ASC 606 in their audit procedures report that it has negatively impacted their audit, increasing the cost and time to complete it and adding additional stress and frustration to the process. Ninety percent (90%) expect audit costs to further increase in the next two years and more than half (55%) of large companies (over 1,000 employees) have annual audit fees of more than $250,000.
- Audits are lengthy and disruptive for finance teams – The audit process places a big strain on finance and accounting departments with ninety-five percent (95%) stating they face challenges with their audits, including conflicts with other work (82%), the complexity of accounting rules (58%), and dealing with the stressful time that has a personal impact on their staff (50%). Most telling, 66% say that CFOs and controllers live with persistent fear that they may have missed something in their financials that will come under the scrutiny of the auditors.
- Financial software improves the audit process – Close management software is providing improvements to the audit process for 91% of the finance teams that use it, and they are less likely to expect significant increases in the cost of their audit in the future. Eighty-nine percent (89%) of those surveyed indicated they would benefit from additional software capabilities, commonly found in close management, during their audit.
“This survey validates what we hear from our customers every day – the audit has become a black hole that sucks the money, time and morale from accounting teams every year,” said Mike Whitmire, CPA*, co-founder and CEO of FloQast. “FloQast’s goal is to provide controllers and CFOs with the financial software and tools that drive more efficient audits meaning less billable hours by auditors and a quicker return to focusing on what really matters, and that’s running the business.”
A complimentary copy of the report is available at www.floqast.com/auditsurvey.
Join Dimensional Research and FloQast for a live webinar on “The Ugliness of the Audit – and How to Avoid It” on December 11 at 11:00 am PT/2:00 pm ET during which they will walk through the survey results and share best practices for how to improve audit readiness. Register at www.floqast.com/auditsurveywebinar.
To learn about FloQast close management software and how it will help your accounting team to streamline your annual audit, visit www.floqast.com/audit.
The survey was conducted by Dimensional Research, on behalf of FloQast, in November 2019. A total of 203 accounting and finance professionals participated in the survey, all of whom were directly responsible for activities and outcomes of year-end financial audits. The purpose of the survey was to gauge finance and accounting professionals’ opinions of and experiences with the annual audit process, particularly in the light of the adoption of new accounting regulations such as ASC 606 and 842.
About Dimensional Research
Dimensional Research® provides practical market research to help technology companies make their customers more successful. Our researchers are experts in the way technology organizations operate to meet the needs of their business stakeholders. We partner with our clients to deliver actionable information that reduces risks, increases customer satisfaction, and improves business results. For more information, visit dimensionalresearch.com.
FloQast is close management software, created by accountants for accountants to close faster and more accurately. On average, accounting teams who rely on FloQast close three days faster. Seamlessly integrated with ERPs and leveraging existing checklists and Excel, FloQast provides a single place to manage the month-end close and gives everyone visibility. The cloud-based software is trusted by more than 750 accounting departments, including those at Lyft, Twilio, Zoom and The Golden State Warriors. To learn more, visit www.floqast.com and join the conversation on Twitter at @floqast.
BOCA Communications for FloQast
Subscribe to PICANTE via Email
Follow us on Facebook
Shortages of Low-Skill, Middle-Skill, and High-Skill Workers Causing Revenue Declines and Other Headaches for Employers, TrueBlue’s Latest Study Finds
Law Firm of Estey & Bomberger Reports: Uber Says Nearly 6,000 Rapes, Sexual Assaults Occurred in Two-year Period
Best’s Market Segment Report: AM Best Maintains Global Reinsurance Market Outlook at Stable
Play harnesses ADVA timing solution for 5G-ready mobile network
Japan’s Friendship Ties Programs JENESYS 2019 ASEAN Inbound Program 15th Batch
Alfresco Wins 2019 Aragon Research Innovation Award for Content Management
Mark Your Calendars! Best Buy Unveils 12 Days of Deals
Chorus.ai Wins 2019 Aragon Research Innovation Award for Conversational AI
The 3rd HK Store of “A Happy Pancake” Finally Opens!!
Dynatrace Announces Pricing of Follow-On Offering By Selling Stockholders
Interview with Branislav (“Banne”) Gjorcevski (CEO at IT Labs)
List of iPhone, AirPods, iPad, MacBook & Apple Watch Black Friday Deals (2019): The Top Apple Watch 5, iPhone 11, XS, MacBook Pro & iPad Pro Sales Compared by Save Bubble
Venture Capital Investment in FinTech: A Visualisation
6 Tips For Keeping Your Carpet Super Clean
Enterprise Rent-A-Car Smashes Children In Need Fundraising Target Thanks to Bespoke Donation Solution
Pourquoi le standard PCI DSS est-il incontournable pour fiabiliser les transactions en ligne dans le secteur du tourisme
The Best iMac & Mac Black Friday & Cyber Monday Deals (2019): List of Apple Mac & iMac Mini, Pro Savings Shared by The Consumer Post
Investors’ confidence in P2P lending is growing in Europe
Here’s the Best Android Smartphone Black Friday & Cyber Monday 2019 Deals: List of Moto, OnePlus, LG, HTC, Pixel & Galaxy Cell Phone Sales Listed by Consumer Walk
Top Benefits of Insulated Buildings for Heat and Cool Your Home
Follow our Tweets
Business Wire6 days ago
HTC Vive, Oculus Rift, Samsung Gear & PSVR Cyber Monday Deals (2019): Top VR Headset Sales Researched by The Consumer Post
Business Wire6 days ago
Monitor Cyber Monday Deals (2019): Top Samsung, Acer, ASUS, HP, G-Sync & LG Monitor Sales Researched by Consumer Articles
IT7 days ago
VirtualArmour Reports Q3 2019 Results; Services Revenue Exceeds Product Sales Revenue For First Time
IT7 days ago
betterU Education Corp. Announces Results for the Quarter Ended September 30, 2019
Business Wire7 days ago
Gannett Media Corp., a Subsidiary of Gannett Co., Inc., Announces Fundamental Change Company Notice and Offer to Repurchase for Cash Relating to its 4.750% Convertible Senior Notes due 2024
Business Wire6 days ago
GoPro Cyber Monday Deals 2019: The Best GoPro HERO8, 7, 6 & 5 Action Camera Deals Reviewed by Consumer Walk
Business Wire6 days ago
Samsung Galaxy (Note10, S10, S9) Cyber Monday 2019 Deals: All the Best Samsung Galaxy Smartphone Sales Rounded Up by Deal Tomato
Business Wire7 days ago
ALTRIA GROUP 72 HOUR DEADLINE ALERT: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuit Against Altria Group, Inc. – MO