GreenBox POS Reports Second Quarter 2022 Financial Results

GlobeNewswire2022-08-16

Achieves Company Record Processing Volume of $1.0+ Billion Second Quarter 2022 Highlighted by Strong Financial Results, coyni v1.0 Deployment, Launch of TBAS Digital Payment Platform & Successful ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGreenBox POS Reports Second Quarter 2022 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-16 04:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/greenbox-pos-reports-second-quarter-201500303.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Achieves Company Record Processing Volume of $1.0+ Billion \nSecond Quarter 2022 Highlighted by Strong Financial Results, coyni v1.0 Deployment, Launch of TBAS Digital Payment Platform & Successful ...</p>\n\n<a href=\"https://finance.yahoo.com/news/greenbox-pos-reports-second-quarter-201500303.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4106","symbol_name":"数据处理与外包服务","start_time":0,"source_url":"https://finance.yahoo.com/news/greenbox-pos-reports-second-quarter-201500303.html","article_id":"2259245700","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/xJqLVl3X59FsWjrYTFAipA--~B/aD05Mzt3PTQzNDthcHBpZD15dGFjaHlvbg--/https://s.yimg.com/uu/api/res/1.2/n0NNuqhKzsmlx.gv_wUpRg--~B/aD05Mzt3PTQzNDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/globenewswire.com/1a35688cc77647f0e90b99b2d7ce814a"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2259245700","pubTimestamp":1660594500,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Achieves Company Record Processing Volume of $1.0+ Billion \nSecond Quarter 2022 Highlighted by Stron","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4106":"数据处理与外包服务"},"translate_title":"GreenBox POS公布2022年第二季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GBOX":1},"content_text":"Achieves Company Record Processing Volume of $1.0+ Billion \nSecond Quarter 2022 Highlighted by Strong Financial Results, coyni v1.0 Deployment, Launch of TBAS Digital Payment Platform & Successful Integration of TEU and Sky Portfolio\nSAN DIEGO, CA, Aug. 15, 2022 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX) (\"GreenBox\", the \"Company\"), an emerging and rapidly growing Fintech company provided its financial results for the second quarter ending June 30, 2022.\nManagement Commentary by CEO Fredi Nisan:\nSecond Quarter 2022 was highlighted by:\n\nCompany record Q2 processing volume of over $1 billion, about 50% ahead of internal projections, a 40% increase when compared to Q1 processing volume of $754 million and more than double Q2 2021.\nQ2 revenues of $7.0 million versus $6.4 million in the same year-ago quarter, a 42% increase when compared to Q1 revenues of $4.9 million.\nAcquiring business including the recently acquired Sky Financial portfolio Q2 processing volume was $769 million, which outpaced our expectations by over 38%.\nFX and international payments business line, including Transact Europe, saw significant momentum in the quarter with over $184 million in business volume.\nSuccessfully deployed v1.0 of the coyni public beta and completed core development of v2, which is on schedule to roll out with customers already identified in the pipeline in Q3.\n\nOperational Achievements\n\nLaunched technology platform with Territorial Bank of American Samoa (TBAS) to provide digital payment solutions for businesses and consumers in American Samoa and gained an approximate 13% market share during the second quarter. TBAS is an ideal model market for the coyni platform to implement the same offering to other similar closed-loop geographies.\nDuring the second quarter, for recently acquired TEU, we focused on infrastructure and packaging of our key offerings to maximize the immediately available business-building opportunities. We also deployed several key strategic initiatives to drive growth from our acquisition of TEU which are on track to produce solid revenue growth in the second half of the year. \nAs one of the industry's first, we announced real-time custodial account attestation via a lengthy review process of IT, compliance and, specifically, SOC 2 compliance certification from Armanino, a top accounting, consulting and technology firm in the U.S. This is a critical differentiator and ensures that our coyni platform has available existing reserves in a custodial account to secure liquidity - under any scenario - should anyone want to exit at any time. We view coyni technology as a significant long-term growth driver for our business.\nCompleted a System and Organization Controls (SOC) 2 Type 2 certification audit on controls relevant to the security trust services category to align us with the industry standards followed by world class organizations.\nFortified the composition of our Board of Directors with the addition of Adele Hogan, a seasoned transactional lawyer, who has been material to recent acquisitions and securities compliance successes. Adele will be a prominent contributor to any M&A’s as well future dividend plans.\nIn anticipation of our continued growth and evolution as a public company, and indicative of our continued commitment to strong governance practices, we have also transitioned our auditor to Simon & Edward, an alliance member of BDO.\n\nSummary\nThe second quarter 2022 was highlighted by excellent financial results, along with steady progress on several key initiatives that further establish our standing as an emerging force on the fintech landscape. After achieving yet another company record quarter processing volume of over $1 billion, we also more than doubled that volume number versus the same quarter a year ago.\nWe strengthened our core business infrastructures within the sales, marketing, and operational functions, introducing our products in select territories, such as America Samoa, and made excellent progress on the development of coyni, our next generation blockchain ledger-based payments platform. We additionally integrated material business capabilities from recent M&As, such as Transact Europe, to launch service offerings in several business domains including ACH, foreign exchange, and international payments.\nLooking ahead, while there has been a significant disruption in the cryptocurrency and financial technology industry this year, GreenBox’s focus remains on building the infrastructure, partnerships, communications, and technology to achieve our long-term business objectives. We remain highly confident in our ability to create differentiated, customized financial transaction technology and deploy it at scale.\nWe remain very confident in our 2022 outlook of processing $4-6 billion in transaction volume with sequential company record processing levels each quarter. We look forward to over-delivering results which support our long-term strategic growth trajectory.\nSecond Quarter 2022 Financial Summary\n\nNet revenue increased by $0.8M, or 6.6%, to $11.9 million for the six months ended June 30, 2022 from $11.1 million in the prior year’s same period. Net revenue increased by $0.6M, or 9.2%, to $7.0 million in the second quarter of 2022 from $6.4 million in the same quarter the prior year. The increase in net revenue was due to the increase in processing volume but offset by higher fees to gateways and ISOs.\nGross profit for the six months ended June 30, 2022, was $5.2 million, or 43.5% of total net revenue, compared to gross profit of $8.2 million, or 73.8% of total net revenue, in the prior year’s same period. Gross profit in the second quarter of 2022 was $2.8 million, or 40.5% of total net revenue, compared to gross profit of $5.1 million, or 79.3% of total net revenue, in the same quarter a year ago. The decrease in gross profit was primarily due to the increased cost of revenue resulting from higher processing fees paid to gateways and commission payments to ISOs.\nOrdinary operating expenses were $15.4 million and $5.3 million for the six months ended June 30, 2022, and 2021, respectively, an increase of $10.1 million. Ordinary operating expenses were $7.7 million and $3.1 million for Q2 2022 and 2021, respectively, an increase of $4.6 million. The overall increase was primarily due to an increase in general and administrative expenses related to increased headcount to support operations and sales growth, as well as heavy investment in R&D to improve technology.\nOther expenses decreased by $8 million to a net other income of $4 million for the six months ended June 30, 2022, from a net other expense of $4 million in the same period the prior year. Interest expense increased significantly for the six months ended June 30, 2022, as compared to the same period in the prior year due to the $100 million convertible note issued in November 2021. Furthermore, income from changes in fair value of derivative liability in the amount of $18.7 million for the six months ended June 30, 2022, and none in the same period the prior year.\nThe Company sustained a net loss for the six months ended June 30, 2022, of $10.9 million, or a negative twenty-six ($0.26) cents per basic and diluted share, compared to a net loss of $13.4 million, or a negative forty-three ($0.43) cents per basic and diluted share, in the same period the prior year. The Company recorded a net income in the second quarter of 2022 of $10.4 million, or $0.24 per basic and diluted share, compared to a flat net income, or $0.00 per basic and diluted share, in the same quarter a year ago. The increase in net income for the six months ended June 30, 2022, and decrease in net loss for Q2 2022 was primarily due to a decrease in the change in fair value of the derivative liability and off-set by increases in research and development, general and administrative, payroll and payroll taxes and professional fees as the Company continues to add staff and infrastructure related to growth.\nCash position as of June 30, 2022 was cash and cash equivalents balance of $29.1 million and restricted cash balance of $26.5 million.\n\nManagement will host a conference call on Monday, August 15, 2022 at 4:30 p.m. Eastern time to discuss GreenBox’s second quarter 2022 financial results. The call will conclude with Q&A from participants. To participate, please use the following information:\nQ2 2022 Conference Call and WebcastDate: Monday, August 15, 2022Time: 4:30 p.m. Eastern timeUS Dial In: 1-844-407-4018International Dial In: 1-201-689-8471Conference ID: 13732037Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1562241&tp_key=46e98fe508\nPlease dial in at least 10 minutes before the start of the call to ensure timely participation.\nA playback of the call will be available through November 15, 2022. To listen, call 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally and enter replay pin number 13732037. A webcast will also be available for 90 days on the IR section of the GreenBox POS website or by clicking the webcast link above.\nAbout GreenBox POS\nGreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, fraud detection and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, please visit the Company's website at www.greenboxpos.com.\nForward-Looking Statements Disclaimer\nThis release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.\nInvestor Relations ContactMark SchwalenbergMZ Group - MZ North America312-261-6430GBOX@mzgroup.uswww.mzgroup.us\nGreenBox POSConsolidated Balance SheetsJune 30, 2022 and December 31, 2021(unaudited)\n\n\n\n \nJune 30,\n \nDecember 31,\n\n\n \n \n2022\n \n \n \n2021\n \n\n\nASSETS\n \n \n \n\n\n \n \n \n \n\n\nCurrent Assets:\n \n \n \n\n\nCash and cash equivalents\n$\n29,098,753\n \n \n$\n89,559,695\n \n\n\nRestricted cash\n \n26,526,234\n \n \n \n-\n \n\n\nAccounts receivable, net of allowance for bad debt of $54,795 and $54,795, respectively\n \n619,920\n \n \n \n481,668\n \n\n\nInventory, net of inventory reserve of $3,127 and $3,127, respectively\n \n259,924\n \n \n \n286,360\n \n\n\nCash due from gateways, net of allowance of $3,904,952 and $3,904,952, respectively\n \n14,270,698\n \n \n \n18,941,761\n \n\n\nPrepaid and other current assets\n \n14,104,587\n \n \n \n6,420,696\n \n\n\nTotal current assets\n \n84,880,116\n \n \n \n115,690,180\n \n\n\n \n \n \n \n\n\nNon-current Assets:\n \n \n \n\n\nProperty and equipment, net\n \n1,714,914\n \n \n \n1,674,884\n \n\n\nOther assets\n \n186,038\n \n \n \n190,636\n \n\n\nGoodwill\n \n26,625,946\n \n \n \n6,048,034\n \n\n\nIntangible Assets, net\n \n24,505,648\n \n \n \n7,578,935\n \n\n\nOperating lease right-of-use assets, net\n \n1,868,633\n \n \n \n1,490,159\n \n\n\nTotal non-current assets\n \n54,901,179\n \n \n \n16,982,648\n \n\n\n \n \n \n \n\n\nTotal assets\n$\n139,781,295 \n \n \n$\n132,672,828 \n \n\n\n \n \n \n \n\n\nLIABILITIES AND STOCKHOLDERS' EQUITY\n \n \n \n\n\n \n \n \n \n\n\nCurrent Liabilities:\n \n \n \n\n\nAccounts payable\n$\n1,347,629\n \n \n$\n871,037\n \n\n\nOther current liabilities\n \n1,869,049\n \n \n \n501,167\n \n\n\nAccrued interest\n \n1,717,398\n \n \n \n1,226,287\n \n\n\nPayment processing liabilities, net\n \n33,467,867\n \n \n \n4,997,807\n \n\n\nDerivative liability\n \n61,006\n \n \n \n18,735,000\n \n\n\nCurrent portion of operating lease liabilities\n \n728,076\n \n \n \n495,134\n \n\n\n \n \n \n \n\n\nTotal current liabilities\n \n39,191,025\n \n \n \n26,826,432\n \n\n\nLong-term debt\n \n649,900\n \n \n \n649,900\n \n\n\nConvertible debt, net of debt discount of $30,241,836 and $41,344,822, respectively\n \n58,758,165\n \n \n \n58,655,178\n \n\n\nOperating lease liabilities, less current portion\n \n1,232,868\n \n \n \n1,035,895\n \n\n\n \n \n \n \n\n\nTotal liabilities\n \n99,831,958\n \n \n \n87,167,405\n \n\n\n \n \n \n \n\n\nCommitments and contingencies\n \n \n \n\n\n \n \n \n \n\n\nStockholders' Equity:\n \n \n \n\n\nCommon stock, par value $0.001, 82,500,000 shares authorized, shares issued and  outstanding of 44,600,527 and 43,546,647, respectively\n \n43,884\n \n \n \n42,831\n \n\n\nCommon stock issuable, par value $0.001, 754,423 and 0 shares issuable, respectively\n \n754\n \n \n \n-\n \n\n\nAdditional paid-in capital\n \n89,386,501\n \n \n \n88,574,469\n \n\n\nAccumulated other comprehensive income (loss)\n \n(397,839\n)\n \n \n-\n \n\n\nAccumulated deficit\n \n(49,083,963\n)\n \n \n(38,178,061\n)\n\n\nLess: Treasury stock, at cost; 0 and 714,831, respectively\n \n-\n \n \n \n(4,933,816\n)\n\n\nTotal stockholders' equity\n \n39,949,337\n \n \n \n45,505,423\n \n\n\n \n \n \n \n\n\nTotal liabilities and stockholder's equity\n$\n139,781,295 \n \n \n$\n132,672,828 \n \n\n\n\nGreenBox POSConsolidated Statements of OperationsFor the Three and Six Months Ended June 30, 2022 and 2021(unaudited)\n\n\n\n \n \nThree Months Ended June 30,\n \nSix Months Ended June 30,\n \n\n\n \n \n \n2022\n \n \n \n2021\n \n \n \n2022\n \n \n \n2021\n \n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nNet revenue\n \n$\n6,965,578\n \n \n$\n6,379,179\n \n \n$\n11,861,104\n \n \n$\n11,128,620\n \n \n\n\nCost of revenue\n \n \n4,142,878\n \n \n \n1,323,480\n \n \n \n6,706,708\n \n \n \n2,917,251\n \n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nGross profit\n \n \n2,822,700\n \n \n \n5,055,699\n \n \n \n5,154,396\n \n \n \n8,211,369\n \n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nOperating expenses:\n \n \n \n \n \n \n \n \n \n\n\nAdvertising and marketing\n \n \n526,852\n \n \n \n22,605\n \n \n \n667,818\n \n \n \n47,330\n \n \n\n\nResearch and development\n \n \n1,919,944\n \n \n \n808,210\n \n \n \n3,858,077\n \n \n \n1,461,591\n \n \n\n\nGeneral and administrative\n \n \n1,353,604\n \n \n \n298,030\n \n \n \n3,145,788\n \n \n \n864,225\n \n \n\n\nPayroll and payroll taxes\n \n \n2,712,424\n \n \n \n1,061,929\n \n \n \n5,095,821\n \n \n \n1,621,130\n \n \n\n\nProfessional fees\n \n \n1,167,798\n \n \n \n867,472\n \n \n \n2,672,359\n \n \n \n1,325,224\n \n \n\n\nStock compensation for employees\n \n \n-\n \n \n \n1,291,887\n \n \n \n166,800\n \n \n \n2,089,500\n \n \n\n\nStock grant expense\n \n \n1,715,298\n \n \n \n-\n \n \n \n1,715,298\n \n \n \n-\n \n \n\n\nStock compensation for services\n \n \n79,238\n \n \n \n726,933\n \n \n \n205,652\n \n \n \n10,180,758\n \n \n\n\nDepreciation and amortization\n \n \n2,126,607\n \n \n \n14,244\n \n \n \n2,580,948\n \n \n \n20,253\n \n \n\n\nTotal operating expenses\n \n \n11,601,765\n \n \n \n5,091,310\n \n \n \n20,108,561\n \n \n \n17,610,011\n \n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nIncome (Loss) from operations\n \n \n(8,779,065\n)\n \n \n(35,611\n)\n \n \n(14,954,165\n)\n \n \n(9,398,642\n)\n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nOther income (expense):\n \n \n \n \n \n \n \n \n \n\n\nInterest expense\n \n \n(1,866,016\n)\n \n \n-\n \n \n \n(3,755,501\n)\n \n \n(594,258\n)\n \n\n\nInterest expense - debt discount\n \n \n(5,582,164\n)\n \n \n-\n \n \n \n(11,102,986\n)\n \n \n(2,993,408\n)\n \n\n\nChanges in fair value of derivative liability\n \n \n26,373,994\n \n \n \n-\n \n \n \n18,673,994\n \n \n \n-\n \n \n\n\nMerchant liability settlement\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(364,124\n)\n \n\n\nOther income or expense\n \n \n185,893\n \n \n \n(3,949\n)\n \n \n235,209\n \n \n \n(18,560\n)\n \n\n\nTotal other income (expense), net\n \n \n19,111,707\n \n \n \n(3,949\n)\n \n \n4,050,716\n \n \n \n(3,970,350\n)\n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nIncome (loss) before provision for income taxes\n \n \n10,332,642\n \n \n \n(39,560\n)\n \n \n(10,903,449\n)\n \n \n(13,368,992\n)\n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nIncome tax provision\n \n \n(77,443\n)\n \n \n-\n \n \n \n2,453\n \n \n \n-\n \n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nNet income (loss)\n \n$\n10,410,085 \n \n \n$\n(39,560\n)\n \n$\n(10,905,902\n)\n \n$\n(13,368,992\n)\n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nComprehensive income statement:\n \n \n \n \n \n \n \n \n \n\n\nNet income (loss)\n \n$\n10,410,085\n \n \n$\n(39,560\n)\n \n$\n(10,905,902\n)\n \n$\n(13,368,992\n)\n \n\n\nForeign currency translation loss\n \n \n(397,839\n)\n \n \n-\n \n \n \n(397,839\n)\n \n \n-\n \n \n\n\nTotal comprehensive income (loss)\n \n$\n 10,012,246 \n \n \n$\n(39,560\n)\n \n$\n (11,303,741\n)\n \n$\n (13,368,992\n)\n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nNet loss per share:\n \n \n \n \n \n \n \n \n \n\n\nBasic and diluted\n \n$\n0.24\n \n \n$\n(0.00\n)\n \n$\n(0.26\n)\n \n$\n(0.43\n)\n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\nWeighted average number of common shares outstanding:\n \n \n \n \n \n \n \n \n \n\n\nBasic and diluted\n \n \n42,977,461\n \n \n \n31,078,605\n \n \n \n42,541,262\n \n \n \n31,208,102\n \n \n\n\n \n \n \n \n \n \n \n \n \n \n\n\n\nGreenBox POSConsolidated Statements of Cash FlowsFor the Six Months Ended June 30, 2022 and 2021(unaudited)\n\n\n\n \nSix Months Ended June 30,\n\n\n \n \n2022\n \n \n \n2021\n \n\n\n \n \n \n \n\n\nCash flows from operating activities:\n \n \n \n\n\nNet loss\n$\n(10,905,902\n)\n \n$\n(13,368,992\n)\n\n\n \n \n \n \n\n\nAdjustments to reconcile net loss to net cash provided by (used in) operating activities:\n \n \n \n\n\nDepreciation and amortization\n \n2,580,948\n \n \n \n20,253\n \n\n\nNoncash lease expense\n \n79,034\n \n \n \n(1,720\n)\n\n\nStock compensation expense\n \n166,800\n \n \n \n2,089,500\n \n\n\nCommon stocks issued for professional fees\n \n205,652\n \n \n \n10,180,758\n \n\n\nStock compensation issued for interest\n \n-\n \n \n \n594,258\n \n\n\nCommon stock issued to employees as stock compensation\n \n1,715,298\n \n \n \n-\n \n\n\nInterest expense - debt discount\n \n11,102,986\n \n \n \n2,993,408\n \n\n\nChanges in fair value of derivative liability\n \n(18,673,994\n)\n \n \n-\n \n\n\nChanges in assets and liabilities:\n \n \n \n\n\nGuarantee deposits\n \n48,077\n \n \n \n-\n \n\n\nOther receivable, net\n \n(138,252\n)\n \n \n(65,444\n)\n\n\nInventory\n \n26,436\n \n \n \n-\n \n\n\nPrepaid and other current assets\n \n(1,011,321\n)\n \n \n(1,958,422\n)\n\n\nCash due from gateways, net\n \n4,671,063\n \n \n \n(8,455,120\n)\n\n\nOther assets\n \n35,348\n \n \n \n(99,000\n)\n\n\nDeferred tax asset\n \n-\n \n \n \n239,131\n \n\n\nAccounts payable\n \n(2,186,733\n)\n \n \n67,853\n \n\n\nOther current liabilities\n \n732,221\n \n \n \n-\n \n\n\nAccrued interest\n \n491,111\n \n \n \n-\n \n\n\nPayment processing liabilities, net\n \n14,156,166\n \n \n \n(5,904,437\n)\n\n\nNet cash provided by (used in) operating activities\n \n3,094,938\n \n \n \n(13,667,974\n)\n\n\n \n \n \n \n\n\nCash flows from investing activities:\n \n \n \n\n\nPurchases of property and equipment\n \n(86,952\n)\n \n \n(68,411\n)\n\n\nPurchase of intangibles\n \n(661,536\n)\n \n \n(2,500,000\n)\n\n\nCash provided for Transact Europe Acquisition\n \n(28,810,600\n)\n \n \n-\n \n\n\nCash provided for Sky asset acquisition\n \n(16,000,000\n)\n \n \n-\n \n\n\nNet cash used in investing activities\n \n(45,559,088\n)\n \n \n(2,568,411\n)\n\n\n \n \n \n \n\n\nCash flows from financing activities:\n \n \n \n\n\nTreasury stock repurchase\n \n(3,236,723\n)\n \n \n(933,343\n)\n\n\nProceeds from stock option exercises\n \n5,215\n \n \n \n2,250\n \n\n\nRepayments on convertible debt\n \n(6,000,000\n)\n \n \n-\n \n\n\nProceeds from exercise of warrant\n \n-\n \n \n \n3,520,000\n \n\n\nRepurchase of common stock from stockholder\n \n-\n \n \n \n(4,194,000\n)\n\n\nProceeds from issuance of common stock\n \n-\n \n \n \n45,805,491\n \n\n\nNet cash provided by (used in) financing activities\n \n(9,231,508\n)\n \n \n44,200,398\n \n\n\n \n \n \n \n\n\nRestricted cash acquired from Transact Europe\n \n18,676,860\n \n \n \n-\n \n\n\n \n \n \n \n\n\nNet increase (decrease) in cash, cash equivalents, and restricted cash\n \n(33,018,798\n)\n \n \n27,964,013\n \n\n\n \n \n \n \n\n\nForeign currency translation adjustment\n \n(915,910\n)\n \n \n-\n \n\n\n \n \n \n \n\n\nCash, cash equivalents, and restricted cash – beginning of period\n \n89,559,695\n \n \n \n1,832,735\n \n\n\n \n \n \n \n\n\nCash, cash equivalents, and restricted cash – end of period\n$\n55,624,987 \n \n \n$\n29,796,748 \n \n\n\n \n \n \n \n\n\nSupplemental disclosures of cash flow information\n \n \n \n\n\nCash paid during the period for:\n \n \n \n\n\nInterest\n$\n3,127,111 \n \n \n$\n-\n \n\n\nIncome taxes\n$\n-\n \n \n$\n800 \n \n\n\n \n \n \n \n\n\n \n \n \n \n\n\nNon-cash financing and investing activities:\n \n \n \n\n\nConvertible debt conversion to common stock\n$\n5,000,000 \n \n \n$\n3,850,000 \n \n\n\nInterest accrual from convertible debt converted to common stock\n$\n-\n \n \n$\n58,050","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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