MIAMI and TORONTO, May 4, 2021 /CNW/ - XTM, Inc. (XTM or the Company) (CSE:PAID) (FSE: 7XT), a Miami and Toronto-based Fintech company in the neo-banking space, providing mobile banking and payment solutions around the world announces the filing of its audited Financial Statements (Statements) and Management Discussion and Analysis (MD&A) for the year ending December 31, 2020. The Statements and a comprehensive discussion of XTM's financial position and results of operations is provided and filed on SEDAR and can be found atwww.sedar.com.
Selected Highlights (to be read together with the Company's Statements and MD&A):
- Revenue for the year ending December 31, 2020 were $975,008 compared to $1,051,786 during same period for the year ending December 31, 2019 a decrease of $76,778 or 7.3%. The effects of COVID-19 and mandatory business closures and restrictions had a significant impact on the Company's ability to earn revenues from its client base of hospitality, salons and delivery businesses. Despite the closures and business restrictions the Company on- boarded a record number of new locations using the Today mobile instant employee payout solution totaling 1,144 locations.
- The Company had a net loss for the year ending December 31, 2020 of $3,597,417 or a loss per share of $0.04 compared to a loss of $2,010,177 or a loss per share of $0.02 for the year ending December 31, 2019. The loss was mainly due to an increase in salaries, professional fees associated with go-public costs and marketing costs totaling $664,854 compared to $55,758 during the same period in 2019. Salaries increased $245,521 or 28.6% a result of new hires to support new client boardings, increases in IT staff and new hires support to support the US expansion that is scheduled to go live May 7, 2021.