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New words:
afforded, attempted, confronted, counsel, discovered, doctored, doctoring, earlier, entry, invoked, mandatory, perpetrate, premium, Privilege, produced, proposed, renegotiated, retroactive, sat, Sept, strike, withdrew
Removed:
June, provision, referred
Financial report summary
?Management Discussion
- For the three months ended September 30, 2020 we had revenues of $343,492, as compared to $828,302 for the three months ended September 30, 2019. Cost of revenue was $64,547 for the 2020 quarter, as compared to $127.661 for the 2019 quarter. The decline in revenues and cost of revenue from 2019 to 2020 is largely due to the loss of revenue from a key state from which CCI previously generated significant business and the adverse effects of the COVID-19 pandemic on the Company’s business sector, as outlined above. Management is closely assessing operations as the country continues to reopen and the pandemic progresses.
- General and administrative costs were $321,308 for the three months ended September 30, 2020, as compared to $479,650 for the three months ended September 30, 2019, with the decrease similarly attributable to the adverse effects of the COVID-19 pandemic on the Company’s business sector and a reduction in legal fees as a result of the stay orders in effect with respect to pending litigation. Interest expense for the 2020 quarter increased approximately 23% to $434,299 from $352,419 for the 2019 quarter. Interest in both periods largely reflects interest on the issuance of notes to the seller and the lender on September 29, 2017, in connection with completing and financing the Acquisition. As a result of the technical default under such notes as a result of the dispute between the seller and the Company, such notes now accrue interest for financial statement purposes at the higher default rate.
- During the three months ended September 30, 2020, the Company incurred amortization and depreciation of $95,556 related to its intangible assets and property and equipment, as compared to amortization and depreciation of $121,100 for the three months ended September 30, 2019.