Form 10-K for the year ended December 31, 2018
SAN JOSE, CA, April 2, 2018 – iSign Solutions Inc. (“iSIGN”) (OTC Pink: ISGN), a leading supplier of electronic signature and other software solutions enabling secure and cost-effective management of document-based digital transactions, today reported total revenue of $1,013,000 for the year ended December 31, 2017, a decrease of $52,000, or 5%, compared to total revenue of $1,065,000 for the prior year.
“During 2017, iSIGN continued the business model transformation commenced in 2016 and was able to reduce further its year-over-year burn rate,” said Philip Sassower, co-chairman and chief executive officer for iSIGN. “At current spend levels, iSIGN requires only a modest increase in revenue to become cash flow positive. As disclosed recently in our Cegedim partnership announcement, transaction volume in Europe has started to increase, fueled by approximately 100 contracted clients, over 40 of which are in production and at different points of their respective rollouts. We are confident that iSIGN will experience significant acceleration in transaction volume and revenue from Europe over 2018.”
For the year ended December 31, 2017, operating expenses were $2,571,000, a decrease of $1,703,000, or 40%, compared to operating expenses of $4,274,000 in the prior year. This decrease primarily was due to iSIGN’s efforts to restructure its operations in favor of partnergenerated recurring revenue and reductions in its general and administrative expenses.
For the year ended December 31, 2017, the net loss attributable to common stockholders was $1,947,000, a decrease of $3,110,000, or 61%, compared to a net loss attributable to common stockholders of $5,057,000 in the prior year. This decrease primarily was due to a $1,651,000 decrease in loss from operations from 2016 to 2017, resulting from the above-mentioned decrease in operating expenses offset by the nominal decrease in revenue, a $79,000 increase in other income, a $303,000 increase on sale of intangible assets, a $106,000 decrease in interest expense, a $293,000 decrease in amortization of debt discount, a $245,000 decrease in accretion of beneficial conversion feature and a $1,313,000 decrease in preferred stock dividend expense, offset by a $550,000 write-off of interest in Chinese joint venture and a $330,000 decrease in gain on derivative liability.
Additional financial information regarding iSIGN’s operating results for the year ended December 31, 2017, will be available in the Company’s Annual Report on Form 10-K that will be filed with the Securities and Exchange Commission and available at www.sec.gov.
iSIGN (formerly known as Communication Intelligence Corporation or CIC) is a leading provider of digital transaction management (DTM) software enabling fully digital (paperless) business processes. iSIGN’s solutions encompass a wide array of functionality and services, including electronic signatures, simple-to-complex workflow management and various options for biometric authentication. These solutions are available across virtually all enterprise, desktop and mobile environments as a seamlessly integrated software platform for both ad-hoc and fully automated transactions. iSIGN’s software platform can be deployed both on-premise and as a cloud-based service, with the ability to easily transition between deployment models. iSIGN is headquartered in Silicon Valley. For more information, please visit our website at www.isignnow.com. iSIGN’s logo is a trademark of iSIGN.
FORWARD LOOKING STATEMENTS
Certain statements contained in this press release, including without limitation, statements containing the words “believes”, “anticipates”, “hopes”, “intends”, “expects”, and other words of similar import, constitute “forward looking” statements within the meaning of the Private Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual events to differ materially from expectations. Such factors include the following (1) technological, engineering, quality control or other circumstances which could delay the sale or shipment of products containing the company’s technology; (2) economic, business, market and competitive conditions in the software industry and technological innovations which could affect customer purchases of the company’s solutions; (3) the company’s inability to protect its trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others or prevent others from infringing on the proprietary rights of the company; and (4) general economic and business conditions.
Chief Financial Officer