LandStar, Inc. Reports Q1 2019 Financial Results and Provides Corporate Update

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RALEIGH, N.C., May 15, 2019 (GLOBE NEWSWIRE) -- LandStar, Inc. (OTCPK: LDSR) (“LandStar” or the “Company”), the parent company of Data443™ Risk Mitigation, Inc. (“Data443”), a leading data security and privacy software company, today filed its Form 10-Q with the U.S. Securities and Exchange Commission (the “SEC”) to disclose its financial results for the first quarter ended March 31, 2019.

"On the acquisition front, we expect to announce an updated pipeline of new strategic acquisition opportunities during Q2. These acquisitions reflect our efforts to providing additional products and services to our existing and expanding customer base.

“Great customer wins, renewals, product and strategic partnerships all helped to round out a great Q1.  I believe we are on the cusp of a major operational inflection point in our business and look forward to the anticipated creation of long-term value for our shareholders and customers,” concluded Mr. Remillard.

We recognized $143,000 of revenue during the three months ended March 31, 2019, compared to zero revenue for the three months ended March 31, 2018. We had net billings for the three months ended March 31, 2019 of $417,000 compared to zero in the prior year period. Deferred revenues are $303,000 as of March 31, 2019, an increase of $274,000 from $29,000 as of December 31, 2018.

General and administrative expenses for the three months ended March 31, 2019 amounted to $691,000 as compared to $276,000 for the three months ended March 31, 2018, an increase of $415,000, or 150%. The expenses for the three months ended March 31, 2019 primarily consisted of management costs, costs to integrate assets we acquired and to expand sales, audit and review fees, filing fees, professional fees, and other expenses, including the re-classification of sales-related management expenses, in connection with the projected growth of the Company’s business. Expenses for the three months ended March 31, 2018 consisted of primarily the same items with the exception of costs to integrate assets we acquired.

The net gain for the three months ended March 31, 2019 was $6,030,000 as compared to a loss of $6,205,000 for the three months ended March 31, 2018. The net gain for the three months ended March 31, 2019 was mainly derived from a gain on change in fair value of derivative liability of $6,813,000 associated with convertible notes payable and gross margins of $138,000, offset in part by general and administrative, and sales and marketing expenses incurred. The net loss for the three months ended March 31, 2018 was mainly derived from the loss on change in fair value of derivative liability of $5,632,000 associated with convertible notes payable, as well as general and administrative, and sales and marketing expenses incurred.

As of March 31, 2019, we had cash or cash equivalents of $16,000, trade accounts receivable of $301,000, and other current assets of $3,000, as compared to cash or cash equivalents of $325,000, zero trade accounts receivable, and other current assets of $1,000 as of December 31, 2018.

Data443™, ClassiDocs™, ARALOC™ are registered trademarks of Data443 Risk Mitigation, Inc.

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Globe Newswire: 13:22 GMT Wednesday 15th May 2019

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