LandStar Inc. Reports Results for Second Quarter 2019

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RALEIGH, N.C., Aug. 14, 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 three and six month periods ending June 30, 2019.

"On the acquisition front, we are excited to strengthen our capabilities with the strategic acquisition of DataExpress, which we expect to close in the third quarter of 2019. This acquisition will allow us to adopt a larger footprint into the retail and financial services industries, where data transfer activity continues to increase in volume, risk, sensitivity and overall value to the organizations. We intend to make additional prudent acquisitions that meet our strategic goals of increasing our customer base, expanding our service capabilities, and achieving high margin recurring revenue.

"As we look to the second half of the year, we still have plenty of work ahead in converting and increasing our new business pipeline. Our comprehensive portfolio of products and services, strong partnerships, nimble structure and depth of expertise, position Data443 to drive growth and deliver value for our clients and shareholders,” concluded Mr. Remillard.

Deferred revenues were $427,000 as of June 30, 2019, an increase of $398,000 from $29,000 as of December 31, 2018.

General and administrative expenses for the three months ended June 30, 2019 were $1,211,000, as compared to $1,804,000 for the three months ended June 30, 2018, which is a decrease of $593,000, or 33%.

The net gain for the three months ended June 30, 2019 was $1,194,000 as compared to a loss of $1,460,000 for the three months ended June 30, 2018. The net gain for the three months ended June 30, 2019 was mainly derived from a gain on change in fair value of derivative liability of $2,421,000, associated with convertible notes payable and gross margin of $353,000, offset in part by general and administrative, and sales and marketing expenses incurred. The net loss for the three months ended June 30, 2018 was mainly derived from the general and administrative, and sales and marketing expenses incurred without generating revenue, offset in part by a gain on change in fair value of derivative liabilities.

General and administrative expenses for the six months ended June 30, 2019 were $1,902,000, compared to $2,080,000 for the six months ended June 30, 2018, a decrease of $178,000, or 9%. The expenses for the six months ended June 30, 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.

The net gain for the six months ended June 30, 2019 was $7,224,000 as compared to a loss of $7,665,000 for the six months ended June 30, 2018. The net gain for the six months ended June 30, 2019 was mainly derived from a gain on change in fair value of derivative liability of $9,234,000, associated with convertible notes payable and gross profit of $492,000, offset in part by general and administrative, and sales and marketing expenses incurred. The net loss for the six months ended June 30, 2018 was derived by the net loss on change in fair value of derivative liability of $4,739,000 associated with convertible notes payable, as well as general and administrative, and sales and marketing expenses incurred.

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

All product names, trademarks and registered trademarks are property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

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Globe Newswire: 13:31 GMT Wednesday 14th August 2019

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