GreenBox POS (NASDAQ: GBOX) ("GreenBox", the "Company"), an
emerging and rapidly growing FinTech company has provided its
financial results for the fourth quarter and full year ended
December 31, 2021.
Fourth Quarter 2021 and Subsequent
Operational Highlights:
- Achieved a company record revenue
in 2021 of $26.3 million, an increase of $17.8 million or 208.6%
from $8.5 million in 2020.
- 2021 processing volume increased
nearly tenfold to approximately $2.0 billion, from $202 million in
2020.
- Entered into key licensing
partnership with Cross River, a respected technology driven
infrastructure provider, to initiate banking as a service offering
and substantially expand the universe of potential customers while
creating new channels for revenue growth.
- Launched a new ACH bulk processing
channel with client commitments surpassing $50 million per
month.
- Strengthened senior management team
by appointing respected world-class marketer Jacqueline Reynolds as
Chief Marketing Officer.
- Launched a transformative global
initiative to raise GreenBox brand awareness and appointed
award-winning international agency INNOCEAN as advertising and
branding agency of record.
- Fortified the company’s balance
sheet and obtained necessary growth capital with the issuance of a
$100 million convertible debt financing.
- Accelerated the Company’s share
repurchase program with an additional $10 million being approved
for repurchase.
- Appointed Min Wei, an accomplished
operations executive with extensive experience in managing global
technology company processes as Chief Operating Officer.
Management Commentary
“2021 was highlighted by the rapid expansion of
our payment processing footprint and a record approximately $2.0
billion in processing volume,” said Fredi Nisan, Chief Executive
Officer of GreenBox POS. “This represents growth of nearly 10x over
2020, a milestone achievement that demonstrates the scalability of
our technology, our market share growth, our ability to remain
compliant, and the quality of our sales team and overall ecosystem
for our growing client roster. This KPI translated into record
company revenue during 2021 of $26.3 million, representing
tremendous growth of over 209% when compared to 2020’s full year
revenue.
“During the year we were highly focused on
closing and integrating our strategic acquisitions of Northeast
Merchant Services and ChargeSavvy. As an indication of the success
of their integration, just six months after closing, ChargeSavvy
achieved its best quarter in its 9-year history as a result of
improved technology and efficiencies. We also announced the planned
acquisition of Transact Europe Holdings (TEU). Once complete, the
acquisition of TEU positions us for rapid global expansion and
creates a tremendous opportunity to deploy coyni at scale. We will
continue to explore strategic acquisitions that will allow us to
add portfolios of processing volume, increase key licensing assets
domestically and globally, grow the adoption of coyni and enable us
to branch out and service more verticals and geographic
locations.
“Operationally, during the fourth quarter and
into 2021 we continued to strengthen the composition of our
management team. We welcomed Min Wei as our new Chief Operating
Officer whose background in operational efficiencies at global
technology companies will be critical for us given our expansion
plans. Jacqueline Reynolds, our new Chief Marketing Officer, is
utilizing her decades of experience leading some of the world’s
most coveted brands and spearheading our recently announced
transformational global initiative to raise GreenBox brand
awareness with the appointment award-winning advertising agency,
INNOCEAN as our advertising and branding agency of record.
“Looking forward, we remain highly focused on
the pursuit of our objectives to build compliant, cutting edge
blockchain ledger tokenized payment solutions for the diverse,
evolving and dynamic global market. Considering our global
expansion plans and potential acquisitions, we expect to increase
our processing volume in 2022 to between $4-$5 billion.
“I would like to thank our stakeholders for
their ongoing support. We recently demonstrated our commitment to
our shareholders and confidence in our ability to execute on the
growth opportunities in front of us with the approval of an
accelerated share repurchase program of up to $10 million. Taken
together, we believe we have the technology, resources, and
partnerships in place to continue to drive the future of financial
technology while creating long-term sustainable value for our
shareholders,” concluded Nisan.
Fourth Quarter
and Full Year 2021
Financial Results
- 2021 revenues increased by $17.8
million or 208.6%, to $26.3 million from $8.5 million for the year
2020. The increase was primarily due to an increase in processing
volume from $202 million for 2020 to $1.95 billion for 2021. The
increase in processing volume was due to a number of factors,
including: growth of our customer/merchant base as the result of
expanded sales and marketing efforts; an increase in average
merchant transaction volume as a result of a greater strategic
focus on larger merchants; the expansion and growth of our advanced
blockchain ledger-based payment solutions product offering,
combined with an expanding ISO and partnership network; and our
strategic acquisition strategy
- Fourth quarter 2021 revenues were
$7.1 million, compared to revenues of $3.0 million in the same
quarter a year ago, an increase of $4.1 million or 138.6%.
- 2021 gross profit was $16.9M, or
64% of revenue, an increase of 357% compared to $3.7M in the prior
year, or 43% of revenue. Our margins increased significantly due to
increased processing efficiency; greater utilization of lower cost
gateways; and decreased cost to scale.
- Fourth quarter 2021 gross profit
was $3.0M, or 43% of revenue, as compared to $1.7M, or 56% of
revenue, in the same period a year ago.
- 2021 operating expenses increased
by $28.9 million, or 328%, to $37.7 million from $8.8 million in
the prior year. The increase was due to increases in general and
administrative, stock-based compensation, research and development,
acquisition related due diligence and increased head count all to
fuel the Company’s growth initiatives.
- Total operating expenses in the
fourth quarter of 2021 totaled $11.7 million, compared to $5.2
million in the same quarter a year ago.
- The Company sustained a net loss in
2021 of $26.5 million, or $0.65 per basic and diluted share,
compared to a net loss of $5.0 million, or $0.17) per basic and
diluted share during 2020. The increase in net loss was primarily
due to increased operating expenses from stock-based compensation
for services as well as an increase in general and administrative
expenses.
- Fourth quarter 2021 net loss was
$7.0 million or $0.17 per basic and diluted share compared to a
loss of $4.2 million or $0.14 per basic and diluted share during
the same period prior year.
- Adjusted Net Income, a non-GAAP
financial measure, for 2021 was $3.0 million while Adjusted Net
loss for the fourth quarter 2021 was $1.5 million.
Management will host a conference call on
Thursday, March 31, 2021 at 4:30 p.m. Eastern time to discuss
GreenBox’s fourth quarter and full year 2021 financial results,
provide a corporate update, and conclude with Q&A from
telephone participants. To participate, please use the following
information:
Q4 and Full Year 2021 Conference Call
and WebcastDate: Thursday, March 31, 2022Time: 4:30 p.m.
Eastern timeUS Dial
In: 1-877-407-4018International Dial
In: 1-201-689-8471Conference ID:
13728060Webcast: Link
Please dial in at least 10 minutes before the
start of the call to ensure timely participation.
About GreenBox POS
GreenBox POS (NASDAQ: GBOX) is an emerging
financial technology company leveraging proprietary blockchain
security to build customized payment solutions. The Company's
applications enable an end-to-end suite of turnkey financial
products, reducing fraud and improving the efficiency of handling
large-scale commercial processing volumes for its merchant clients
globally. For more information, please visit the Company's website
at www.greenboxpos.com.
Use of Non-GAAP Financial
Information
This earnings release discusses Adjusted Net
Income which is not a financial measure as defined by GAAP. This
financial measure is presented as a supplemental measure of
operating performance because we believe it can aid in, and
enhance, the understanding of our financial results. In addition,
we use Adjusted Net Income as a measure internally for budgeting
purposes.
We define Adjusted Net Income as net income
(loss) before (1) interest expense (income), net, (2) income tax
expense (benefit), (3) depreciation, (4) amortization of intangible
assets, (5) stock-based compensation expense, plus (6) from time to
time, certain other items which are specific transaction-related
items. Other companies may define or calculate this measure
differently, limiting the usefulness as a comparative measure.
Because of this limitation, this non-GAAP financial measure should
not be considered in isolation or as substitute for or superior to
performance measures calculated in accordance with GAAP and should
be read in conjunction with the financial statement tables. See
also Reconciliation of Net Income (Loss) attributable to GreenBox
POS, Inc., to Adjusted Net Income in the table below.*
Forward-Looking Statements Disclaimer
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. All forward-looking statements are inherently uncertain as
they are based on current expectations and assumptions concerning
future events or future performance of the Company. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which are only predictions and speak only as of the
date hereof. In evaluating such statements, prospective investors
should review carefully various risks and uncertainties identified
in this release and matters set out in the Company's SEC filings.
These risks and uncertainties could cause the Company's actual
results to differ materially from those indicated in the
forward-looking statements.
Investor Relations ContactMark SchwalenbergMZ
Group - MZ North
America312-261-6430GBOX@mzgroup.uswww.mzgroup.us
GreenBox POSConsolidated
Balance SheetsDecember 31,
2021 and December 31,
2020(unaudited)
|
|
As of December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
89,559,695 |
|
|
$ |
- |
|
Restricted cash |
|
|
- |
|
|
|
1,832,735 |
|
Accounts receivable, net of allowance for bad debt of $54,795 and
$0, respectively |
|
|
481,668 |
|
|
|
10,000 |
|
Accounts receivable from fines and penalties from merchants, net of
allowance for bad debt of $9,454,261 and $6,665,031,
respectively |
|
|
- |
|
|
|
2,789,230 |
|
Inventory, net of inventory reserve of $3,127 and $0,
respectively |
|
|
286,360 |
|
|
|
- |
|
Cash due from gateways, net of allowance of $3,904,952 and $0,
respectively |
|
|
18,941,761 |
|
|
|
7,303,949 |
|
Prepaid and other current assets |
|
|
6,420,696 |
|
|
|
70,130 |
|
Total current assets |
|
|
115,690,180 |
|
|
|
12,006,044 |
|
|
|
|
|
|
|
|
|
|
Non-current
Assets: |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
1,674,884 |
|
|
|
57,264 |
|
Other assets |
|
|
190,636 |
|
|
|
81,636 |
|
Goodwill |
|
|
6,048,034 |
|
|
|
- |
|
Intangible Assets, net |
|
|
7,578,935 |
|
|
|
- |
|
Operating lease right-of-use assets, net |
|
|
1,490,159 |
|
|
|
117,795 |
|
Total non-current assets |
|
|
16,982,648 |
|
|
|
256,695 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
132,672,828 |
|
|
$ |
12,262,739 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
871,037 |
|
|
$ |
210,094 |
|
Other current liabilities |
|
|
501,167 |
|
|
|
68,138 |
|
Accrued interest |
|
|
1,226,287 |
|
|
|
- |
|
Payment processing liabilities, net |
|
|
4,997,807 |
|
|
|
10,199,956 |
|
Current portion of long term debt |
|
|
- |
|
|
|
272,713 |
|
Convertible debt, net of debt discount of $0 and $2,993,408,
respectively |
|
|
- |
|
|
|
856,592 |
|
Derivative liability |
|
|
18,735,000 |
|
|
|
- |
|
Current portion of operating lease liabilities |
|
|
495,134 |
|
|
|
120,110 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
26,826,432 |
|
|
|
11,727,603 |
|
Long term debt, net of debt discount of $41,344,822 and $0,
respectively |
|
|
59,305,078 |
|
|
|
149,900 |
|
Operating lease liabilities, less current portion |
|
|
1,035,895 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
87,167,405 |
|
|
|
11,877,503 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity: |
|
|
|
|
|
|
|
|
Common stock, par value
$0.001, 82,500,000 shares authorized, shares issued andoutstanding
of 42,831,816 and 30,710,645, respectively |
|
|
42,831 |
|
|
|
30,711 |
|
Additional paid-in capital |
|
|
88,574,469 |
|
|
|
12,079,074 |
|
Accumulated deficit |
|
|
(38,178,061 |
) |
|
|
(11,724,549 |
) |
Less: Treasury stock, at cost; 714,831 and 0 shares,
respectively |
|
|
(4,933,816 |
) |
|
|
- |
|
Total stockholders'
equity |
|
|
45,505,423 |
|
|
|
385,236 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholder's equity |
|
$ |
132,672,828 |
|
|
$ |
12,262,739 |
|
GreenBox POSConsolidated
Statements of OperationsFor
the Twelve Months
Ended December
31,
2021 and
2020(unaudited)
|
|
Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
$ |
26,304,502 |
|
|
$ |
8,525,015 |
|
Cost of revenue |
|
|
9,412,254 |
|
|
|
4,825,587 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
16,892,248 |
|
|
|
3,699,428 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Advertising and marketing |
|
|
134,166 |
|
|
|
93,868 |
|
Research and development |
|
|
3,870,050 |
|
|
|
1,363,757 |
|
General and administrative |
|
|
9,114,370 |
|
|
|
800,111 |
|
Payroll and payroll taxes |
|
|
4,502,605 |
|
|
|
1,796,160 |
|
Professional fees |
|
|
3,132,528 |
|
|
|
1,691,107 |
|
Stock compensation for employees |
|
|
3,704,008 |
|
|
|
3,036,009 |
|
Stock compensation for services |
|
|
12,306,365 |
|
|
|
- |
|
Depreciation and amortization |
|
|
912,677 |
|
|
|
22,742 |
|
Total operating expenses |
|
|
37,676,769 |
|
|
|
8,803,754 |
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
operations |
|
|
(20,784,521 |
) |
|
|
(5,104,326 |
) |
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,931,713 |
) |
|
|
(359,493 |
) |
Interest expense - debt discount |
|
|
(2,993,408 |
) |
|
|
(1,149,677 |
) |
Derivative expense |
|
|
(3,435,178 |
) |
|
|
(641,366 |
) |
Changes in fair value of derivative liability |
|
|
2,845,000 |
|
|
|
(383,769 |
) |
Merchant liability settlement |
|
|
(364,124 |
) |
|
|
- |
|
Merchant fines and penalty income |
|
|
- |
|
|
|
2,630,796 |
|
Other income or expense |
|
|
215,338 |
|
|
|
455 |
|
Total other income (expense),
net |
|
|
(5,664,085 |
) |
|
|
96,946 |
|
|
|
|
|
|
|
|
|
|
Loss before provision for
income taxes |
|
|
(26,448,606 |
) |
|
|
(5,007,380 |
) |
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
4,906 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(26,453,512 |
) |
|
$ |
(5,007,380 |
) |
|
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.65 |
) |
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
40,708,304 |
|
|
|
29,868,955 |
|
GreenBox POSConsolidated
Statements of Cash FlowsFor the
Twelve months ended
December
31,
2021 and
2020(unaudited)
|
|
Year Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(26,453,512 |
) |
|
$ |
(5,007,380 |
) |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
Depreciation expense |
|
|
912,677 |
|
|
|
15,876 |
|
Forgiveness of PPP Loan |
|
|
(272,713 |
) |
|
|
- |
|
Noncash lease expense |
|
|
38,555 |
|
|
|
- |
|
Stock compensation expense |
|
|
3,704,008 |
|
|
|
3,036,009 |
|
Restricted stock issued for services |
|
|
4,768,980 |
|
|
|
- |
|
Common stocks issued for professional fees |
|
|
7,537,385 |
|
|
|
1,262,641 |
|
Stock compensation issued for interest |
|
|
653,467 |
|
|
|
- |
|
Interest expense - debt discount |
|
|
2,993,408 |
|
|
|
1,102,706 |
|
Derivative expense |
|
|
3,435,178 |
|
|
|
- |
|
Changes in fair value of derivative liability |
|
|
(2,845,000 |
) |
|
|
(1,050,063 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
- |
|
|
|
60,257 |
|
Accounts receivables from fines and fees from merchant, net |
|
|
- |
|
|
|
(12,543 |
) |
Lease liability, net of asset |
|
|
- |
|
|
|
(2,091 |
) |
Other receivable, net |
|
|
2,382,352 |
|
|
|
- |
|
Inventory |
|
|
(161,859 |
) |
|
|
- |
|
Prepaid and other current assets |
|
|
(6,343,905 |
) |
|
|
(28,068 |
) |
Cash due from gateways, net |
|
|
(11,637,812 |
) |
|
|
1,122,895 |
|
Other assets |
|
|
686,876 |
|
|
|
(81,636 |
) |
Accounts payable |
|
|
443,263 |
|
|
|
(295,181 |
) |
Other current liabilities |
|
|
301,469 |
|
|
|
53,038 |
|
Accrued interest |
|
|
1,226,287 |
|
|
|
(515,202 |
) |
Payment processing liabilities, net |
|
|
(8,534,989 |
) |
|
|
(3,821,936 |
) |
Net cash provided by (used in)
operating activities |
|
|
(27,165,885 |
) |
|
|
(4,160,678 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(158,858 |
) |
|
|
(6,649 |
) |
Acquisition of Northeast |
|
|
(2,500,000 |
) |
|
|
- |
|
Net cash used in investing
activities |
|
|
(2,658,858 |
) |
|
|
(6,649 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Treasury stock repurchase |
|
|
(4,934,531 |
) |
|
|
- |
|
Proceeds from stock option exercises |
|
|
2,338 |
|
|
|
35,510 |
|
Borrowings from convertible debt |
|
|
76,800,000 |
|
|
|
3,678,000 |
|
Repayments on convertible debt |
|
|
- |
|
|
|
(985,500 |
) |
Repayment on long-term debt |
|
|
- |
|
|
|
149,900 |
|
Repayments on short-term notes payable |
|
|
- |
|
|
|
(2,305,538 |
) |
Borrowings from short-term notes payable |
|
|
- |
|
|
|
1,531,867 |
|
Borrowings from notes payable |
|
|
350,000 |
|
|
|
272,713 |
|
Proceeds from exercise of warrant |
|
|
3,731,200 |
|
|
|
- |
|
Repurchase of common stock from stockholder |
|
|
(5,693,863 |
) |
|
|
- |
|
Proceeds from issuance of common stock |
|
|
45,805,491 |
|
|
|
2,860,000 |
|
Net cash provided by (used in)
financing activities |
|
|
116,060,635 |
|
|
|
5,236,952 |
|
|
|
|
|
|
|
|
|
|
Cash acquired from acquisition
of Northeast and ChargeSavvy |
|
|
1,491,068 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net increase in cash, cash
equivalents, and restricted cash |
|
|
87,726,960 |
|
|
|
1,069,625 |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents, and
restricted cash – beginning of period |
|
|
1,832,735 |
|
|
|
763,110 |
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents, and restricted cash – end of
period |
|
$ |
89,559,695 |
|
|
$ |
1,832,735 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
2,504,533 |
|
|
$ |
727,564 |
|
Income taxes |
|
$ |
800 |
|
|
$ |
800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash financing and
investing activities: |
|
|
|
|
|
|
|
|
Convertible debt conversion to common stock |
|
$ |
3,850,000 |
|
|
$ |
137,500 |
|
Common stock issued for acquisition of ChargeSavvy |
|
$ |
12,140,000 |
|
|
$ |
- |
|
Interest accrual from convertible debt converted to common
stock |
|
$ |
653,467 |
|
|
$ |
78,050 |
|
Short-term notes payable converted to common stock |
|
$ |
- |
|
|
$ |
810,000 |
|
Q4 and FY
2021 Reconciliation of Net Income
(Loss) attributable to GreenBox POS, Inc., to Adjusted
Net Income and Cash flow provided by operating activities -
Adjusted*
|
|
Q4 2021 |
|
|
FY 2021 |
|
|
|
|
|
|
Net loss |
|
$ |
(7,034,765 |
) |
|
|
$ |
(26,453,512 |
) |
|
|
|
|
|
|
Adjustments to net
loss: |
|
|
|
|
|
|
|
|
|
|
|
Non-cash adjustments - income (loss): |
|
|
|
|
|
Stock compensation expense for employees |
|
|
(2,163,064 |
) |
|
|
|
3,704,008 |
|
Stock compensation expense for services |
|
|
1,887,369 |
|
|
|
|
12,306,365 |
|
Bad debt expense |
|
|
6,707,228 |
|
|
|
|
6,707,228 |
|
Total non-cash adjustments |
|
|
6,431,533 |
|
|
|
|
22,717,601 |
|
|
|
|
|
|
|
EBIDTA Adjustment: |
|
|
|
|
|
Depreciation |
|
|
434,791 |
|
|
|
|
912,677 |
|
Income taxes |
|
|
(3,248,949 |
) |
|
|
|
4,906 |
|
Interest expense - debt discount and other interest |
|
|
1,332,719 |
|
|
|
|
4,925,121 |
|
Derivative expense |
|
|
3,435,178 |
|
|
|
|
3,435,178 |
|
Changes in derivative |
|
|
(2,845,000 |
) |
|
|
|
(2,845,000 |
) |
Merchant liability settlement |
|
|
- |
|
|
|
|
364,124 |
|
Total EBIDTA adjustments |
|
|
(891,261 |
) |
|
|
|
6,797,006 |
|
|
|
|
|
|
|
Total adjustments to
net loss: |
|
|
5,540,272 |
|
|
|
|
29,514,607 |
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
(1,494,493 |
) |
|
|
$ |
3,061,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
operations per financial statements: |
|
$ |
(13,131,846 |
) |
|
|
$ |
(27,165,885 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
Increase in cash due from gateways - receivables |
|
|
(476,592 |
) |
|
|
|
11,637,812 |
|
Decrease in payment processing liabilities - payables |
|
1,636,650 |
|
|
|
|
8,534,989 |
|
Total adjustments |
|
|
1,160,058 |
|
|
|
|
20,172,801 |
|
|
|
|
|
|
|
Cash flows provided by operating activities -
Adjusted |
$ |
(11,971,788 |
) |
|
|
$ |
(6,993,084 |
) |
* Adjusted Net Income and Cash flows provided by
operating activities - Adjusted are non-GAAP financial measures.
These measurements are not recognized in accordance with GAAP and
should not be viewed as an alternative to GAAP measures of
performance.
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