Post by Mike on Oct 1, 2019 14:20:35 GMT -5
Interactive Demos - Marketing tips - Interactive Video Marketing 101 - Follow on Twitter @interactivevid2
Progress Report - Verb Technology Co. Inc. (NASDAQ: VERB) (formerly nFusz Inc.)
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Significant Milestones
TaggEDU: Verb Wins First School Contract
Institutional Ownership Summary - 07.78% - 1,810,546 shares
Digital Revenue increased 40% in Q-1 over previous quarter.
Digital Revenue "SaaS" increased another 37% to $1.5 million in Q-2 over previous quarter.
11-11-2019 CEO Report: Verb signed 14 new enterprise clients in Q3 verses 4 contracts for the previous quarter.
So, looking only at our GAAP-recognized revenue for Q3, that breaks down as follows: SaaS recurring revenue recognized during the three months ending September 30, 2019, was $953,000. That represents an 11% increase over the SaaS revenue we recognized in the second quarter. Total digital revenue for Q3 was $1.4 million. This represents an increase of 28% of GAAP-recognized revenue for our digital business over the same period last year.
Institutional Ownership Summary - 07.78% - 1,810,546 shares
Digital Revenue increased 40% in Q-1 over previous quarter.
Digital Revenue "SaaS" increased another 37% to $1.5 million in Q-2 over previous quarter.
11-11-2019 CEO Report: Verb signed 14 new enterprise clients in Q3 verses 4 contracts for the previous quarter.
So, looking only at our GAAP-recognized revenue for Q3, that breaks down as follows: SaaS recurring revenue recognized during the three months ending September 30, 2019, was $953,000. That represents an 11% increase over the SaaS revenue we recognized in the second quarter. Total digital revenue for Q3 was $1.4 million. This represents an increase of 28% of GAAP-recognized revenue for our digital business over the same period last year.
3rd Qtr Progress Report
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Latest Updates - 4th Qtr
12-18-2019
“We are very excited to welcome Nancy to our board,” stated VERB Chairman and CEO Rory J. Cutaia. “Nancy was part of Steve Job’s inner circle that took Apple from a troubled enterprise, to one of the most successful and valuable companies in the world, and the iconic brand we all respect today. Her experience, perspective, insights and resources will be enormously beneficial to our board of directors and management team, and I look forward to working closely with her to unlock the value we all believe VERB represents for ourselves and our stockholders. With the addition of Nancy, as well as Judith Hammerschmidt whom we announced earlier this week, I couldn’t possibly more excited for VERB and our stockholders in 2020 and beyond.”
12-16-2019
VERB Technology Company, Inc. (NASDAQ: VERB) (“VERB” or the “Company”), a leader in business-focused interactive video CRM, marketing, and sales enablement applications, expects to add two new members to its board of directors. The first one, announced today is Judith Hammerschmidt, who is expected to be appointed to its board of directors at the organizational meeting of the board that will be held immediately after the Company’s Annual Meeting of Stockholders on December 20, 2019. The second appointment will be announced later this week, bringing the total number of VERB directors to six directors, including five independent directors and one inside director.
12-13-2019
CTFO has launched the white-labeled VERB application (“app”) in with U.S. with its Canadian market deployment scheduled for later this year. As part of the agreement, CTFO will also leverage VERB’s integrated sampling platform, which has been shown to significantly increase conversion rates for other direct sales programs.
12-03-2019
“Having managed our own apps over the years, we are well aware of the challenges and opportunities associated with being a digital-first organization,” said Kyäni Chief Information Officer Troy Hiltbrand. “After reviewing the VERB platform, we realized that it would be in our best interest to leverage this powerful technology rather than continuing to manage the process in-house. Utilizing VERB’s platform will allow us to realize additional cost savings and enhance the capabilities of our organization at the same time. We look forward to providing our business partners with more effective tools, which will make them and Kyäni better and more productive."
Global President of Sales for VERB McKinley Oswald added: “Kyäni was a great customer for us over the years as part of our fulfillment business, and we look forward to expanding this relationship to include VERB’s SAAS and technology services. With a rollout of this magnitude, we’ll be able to showcase the scalability of our platform with a major international player, which we expect will translate into meaningful new business opportunities at the global enterprise level.” Kyani
11-25-2019
NEWPORT BEACH, Calif. and SALT LAKE CITY, Nov. 25, 2019 (GLOBE NEWSWIRE) -- VERB Technology Company, Inc. (NASDAQ: VERB) ("VERB" or the "Company"), a leader in business-focused interactive video CRM, marketing, and sales enablement applications, announced the newest product on its industry-leading digital platform: VERB Live.
11-21-2019
Elepreneurs, a wholly-owned subsidiary of Sharing Services Global Corporation (OTCPK: SHRG) and has adopted VERB’s interactive video-based CRM and sales enablement platform for use by their expansive network of entreprenuers. Elepreneurs has now launched the VERB application in the US and will soon launch in Canada. In just the first weeks since launch, Elepreneurs’ VERB app has already been widely adopted and garnered hundreds of five-star reviews on the Apple App Store and Google Play Store. Elepreneurs expects their VERB app will allow them to continue to build on their substantial recent 10X growth.
11-19-2019
NCompassTrac is an industry leader in the development of cloud and mobile-based technologies that enhance and increase the revenue potential of companies though out the world. Headquartered in Laguna Hills, CA, NCompassTrac provides the automotive, powersports and other industries products that focus on capturing new and retaining existing customers through patented products and methods. Its customers include Mercedes Benz, Honda, BMW, Lexus, GMC, Harley-Davidson, Polaris Industries, and other major industry brands.
11-14-2019 Conference Call "highlights below"
To best determine our third quarter performance, we then look at what we added to that recurring revenue base number through new contracts actually executed and closed and not cleared. This is how we measure growth and performance of our sales and marketing departments. And, in Q3, I’m proud to say that we achieved two new records for our SaaS recurring revenue business. First, we signed 14 new enterprise clients for our CRM platform during the quarter. That represents the increase of 250% over Q1 and Q2, respectively, in the number of new enterprise CRM clients signed in the quarter. And that’s a record for us.
These 14 new enterprise contracts represent more than $195,000 of new and additional quarterly recurring SaaS revenue once the applications are delivered and we could recognize it in accordance with GAAP revenue recognition rules. That is a second new record for us in Q3. These contracts represent an increase of 396% over Q2 of new and additional quarterly recurring SaaS revenue once the applications are delivered and we could recognize it in accordance with GAAP revenue recognition rules and an increase of 877% over Q1. We expect that the enterprise contracts we executed in Q3 will produce at least $780,000 of new and additional annual recurring SaaS revenue. That is in addition to the annual recurring SaaS revenue base as of September 30 of $3.8 million which combine to a total of $4.6 million in annual recurring revenue once recognized. This obviously does not include what we will add in Q4 2019.
Now this number does not include any of the revenue we generate from the non-SaaS, nonrecurring side of the business, which includes the printing and related non-recurring revenue generated by our Utah operations legacy business. That business has a relatively short time frame between contract execution and revenue recognition. That portion of our business represented an additional $1.9 million in revenue recognized in Q3. We look at that business separately because while it is generated every quarter, it is not contracted recurring revenue, it is not predictable and it is a much lower-margin business than our SaaS business, which currently has a gross margin greater than 80%.
For this reason, among others, we choose to focus our resources on building the SaaS recurring revenue business. As a point of reference, and to better understand the reason that revenue from contracts executed in the quarter for non-SaaS business can be recognized in the quarter while the revenue from contracts executed in the quarter for SaaS business cannot, allow us to explain the process. While we can configure, customize and deliver a fully white-labeled application to our enterprise clients in 21 days, which we’ve improved from the 60 days it took back in April of this year, it still takes approximately 79 days on average from the date we execute the SaaS contract to launch a new client and begin recognizing the recurring revenue from that contract. This is because of the time it takes our clients to gather, create and deliver to us their logos, content and other assets that we need to customize the application for them and their sales teams. And many, if not most of our new clients prefer to wait to launch the application and begin paying for it to coincide with their quarterly or semiannual corporate conferences and leadership events. This obviously has an impact on the SaaS revenue we can report in the quarter due to the GAAP revenue recognition rules. In fact, none of the SaaS recurring revenue from the 14 contracts we’ve signed in the third quarter is reflected in our current Form 10-Q financials. Accordingly, all of the SaaS recurring revenue we are reporting in the third quarter pursuant to GAAP revenue recognition rules is from contracts executed in prior quarters.
We think this is an important distinction because the revenue we are able to recognize under the GAAP rules in Q3 doesn’t reflect the actual performance of our sales and marketing team during that quarter and, as a result, makes it difficult to assess our growth, which, as the non-GAAP numbers demonstrate, was considerable in Q3, to say the least, and is a strong leading indicator of future GAAP-recognized revenue.
So, looking only at our GAAP-recognized revenue for Q3, that breaks down as follows: SaaS recurring revenue recognized during the three months ending September 30, 2019, was $953,000. That represents an 11% increase over the SaaS revenue we recognized in the second quarter. Total digital revenue for Q3 was $1.4 million. This represents an increase of 28% of GAAP-recognized revenue for our digital business over the same period last year. Our nonrecurring revenue from the legacy business that we recognized during the three months ending September 30, 2019, was also, coincidentally, $1.4 million. That represents a sequential decrease in our nondigital, nonrecurring business from the prior quarter of approximately $844,000 or 37% and essentially flat over the same period last year.
Finally, I’d like to share with you the number of users we’ve added to the platform. We now have approximately 825,000 users on the platform. That’s up from the approximately 700,000 users we had last quarter, representing growth of approximately 125,000 users or 18% in the prior quarter.
Thank you, Rory, and good afternoon, everyone. I’d like to review our financial performance as reported in our Form 10-Q filing today for the quarterly period ending September 30, 2019. Highlights from the filing not already covered on this call include the following: the cost of revenue in Q3 totaled $1.5 million, that’s a decrease of 29% from the same period last year. Gross profit as a percentage of total SaaS recurring as well as non-SaaS nonrecurring revenue was 48%, which represents a modest increase over Q2.
As of September 30, 2019, cash totaled $1.9 million, total assets were $29 million, total liabilities were $11.4 million and stockholders’ equity was $17.6 million. The $11.4 million in liabilities breaks down as follows: $3.6 million is a derivative liability we’re required to carry on the balance sheet associated with our outstanding warrants; an additional $3.6 million is an operating lease liability we’re required to carry on the balance sheet, which is primarily associated with future rent expense; but is also offset by a $3 million right-of-use asset, as well as $572,000 for leasehold improvements, which are reflected as part of the $29 million in total assets. We have $2.8 million in accounts payable and accrued expenses; $1.1 million in long-term related party debt; $258,000 in deferred revenue and customer deposits; and $112,000 in short-term related party debt.
As of today, there are 23,524,753 shares of common stock issued and outstanding. Of the total number of common shares issued and outstanding, approximately 3.7 million shares or approximately 15% are owned or controlled by insiders
Built as a tool for both onboarding distributors and educating customers, the new LEARN feature is designed to improve retention, brand loyalty, and product knowledge and is flexible enough to address virtually any topic. Businesses that use the VERB app now have access to professionally developed courses and lessons that allow for scalable distributor training and increased user adoption.
Verb's apps have received 10,566 FIVE STAR REVIEWS since April 1, 2019.
IN THE THIRD QUARTER WE SIGNED 14 NEW ENTERPRISE CLIENTS. THAT’S UP FROM 4 IN BOTH Q1 AND Q2 OR A TOTAL of 8 IN THE PREVIOUS 2 QUARTERS COMBINED.
IN Q3 WE SIGNED CONTRACTS THAT WILL ADD $195K IN QUARTERLY RECURRING REVENUE, THAT’S AN INCREASE OVER Q2 OF 396%
IN Q3 WE SIGNED CONTRACTS THAT WILL ADD $195K IN QUARTERLY RECURRING REVENUE, THAT’S AN INCREASE OVER Q2 OF 396%
We Got Another One!
Nov 07, 2019
In addition, on Monday, November 11, 2019, Verb CEO Rory J. Cutaia will release a stockholder video update
From the Weekly Newsletter
We Got Another One!
Oct 30, 2019
“We founded the DSWA nearly two decades ago with the goal of empowering direct sellers with the training and tools to run their own independent businesses,” said DSWA.org CEO and Co-founder Nicki Keohohou. “With the comprehensive professional development programs we offer, as well as a variety of other valuable resources and coaching, we are dedicated to helping direct sales professionals achieve personal and financial success. Through this partnership with VERB, we’ll be looking to improve on that mission by fostering better communication between the DSWA and its collective members. Having been involved in the direct sales industry for many years, we recognize the tremendous value VERB’s technology and tools can provide.”
McKinley Oswald, VERB’s President of Global Sales added, "This relationship goes much further than just another client for our platform. It represents a strategic partnership wherein we can get our technology and tools into the hands of some of the top distributors globally. Being embraced by the DSWA and Nicki, who is such a highly respected member of the direct sales community, is strong validation of the effectiveness of our application, as well as our market leading position in the industry.
Oct 21, 2019
Oct 18, 2019
Oct 09, 2019
Another New Client!
Another New Client!
Oct 07, 2019
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Explanation of Responses: 1. This represents the first of a series of purchases being made by the Reporting Person pursuant to an approved 10B5-1 plan.
Oct 04, 2019
VERB Adds CBD Wellness Market Innovator NAVAN GLOBAL to its Expanding Client Roster
“Our goal at Navan has always been to disrupt the network marketing industry through a people-first approach,” said Trey Knight, CEO and Founder of Navan. “By adopting a culture of honesty and transparency, we’re looking to set a new standard, one that benefits each key stakeholder in the distribution channel. In support of our mission, we’re looking forward to leveraging VERB’s intuitive and powerful technology to provide a set of tools for our consultants that will allow them, and us, to more effectively tell our story and engage a greater number of customers.”
Nick Hoggan, Chief Revenue Officer for VERB, added, “Navan’s sales consultants will benefit greatly from many of our newest, innovative sales-driving features, as well as the total ease-of-use that comes with our customized app, and we look forward to assisting them grow their business and enhance their bottom-line.”
Another New Client!
Oct 03, 2019
MONAT Expands Relationship with VERB to Include New Skincare Line
“In the time since our initial launch with the VERB sampling program, we’ve already generated improved conversion rates up to 20% on average for our haircare mailers,” said Lo Myrick, MONAT Director of Market Partner Experience. “Because we’ve been able to experience the power and performance of VERB’s sampling sales program already, it was an easy decision for us to expand our relationship with the launch of our skincare mailers. Simply put, not only have we been able to engage on a deeper level with a greater number of new prospects, we’ve also introduced our customers to a whole new side of MONAT.”