Business
Infobird Co., Ltd Announces Filing of 2021 Annual Report on Form 20-F
BEIJING, May 16, 2022 /PRNewswire/ -- Infobird Co., Ltd (Nasdaq: IFBD) ("Infobird", or the "Company"), a software-as-a-service provider of AI-powered customer
About this update from Infobird Co., Ltd
[{"type":"text","content":"BEIJING, May 16, 2022 /PRNewswire/ -- Infobird Co., Ltd (Nasdaq: IFBD) (\"Infobird\", or the \"Company\"), a software-as-a-service provider of AI-powered customer engagement solutions in China, today announced it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the U.S. Securities and Exchange Commission (the \"SEC\"). The annual report on Form 20-F, which contains Infobird's audited consolidated financial statements for the fiscal year ended December 31, 2021, can be accessed through the SEC's website at www.sec.gov or Infobird's website at www.Infobird.com.\nIn addition, Infobird will provide a hard copy of its annual report on Form 20-F, containing its audited consolidated financial statements, free of charge to its shareholders upon request. Requests should be directed to Infobird Co., Ltd, Room 12A05, Block A, Boya International Center, Building 2, No. 1 Courtyard, Lize Zhongyi Road, Chaoyang District, Beijing, China 100102.\nTotal revenues for fiscal year 2021 was approximately $ 9.6 million, representing an approximately 33.7 % decrease from the same period in 2020. The decrease in revenues is primarily due to various factors including the impacts of COVID-19, the expiration of the customized cloud-based services contract and telecommunications services contract with China Guangfa Bank on June 30, 2020, and the time needed to transition into a standard cloud-based services focused business model. The Company reported a net loss mainly due to higher operating expenses compared with fiscal year 2020. In order to expand the market and provide competitive products to its clients, the Company expanded its marketing efforts and sales forces to target more potential customers and invested heavily to upgrade or expand standard cloud-based products in fiscal year 2021, especially after the completion of the Company's initial public offering in April 2021. As a result, the Company's selling expenses and research and development expenses both increased and together accounted for approximately 42.4% of the total operating expenses. The remaining operating expenses in 2021 were general and administrative expenses, where the increase was mainly due to amortization expenses, bad debt allowance, and long-lived assets impairment, which increase was primarily due to the delay of the Company's const...