Business
InsuraGuest Grow Revenues 128% While Reducing Expenses
Vancouver, British Columbia--(Newsfile Corp. - February 22, 2023) - InsuraGuest Technologies, In...
About this update from Insuraguest Technologies Inc
[{"type":"text","content":"InsuraGuest Grow Revenues 128% While Reducing ExpensesVancouver, British Columbia--(Newsfile Corp. - February 22, 2023) - InsuraGuest Technologies, Inc.® (TSXV: ISGI) (OTCQB: ISGIF) (\"InsuraGuest\" or the \"Company\"), announces its Company quarterly numbers for the three and six months ended December 31, 2022.InsuraGuest Technologies Inc. is a publicly traded Canadian insurtech (insurance + technology) software company (\"ISGI\") with offices in Vancouver, British Columbia and Salt Lake City, Utah. Our proprietary software platform delivers digitally embedded, opt-in, and subscription-based insurance packages directly to our members on a business-to-business and business-to-consumer basis. The Company also provides insurance agents and brokers the ability to sign up instantly online through its automated agency/broker software platform. These brokers and agents then become channels to sell the Company's products to their own customers, speeding up the process of distributing products through the insurtech platform.Quarter Ended December 31, 2022During the three months ended December 31, 2022, the Company generated revenues of $171,969 leading to $106,570 of gross margin versus $70,189 revenue and $52,898 gross margin for the same period in fiscal 2021. During the three months ended December 31, 2022, the Company recorded a comprehensive loss of $181,435 as compared to a comprehensive loss of $319,493, for the quarter ended December 31, 2021. The decrease in comprehensive loss was primarily due to a $53,672 increase in gross margin from higher revenues along with a $83,558 reduction in operating expenses.Revenue increased $101,780 from $70,189 for the three months ended December 31, 2021 to $171,969 for the quarter ended December 31, 2022. The increase was primarily related to $61,577 of continued growth from adding properties on our vacation rental subscription platform along with a $40,203 increase in our ISG Active ski insurance offering.The decrease in operating expenses was primarily related to cashflow management efforts and one-time fundraising expenses from exercise of options and warrants from the Company's June 2021 unit offering. The items led to decreased i) advertising and marketing fees by $63,082 to $51,832 in the three months ended December 31, 2022 versus $114,914 in the same period in 2021; ii) consulting...