Business
InsuraGuest Grows Gross Margin 96% and Reduces Expenses 58%
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) -    InsuraGuest Technol...
About this update from Insuraguest Technologies Inc
[{"type":"text","content":"InsuraGuest Grows Gross Margin 96% and Reduces Expenses 58%Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) -   InsuraGuest Technologies, Inc.® (TSXV: ISGI) (OTCQB: ISGIF) (\"InsuraGuest\" or the \"Company\"), announces its Company quarterly numbers for the three and nine months ended March 31, 2023.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 March 31, 2023During the three months ended March 31, 2023, the Company generated revenues of $285,666 leading to $174,330 of gross margin versus $137,759 revenue and $86,048 gross margin for the same period in fiscal 2022. During the three months ended March 31, 2023, the Company recorded a comprehensive loss of $100,346 as compared to a comprehensive loss of $208,126, for the quarter ended March 31, 2022. The decrease in comprehensive loss was primarily due to a $88,282 increase in gross margin from higher revenues along with a $38,638 reduction in operating expenses.Revenue increased $147,907 from $137,759 for the three months ended March 31, 2022 to $285,666 for the quarter ended March 31, 2023. The increase was primarily related to $114,363 of continued growth from adding properties on our vacation rental subscription platform along with a $20,202 increase in our ISG Active ski insurance offering.The decrease in operating expenses was primarily related to cashflow management efforts. The items led to decreased i) advertising and marketing fees by $25,057 to $41,613 in the three months ended March 31, 2023 versus $66,670 in the same period in 2022; ii) consulting fees by $9,819 from $146,600 for the three months ended March 31, 2022 to $136,781for the same period in 2022; iii) travel ...