Excellent resultsProduct/Hardware Sales in last 10Q
Here is the summary of 10Q
Product/Hardware/Software Service Recurring Fee Total
19Q1 1.02M 32K 0.39M 1.43M
19Q2 0.92M 181K 0.48M 1.58M
19Q3 1.22M 102K 0.60M 1.92M
19Q4 0.44M 30K 0.69M 1.16M
20Q1 0.67M 6K 0.73M 1.41M
20Q2 0.85M 18K 0.75M 1.62M
20Q3 1.31M 43K 0.81M 2.17M
20Q4 1.02M 24K 0.80M 1.84M
21Q1 0.98M 14K 0.73M 1.73M
21Q2 1.63M 18K 0.64M 2.28M
Reasons for decrease in recurring revenue
The Company renegotiated a three-year contract with one of its large customers for Recurring revenue. The initial contract entailed pass-through billing for third party application and data fees. Under the new arrangement all pass-through third-party application and data fees will not be invoiced by the Company, and the company will only invoice the monthly fees for the services supplied by BeWhere. This arrangement will have no impact on the gross profit or net income but will see a decline in the Total revenue. This arrangement allows the Company to focus on its net profits. As the contract came into effect in March of 2021, the impact to Recurring revenue was one-month in first quarter and three-months in second quarter
BEW is back in net profit