GlobalWise Investments, Inc. (OTC: GWIV) (www.GlobalWiseInvestments.com) and its subsidiary Intellinetics, Inc. said they have announced their financial results for the fiscal quarter ended March 31, 2014.
The company´s total revenues for the three months ended March 31, 2014 were USD299,183 as compared to USD354,871 for the same period in 2013, a decrease of USD55,688, or 16 percent, primarily attributable to decreases in revenues from professional services and software maintenance services.
Overall gross margins were 79 percent and 44 percent for the three months ended March 31, 2014 and 2013, respectively, an increase of 30 percent.
Total operating expenses were USD591,573 for the three months ended March 31, 2014 as compared to USD801,275 for the three months ended March 31, 2013, representing a decrease of 26 percent, or USD209,702. The decrease in operating expenses is primarily due to a reduction in sales and marketing expense.
GlobalWise reported a net operating loss of USD403,822 and USD671,797 for the three months ended March 31, 2014 and 2013, respectively, representing a decrease in net loss of USD267,975, or 40 percent.
GlobalWise Investments, Inc., via its wholly owned subsidiary Intellinetics, Inc., is a Columbus, Ohio based enterprise content management pioneer with industry-leading software that delivers cloud ECM based solutions on-demand. For additional information, visit www.Intellinetics.com