Cuentas(US:CUEN)2022-03-31 16:00Revenue Performance - Total revenue for the year ended December 31, 2021, was $593,000, an increase of 6.3% from $558,000 in 2020[175]. - Telecommunications revenue increased to $525,000 in 2021 from $439,000 in 2020, while revenue from General Purpose Reloadable Cards decreased to $68,000 from $119,000[175]. Cost and Profitability - Cost of revenues decreased to $469,000 in 2021 from $697,000 in 2020, leading to a gross profit of $124,000 compared to a loss of $139,000 in 2020[176][177]. - The net loss for the year ended December 31, 2021, was $10,729,000, compared to a net loss of $8,101,000 in 2020[181]. Operating Expenses - Operating expenses rose to $10,789,000 in 2021 from $7,640,000 in 2020, primarily due to increased selling, general, and administrative expenses[178]. Assets and Funding - As of December 31, 2021, total current assets were $6,780,000, including $6,607,000 in cash, compared to total current assets of $296,000 in 2020[183][184]. - The company generated approximately $18,270,000 in gross proceeds from the sale of 4,245,140 shares of common stock in 2021[187]. - The company plans to use net proceeds from the offering for sales and marketing, research and development, and working capital[187]. - The company anticipates that existing cash and future income from operations will be sufficient to fund planned operations for the next 12 months[188]. Economic Outlook - The company does not expect inflation to significantly impact its operations[189].