GlobeNewswire Inc | Jul 13, 2020 09:08AM EDT

July 13, 2020

LAS VEGAS, NV, July 13, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- DLT Resolution,Inc. (OTC: DLTI),an information technology, cyber security, telecommunications and Union Services company, today reported financial results for its first quarter ended March 31, 2020.

2020 First Quarter Highlights in USD:

-- First quarter revenue of $428,000 was 250% higher than 2019 first quarter revenue -- First quarter net loss of $329,000, was 63% less than 2019 first quarter net loss -- Loss per share was $0.01 per share compared to a 2019 first quarter loss of $0.05 per share -- Total Assets increased 748% to $4,410,316 compared to Q1 2019s $589,253 -- Total liabilities increased to $2,667,845 compared to the previous year quarter liabilities of $957,553. The increase was due to the acquisition of Union Strategies Inc. on January 31, 2020.

We are pleased that, in a difficult global environment, our January 30, 2020 acquisition of Union Strategies, Inc. immediately made a significant contribution to first quarter revenues. We have, during the COVID-19 outbreak, leveraged our ability to implement and provide support remotely. We are quickly adapting to find ways to communicate, sell and service our current and prospective customers, said John Wilkes, Chief Executive Officer of DLT Resolution Inc.

First Quarter 2020 Results

The increase in first quarter revenue to $428,000 from $122,000 in 2019 first quarter revenue was primarily related to the $326,000 of revenue generated by Union Strategies, Inc. following the Companys acquisition of its business on January 30, 2020. The Company reported a first quarter net loss of $329,000 that includes a $159,000 one-time charge for writing off goodwill that was carried from a prior acquisition, as compared to an $855,000 net loss in the comparable year-ago period.

John Wilkes concluded, We continue to monitor the effects on our business of the current global pandemic and take the necessary actions to service our clients to our fullest ability. During 2020, we plan to continue our focus on integrating the Union Strategies business and creating new opportunities to provide value to its Union customers and their members that will in turn grow our revenues.

DLT RESOLUTION, INC Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, 2020 2019ASSETS Current assets Cash and cash equivalents $ - $ 13,140 Accounts receivable, net of allowance fordoubtful accounts of $44,730 at March 31, 171,396 34,631 2020 and $0 at December 31, 2019Total current assets 171,396 47,771 Property, plant and equipment, net of 84,869 - accumulated depreciationOperating lease ? right of use asset 11,642 - Intangible assets, net of accumulated 4,142,409 376,460 amortizationGoodwill - 165,022 Total assets $ 4,410,316 $ 589,253 LIABILITIES AND STOCKHOLDERS'DEFICIT Current liabilities Bank overdraft $ 25,139 $ 16,782 Accounts payable and accrued liabilities 471,702 99,201 Accounts payable, related party 15,000 15,000 Interest payable, related party 36,034 34,190 Related party payables 20,858 20,880 Note payable, related party 81,500 81,500 Lease obligation ? operating lease 6,023 - Total current liabilities 656,256 267,553 Notes payable, net of current portion 5,000 5,000 Other long term liability 2,001,461 685,000 Lease obligation ? operating lease, net of 5,128 - current portionTotal liabilities 2,667,845 957,553 Stockholders' deficit Series A convertible preferred stock, $1.00par value; 5,000,000 shares authorized; 0 and - - 25,000 issued and outstanding at March 31,2020 and December 31, 2019Series B convertible preferred stock, $1.00par value; 500,000 shares authorized; 64,000 64,000 64,000 and 64,000 issued and outstanding at March31, 2020 and December 31, 2019Common stock, $0.001 par value; 275,000,000shares authorized; 25,926,287 and 24,395,037 25,926 24,395 issued; 22,698,787 and 21,167,537 outstandingat March 31, 2020 and December 31, 2019Additional paid-in capital 6,641,734 4,218,265 Other comprehensive income (19,757 ) (34,430 )Treasury stock, 3,815,000 shares as of March (5,300 ) (5,300 )31, 2020 and December 31, 2019, at costAccumulated deficit (4,964,132 ) (4,653,230 )Total stockholders? deficit 1,742,471 (368,300 ) Total liabilities and stockholders' deficit $ 4,410,316 $ 589,253 DLT RESOLUTION, INC. Condensed Consolidated Statements of Operations (Unaudited) Three months ended March 31, 2020 2019 Revenue 428,347 $ 122,009 Cost of revenue and operating expenses Cost of revenue 238,686 33,674 General and administrative 196,245 59,354 Depreciation and amortization 115,268 25,655 Professional fees 40,439 32,571 Goodwill impairment loss 159,187 - Total operating expenses 749,825 117,580 Loss from operations (321,478 ) (29,245 ) Other income (expense) Loss on stock based liability - (526,571 )Foreign exchange gain - 5,366 Loss on investment - (331,787 )Interest expense (7,424 ) (1,804 )Total other (expense) (7,424 ) (854,796 ) Net loss (328,902 ) $ (884,041 ) Basic loss per common share - net loss (0.01 ) $ (0.05 )Diluted loss per common share - net loss (0.01 ) $ (0.05 )Weighted average basic shares outstanding 25,427,317 19,263,408 Weighted average diluted shares outstanding 25,427,317 19,263,408

Forward-Looking and Cautionary StatementsThe use of the word "company" or "Company" refers to DLT Resolution Incorporated and its wholly-owned subsidiaries. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the company's actual results. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. DLT Resolution may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (available at http://www.sec.gov). DLT Resolution undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise. Nothing within this communicationis meant to be a solicitation to buy or sell our securities. Investing in over the counter (OTC) securities often carries a high degree of risk. Please contact your financial advisor before investing in our securities.

Source: DLT Resolution Inc.

Contact:DLTTelecom.com

1 800-463-5465