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Plurilock Security Inc. Reports Fiscal 2021 First Quarter Financial Results Victoria , British Columbia -- ( Newsfile Corp. - May 31 , 2021 ) - Plurilock Security Inc. ( TSXV : PLUR ) ( OTCQB : PLCKF ) and related subsidiaries ( " Plurilock " or the " Company " ) , an identity - centric cybersecurity solution provider for workforces , today announces its financial results for the three months ended March 31 , 2021. All dollar figures are stated in Canadian dollars , unless otherwise indicated . " Fiscal Q1 2021 saw us accelerate our growth by achieving multiple operational initiatives that have positioned us well for the remainder of the year , " said lan L. Paterson , CEO of Plurilock . " Despite the challenging economic environment , we were able to raise over $ 5M in growth capital from leading Canadian investors , add notable personnel to our advisory board with global cybersecurity experience and put ourselves in the best position we have been in as a Company since we began trading in September 2020. " " As part of our stated strategy of acquiring accretive assets to complement our existing high margin artificial intelligence products , we completed our first acquisition of cybersecurity solutions provider Aurora Systems Consulting Inc. , a company with revenue of $ 35.82 million in 2020 and strong presence in the U.S.government vertical , " said Mr. Paterson . " With Aurora , we have dramatically increased our distribution , by adding an experienced sales force , contracting vehicles with access 174 California State agencies and a Government - Wide Acquisition Contract with the US Federal Government , as well as a base of over 140 customers . " " With cybersecurity threats continuing to rise globally , we will look to accelerate our presence in the industry by expanding our product portfolio and pursuing additional M & A opportunities that can expand our sales pipeline and deliver needed solutions to this fast - growing industry , " continued Mr. Paterson . First Quarter Fiscal 2021 Financial Highlights • Total revenue for the three months ended March 31 , 2021 was $ 75,761 , a decrease of 27 % over the same period in the prior fiscal year . • Electronic software license and maintenance sales revenues accounted for 89 % ( 81 % for the same period in 2020 ) of total revenues . Professional services revenue accounted for 11 % ( 19 % for the same period in 2020 ) of total revenues . • Electronic software license and maintenance sales revenue was $ 67,756 for the three months ended March 31 , 2021 , compared to $ 83,968 over the same period in the prior year . • Professional services sales revenue was $ 8,005 for the three months ended March 31 , 2021 , compared to $ 19,371 over the same period in the prior year . • Gross margin was 88.3 % in Q1 2021 , compared to 88.9 % over the same period in the prior year . • Adjusted EBITDA was $ ( 1,056,397 ) for the three months ended March 31 , 2021 compared to $ ( 494,514 ) over the same period in the prior year . • Cash & cash equivalents on March 31 , 2021 was $ 5,848,598 compared to $ 1,721,179 on the same date in the prior year . • Cash used in operating activities for the three months ended March 31 , 2021 was $ 1,158,455 , compared to $ 205,579 during the same period in the prior fiscal year . Note : As the acquisition of Aurora Systems Consulting Inc.'s ( " Aurora " ) was completed on March 31 , 2021 , Plurilock's first quarter fiscal 2021 condensed interim consolidated financial statements include