Consolidated revenue for the year ended December 31, 2020 totaled $4.7 million, compared to $10.1 million for 2019, reflecting the disruption from the COVID-19 pandemic. The decline was expected and due entirely to delayed government contracts given the economic environment resulting from the pandemic. Approximately 71% of consolidated revenue was generated outside the United States, compared to 41% for 2019.
Net income improved from a loss of $4.8 million to income of $26.6 million for the years ended December 31, 2020 and 2019, respectively, due to the gain on the modification of debt of $32.1 million, offset by the reduction in revenue discussed above.
In a year that was filled with global business disruption, Intermap achieved significant milestones necessary to grow the business. With the elimination of $33.9 million notes payable and the rebuilding of the government pipeline, the Company is well-positioned for growth. Intermap...