Our success will depend to a substantial extent on the willingness of companies to engage a third party such as us to provide software support services for their enterprise software. In addition, we may not be able to obtain additional debt or equity financing, if required, to repay our obligations under the Convertible Notes. For fiscal year 2019, Oracle reported a margin of 86% for cloud services and license support. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. In October 2018, we and Oracle each filed motions for summary judgment. In December 2016, the Company filed an amended complaint against Oracle, adding claims for intentional interference with contract, intentional interference with prospective economic advantage, violation of the Nevada Deceptive Trade Practices Act, violation of the Lanham Act, and violation of California Business & Professions Code §17200 et seq. Substantially all of GPIA’s assets consisted of cash and cash equivalents. Gross margin for the three months ended March 31, 2019 was 63.8% compared to 61.3% for three months ended March 31, 2020. A portion of the funds received by the Company will be shared on a pro rata basis with an insurance company that had paid for part of the judgment and a portion of Rimini’s defense costs. If such consolidation continues, we expect that some of the acquiring companies will terminate, renegotiate and elect not to renew our agreements with the clients they acquire, which may have an adverse effect on our business and results of operations.If there is a widespread shift by clients or potential clients to enterprise software vendors, products and releases for which we do not provide software products or services, our business would be adversely impacted.Our current revenue is primarily derived from the provision of support services for Oracle and SAP enterprise software products.
In dollar terms, sales and marketing expenses increased from $24.0 million for the three months ended March 31, 2019 to $28.4 million for the three months ended March 31, 2020, an increase of $4.5 million or 19%. The guidance is intended to improve the effectiveness of the notes to financial statements by facilitating clearer communication, and it includes multiple new, eliminated and modified disclosure requirements. For the three months ended March 31, 2019, cash flows provided by operating activities amounted to $6.6 million.
We believe core enterprise resource planning (“ERP”), client relationship management (“CRM”), product lifecycle management (“PLM”) and technology software platforms have become increasingly important in the operation of mission-critical business processes over the last 30 years, and also that the costs associated with failure, downtime, security exposure and maintaining the tax, legal and regulatory compliance of these core software systems have also increased. Acquisitions could also result in dilutive issuances of equity securities or the incurrence of debt, which could adversely affect our results of operations.
As of March 31, 2020, ASP owned approximately 34.8% of the Company’s issued and outstanding shares of Common Stock. Enforcement actions and sanctions could further harm our business, financial condition and results of operations.Changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and affect our reported results of operations.Generally accepted accounting principles in the United States are subject to interpretation by the FASB, the SEC and various bodies formed to promulgate and interpret appropriate accounting principles. We may terminate any employee at any time, with or without cause, and any employee may resign at any time, with or without cause. As a result, we could face the possibility of tax assessments and audits, and our liability for these taxes and associated interest and penalties could exceed our original estimates. GAAP”). at $1.16 per share.Derivative/Non-derivative trans. at $1.16 per share.Derivative/Non-derivative trans. The liability, noted above, was subject to change as additional costs related to any future Rimini I appeal and remand proceedings were incurred. Many of our competitors and other industry participants have been issued patents and/or have filed patent applications and may assert patent or other intellectual property rights within the industry. Have Watchlists? As a result, our gross profit margin decreased to 61.3% for the three months ended March 31, 2020 from 63.8% for the three months ended March 31, 2019. The Company has operating leases for real estate and equipment with an option to renew the leases for up to one month to five years. You should not rely on our past results as an indication of our future performance or liquidity.We may be subject to additional obligations to collect and remit sales tax and other taxes, and we may be subject to tax liability, interest and/or penalties for past sales, which could adversely harm our business.State, local and foreign jurisdictions have differing rules and regulations governing sales, use, value-added and other taxes, and these rules and regulations can be complex and are subject to varying interpretations that may change over time. With interest, attorneys’ fees and costs, the total judgment paid by us to Oracle after the completion of all appeals was approximately $89.9 million. Rimini Street, Inc. engages in the provision of enterprise software support products and services.
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