ClearPoint Business Resources Inc. (OTCBB: CPBR.OB) posted first-quarter revenue of $1.2 million, down from $24.2 million in the first quarter of last year, according to a filing this week with the U.S. Securities and Exchange Commission. Revenue fell as the Chalfont PA-based firm transitioned from a staffing firm to a staffing business franchisor and operator of its iLabor program. The recession also hurt revenue, according to the filing.

ClearPoint's first-quarter net loss was $638,117 compared with a net loss of $31.7 million in the same period last year.

The company's 10-Q filing includes a going concern note, stating the company had an accumulated deficit of $55.1 million. The filing also said the company was in default to its lender, ComVest, after it didn't make installment payments in February, March and April, but said a term loan waiver was executed on May 19.

ClearPoint franchises staffing businesses, operates a vendor management system and operates its iLabor Network, which allows firms to manage their temporary staffing needs through an online portal with ClearPoint acting as a broker for its clients and network of temporary staffing suppliers.