|
·
|
Total revenue recognized for fiscal second quarter of 2014 grew 5.7% as compared to the second quarter of 2013, from $977,000 to $1,032,000 respectively;
|
|
·
|
Direct sales bookings increased for the fourth consecutive quarter to $802,000 representing a 663% increase over the second quarter of 2013. Second quarter 2014 direct sales bookings include $225,000 from our events division;
|
|
·
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Launch of new AudioEye, Inc. cloud-based solution to provide internet application accessibility to persons with disabilities.
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Date:
|
Thursday, August 14, 2014
|
Time:
|
4:30PM Eastern / 1:30PM Pacific
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Participant Dial-In:
|
877-407-9205 (Toll Free), 201-689-8054 (International)
|
Three Months Ended June 30,
|
||||||||
2014
|
2013
|
|||||||
Revenues
|
||||||||
Recruitment services
|
$ | 585,106 | $ | 556,111 | ||||
Consumer advertising and consumer marketing
solutions revenue
|
447,181 | 420,809 | ||||||
Total revenues
|
1,032,287 | 976,920 | ||||||
Costs and expenses:
|
||||||||
Cost of services
|
395,754 | 247,005 | ||||||
Sales and marketing
|
763,083 | 576,018 | ||||||
General and administrative
|
572,018 | 527,048 | ||||||
Depreciation and amortization
|
93,648 | 60,563 | ||||||
Total costs and expenses
|
1,824,503 | 1,410,634 | ||||||
Loss from operations
|
(792,216 | ) | (433,714 | ) | ||||
Other income (expense)
|
||||||||
Interest and other income
|
1,010 | 9,132 | ||||||
Other income (expense), net
|
1,010 | 9,132 | ||||||
Change in fair value of warrant liability
|
(30,277 | ) | 200,495 | |||||
Loss before income taxes
|
(821,483 | ) | (224,087 | ) | ||||
Income tax (benefit) expense
|
(333,322 | ) | (90,925 | ) | ||||
Net loss
|
$ | (488,161 | ) | $ | (133,162 | ) | ||
Other comprehensive (loss) income:
|
||||||||
Net loss
|
(488,161 | ) | (133,162 | ) | ||||
Unrealized gains on marketable securities
|
- | (8,799 | ) | |||||
Comprehensive loss
|
$ | (488,161 | ) | $ | (141,961 | ) | ||
Net loss per common share, basic and diluted
|
$ | (0.08 | ) | $ | (0.02 | ) | ||
Shares used in computing pro forma net loss per
common share:
|
||||||||
Basic and diluted
|
6,313,717 | 6,318,227 | ||||||
Pro-forma computation related to conversion to a C
corporation upon completion of initial public offering:
|
||||||||
Historical pre-tax net loss before taxes
|
$ | (821,483 | ) | $ | (224,087 | ) | ||
Pro-forma tax (benefit) provision
|
(333,322 | ) | (90,925 | ) | ||||
Pro-forma net loss
|
$ | (488,161 | ) | $ | (133,162 | ) | ||
Pro-forma loss per share - basic and diluted
|
||||||||
Unaudited pro-forma loss per share
|
$ | (0.08 | ) | $ | (0.02 | ) | ||
Weighted average number of shares outstanding
|
6,313,717 | 6,318,227 |
Professional Diversity Network, Inc.
Condensed Balance Sheets (Unaudited)
June 30, 2014 and December 31, 2013
|
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$ | 5,609,138 | 18,736,495 | |||||
Accounts receivable
|
1,542,643 | 1,218,112 | ||||||
Short-term investments
|
11,876,078 | - | ||||||
Prepaid expenses and other current assets
|
331,882 | 99,094 | ||||||
Total current assets
|
19,359,741 | $ | 20,053,701 | |||||
Property and equipment, net
|
55,957 | 54,781 | ||||||
Security deposits
|
12,644 | 12,644 | ||||||
Prepaid license fee
|
450,000 | - | ||||||
Capitalized technology, net
|
616,296 | 692,511 | ||||||
Goodwill
|
735,328 | 735,328 | ||||||
Trade name
|
90,400 | 90,400 | ||||||
Deferred tax asset
|
893,421 | 380,832 | ||||||
Total assets
|
$ | 22,213,787 | $ | 22,020,197 | ||||
Current Liabilities:
|
||||||||
Accounts payable
|
306,581 | 222,961 | ||||||
Accrued expenses
|
710,239 | 188,462 | ||||||
Deferred revenue
|
1,377,015 | 1,024,420 | ||||||
Warrant liability
|
71,689 | 85,221 | ||||||
Total current liabilities
|
$ | 2,465,524 | $ | 1,521,064 | ||||
Commitments and contingencies
|
||||||||
Stockholders' Equity
|
||||||||
Common stock, $0.01 par value, 25,000,000 shares
authorized, 6,318,227 shares issued and 6,316,027
shares outstanding as of March 31, 2014 and
December 31, 2013
|
63,182 | 63,182 | ||||||
Additional paid in capital
|
21,909,289 | 21,883,593 | ||||||
Accumulated deficit
|
(2,187,091 | ) | (1,436,387 | ) | ||||
Treasury stock, at cost; 2,200 shares at March 31, 2014 and December 31, 2013
|
(37,117 | ) | (11,255 | ) | ||||
Total stockholders' equity
|
19,748,263 | 20,499,133 | ||||||
Total liabilities and stockholders' equity
|
$ | 22,213,787 | $ | 22,020,197 |