·

Revenue booked increased from $1.5M in 4Q2013 to $8.3M in 4Q2014

 

·

Unaudited revenue booked in 1Q2015 increased to $11.2M from $1.6M in 1Q2014

 

·

218,000 new PDN-specific registrations in March 2015 versus 37,000 in March 2014

 

 

 

 

 

 

 

 

 

		Year Ended December 31,
		2014				2013
Revenues
Recruitment services		$	2,920,791			$	2,468,382
Consumer advertising and consumer marketing solutions revenue			1,491,943				1,566,262
Membership fees and related services			5,932,138				-
Lead generation revenue			1,061,041				-
Product sales and other revenue			237,818				-
Total revenues			11,643,731				4,034,644
Costs and expenses:
Cost of sales and services			2,153,900				1,152,544
Sales and marketing			8,040,797				2,346,847
General and administrative			6,392,109				2,268,118
Depreciation and amortization			1,084,451				281,648
Gain on bargain purchase of business			(429,956	)			-
Gain on sale of property and equipment			-				(4,158	)
Total costs and expenses			17,241,301				6,044,999
Loss from operations			(5,597,570	)			(2,010,355	)
Other income (expense)
Interest expense			(3,370	)			(155,136	)
Interest and other income			84,519				25,765
Acquisition related costs			(1,195,195	)			-
Loss on sale of marketable securities			-				(7,640	)
Other income (expense), net			(1,114,046	)			(137,011	)
Change in fair value of warrant liability			(8,568	)			330,147
Loss before income tax benefit			(6,720,184	)			(1,817,219	)
Income tax benefit			(3,062,108	)			(380,832	)
Net loss		$	(3,658,076	)		$	(1,436,387	)
Other comprehensive (loss) income:
Net loss		$	(3,658,076	)		$	(1,436,387	)
Reclassification adjustments for losses on marketable securities included in net income			-				7,640
Comprehensive loss		$	(3,658,076	)		$	(1,428,747	)
Net loss per common share, basic and diluted		$	(0.46	)		$	(0.23	)
Weighted average shares used in computing net loss per common share:
Basic and diluted			8,016,074				6,318,085
Pro forma computation related to conversion to a C corporation upon completion of initial public offering in 2013:
Historical pre-tax net loss before taxes						$	(1,817,219	)
Pro-forma tax benefit							(740,939	)
Pro-forma net loss						$	(1,076,280	)
Pro-forma loss per share - basic and diluted
Unaudited pro-forma loss per share						$	(0.17	)
Weighted average number of shares outstanding							6,318,085

 

  

		December 31,
		2014				2013
Current Assets:
Cash and cash equivalents		$	1,519,467			$	18,736,495
Accounts receivable			3,448,748				1,218,112
Short-term investments			5,198,878				-
Incremental direct costs			900,868				-
Prepaid license fee			337,500				-
Prepaid expenses and other current assets			381,057				99,094
Deferred tax asset			58,200
Total current assets			11,844,718				20,053,701
Property and equipment, net			874,769				54,781
Capitalized technology, net			526,070				692,511
Goodwill			45,180,531				735,328
Intangible assets, net			14,934,225				90,400
Merchant reserve			860,849				-
Deferred tax asset			-				380,832
Security deposits			371,310				12,644
Total assets		$	74,592,472			$	22,020,197
Current Liabilities:
Accounts payable		$	4,941,135			$	222,961
Accrued expenses			549,727				188,462
Deferred revenue			10,078,938				1,024,420
Customer deposits			337,500				-
Notes payable			1,389,386				-
Note payable - related party			437,186				-
Warrant liability			93,789				85,221
Capital lease obligations			15,232				-
Total current liabilities			17,842,893				1,521,064
Deferred rent			25,946				-
Deferred tax liability			3,081,611				-
Total liabilities			20,950,450				1,521,064
Commitments and contingencies
Stockholders' Equity
Common stock, $0.01 par value, 25,000,000 shares authorized, 12,928,072 shares and 6,318,227 shares issued as of December 31, 2014 and 2013, respectively, and 12,719,689 and 6,316,027 shares outstanding as of December 31, 2014 and 2013, respectively			127,280				63,182
Additional paid in capital			58,646,322				21,883,593
Accumulated deficit			(5,094,463	)			(1,436,387	)
Treasury stock, at cost; 8,382 shares at December 31, 2014 and 2,200 shares at December 31, 2013			(37,117	)			(11,255	)
Total stockholders' equity			53,642,022				20,499,133
Total liabilities and stockholders' equity		$	74,592,472			$	22,020,197

 
 

 

 

 

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