Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 964,306 $ 1,236,771
Accounts receivable, net 1,133,124 1,318,217
Other receivables 252,156 350,000
Prepaid expense and other current assets 326,047 347,807
Current assets from discontinued operations 4,600 4,600
Total current assets 2,680,233 3,257,395
Property and equipment, net 34,786 35,341
Capitalized technology, net 83,694 64,499
Goodwill 1,417,753 1,274,785
Intangible assets, net 646,928 225,221
Right-of-use assets 349,053 365,324
Security deposits 66,340 66,340
Other assets 1,350,000 1,350,000
Long-term assets from discontinued operations 197,287 197,228
Total assets 6,826,074 6,836,133
Current Liabilities:    
Accounts payable 451,782 338,600
Accrued expenses 1,019,464 1,071,842
Deferred revenue 2,191,244 1,925,788
Lease liability, current portion 80,814 103,555
Current liabilities from discontinued operations 482,391 503,090
Total current liabilities 4,225,695 3,942,875
Lease liability, non-current portion 344,746 341,165
Other long-term liabilities 100,000
Deferred tax liability 131,597 143,069
Total liabilities 4,702,038 4,527,109
Commitments and contingencies
Stockholders’ Equity    
Common stock, $0.01 par value; 45,000,000 shares authorized, 10,270,054 and 10,898,376 shares issued as of March 31, 2023 and December 31, 2022, and 10,269,530 and 10,367,431 shares outstanding as of March 31, 2023 and December 31, 2022. 102,696 103,675
Additional paid in capital 101,807,710 101,728,600
Accumulated other comprehensive (loss) income (8,417) (10,986)
Accumulated deficit (99,451,467) (98,382,540)
Treasury stock, at cost; 524 and 530,945 shares at March 31, 2023 and December 31, 2022 (37,117) (892,482)
Total Professional Diversity Network, Inc. stockholders’ equity 2,413,405 2,546,267
Noncontrolling interest (289,369) (237,243)
Total stockholders’ equity 2,124,036 2,309,024
Total liabilities and stockholders’ equity $ 6,826,074 $ 6,836,133