via NewMediaWire
-- Paltalk, Inc. (“Paltalk,” the
“Company,” “we,” “our” or “us”) (Nasdaq: PALT), a
communications software innovator that powers multimedia social
applications, today announced financial and operational results for
the third quarter ended September 30, 2023.
Key Financial Highlights for Third
Quarter Ended September 30, 2023 Compared to Prior Year
Period
- Revenue increased 5.5% to $2.8
million
- Subscription revenue increased 5%
to $2.7 million
- Advertising revenue increased 12%
to $0.1 million
- Net loss was $0.2 million compared
to a net loss of $1.1 million, a decrease of 83%
- Adjusted EBITDA loss, a non-GAAP
measure, was $0.1 million compared to Adjusted EBITDA loss of $0.8
million, a decrease of 84%
- Positive cash flow from operations
for the quarter
Key Financial Highlights for Nine Months
Ended September 30, 2023 Compared to Prior Year Period
- Revenue increased 1% to $8.3
million
- Subscription revenue increased 1%
to $8.1 million
- Advertising revenue decreased 10%
to $0.2 million
- Net loss was $0.8 million compared
to a net loss of $2.9 million, a decrease of 73%
- Adjusted EBITDA loss, a non-GAAP
measure, was $0.8 million compared to Adjusted EBITDA loss of $2.2
million, a decrease of 64%
- Deferred revenue of $2.2 million as
of September 30, 2023
- The Company had $13.7 million in
cash and no long-term debt on its balance sheet as of September 30,
2023
Recent Corporate and Business
Highlights
- Appointed Geoff Cook to Board of
Directors; previously, Mr. Cook co-founded and grew The Meet Group
and ultimately sold it in 2020 for approximately $500 million
- Engaged Cleverbridge to serve
international markets and to optimize Paltalk’s geographic reach
with global payment processing capabilities
Near Term Business
Objectives
- Leveraging our integration of the
ManyCam product into Paltalk through upselling initiatives
- Further optimizing marketing spend
to effectively realize a positive return on our investment
- Evaluating ways to optimize and
reduce expenses with our infrastructure
- Continuing to explore strategic
opportunities, including, but not limited to, potential mergers or
acquisitions of other assets or entities that are synergistic to
our businesses
- Continuing to defend our
intellectual property
Management Commentary
Jason Katz, Chairman and CEO of Paltalk,
commented, “We are pleased with our continued revenue growth and
achievement of generating positive cash flow from operations in the
third quarter. Our efforts to optimize our platforms and streamline
our costs have resulted in a significant decrease in operating
expenses and an improvement in reducing our operating losses and
net losses. As we continue to prudently execute on our revenue
growth plans, we believe we are well-positioned for profitability
with our current expense infrastructure.”
Katz concluded, “We are very excited to have
Geoff Cook join our Board, as he has successfully accomplished what
we intend to do, which is to grow via strategic acquisitions to
enhance shareholder value. In July of 2023, Geoff was named CEO of
Noom, Inc., a leading digital health platform combining
personalized psychology with modern medicine. Before that, Geoff
executed numerous acquisitions while growing The Meet Group, and
ultimately sold it in 2020 for approximately $500 million to
ProSiebenSat.1 Media. We look forward to leveraging Geoff’s
experience, knowledge, success and relationships to complement what
we are currently doing with our internal efforts with Roth
Capital.” Mr. Katz also added, “While our trial against Cisco was
pushed back again to an expected trial date in May of 2024, the
Court recently denied Cisco’s motion for summary
judgement, and we look forward to continuing to defend our
intellectual property.”
Patent Litigation
On July 23, 2021, a wholly owned subsidiary of
the Company, Paltalk Holdings, Inc., filed a patent infringement
lawsuit against WebEx Communications, Inc., Cisco WebEx LLC, and
Cisco Systems, Inc. (collectively, “Cisco”), in the U.S. District
Court for the Western District of Texas (the “Court”). The Company
alleges that certain of Cisco’s products have infringed U.S. Patent
No. 6,683,858, and that the Company is entitled to damages.
A Markman hearing took place on February 24,
2022. On September 7, 2022, the United States Patent Office issued
a reexamination of U.S. Patent No. 6,683,858, and on
January 19, 2023, the Examiner issued an Ex
Parte Reexamination Certificate, ending the
reexamination and confirming the patentability of claims 1-10 of
U.S. Patent No. 6,683,858. On June 29, 2023, the Court held a
pretrial conference with the parties and denied Cisco’s motion for
summary judgement. The trial is expected to be held in May of
2024.
Financial Results for Three Months Ended
September 30, 2023
- Revenue for the three months ended
September 30, 2023 increased by 5.5% to $2.8 million, compared to
$2.6 million for the three months ended September 30, 2022. The
increase in revenue was primarily attributed to an increase in
virtual goods revenue from Paltalk, increased revenue from Vumber,
as well as an increase in ManyCam revenue;
- Loss from operations for the three
months ended September 30, 2023 decreased by 63.3%, or $0.7
million, to a loss of $0.4 million, compared to a loss of $1.1
million for the three months ended September 30, 2022. The decrease
in loss from operations was attributed to increased revenue for the
three months ended September 30, 2023;
- Net loss for the three months ended
September 30, 2023 decreased 82.7% to $0.2 million, compared to a
net loss of $1.1 million the three months ended September 30, 2022.
The decrease in net loss was due to the increase in subscription
revenue and the reduction of operating expenses;
- Adjusted EBITDA loss, a non-GAAP
measure, for the three months ended September 30, 2023 decreased by
83.8%, to an Adjusted EBITDA loss of $0.1 million, compared to
Adjusted EBITDA loss of $0.8 million for the three months ended
September 30, 2022;
- Cash and cash equivalents totaled
$13.7 million at September 30, 2023, a decrease of $1.0 million
compared to $14.7 million at December 31, 2022; and
- The Company had no long-term debt
on its balance sheet at September 30, 2023.
Financial Results for Nine Months Ended
September 30, 2023
- Revenue for the nine months ended
September 30, 2023 increased by 1.0% to $8.3 million, compared to
$8.2 million for the nine months ended September 30, 2022. The
increase in revenue was attributed to an increase in subscription
revenue;
- Loss from operations for the nine
months ended September 30, 2023 decreased by 44.8%, or $1.3
million, to a loss of $1.6 million, compared to a loss of $2.9
million for the nine months ended September 30, 2022. The decrease
in loss from operations was primarily attributable to an increase
in revenue and reduced operating expenses in connection with the
implementation of operating efficiencies;
- Net loss for the nine months ended
September 30, 2023 decreased by 73.1%, or $2.1 million, to $0.8
million, compared to a net loss of $2.9 million for the nine months
ended September 30, 2022. The decrease in net loss was attributed
to an increase in revenue and decreases in operating expenses as
well as an increase in other income in connection with the
Company’s recording of a refundable employee retention tax credit;
and
- Adjusted EBITDA loss, a non-GAAP
measure, for the nine months ended September 30, 2023 decreased by
63.7%, or $1.4 million, to an Adjusted EBITDA loss of $0.8 million,
compared to Adjusted EBITDA loss of $2.2 million for the nine
months ended September 30, 2022.
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
|
|
|
September
30, (unaudited) |
|
Change |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
$ |
|
% |
|
|
Subscription revenue |
$ |
2,673 |
|
|
$ |
2,539 |
|
|
$ |
134 |
|
|
5.3 |
% |
|
|
Advertising revenue |
|
95 |
|
|
|
85 |
|
|
|
10 |
|
|
11.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues |
|
2,768 |
|
|
|
2,624 |
|
|
|
144 |
|
|
5.5 |
% |
|
|
Loss from
operations |
|
(389 |
) |
|
|
(1,060 |
) |
|
|
671 |
|
|
63.3 |
% |
|
|
Net
loss |
$ |
(182 |
) |
|
$ |
(1,050 |
) |
|
$ |
868 |
|
|
82.7 |
% |
|
|
Net Cash
Provided by (Used in) Operating Activities |
$ |
16 |
|
|
$ |
(980 |
) |
|
$ |
996 |
|
|
101.6 |
% |
|
|
Adjusted
EBITDA (a non-GAAP measure) |
$ |
(127 |
) |
|
$ |
(781 |
) |
|
$ |
654 |
|
|
83.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended |
|
|
|
|
|
|
|
September
30, (unaudited) |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
$ |
|
% |
|
|
Subscription revenue |
$ |
8,064 |
|
|
$ |
7,946 |
|
|
$ |
118 |
|
|
1.5 |
% |
|
|
Advertising revenue |
|
224 |
|
|
|
249 |
|
|
|
(25 |
) |
|
-10.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues |
|
8,288 |
|
|
|
8,195 |
|
|
|
93 |
|
|
1.1 |
% |
|
|
Loss from
operations |
|
(1,576 |
) |
|
|
(2,857 |
) |
|
|
1,281 |
|
|
44.8 |
% |
|
|
Net
loss |
$ |
(784 |
) |
|
$ |
(2,918 |
) |
|
$ |
2,134 |
|
|
73.1 |
% |
|
|
Net cash
used in operating activities |
$ |
(981 |
) |
|
$ |
(2,624 |
) |
|
$ |
1,643 |
|
|
62.6 |
% |
|
|
Adjusted
EBITDA (a non-GAAP measure) |
$ |
(790 |
) |
|
$ |
(2,174 |
) |
|
$ |
1,384 |
|
|
63.7 |
% |
|
Third Quarter 2023 Conference
CallDate: Tuesday, November 7,
2023Time: 4:30 PM ETDial-In Phone
Numbers: Toll Free: 877-545-0523International:
973-528-0016Participant Access Code: 647894
Link:
https://www.webcaster4.com/Webcast/Page/2856/49310
Replay: Toll Free: 877-481-4010International:
919-882-2331Replay Passcode: 49310
ABOUT PALTALK, INC. (Nasdaq:
PALT)
Paltalk, Inc. is a communications software
innovator that powers multimedia social applications. Our product
portfolio includes Paltalk and Camfrog, which together host a large
collection of video-based communities. Our other products include
ManyCam, Tinychat and Vumber. The Company has an over 20-year
history of technology innovation and holds 10 patents. For more
information, please visit: http://www.paltalk.com.
To be added to our news distribution list,
please visit: http://www.paltalk.com/investor-alerts/.
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking
statements." Such statements may be preceded by the words
"intends," "may," "will," "plans," "expects," "anticipates,"
"projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential," or similar words. Forward-looking statements are
not guarantees of future performance, are based on certain
assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company's control, and
cannot be predicted or quantified and consequently, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, any economic recession and the overall
inflationary environment on our results of operations and our
business; our ability to effectively market and generate revenue
from our applications; our ability to generate and maintain active
users and to effectively monetize our user base; our ability to
improve, market and promote the ManyCam software; the Company’s
ability to retain the listing of its common stock on The Nasdaq
Capital Market; our ability to release new applications or improve
upon or add features to existing applications on schedule or at
all; risks and uncertainties related to our increasing focus on the
use of new and novel technologies to enhance our applications, and
our ability to timely complete development of applications using
new technologies; our ability to effectively compete with existing
competitors and new market entrants; our ability to effectively
secure new software development and licensing customers; our
ability to protect our intellectual property rights; the use
of the internet and privacy and protection of user data; our
ability to consummate favorable acquisitions and effectively
integrate any companies or properties that we acquire; and our
ability to manage our partnerships and strategic alliances. More
detailed information about the Company and the risk factors that
may affect the realization of forward-looking statements is set
forth in the Company's filings with the Securities and Exchange
Commission ("SEC"), including the Company's most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors
and security holders are urged to read these documents free of
charge on the SEC's website at www.sec.gov.
All forward-looking statements speak only as of
the date on which they are made. The Company undertakes no
obligation to update any forward-looking statement or statements to
reflect events or circumstances after the date on which such
statement was made, except to the extent required by applicable
securities laws.
Investor
Contacts:IR@paltalk.comClearThinknyc@clearthink.capital917-658-7878
PALTALK,
INC.RECONCILIATION
OF GAAP TO
NON-GAAP RESULTS
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
September 30, (Unaudited) |
|
September 30, (Unaudited) |
|
|
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
|
Reconciliation of Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(181,576 |
) |
|
$ |
(1,050,365 |
) |
$ |
(784,245 |
) |
|
$ |
(2,918,016 |
) |
Stock-based compensation expense |
|
|
57,380 |
|
|
|
59,729 |
|
|
169,691 |
|
|
|
271,349 |
|
Depreciation and amortization expense |
|
|
205,583 |
|
|
|
220,124 |
|
|
616,750 |
|
|
|
404,565 |
|
Other (income) expense, net |
|
|
|
|
|
|
|
|
|
(343,045 |
) |
|
|
27,361 |
|
Impairment loss on digital tokens |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
7,262 |
|
Interest (income) expense, net |
|
|
(169,925 |
) |
|
|
(19,750 |
) |
|
(462,433 |
) |
|
|
3,004 |
|
Income tax (benefit) expense |
|
|
(37,915 |
) |
|
|
9,712 |
|
|
13,590 |
|
|
|
30,496 |
|
Reported
Adjusted EBITDA |
|
$ |
(126,453 |
) |
|
$ |
(780,550 |
) |
$ |
(789,692 |
) |
|
$ |
(2,173,979 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures and Key
Metrics
The Company has provided in this release
Adjusted EBITDA, a non-GAAP financial measure, to supplement the
consolidated financial statements, which are prepared in accordance
with generally accepted accounting principles in the United States
("GAAP"). Adjusted EBITDA is defined as net loss adjusted to
exclude interest (income) expense, net, other (income) expense,
net, income tax (benefit) expense, impairment loss on digital
tokens, depreciation and amortization expense, and stock-based
compensation expense.
Management uses Adjusted EBITDA internally in
analyzing the Company’s financial results to assess operational
performance and to determine the Company’s future capital
requirements. The presentation of this financial information is not
intended to be considered in isolation or as a substitute for the
financial information prepared in accordance with GAAP. The Company
believes that both management and investors benefit from referring
to Adjusted EBITDA in assessing its performance and when planning,
forecasting and analyzing future periods. The Company believes
Adjusted EBITDA is useful to investors and others to understand and
evaluate the Company’s operating results and it allows for a more
meaningful comparison between the Company’s performance and that of
competitors. Our use of Adjusted EBITDA has limitations as an
analytical tool, and you should not consider this performance
measure in isolation from or as a substitute for analysis of our
results as reported under GAAP. Some of these limitations are that
Adjusted EBITDA does not reflect, among other things: interest
(income) expense, net, income tax (benefit) expense, depreciation
and amortization expense, other (income) expense, net, and
stock-based compensation. Other companies, including companies in
our industry, may calculate Adjusted EBITDA differently, which
reduces its usefulness as a comparative measure.
Because of these limitations, you should
consider Adjusted EBITDA along with other financial performance
measures, including total revenues, subscription revenue, deferred
revenue, net loss, cash and cash equivalents, restricted cash, net
cash used in operating activities and our financial results
presented in accordance with GAAP.
PALTALK, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
September
30, |
|
|
December 31, |
|
|
|
2023 (Unaudited) |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
13,667,000 |
|
|
$ |
14,739,933 |
|
Accounts
receivable, net of allowances of $13,648 as of September 30, 2023
and $3,648 as of December 31, 2022 |
|
|
143,222 |
|
|
|
122,297 |
|
Employee
retention tax credit receivable, net |
|
|
114,212 |
|
|
|
- |
|
Prepaid
expense and other current assets |
|
|
822,647 |
|
|
|
543,199 |
|
Total
current assets |
|
|
14,747,081 |
|
|
|
15,405,429 |
|
Operating
lease right-of-use asset |
|
|
97,727 |
|
|
|
159,181 |
|
Goodwill |
|
|
6,326,250 |
|
|
|
6,326,250 |
|
Intangible assets, net |
|
|
2,910,061 |
|
|
|
3,526,811 |
|
Other
assets |
|
|
13,937 |
|
|
|
13,937 |
|
Total assets |
|
$ |
24,095,056 |
|
|
$ |
25,431,608 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
680,187 |
|
|
$ |
1,013,637 |
|
Accrued
expenses and other current liabilities |
|
|
65,466 |
|
|
|
225,193 |
|
Operating
lease liabilities, current portion |
|
|
76,886 |
|
|
|
82,176 |
|
Contingent Consideration |
|
|
- |
|
|
|
85,000 |
|
Deferred
subscription revenue |
|
|
2,200,517 |
|
|
|
2,257,452 |
|
Total
current liabilities |
|
|
3,023,056 |
|
|
|
3,663,458 |
|
Operating
lease liabilities, non-current portion |
|
|
20,841 |
|
|
|
77,005 |
|
Deferred
tax liability |
|
|
698,684 |
|
|
|
716,903 |
|
Total liabilities |
|
|
3,742,581 |
|
|
|
4,457,366 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common
stock, $0.001 par value, 25,000,000 shares authorized, 9,864,120
shares issued and 9,222,157 and 9,227,349 shares outstanding as of
September 30, 2023 and December 31, 2022, respectively |
|
|
9,864 |
|
|
|
9,864 |
|
Treasury
stock, 641,963 and 636,771 shares repurchased as of September 30,
2023 and December 31, 2022, respectively |
|
|
(1,199,337 |
) |
|
|
(1,192,124 |
) |
Additional paid-in capital |
|
|
36,143,426 |
|
|
|
35,973,735 |
|
Accumulated deficit |
|
|
(14,601,478 |
) |
|
|
(13,817,233 |
) |
Total stockholders’ equity |
|
|
20,352,475 |
|
|
|
20,974,242 |
|
Total liabilities and stockholders’ equity |
|
$ |
24,095,056 |
|
|
$ |
25,431,608 |
|
|
|
|
|
|
|
|
|
|
PALTALK, INC.CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
September 30, |
|
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Subscription revenue |
|
$ |
2,673,333 |
|
|
$ |
2,538,764 |
|
$ |
8,063,991 |
|
|
$ |
7,945,809 |
|
Advertising revenue |
|
|
94,606 |
|
|
|
84,703 |
|
|
223,966 |
|
|
|
248,827 |
|
Total revenues |
|
|
2,767,939 |
|
|
|
2,623,467 |
|
|
8,287,957 |
|
|
|
8,194,636 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
826,662 |
|
|
|
775,330 |
|
|
2,403,165 |
|
|
|
2,088,974 |
|
Sales and marketing expense |
|
|
210,573 |
|
|
|
370,772 |
|
|
685,953 |
|
|
|
1,266,387 |
|
Product development expense |
|
|
1,193,430 |
|
|
|
1,485,479 |
|
|
3,605,652 |
|
|
|
4,537,384 |
|
General and administrative expense |
|
|
926,690 |
|
|
|
1,052,289 |
|
|
3,169,321 |
|
|
|
3,151,784 |
|
Impairment loss on digital tokens |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
7,262 |
|
Total costs and expenses |
|
|
3,157,355 |
|
|
|
3,683,870 |
|
|
9,864,091 |
|
|
|
11,051,791 |
|
Loss from operations |
|
|
(389,416 |
) |
|
|
(1,060,403 |
) |
|
(1,576,133 |
) |
|
|
(2,857,155 |
) |
Interest income (expense), net |
|
|
169,925 |
|
|
|
19,750 |
|
|
462,433 |
|
|
|
(3,004 |
) |
Other income (expense) |
|
|
- |
|
|
|
- |
|
|
343,045 |
|
|
|
(27,361 |
) |
Loss from operations before provision for income taxes |
|
|
(219,491 |
) |
|
|
(1,040,653 |
) |
|
(770,665 |
) |
|
|
(2,887,520 |
) |
Income tax benefit (expense) |
|
|
37,915 |
|
|
|
(9,712 |
) |
|
(13,590 |
) |
|
|
(30,496 |
) |
Net loss |
|
$ |
(181,576 |
) |
|
$ |
(1,050,365 |
) |
$ |
(784,246 |
) |
|
$ |
(2,918,016 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02 |
) |
|
$ |
(0.11 |
) |
$ |
(0.09 |
) |
|
$ |
(0.30 |
) |
Diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.11 |
) |
$ |
(0.09 |
) |
|
$ |
(0.30 |
) |
Weighted average number of shares of common stock used in
calculating net loss per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,222,157 |
|
|
|
9,222,157 |
|
|
9,222,223 |
|
|
|
9,774,904 |
|
Diluted |
|
|
9,222,157 |
|
|
|
9,222,157 |
|
|
9,222,223 |
|
|
|
9,774,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PALTALK, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)
|
|
Nine Months
Ended |
|
September 30, |
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net
loss |
|
$ |
(784,245 |
) |
|
$ |
(2,918,016 |
) |
Adjustments to reconcile net loss from operations to net cash used
in operating activities: |
|
|
|
|
|
|
|
|
Depreciation of property and equipment |
|
|
- |
|
|
|
65,317 |
|
Amortization of intangible assets |
|
|
616,750 |
|
|
|
339,247 |
|
Amortization of operating lease right-of-use assets |
|
|
61,454 |
|
|
|
60,059 |
|
Impairment loss on digital tokens |
|
|
- |
|
|
|
7,262 |
|
Bad Debt
Expense |
|
|
10,000 |
|
|
|
|
|
Deferred
tax expense |
|
|
(18,219 |
) |
|
|
- |
|
Stock-based compensation |
|
|
169,691 |
|
|
|
271,349 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(30,925 |
) |
|
|
33,176 |
|
Operating
lease liability |
|
|
(61,454 |
) |
|
|
(60,059 |
) |
Prepaid
expense and other current assets |
|
|
(279,448 |
) |
|
|
(68,838 |
) |
Accounts
payable, accrued expenses and other current liabilities |
|
|
(493,177 |
) |
|
|
(498,553 |
) |
Employee
retention tax credit receivable, net |
|
|
(114,212 |
) |
|
|
- |
|
Deferred
subscription revenue |
|
|
(56,935 |
) |
|
|
145,374 |
|
Net Cash Used in Operating Activities |
|
|
(980,720 |
) |
|
|
(2,623,682 |
) |
Cash flows from investing activities
activities: |
|
|
|
|
|
|
|
|
Acquisition of ManyCam assets |
|
|
- |
|
|
|
(2,700,000 |
) |
Acquisition related costs of ManyCam assets |
|
|
- |
|
|
|
(242,279 |
) |
Payment of contingent consideration |
|
|
(85,000 |
) |
|
|
- |
|
Net cash used in investing activities |
|
|
(85,000 |
) |
|
|
(2,942,279 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Purchase of treasury stock |
|
|
(7,213 |
) |
|
|
(572,336 |
) |
Net cash used in financing activities |
|
|
(7,213 |
) |
|
|
(572,336 |
) |
Net decrease in cash and cash equivalents |
|
|
(1,072,933 |
) |
|
|
(6,138,297 |
) |
Balance of cash and cash equivalents at beginning of period |
|
|
14,739,933 |
|
|
|
21,636,860 |
|
Balance of cash and cash equivalents at end of period |
|
$ |
13,667,000 |
|
|
$ |
15,498,563 |
|
Supplemental disclosure of cash flow information: Non-cash
investing and financing activities: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
512 |
|
|
|
- |
|
Taxes |
|
$ |
23,551 |
|
|
$ |
- |
|
Write-off of property and equipment |
|
$ |
- |
|
|
$ |
1,475,649 |
|
Deferred tax liability associated with the acquisition of ManyCam
assets |
|
$ |
- |
|
|
$ |
851,298 |
|
Accrued contingent consideration |
|
$ |
- |
|
|
$ |
150,000 |
|
Paltalk (NASDAQ:PALT)
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De Mai 2024 à Juin 2024
Paltalk (NASDAQ:PALT)
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De Juin 2023 à Juin 2024