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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended September 30, 2023
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ________ to________
Commission
file number: 001-35824
Professional
Diversity Network, Inc.
(Exact
name of Registrant as Specified in Its Charter)
Delaware |
|
80-0900177 |
(State
or Other Jurisdiction of
Incorporation
or Organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
55
E. Monroe Street, Suite 2120
Chicago,
Illinois |
|
60603 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(312)
614-0950
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Name
of each exchange on which registered |
Common
Stock, $0.01 par value per share |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”
and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
|
|
Emerging
growth company ☐ |
|
|
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
There
were 11,070,484 shares outstanding of the registrant’s common stock as of November 14, 2023.
Note
Regarding Forward-Looking Statements
This
Quarterly Report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements concern expectations, beliefs, projections,
plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Specifically,
this Quarterly Report contains forward-looking statements regarding:
|
● |
our
beliefs regarding our ability to capture and capitalize on market trends; |
|
● |
our
expectations on the future growth and financial health of the online diversity recruitment industry and the industry participants,
and the drivers of such growth; |
|
● |
our
expectations regarding continued membership growth; |
|
● |
our
beliefs regarding the increased value derived from the synergies among our segments; and |
|
● |
our
beliefs regarding our liquidity requirements, the availability of cash and capital resources to fund our business in the future and
intended use of liquidity. |
These
forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We
wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could
cause actual results to differ significantly from those expressed in any forward-looking statement. The most important factors that could
prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements and the actual results to differ
materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following:
|
● |
our
ability to raise funds in the future to support operations; |
|
● |
our
failure to realize synergies and other financial benefits from mergers and acquisitions within expected time frames, including increases
in expected costs or difficulties related to integration of merger and acquisition partners; |
|
● |
inability
to identify and successfully negotiate and complete additional combinations with potential merger or acquisition partners or to successfully
integrate such businesses; |
|
● |
our
history of operating losses; |
|
● |
our
limited operating history in a new and unproven market; |
|
● |
increasing
competition in the market for online professional networks; |
|
● |
our
ability to comply with increasing governmental regulation and other legal obligations related to privacy; |
|
● |
our
ability to adapt to changing technologies and social trends and preferences; |
|
● |
our
ability to attract and retain a sales and marketing team, management and other key personnel and the ability of that team to execute
on the Company’s business strategies and plans; |
|
● |
our
ability to obtain and maintain intellectual property protection; |
|
● |
any
future litigation regarding our business, including intellectual property claims; |
|
● |
general
and economic business conditions; and |
|
● |
legal
and regulatory developments. |
The
foregoing list of important factors may not include all such factors. You should consult other disclosures made by the Company (such
as in our other filings with the Securities and Exchange Commission (“SEC”) or in company press releases) for additional
factors, risks and uncertainties that may cause actual results to differ materially from those projected by the Company. Please refer
to Part I, Item 1A, “Risk Factors” of our 2022 Annual Report for additional information regarding factors that could affect
our results of operations, financial condition and cash flow. You should consider these factors, risks and uncertainties when evaluating
any forward-looking statements and you should not place undue reliance on any forward-looking statement. Forward-looking statements represent
our views as of the date of this Quarterly Report, and we undertake no obligation to update any forward-looking statement to reflect
the impact of circumstances or events that arise after the date of this Quarterly Report.
PROFESSIONAL
DIVERSITY NETWORK, INC.
FORM
10-Q
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023
TABLE
OF CONTENTS
Item
1. FINANCIAL STATEMENTS
Professional
Diversity Network, Inc. and Subsidiaries
CONSOLIDATED
BALANCE SHEETS (Unaudited)
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 615,133 | | |
$ | 1,236,771 | |
Accounts receivable, net | |
| 904,351 | | |
| 1,318,217 | |
Other receivables | |
| 50,000 | | |
| 350,000 | |
Prepaid expense and other current assets | |
| 671,963 | | |
| 347,807 | |
Current assets from discontinued operations | |
| 4,600 | | |
| 4,600 | |
Total current assets | |
| 2,246,047 | | |
| 3,257,395 | |
| |
| | | |
| | |
Property and equipment, net | |
| 38,616 | | |
| 35,341 | |
Capitalized technology, net | |
| 128,000 | | |
| 64,499 | |
Goodwill | |
| 1,417,753 | | |
| 1,274,785 | |
Intangible assets, net | |
| 398,141 | | |
| 225,221 | |
Right-of-use assets | |
| 315,639 | | |
| 365,324 | |
Security deposits | |
| 66,340 | | |
| 66,340 | |
Other assets | |
| 1,770,560 | | |
| 1,350,000 | |
Long-term assets from discontinued operations | |
| 197,100 | | |
| 197,228 | |
Total assets | |
$ | 6,578,196 | | |
$ | 6,836,133 | |
| |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 636,670 | | |
$ | 338,600 | |
Accrued expenses | |
| 919,773 | | |
| 1,071,842 | |
Deferred revenue | |
| 1,867,195 | | |
| 1,925,788 | |
Lease liability, current portion | |
| 82,039 | | |
| 103,555 | |
Current liabilities from discontinued operations | |
| 509,253 | | |
| 503,090 | |
Total current liabilities | |
| 4,014,930 | | |
| 3,942,875 | |
| |
| | | |
| | |
Lease liability, non-current portion | |
| 304,329 | | |
| 341,165 | |
Other long-term liabilities | |
| - | | |
| 100,000 | |
Deferred tax liability | |
| 122,229 | | |
| 143,069 | |
Total liabilities | |
| 4,441,488 | | |
| 4,527,109 | |
| |
| | | |
| | |
Commitments and contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Common stock, $0.01 par value; 45,000,000 shares authorized, 11,071,008 and 10,898,376 shares issued as of September 30, 2023 and December 31, 2022, and 11,070,484 and 10,367,431 shares outstanding as of September 30, 2023 and December 31, 2022. | |
| 110,705 | | |
| 103,675 | |
Additional paid in capital | |
| 104,589,047 | | |
| 101,728,600 | |
Accumulated other comprehensive (loss) income | |
| (16,681 | ) | |
| (10,986 | ) |
Accumulated deficit | |
| (102,180,178 | ) | |
| (98,382,540 | ) |
Treasury stock, at cost; 524 and 530,945 shares at September 30, 2023 and December 31, 2022 | |
| (37,117 | ) | |
| (892,482 | ) |
Total Professional Diversity Network, Inc. stockholders’ equity | |
| 2,465,776 | | |
| 2,546,267 | |
Noncontrolling interest | |
| (329,068 | ) | |
| (237,243 | ) |
Total stockholders’ equity | |
| 2,136,708 | | |
| 2,309,024 | |
Total liabilities and stockholders’ equity | |
$ | 6,578,196 | | |
$ | 6,836,133 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Professional
Diversity Network, Inc. and Subsidiaries
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Membership fees and related services | |
$ | 135,145 | | |
$ | 152,462 | | |
| 400,303 | | |
| 509,906 | |
Recruitment services | |
| 1,242,711 | | |
| 1,165,213 | | |
| 3,422,129 | | |
| 3,839,608 | |
Contracted software development | |
| 604,996 | | |
| 757,492 | | |
| 1,906,706 | | |
| 1,882,452 | |
Consumer advertising and marketing solutions | |
| 25,516 | | |
| 39,328 | | |
| 75,664 | | |
| 130,916 | |
Total revenues | |
| 2,008,368 | | |
| 2,114,495 | | |
| 5,804,802 | | |
| 6,362,882 | |
| |
| | | |
| | | |
| | | |
| | |
Costs and expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 923,641 | | |
| 1,228,542 | | |
| 2,763,363 | | |
| 3,022,657 | |
Sales and marketing | |
| 912,665 | | |
| 759,885 | | |
| 2,850,253 | | |
| 2,179,136 | |
General and administrative | |
| 1,352,308 | | |
| 1,003,956 | | |
| 3,649,544 | | |
| 2,468,934 | |
Depreciation and amortization | |
| 148,722 | | |
| 232,748 | | |
| 428,655 | | |
| 746,057 | |
Total costs and expenses | |
| 3,337,336 | | |
| 3,225,131 | | |
| 9,691,815 | | |
| 8,416,784 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from continuing operations | |
| (1,328,968 | ) | |
| (1,110,636 | ) | |
| (3,887,013 | ) | |
| (2,053,902 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest and other income | |
| 1,746 | | |
| (10,083 | ) | |
| 8,827 | | |
| (19,519 | ) |
Other income (expense), net | |
| 1,746 | | |
| (10,083 | ) | |
| 8,827 | | |
| (19,519 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income tax benefit | |
| (7,228 | ) | |
| (25,479 | ) | |
| (17,151 | ) | |
| (35,720 | ) |
Loss from continuing operations, net of tax | |
| (1,319,994 | ) | |
| (1,095,240 | ) | |
| (3,861,035 | ) | |
| (2,037,701 | ) |
Loss from discontinued operations | |
| (10,620 | ) | |
| (13,319 | ) | |
| (28,428 | ) | |
| (42,213 | ) |
Net loss including non-controlling interests | |
| (1,330,614 | ) | |
| (1,108,559 | ) | |
| (3,889,463 | ) | |
| (2,079,914 | ) |
Net loss attributable to non-controlling interests | |
| 14,483 | | |
| 149,059 | | |
| 91,825 | | |
| 508,212 | |
Net income (loss) attributable to Professional Diversity Network, Inc. | |
$ | (1,316,131 | ) | |
$ | (959,500 | ) | |
| (3,797,638 | ) | |
| (1,571,702 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive loss, net of tax: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to Professional Diversity Network, Inc. | |
$ | (1,316,131 | ) | |
$ | (959,500 | ) | |
| (3,797,638 | ) | |
| (1,571,702 | ) |
Foreign currency translation adjustments | |
| 1,173 | | |
| (10,787 | ) | |
| (5,695 | ) | |
| (21,169 | ) |
Comprehensive loss, net of tax | |
$ | (1,314,958 | ) | |
$ | (970,287 | ) | |
| (3,803,333 | ) | |
| (1,592,871 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted loss per share: | |
| | | |
| | | |
| | | |
| | |
Continuing operations | |
$ | (0.12 | ) | |
$ | (0.13 | ) | |
$ | (0.37 | ) | |
$ | (0.25 | ) |
Discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss per share | |
$ | (0.12 | ) | |
$ | (0.13 | ) | |
$ | (0.37 | ) | |
$ | (0.25 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average outstanding shares used in computing net loss per common share: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 11,115,612 | | |
| 8,461,494 | | |
| 10,453,764 | | |
| 8,195,282 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Professional
Diversity Network, Inc. and Subsidiaries
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Shares | | |
Amount | | |
Income (Loss) | | |
Subsidiary | | |
Equity | |
| |
Common Stock | | |
Additional Paid in | | |
Accumulated | | |
Treasury Stock | | |
Accumulated Other Comprehensive | | |
Non-controlling Interest in | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Shares | | |
Amount | | |
Income (Loss) | | |
Subsidiary | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at January 1, 2023 | |
| 10,367,431 | | |
$ | 103,675 | | |
$ | 101,728,600 | | |
$ | (98,382,540 | ) | |
| 530,945 | | |
$ | (892,482 | ) | |
$ | (10,986 | ) | |
$ | (237,243 | ) | |
$ | 2,309,024 | |
Sale of common stock | |
| 803,128 | | |
| 8,031 | | |
| 2,691,969 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,700,000 | |
Commitment fee | |
| 176,200 | | |
| 1,762 | | |
| 748,238 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 750,000 | |
Issuance of common stock | |
| 99,339 | | |
| 993 | | |
| 199,007 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 200,000 | |
Share-based compensation | |
| 154,807 | | |
| 1,548 | | |
| 260,700 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 262,248 | |
Stock Buyback Plan | |
| (530,421 | ) | |
| (5,304 | ) | |
| (850,061 | ) | |
| - | | |
| (530,421 | ) | |
| 855,365 | | |
| - | | |
| - | | |
| - | |
Amortization of Funding Committment | |
| - | | |
| - | | |
| (93,750 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (93,750 | ) |
Investment in subsidiary | |
| - | | |
| - | | |
| (95,656 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (95,656 | ) |
Translation adjustments | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,695 | ) | |
| - | | |
| (5,695 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| (3,797,638 | ) | |
| - | | |
| - | | |
| - | | |
| (91,825 | ) | |
| (3,889,463 | ) |
Balance at September 30, 2023 | |
| 11,070,484 | | |
$ | 110,705 | | |
$ | 104,589,047 | | |
$ | (102,180,178 | ) | |
| 524 | | |
$ | (37,117 | ) | |
$ | (16,681 | ) | |
$ | (329,068 | ) | |
$ | 2,136,708 | |
| |
Common Stock | | |
Additional Paid in | | |
Accumulated | | |
Treasury Stock | | |
Other Comprehensive | | |
Non-controlling Interest in | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Shares | | |
Amount | | |
Income (Loss) | | |
Subsidiary | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at January 1, 2022 | |
| 8,033,627 | | |
$ | 80,337 | | |
$ | 98,520,509 | | |
$ | (95,779,818 | ) | |
| 524 | | |
$ | (37,117 | ) | |
$ | 6,565 | | |
$ | 317,429 | | |
$ | 3,107,905 | |
Balance value | |
| 8,033,627 | | |
$ | 80,337 | | |
$ | 98,520,509 | | |
$ | (95,779,818 | ) | |
| 524 | | |
$ | (37,117 | ) | |
$ | 6,565 | | |
$ | 317,429 | | |
$ | 3,107,905 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of common stock | |
| 1,003,252 | | |
| 10,032 | | |
| 1,739,968 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,750,000 | |
Share-based compensation | |
| 167,763 | | |
| 1,678 | | |
| 437,977 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 439,655 | |
Stock Buyback Plan | |
| - | | |
| - | | |
| - | | |
| - | | |
| 289,942 | | |
| (515,445 | ) | |
| - | | |
| - | | |
| (515,445 | ) |
Translation adjustments | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (21,169 | ) | |
| | | |
| (21,169 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| (1,571,702 | ) | |
| - | | |
| - | | |
| - | | |
| (508,212 | ) | |
| (2,079,914 | ) |
Balance at September 30, 2022 | |
| 9,204,642 | | |
$ | 92,047 | | |
$ | 100,698,454 | | |
$ | (97,351,520 | ) | |
| 290,466 | | |
$ | (552,562 | ) | |
$ | (14,604 | ) | |
$ | (190,783 | ) | |
| 2,681,032 | |
Balance value | |
| 9,204,642 | | |
$ | 92,047 | | |
$ | 100,698,454 | | |
$ | (97,351,520 | ) | |
| 290,466 | | |
$ | (552,562 | ) | |
$ | (14,604 | ) | |
$ | (190,783 | ) | |
| 2,681,032 | |
The
accompanying notes are an integral part of these consolidated financial statements.
Professional
Diversity Network, Inc. and Subsidiaries
CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
| |
2023 | | |
2022 | |
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Loss from continuing operations | |
$ | (3,861,035 | ) | |
$ | (2,037,701 | ) |
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations: | |
| | | |
| | |
Depreciation and amortization | |
| 428,655 | | |
| 746,057 | |
Deferred income taxes | |
| (20,840 | ) | |
| (35,720 | ) |
Noncash lease expense | |
| 68,540 | | |
| 68,540 | |
Stock-based compensation expense | |
| 262,248 | | |
| 439,655 | |
Litigation settlement reserve | |
| - | | |
| (908,564 | ) |
Allowance for credit losses | |
| 1,895 | | |
| (118,048 | ) |
Reduction of merchant reserve | |
| - | | |
| 350,000 | |
Changes in operating assets and liabilities, net of effects of discontinued operations: | |
| | | |
| | |
Accounts receivable | |
| 411,971 | | |
| 610,601 | |
Prepaid expenses and other current assets | |
| 350,844 | | |
| (277,312 | ) |
Accounts payable | |
| 298,067 | | |
| 168,630 | |
Accrued expenses | |
| (152,067 | ) | |
| 146,490 | |
Lease liability | |
| (77,207 | ) | |
| (75,367 | ) |
Deferred revenue | |
| (126,294 | ) | |
| (470,995 | ) |
Net cash used in operating activities - continuing operations | |
| (2,415,223 | ) | |
| (1,393,734 | ) |
Net cash used in operating activities - discontinued operations | |
| (27,956 | ) | |
| (5,633 | ) |
Net cash used in operating activities | |
| (2,443,179 | ) | |
| (1,399,367 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Payments for technology developed | |
| (114,494 | ) | |
| (17,085 | ) |
Purchases of property and equipment | |
| (12,456 | ) | |
| (13,477 | ) |
Acquisition of assets of Expo Experts | |
| (400,000 | ) | |
| - | |
Additional acquisition of equity interest in RemoteMore USA, Inc. | |
| (351,633 | ) | |
| - | |
Net cash used in investing activities | |
| (878,583 | ) | |
| (30,562 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from the sale of common stock | |
| 2,700,000 | | |
| - | |
Repurchases of common stock | |
| - | | |
| (515,445 | ) |
Net cash provided by (used in) financing activities | |
| 2,700,000 | | |
| (515,445 | ) |
| |
| | | |
| | |
Effect of exchange rate fluctuations on cash and cash equivalents | |
| 124 | | |
| 5,635 | |
Net decrease in cash and cash equivalents | |
| (621,638 | ) | |
| (1,939,739 | ) |
Cash, cash equivalents, beginning of period | |
| 1,236,771 | | |
| 3,402,697 | |
Cash and cash equivalents, end of period | |
| 615,133 | | |
| 1,462,958 | |
| |
| | | |
| | |
Supplemental disclosures of other cash flow information: | |
| | | |
| | |
Non-cash stock issuance | |
$ | 200,000 | | |
$ | 400,000 | |
Cash paid for income taxes | |
$ | 3,690 | | |
$ | - | |
The
accompanying notes are an integral part of these consolidated financial statements.
Professional
Diversity Network, Inc. and Subsidiaries
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1.
Basis of Presentation and Description of Business
The
accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the
United States of America (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”)
for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial
statements. The accompanying consolidated financial statements include all adjustments, which consist of normal recurring adjustments
and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of
operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that
may be expected for any other interim period or for the full year. These consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and notes thereto included in our 2022 Form 10-K.
Professional
Diversity Network, Inc. (“the Company”, “PDN, Inc.”, “we,” “our,” or “us,”)
is both the operator of the Professional Diversity Network (the “PDN Network,” or the “Professional Diversity Network”)
and a holding company for NAPW, Inc., a wholly-owned subsidiary of the Company and the operator of the National Association of Professional
Women (the “NAPW Network” or “NAPW”). The PDN Network operates online professional networking communities with
career resources specifically tailored to the needs of different diverse cultural groups including: Women, Hispanic-Americans, African-Americans,
Asian-Americans, persons with disabilities, Military Professionals, Lesbians, Gay, Bisexual, Transgender and Queer (LGBTQ+), and Students
and Graduates seeking to transition from education to career. The networks’ purposes, among others, are to assist their registered
users in their efforts to connect with like-minded individuals, identify career opportunities within the network and connect with prospective
employers. The Company’s technology platform is integral to the operation of its business. In January 2023, the Company purchased
the assets and operations of Expo Experts LLC. Expo Experts, LLC specializes in producing premier face-to-face and virtual recruiting
events for Engineering, Technology and Security Clearance positions, designed to attract diverse candidates who may also have STEM-based
background (see Note. 4 – Business Combinations).
The
NAPW Network is a networking organization for professional women, whereby its members can develop their professional networks, further
their education and skills, and promote their business and career accomplishments. NAPW provides its members with opportunities to network
and develop valuable business relationships with other professionals through its website, as well as at virtual and in-person events
hosted at its local chapters across the country.
RemoteMore
USA is an innovative, global entity that provides remote-hiring marketplace services for developers and companies. RemoteMore connects
companies with reliable, cost-efficient, vetted developers, and empowers software developers to find meaningful jobs regardless of their
location. As of September 30, 2023, PDN, Inc. owned 72.62% of RemoteMore USA, Inc. (“RemoteMore USA” or “RemoteMore”).
The Company consolidates RemoteMore USA’s operations into its consolidated financial statements.
In
March 2020, our Board of Directors decided to suspend all China operations. The results of China operations are presented in the consolidated
statements of operations and comprehensive loss as net loss from discontinued operations.
2.
Going Concern and Management’s Plans
At
September 30, 2023, the Company’s principal sources of liquidity were its cash and cash equivalents.
The
Company had an accumulated deficit of $102,180,178 at September 30, 2023. During the nine months ended September 30, 2023, the Company
generated a loss from continuing operations, net of tax, of $3,861,035. During the nine months ended September 30, 2023, the Company
used cash in continuing operations of $2,415,223. At September 30, 2023, the Company had a cash balance of $615,133. Total revenues were
approximately $5,805,000 and $6,363,000 for the nine months ended September 30, 2023 and 2022. The Company had a working capital deficit
from continuing operations of approximately $1,264,000 and $187,000 at September 30, 2023 and December 31, 2022. These conditions raise
substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent
on the Company’s ability to further implement its business plan, raise capital, and generate revenues. The consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Management
believes that its available cash on hand and cash flow from operations may be sufficient to meet our working capital requirements
through the fiscal period ending December 31, 2023, however in order to accomplish our business plan objectives, the Company will
need to continue its cost reduction efforts, increase revenues, raise capital through the issuance of common stock, issue capital in
relation to its line of equity, or through a strategic merger or acquisition. There can be no assurances that our business plans and
actions will be successful, that we will generate anticipated revenues, or that unforeseen circumstances will not require additional
funding sources in the future or require an acceleration of plans to conserve liquidity. Future efforts to improve liquidity through
the issuance of our common stock may not be successful, or if available, they may not be available on acceptable terms.
3.
Summary of Significant Accounting Policies
Basis
of Presentation - The accompanying consolidated financial statements have been prepared in accordance with GAAP.
Use
of Estimates – The preparation of consolidated financial statements in conformity with GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of
the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future intervening events. Accordingly, the actual results
could differ significantly from estimates.
Significant
estimates underlying the financial statements include: the fair value of acquired assets and liabilities associated with acquisitions,
the assessment of goodwill for impairment, intangible assets and long-lived assets for impairment, allowances for doubtful accounts and
assumptions related to the valuation allowances on deferred taxes, impact of applying the revised federal tax rates on deferred taxes,
the valuation of stock-based compensation and the valuation of stock warrants.
Principles
of Consolidation - The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries,
and non-wholly-owned subsidiaries that require consolidation per GAAP. All significant intercompany balances and transactions have been
eliminated in consolidation.
Cash
Equivalents - The Company considers cash equivalents to include all short-term, highly liquid investments that are readily convertible
to known amounts of cash and have original maturities of three months or less.
Accounts
Receivable - Accounts receivable represent receivables generated from fees earned from customers and advertising revenue. The
Company’s policy is to reserve for uncollectible accounts based on its best estimate of the amount of probable credit losses in
its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance for credit losses is necessary based on an analysis of past due accounts and other factors that may indicate that the realization of an account
may be in doubt.
Our
estimate of the required allowance for credit losses is based on:
|
● |
Available
and relevant internal and/or external information about historical loss experience with similar assets, |
|
|
|
|
● |
Current
conditions, and |
|
|
|
|
● |
Reasonable
and supportable forecasts that affect the expected collectibility of the reported amount of financial assets |
Account
balances deemed to be uncollectible are charged to the allowance after all means of collection have been exhausted and the potential
for recovery is considered remote. Write offs are recognized as a deduction from the allowance for credit losses. Amounts previously
written off that are expected to be recovered are included in the determination of the allowance for credit losses to the extent that
these expected recoveries do not exceed the aggregate of amounts previously written off. As of September 30, 2023 and December 31, 2022,
the allowance for credit losses was approximately $98,000 and $103,000, respectively.
Other
Receivables – Other receivables represents amounts that are owed to the Company that are not considered trade receivables.
The Company periodically reviews its other receivables for credit risk to determine whether an allowance is necessary and other factors
that may indicate that the realization of an account may be in doubt. Account balances deemed to be uncollectible are charged to the
allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of September 30,
2023 and December 31, 2022, the balance in other receivables as reported on the consolidated balance sheets was deemed collectible.
Property
and Equipment - Property and equipment is stated at cost, including any cost to place the property into service, less
accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets which
currently range from three to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or
the term of the lease. Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and
betterments are capitalized. The cost of any assets sold or retired and related accumulated depreciation are removed from the
accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. Depreciation
expense during the nine months ended September 30, 2023 and 2022 was approximately $9,000
and $7,000 and for the three months ended
September 30, 2023 and 2022 was approximately $4,000
and $2,000 and is recorded in depreciation and
amortization expense in the accompanying consolidated statements of operations.
Lease
Obligations - The Company leases office space and equipment under various operating lease agreements, including an office for
its corporate headquarters, as well as office spaces for its events business, sales and administrative offices under non-cancelable lease
arrangements that provide for payments on a graduated basis with various expiration dates.
The
Company leases its corporate headquarters. The office lease is for 4,902 square feet of office space and the lease term is for 84 months,
commencing on October 1, 2020. Interest is the lessor of (i) 4 percent per annum above the then-current Base Rate, and (ii) the maximum
rate permitted by applicable requirements as defined in the lease agreement.
Capitalized
Technology Costs - In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 350-40, Internal-Use Software, the Company capitalizes certain external and internal computer software costs incurred
during the application development stage. The application development stage generally includes software design and configuration, coding,
testing and installation activities. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized
if it is probable that such expenditures will result in additional functionality. Capitalized software costs are amortized over the estimated
useful lives of the software assets on a straight-line basis, generally not exceeding three years.
Business
Combinations - ASC 805, Business Combinations (“ASC 805”), applies the acquisition method of accounting for business
combinations to all acquisitions where the acquirer gains a controlling interest, regardless of whether consideration was exchanged.
ASC 805 establishes principles and requirements for how the acquirer: a) recognizes and measures in its financial statements the identifiable
assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree; b) recognizes and measures the goodwill acquired
in the business combination or a gain from a bargain purchase; and c) determines what information to disclose to enable users of the
financial statements to evaluate the nature and financial effects of the business combination. Accounting for acquisitions requires the
Company to recognize, separately from goodwill, the assets acquired and the liabilities assumed at their acquisition-date fair values.
Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition-date fair values
of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets
acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result,
during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets
acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination
of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the interim
consolidated statements of operations. (See Note 4 – Business Combinations.)
Goodwill
and Intangible Assets - The Company accounts for goodwill and intangible assets in accordance with ASC 350, Intangibles –
Goodwill and Other (“ASC 350”). ASC 350 requires that goodwill and other intangibles with indefinite lives should be tested
for impairment annually or on an interim basis if events or circumstances indicate that the fair value of an asset has decreased below
its carrying value.
Goodwill
is tested for impairment at the reporting unit level on an annual basis (December 31 for the Company) and between annual tests if an
event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.
The Company considers its market capitalization and the carrying value of its assets and liabilities, including goodwill, when performing
its goodwill impairment test.
When
conducting its annual goodwill impairment assessment, the Company initially performs a qualitative evaluation of whether it is more likely
than not that goodwill is impaired. If it is determined by a qualitative evaluation that it is more likely than not that goodwill is
impaired, the Company then compares the fair value of the Company’s reporting unit to its carrying or book value. If the fair value
of the reporting unit exceeds its carrying value, goodwill is not impaired and the Company is not required to perform further testing.
If the carrying value of a reporting unit exceeds its fair value, the Company will measure any goodwill impairment losses as the amount
by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that
reporting unit.
Treasury
Stock – Treasury stock is recorded at cost as a reduction of stockholders’ equity in the accompanying balance sheets.
Revenue
Recognition – Revenue is recognized when all of the following conditions exist: (1) persuasive evidence of an arrangement
exists, (2) services are performed, (3) the sales price is fixed or determinable, and (4) collectability is reasonably assured. (See
Note 5 – Revenue Recognition.)
Deferred
revenue includes customer payments which are received prior to performing services and revenues are recognized upon the completion of
these services. Annual membership fees collected at the time of enrollment are recognized as revenue ratably over the membership period,
which are typically for a 12-month membership period.
Discontinued
Operations
China
Operations
The
Company previously disclosed in its Form 10-K for the year ending December 31, 2019 (the “2019 10-K”) and subsequently that
the assets of PDN China were frozen by Chinese local authorities in November 2019 in connection with the criminal investigation of alleged
illegal public fund raising by Gatewang Group (the “Gatewang Case”), a separate company organized under the laws of the People’s
Republic of China (“Gatewang”), with which Mr. Maoji (Michael) Wang, the former Chairman and CEO of the Company was affiliated.
A subsequent investigation led by a special committee of the Board concluded that it did not find any evidence that the Company or PDN
China had engaged in the criminal activity of illegal fund-raising as alleged against Gatewang. The Company subsequently discontinued
all of its operations in China.
The
Company also previously disclosed in the 2019 Form 10-K that the seizure of PDN China’s assets had been lifted in March 2020.
However, on April 22, 2021, the Company learned that RMB 18,841,064.15 (approximately $2.9 million) had been seized from the PDN China
Account by Longxu District Court of Wuzhou City in Guangxi Province to satisfy a judgment in favor of the plaintiffs in the Gatewang
Case. On April 26, 2021, the Company concluded that the seizure of such cash assets was a material reduction of Company assets and was
reflected in its consolidated balance sheets subsequent to the occurrence.
The
Company has asserted its claim to these funds as the genuine owner to the Chinese officials and asked for their return. The Company plans
to pursue all possible legal alternatives to have these funds returned to the Company but such return is uncertain at this time.
All
historical operating results for the Company’s China operations are included in a loss from discontinued operations, net of
tax, in the accompanying consolidated statements of operations. For the three and nine months September 30, 2023, loss from
discontinued operations was approximately $11,000
and $28,000
as compared to a loss from discontinued operations of approximately $13,000
and $42,000
for the three and nine months ended September 30, 2022.
Assets
and liabilities of China operations are included in current assets and long-term assets from discontinued operations, and current
liabilities and long-term liabilities from discontinued operations. Current assets from discontinued operations were $4,600,
as of September 30, 2023 and December 31, 2022, and long-term assets from discontinued operations were approximately
$197,000
at September 30, 2023 and December 31, 2022. As of September 30, 2023, current liabilities from discontinued operations were
approximately $509,000,
compared to $503,000
as of December 31, 2022.
Operating
Results of Discontinued Operations
The
following table represents the components of operating results from discontinued operations, which are included in the consolidated
statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, net of intercompany
eliminations:
Schedule of Operating Results of Discontinued Operations
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands) | | |
(in thousands) | |
Revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| (11 | ) | |
| (13 | ) | |
| (28 | ) | |
| (42 | ) |
Loss from discontinued operations before income tax | |
| (11 | ) | |
| (13 | ) | |
| (28 | ) | |
| (42 | ) |
Income tax expense (benefit) | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (11 | ) | |
$ | (13 | ) | |
$ | (28 | ) | |
$ | (42 | ) |
Advertising
and Marketing Expenses – Advertising and marketing expenses are expensed as incurred or the first time
the advertising takes place. The production costs of advertising are expensed the first time the advertising takes place. For the
three and nine months ended September 30, 2023, the Company incurred advertising and marketing expenses of approximately $242,000
and $866,000.
For the three and nine months ended September 30, 2022, the Company incurred advertising and marketing expenses of approximately
$347,000
and $862,000.
These amounts are included in sales and marketing expenses in the accompanying statements of operations. At September 30, 2023 and
December 31, 2022, there were no
prepaid advertising expenses recorded in the accompanying consolidated balance sheets.
Concentrations
of Credit Risk - Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally
of cash and cash equivalents and accounts receivable. The Company places its cash with high credit quality institutions. At times, such
amounts may be in excess of the FDIC insurance limits. The Company has not experienced any losses in such accounts and believes that
it is not exposed to any significant credit risk on the account.
Income
Taxes - The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), which requires
that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement basis and tax
basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. The
Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by
tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely
than not that the benefit of such deferred tax asset will not be realized in future periods. If it becomes more likely than not that
a tax asset will be used, the related valuation allowance on such assets would be reduced.
ASC
740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance
with ASC 740-20 and prescribes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. There were $122,229 of deferred tax liabilities, as of
September 30, 2023, recorded in the accompanying consolidated balance sheets . The Company is currently not aware of any issues under review that could result in significant payments,
accruals or material deviation from its position.
The
Company may be subject to potential income tax examinations by federal or state authorities. These potential examinations may include
questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and
state tax laws. Management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve
months. Tax years that remain open for assessment for federal and state tax purposes include the years ended December 31, 2019 through
2022.
The
Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income
tax expense. There were no amounts accrued for penalties or interest as of September 30, 2023.
Fair
Value of Financial Assets and Liabilities - Financial instruments, including cash and cash equivalents, short-term investments
and accounts payable, are carried at cost. Management believes that the recorded amounts approximate fair value due to the short-term
nature of these instruments.
Net
Loss per Share - The Company computes basic net loss per share by dividing net loss available to common stockholders by the weighted
average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Diluted earnings
per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities
into common stock using the “treasury stock” and/or “if converted” methods as applicable. The computation of
basic net loss per share for the three and nine months ended September 30, 2023 and 2022 excludes the potentially dilutive securities
summarized in the table below because their inclusion would be anti-dilutive.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
| |
2023 | | |
2022 | |
| |
As of September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Stock options | |
| 28,063 | | |
| 23,063 | |
Unvested restricted stock | |
| 110,488 | | |
| 69,114 | |
Total dilutive securities | |
| 138,551 | | |
| 92,177 | |
Reclassifications
- Certain prior year amounts in the Consolidated Statements of Cash Flows have been reclassified to conform to the current year
presentation.
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments. The main objective of this update is to provide financial statement users with more decision-useful information about the
expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date.
To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology
that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform
credit loss estimates. For public business entities that are SEC filers that are Smaller Reporting Companies, the amendments in this
update are effective for fiscal years beginning after January 2023, including interim periods within those fiscal years. The Company
adopted ASU 2022-02 on a prospective basis effective January 1, 2023, and concluded there is no material impact to the consolidated financial
statements or disclosures through the third quarter of 2023.
4.
Business Combinations
RemoteMore
On
September 20, 2021, the Company acquired a 45.62% interest in RemoteMore, a software developer recruiting company, for an estimated total
purchase price of $1,363,333, paying $863,333 in cash and $500,000 to be paid within one year of the acquisition date, or until certain
factors of the agreement were met.
In
February 2022, in connection with the September 2021 acquisition of the 45.62% interest in RemoteMore, and as a component of the aforementioned
$500,000 still to be paid, the Company issued 139,860 shares of its common stock, with a value of $400,000, to the co-founders of RemoteMore.
In January 2023, the Company exercised its option to purchase an additional 20% interest in RemoteMore at a purchase price of $116,667.
In
May 2023, the Company acquired an additional 7% interest in RemoteMore for approximately $235,000. The acquisition interest and price
were based on the original valuation of RemoteMore in September 2021. This acquisition increased the Company’s interest in RemoteMore
to 72.62%.
Expo
Experts
In
January 2023, the Company purchased the assets and operations of
Expo Experts, LLC (“Expo Experts”), an Ohio limited liability company, for a total consideration of $600,000 funded by the payment of $400,000 in cash and the issuance of restricted shares of PDN common stock
valued at $200,000 based on the volume weighted-average price as of twenty (20) days prior to the closing date. Expo Experts specializes
in producing premier face-to-face and virtual recruiting events for Engineering, Technology and Security Clearance positions, designed
to attract diverse candidates who may also have STEM-based background.
The
purchase price allocation as of the date of the acquisition was based on a detailed analysis of the fair value of assets acquired. No
liabilities were assumed other than the deferred revenue amount listed below. The major classes of assets and liabilities to which we
have allocated the purchase price were as follows:
Schedule of Company Measurement
| |
| | |
Goodwill | |
$ | 126,301 | |
Intangible assets | |
| 541,400 | |
Deferred revenue | |
| (67,701 | ) |
Business combination
total | |
$ | 600,000 | |
The
goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from future growth and is expected
to be deductible for tax purposes.
Intangible
assets purchased in connection with the acquisition primarily represent specific events acquired which are expected to create revenue
throughout fiscal 2023 and are reflected in the Company’s consolidated balance sheets at gross amounts, net of accumulated amortization
(see Note 7 – Intangible Assets).
Expo
Experts’ accounts and operations have been reflected in the PDN Network for segment reporting purposes (see 14. Segment Information).
5.
Revenue Recognition
The
Company recognizes revenue under the core principle of ASC 606 – Revenue from Contracts with Customers (“ASC 606”),
to depict the transfer of control to its customers in an amount reflecting the consideration to which it expects to be entitled. In order
to achieve that core principle, the Company has applied the following five-step approach: (1) identify the contract with a customer,
(2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to
the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied.
The
Company’s contracts with customers may provide for multiple promised goods and services. The Company typically analyzes the contract
and identifies the performance obligations by evaluating whether the promised goods and services are capable of being distinct within
the context of the contract at contract inception. Promised goods and services that are not distinct at contract inception are combined.
The next step after identifying the performance obligations is determining the transaction price, which includes the impact of variable
consideration, based on contractually fixed amounts and an estimation of variable consideration. The Company allocates the transaction
price to each performance obligation based on relative stand-alone selling price. Judgment is exercised to determine the stand-alone
selling price of each distinct performance obligation. The Company estimates the stand-alone selling price by reference to the total
transaction price less the sum of the observable stand-alone selling prices of other goods or services promised in the contract. In general,
transaction price is determined by estimating the fixed amount of consideration to which we are entitled for transfer of goods and services
and all relevant sources and components of variable consideration. Revenues are generally recognized when control of the promised goods
or services is transferred to their customers either at a point in time or over time, in an amount that reflects the consideration it
expects to be entitled to in exchange for those goods or services.
Many
of the Company’s contracts have one performance obligation and all consideration is allocated to that performance obligation and
recognized at a point in time contemporaneous when the service is performed or with the date of the event.
Payment
is typically due in full, at net 30, from the moment control of the goods or services have begun to transfer, unless both parties have
negotiated an installment-based payment arrangement through the term of the contract. The Company may have contracts where there is an
extended timing difference between payment and the time when control of the goods or services is transferred to the customer.
Nature
of Goods and Services
The
following is a description of principal activities from which the Company generates its revenue:
Recruitment
Services
The
Company’s recruitment services revenue is derived from the Company’s agreements through single and multiple job postings,
recruitment media, talent recruitment communities, basic and premier corporate memberships, hiring campaign marketing and advertising,
e-newsletter marketing and research and outreach services. Recruitment revenue includes revenue recognized from direct sales to customers
for recruitment services and events, as well as revenue from the Company’s direct e-commerce sales. Direct sales to customers are
most typically a twelve-month contract for services and as such the revenue for each contract is recognized ratably over its twelve-month
term. Event revenue is recognized in the period that the event takes place and e-commerce sales are for sixty to ninety-day job postings
and the revenue from those sales are recognized when the service is provided. The Company’s recruitment services mainly consist
of the following products:
● |
On-line
job postings to our diversity sites and to our broader network of websites including the NAACP, National Urban League, Kappa Alpha
Psi, Phi Beta Sigma and many other partner organizations; |
● |
OFCCP
job promotion and recordation services; |
● |
Diversity
job fairs, both in person and virtual fairs; |
● |
Diversity
recruitment job advertising services; and |
● |
Diversity
executive staffing services. |
Membership
Fees and Related Services
Membership
fees are typically month to month; however, members may prepay for a 12-month period. Memberships are collected up-front and member benefits
become available immediately. At the time of enrollment, membership fees are recorded as deferred revenue and are recognized as revenue
ratably over the membership period. Members who are enrolled in 12-month plan may cancel their membership in the program at any time
and receive a partial refund (amount remaining in deferred revenue) or due to consumer protection legislation, a full refund based on
the policies of the member’s credit card company.
Monthly
membership revenues are recognized in the same month fees are collected.
Revenue
from related membership services are derived from fees for development and set-up of a member’s personal on-line profile and/or
press release announcements. Fees related to these services are recognized as revenue at the time the on-line profile is complete and
press release is distributed.
Products
offered to members relate to custom made plaques. Product sales are recognized as deferred revenue at the time the initial order is placed.
Revenue is then recognized at the time these products are shipped. The Company’s shipping and handling costs are included in cost
of sales in the accompanying consolidated statements of operations.
Contracted
Software Development
Revenues
for RemoteMore are generated from providing customized software solutions to customers and are recognized in the period work is performed.
Consumer
Advertising and Marketing Solutions
The
Company provides career opportunity services to its various partner organizations through advertising and job postings on their websites.
The Company works with its partners to develop customized websites and job boards where the partners can generate advertising, job postings
and career services to their members, students and alumni. Consumer advertising and marketing solutions revenue is recognized as jobs
are posted to their hosted sites.
Revenue
Concentration
The
Company is in an alliance with another company to build, host, and manage the Company’s job boards and website. This alliance member
also sells two of the Company’s recruitment services products and bills customers, collects fees, and provides customer services.
For the nine months ended September 30, 2023 and 2022, the Company recorded approximately 8.6% and 11.5% of its recruitment services
revenue from this alliance sales relationship.
Disaggregation
of Revenue
Revenue
is disaggregated by product line and timing of transfer of products and services and is in line with our reportable segments as described
in Note 14 - Segment Information.
Contract
Balances
The
Company’s rights to consideration for work completed, but not billed at the reporting date, is classified as a receivable, as it
has an unconditional right to payment or only conditional for the passage of time. The Company has no recorded contract assets as of
September 30, 2023.
Consideration
received in advance from customers is recorded as a contract liability, if a contract exists under ASC 606, until services are
delivered or obligations are met and revenue is earned. Contract liability represents the excess of amounts invoiced over amounts
recognized as revenues. Contract liabilities to be recognized in the succeeding twelve-month period are classified as current
contract liabilities and the remaining amounts, if any, are classified as non-current contract liabilities. Contract liabilities of
approximately $1,867,000
and 1,926,000 are included in current deferred revenues, on the consolidated balance sheets as of September 30, 2023 and December 31, 2022.
For
the three months ended September 30, 2023 and 2022, we recognized revenue associated with contract liabilities that were included
in the contract liabilities balance at the beginning of the period as follows:
Schedule
of Recognized Revenue Associated With Contract Liabilities
| |
September 30,
2023 | | |
September 30,
2022 | |
| |
| | |
| |
Balance, beginning of period | |
$ | 2,109,677 | | |
$ | 1,976,612 | |
Recognized revenue associated with contract liabilities | |
| (1,359,744 | ) | |
| (1,314,807 | ) |
Amounts collected or invoiced | |
| 1,117,262 | | |
| 1,017,085 | |
Balance, end of period | |
$ | 1,867,195 | | |
$ | 1,678,890 | |
Deferred
revenue includes customer payments which are received prior to performing services and revenues are recognized upon the completion of
these services. Annual membership fees collected at the time of enrollment are recognized as revenue ratably over the membership period,
which are typically for a 12-month membership period.
Transaction
Price Allocated to the Remaining Performance Obligations
The
Company applies the optional exemptions and does not disclose: a) information about remaining performance obligations that have an original
expected duration of one year or less or b) transaction price allocated to unsatisfied performance obligations for which variable consideration
is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or
service that forms part of a single performance obligation in accordance with the series guidance.
The
typical duration of all event related and other contracts is one year or less and, as a result, the Company applies the optional exemptions
and does not disclose information about remaining performance obligations that have an original expected duration of one year or less.
Allowance
for Credit Losses
The
following table summarizes the activity related to the Company’s allowance for credit losses:
Schedule of Allowance for Credit Loss Activity
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Balance, beginning of period | |
$ | 102,515 | | |
$ | 247,190 | |
Provision for credit losses | |
| 1,895 | | |
| (144,675 | ) |
Write-offs | |
| (6,587 | ) | |
| - | |
Balance, end of period | |
$ | 97,823 | | |
$ | 102,515 | |
The
numbers presented above relate solely to our portfolio of trade accounts receivable as no allowance for credit losses was recognized
on other receivables as presented on our consolidated balance sheets. We determine the allowance for credit losses by using an accounts
receivable aging schedule and utilizing historical loss percentages adjusted for the effects of current conditions and reasonable and
supportable forecasts of the future.
6.
Capitalized Technology
Capitalized
Technology, net is as follows:
Schedule of Capitalized Technology
| |
September 30, 2023 | | |
December 31, 2022 | |
Capitalized cost: | |
| | | |
| | |
Balance, beginning of period | |
$ | 64,499 | | |
$ | 43,038 | |
Additional capitalized cost | |
| 103,494 | | |
| 45,196 | |
Provision for amortization | |
| (39,993 | ) | |
| (23,735 | ) |
Balance, end of period | |
$ | 128,000 | | |
$ | 64,499 | |
For
the three months ended September 30, 2023 and 2022, amortization expense related to capitalized technology was approximately $16,200
and $6,100,
and was approximately $40,000
and $15,600
for the nine months ended September 30, 2023 and 2022, and is recorded in depreciation and amortization expense in the accompanying
consolidated statements of operations.
7.
Intangible Assets
Intangible
assets, net was as follows:
Schedule of Intangible Assets
September 30, 2023 | |
Useful Lives (Years) | | |
Gross
Carrying Amount | | |
Accumulated Amortization | | |
Net
Carrying Amount | |
Long-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Sales Process | |
| 10 | | |
$ | 2,130,956 | | |
$ | (2,054,748 | ) | |
$ | 76,208 | |
Paid Member Relationships | |
| 5 | | |
| 803,472 | | |
| (803,472 | ) | |
| - | |
Member Lists | |
| 5 | | |
| 8,186,181 | | |
| (8,111,181 | ) | |
| 75,000 | |
Developed Technology | |
| 3 | | |
| 648,000 | | |
| (648,000 | ) | |
| - | |
Trade Name/Trademarks | |
| 4 | | |
| 442,500 | | |
| (441,667 | ) | |
| 833 | |
Contracts and events acquired in acquisitions | |
| 3 -12 months | | |
| 1,377,083 | | |
| (1,232,383 | ) | |
| 144,700 | |
| |
| | | |
| 13,588,192 | | |
| (13,291,451 | ) | |
| 296,741 | |
Indefinite-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Trade name | |
| | | |
| | | |
| | | |
| 101,400 | |
Intangible assets, net | |
| | | |
| | | |
| | | |
$ | 398,141 | |
December 31, 2022 | |
Useful Lives (Years) | | |
Gross
Carrying Amount | | |
Accumulated Amortization | | |
Net
Carrying Amount | |
Long-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Sales Process | |
| 10 | | |
$ | 2,130,956 | | |
$ | (1,997,593 | ) | |
$ | 133,363 | |
Paid Member Relationships | |
| 5 | | |
| 803,472 | | |
| (803,472 | ) | |
| - | |
Member Lists | |
| 5 | | |
| 8,086,181 | | |
| (8,086,181 | ) | |
| - | |
Developed Technology | |
| 3 | | |
| 648,000 | | |
| (648,000 | ) | |
| - | |
Trade Name/Trademarks | |
| 4 | | |
| 442,500 | | |
| (441,042 | ) | |
| 1,458 | |
Contracts acquired in RemoteMore acquisition | |
| 3 - 12 months | | |
| 935,683 | | |
| (935,683 | ) | |
| - | |
| |
| | | |
| 13,046,792 | | |
| (12,911,971 | ) | |
| 134,821 | |
Indefinite-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Trade name | |
| | | |
| | | |
| | | |
| 90,400 | |
Intangible assets, net | |
| | | |
| | | |
| | | |
$ | 225,221 | |
As
of September 30, 2023, estimated amortization expense in future fiscal years is summarized as follows:
Schedule of Future Annual Estimated Amortization Expense
| |
| | |
Year ended December 31, | |
| |
Remaining of 2023 | |
$ | 172,293 | |
2024 | |
| 91,114 | |
2025 | |
| 33,334 | |
Net Carrying Amount | |
$ | 296,741 | |
For
the three months ended September 30, 2023 and 2022, amortization expense related to intangible assets was approximately $128,000
and $225,000
and for the nine months ended September 30, 2023 and 2022 amortization expense was approximately $379,000
and $724,000,
and is recorded in depreciation and amortization expense in the accompanying consolidated statements of operations.
8.
Long-term Investments
On
September 27, 2022, the Company entered into a Stock Purchase Agreement (the “SPA”) with Koala Malta Limited, a private limited
liability company registered under the laws of Malta (the “Seller”).
Upon
the execution of the SPA, the Company purchased 65,700 issued ordinary shares of Koala Crypto Limited (“KCL”) from Seller,
representing 9 percent of the total issued share capital of KCL, and in exchange, the Company issued 863,392 shares of its common stock
to Seller in a private placement (the “Consideration Shares”). The Consideration Shares were valued at $1,350,000 in the
aggregate based on the volume weighted average price of the common stock of the Company for the 20 trading days immediately prior to
the date of the SPA. The shares of KCL are recorded in the consolidated balance sheet as ‘other assets’.
Upon
execution of the SPA, the Company, the Seller and KCL also entered into a Shareholders’ Agreement. The Shareholders’ Agreement
imposes certain transfer restrictions on the Seller and the Company as shareholders of KCL, provides for certain governance and approval
rights among the parties, and gives the Company a put option with respect to its investment in KCL in the event of a change of control
of the Seller. At the same time, Alan Tak Wai Yau, an individual and the majority shareholder of Koala Capital Limited, which is the
parent company of the Seller (“Koala Capital”), provided the Company with a share charge over 15 percent of the issued share
capital of Koala Capital (the “Share Charge”) and Koala Capital provided the Company with a guaranty and indemnity (the “Guarantee”),
which Share Charge and Guarantee were granted as security for a number of the Seller’s obligations as set forth therein including
obtaining the lifting of the voluntary suspension of KCL’s virtual financial assets license by the Malta Financial Services Authority
(“MFSA”). Koala Capital has submitted and responded to all queries raised by the MFSA, and the authorization/supervision
unit that was currently reviewing its application has given its initial approval to move on to the next steps in the process and testing is in its final stages.
9.
Commitments and Contingencies
Lease
Obligations - The Company leases office space and equipment under various operating lease agreements, including an office for
its headquarters, as well as office spaces for its events business, sales and administrative offices under non-cancelable lease arrangements
that provide for payments on a graduated basis with various expiration dates.
The
Company leases its corporate headquarters. The office lease is for 4,902
square feet of office space and the lease term is for 84
months, commencing on October 1, 2020. Interest is the lesser of (i) 4 percent per annum above the then-current Base Rate, and (ii)
the maximum rate permitted by applicable requirements as defined in the lease agreement. As of September 30, 2023, right of use
assets and related lease obligations remaining were $315,639
and $386,368, as
recorded on the Company’s consolidated balance sheets.
Other
- PDN China’s bank account with a balance of approximately $195,000, at September 30, 2023, was frozen by Guangzhou Police
due to the Gatewang Case. The Company has classified this entire cash balance as a long-term asset presented in discontinued operations
(see Note 3 - Summary of Significant Accounting Policies – Discontinued Operations).
Legal
Proceedings
The
Company and its wholly owned subsidiary, NAPW, Inc., are parties to a proceeding captioned Deborah Bayne, et al. vs. NAPW, Inc. and Professional
Diversity Network, Inc., No. 18-cv-3591 (E.D.N.Y.), filed on June 20, 2018, and alleging violations of the Fair Labor Standards Act and
certain provisions of the New York Labor Law. Plaintiffs are seeking monetary damages and equitable relief. The Company disputes that
it or its subsidiary violated the applicable laws or that either entity has any liability and intends to vigorously defend against these
claims. The matter is in the final stages of discovery, and we have completed depositions of relevant witnesses. During the first quarter
of 2020, the Company recorded a $450,000 litigation settlement reserve in the event of an unfavorable outcome in this proceeding. In
November 2020, both parties entered into mediation proceedings, but a settlement was not reached.
General
Legal Matters
From
time to time, the Company is involved in legal matters arising in the ordinary course of business. While the Company believes that such
matters are currently not material, there can be no assurance that matters arising in the ordinary course of business for which the Company
is, or could be, involved in litigation, will not have a material adverse effect on its business, financial condition or results of operations.
10.
CFL Transaction
On
August 12, 2016, the Company entered into a stock purchase agreement (the “Purchase Agreement”), with CFL, a Republic of
Seychelles company wholly-owned by a group of Chinese investors. Pursuant to the Purchase Agreement, the Company agreed to issue and
sell to CFL, and CFL agreed to purchase a number of shares of the Company’s common stock such that CFL would hold approximately
51% of the outstanding shares of common stock, determined on a fully-diluted basis.
At
the closing of the CFL transaction, the Company entered into a Stockholders’ Agreement, dated November 7, 2016 (the “Stockholders’
Agreement”) with CFL and each of its shareholders: Maoji (Michael) Wang, Jingbo Song, Yong Xiong Zheng and Nan Kou (the “CFL
Shareholders”). The Stockholders’ Agreement sets forth the agreement of the Company, CFL and the CFL Shareholders relating
to board representation rights, transfer restrictions, standstill provisions, voting, registration rights and other matters following
the transaction.
As
of September 30, 2023, CFL beneficially holds shares of the Company’s outstanding common stock equal to approximately 23.2%. The
decrease in CFL’s percentage of the Company’s total outstanding common stock is a result of dilution from other equity offerings.
11.
Stockholders’ Equity
As
previously disclosed in a Report on Form 8-K filed on November 28, 2022, the Company’s stockholders approved an amendment to the
Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split (the “Reverse Stock Split”)
of the Company’s common stock, between the range of 1.5 to 1 and 5 to 1 (the “Split Ratio”), depending upon which ratio
is deemed necessary and desirable to achieve a minimum share price of at least $1.00 per share in the market trading price of the
Common Stock. On January 3, 2023, the board of directors of the Company (the “Board”) fixed the Split Ratio at 2 to 1. The
Reverse Stock Split was effected as of January 5, 2023. As a result of the Reverse Stock Split, all shares of common stock that were
held by the Company as treasury shares related to the Company’s share repurchase plan were retired in accordance with Section 243
of the Delaware General Corporation Law, immediately prior to the effectiveness of the Reverse Stock Split, and such shares resumed the
status of authorized and unissued shares of Common Stock.
Preferred
Stock – The Company has no preferred stock issued. The Company’s amended and restated certificate of incorporation
and amended and restated bylaws include provisions that allow the Company’s Board of Directors to issue, without further action
by the stockholders, up to 1,000,000 shares of undesignated preferred stock.
Common
Stock – The Company has one class of common stock outstanding with a total number of shares authorized of 45,000,000. As
of September 30, 2023, the Company had 11,070,484 shares of common stock outstanding.
In
January 2023, in connection with the acquisition of Expo Experts, the Company issued 99,339 shares of its common stock, with a value
of $200,000, to the co-founders of Expo Experts (see Note 4 – Business Combinations).
In
March 2023, the Company entered into a stock purchase agreement with Ms. Yiran Gu, a former investor of the Company and a citizen of
the People’s Republic of China, in connection with the purchase by Ms. Gu of 333,181 shares of common stock of the Company at a
price of approximately $2.10 per share for aggregate gross proceeds of $700,000.
In
June 2023, the Company entered into a stock purchase agreement with Tumim Stone Capital LLC (“Investor”). Under the
terms and subject to the conditions of the stock purchase agreement, the Company has the right, but not the obligation, to sell to
the Investor, and the Investor is obligated to purchase, up to $12,775,000
worth of newly issued shares (the “Purchase Shares”) of the Company’s common stock, subject to certain
limitations and the satisfaction (or, where permissible, the waiver) of the conditions set forth in the stock purchase agreement.
Pursuant to the stock purchase agreement, the Company issued and sold 469,925
Purchase Shares (the “Initial Purchase Shares”) to the Investor, at a price of $4.256
per share (representing the average official closing price of the Common Stock on The Nasdaq Capital Market for the five consecutive
trading days ending on the trading day immediately prior to the date of the stock purchase agreement), for aggregate gross proceeds
to the Company of $2,000,000,
in an initial purchase. Pursuant to the terms of the stock purchase agreement, as consideration for the Investor’s commitment
to purchase shares of common stock at the Company’s direction from time to time, upon the terms and subject to the conditions
and limitations set forth in the Purchase Agreement, upon execution of the stock purchase agreement on June 30, 2023, the Company
also issued to the Investor 176,222
shares of common stock (the “Commitment Shares”), valued at $4.256
per share (the same per share value as each Initial Purchase Share sold to the Investor in the Initial Purchase), or a total
aggregate value equal to $750,000
for the Commitment Shares.
12.
Stock-Based Compensation
Equity
Incentive Plans – The Company’s 2013 Equity Compensation Plan (the “2013 Plan”) was adopted for the purpose
of providing equity incentives to employees, officers, directors and consultants including options, restricted stock, restricted stock
units, stock appreciation rights, other equity awards, annual incentive awards and dividend equivalents. Through a series of amendments
to the 2013 Plan, the total number of authorized shares available for issuance of common stock under the Plan was 750,000 shares.
On
April 11, 2023, the Board of Directors adopted a new equity incentive plan, the Professional Diversity Network, Inc. 2023 Equity Compensation
Plan (the “2023 Equity Compensation Plan”). The 2023 Equity Compensation Plan was approved by the Company’s stockholders
on June 15, 2023. The 2023 Equity Compensation Plan supersedes and replaces the 2013 Plan, and no new awards will be granted under the
2013 Plan. Any awards outstanding under the 2013 Plan remain subject to and will be paid under the 2013 Plan. The 2023 Equity Compensation
Plan reserves 750,000 shares of common stock for issuance of awards to directors, officers, employees and qualifying consultants of the
Company and its affiliates.
Stock
Options
The
fair value of options is estimated on the date of grant using the Black-Scholes option pricing model. The valuation determined by the
Black-Scholes pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex
and subjective variables. These variables include, but are not limited to, expected stock price volatility over the term of the awards,
and actual and projected employee stock option exercise behaviors. The risk-free rate is based on the U.S. Treasury rate for the expected
life at the time of grant, volatility is based on the average long-term implied volatilities of peer companies, the expected life is
based on the estimated average of the life of options using the simplified method, and forfeitures are estimated on the date of grant
based on certain historical data. The Company utilizes the simplified method to determine the expected life of its options due to insufficient
exercise activity during recent years as a basis from which to estimate future exercise patterns. The expected dividend assumption is
based on the Company’s history and expectation of dividend payouts.
Forfeitures
are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from
those estimates.
The
following table summarizes the Company’s stock option activity for the nine months ended September 30, 2023 and 2022:
Schedule of Stock Option Activity
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life
(in Years) | | |
Aggregate Intrinsic
Value | |
Outstanding - January 1, 2023 | |
| 33,063 | | |
$ | 9.04 | | |
| 6.8 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| | |
Outstanding - September 30, 2023 | |
| 33,063 | | |
$ | 9.04 | | |
| 6.0 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at September 30, 2023 | |
| 28,063 | | |
$ | 9.91 | | |
| 5.7 | | |
$ | - | |
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life
(in Years) | | |
Aggregate Intrinsic
Value | |
Outstanding - January 1, 2022 | |
| 33,063 | | |
$ | 9.04 | | |
| 7.8 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding - September 30, 2022 | |
| 33,063 | | |
$ | 9.04 | | |
| 7.0 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at September 30, 2022 | |
| 23,063 | | |
$ | 11.14 | | |
| 6.3 | | |
$ | - | |
The
Company recorded non-cash stock-based compensation expense of approximately $8,000 and $8,000 as a component of general and
administrative expenses in the accompanying consolidated statements of operations for the nine months ended September 30, 2023 and
2022, respectively, pertaining to granting of stock option awards.
Total
unrecognized stock-based compensation expense related to unvested stock options at September 30, 2023 was approximately $7,700 and is expected
to be recognized through the second quarter of 2024.
Restricted
Stock Units
As
of September 30, 2023 and 2022, the following is a summary of restricted stock unit activity:
Schedule of Restricted Stock Unit Activity
| |
Number of
Shares | |
Outstanding - January 1, 2023 | |
| 69,114 | |
Granted | |
| 117,334 | |
Forfeited | |
| - | |
Vested | |
| (69,114 | ) |
Outstanding – September 30, 2023 | |
| 117,334 | |
| |
Number of
Shares | |
Outstanding - January 1, 2022 | |
| 79,763 | |
Granted | |
| 170,937 | |
Forfeited | |
| (13,823 | ) |
Vested | |
| (167,763 | ) |
Outstanding – September 30, 2022 | |
| 69,114 | |
During
the period ended June 30, 2023, the Company granted 30,490 total restricted stock units for a value of $125,000 to the members of the
Board of Directors per their compensation agreements. The shares will vest one year from the grant date of June 15, 2023.
During
the period ended September 30, 2023, the Company granted 86,844 total restricted stock to certain officers and managers with immediate
vesting as of July 18, 2023. The aggregate grant date fair value of the combined awards amounted to approximately $141,000.
In
July 2023, the Company granted 120,000 restricted stock units to Mr. He, Chief Executive Officer of the Company, as part of his employment
agreement entered into July 18, 2023. The shares will vest as follows: 1/3 immediately upon grant, 1/3 on the first anniversary
of the employment agreement, and the final 1/3 on the second anniversary of the employment agreement; provided, however, that Mr.
He must remain continuously employed by the Company and/or its affiliates through the applicable vesting date. The aggregate
grant date fair value of the combined awards amounted to approximately $361,000.
The
Company recorded non-cash stock-based compensation expense of $262,248 and $439,655 as a component of general and administrative expenses
in the accompanying consolidated statements of operations for the nine months ended September 30, 2023 and 2022, respectively, pertaining
to granting of restricted stock awards.
Total
unrecognized stock-based compensation expense related to 110,488 unvested restricted stock units at September 30, 2023 was approximately
$426,000 and is expected to be fully recognized by the third quarter of 2025.
13.
Income Taxes
The
Company’s quarterly income tax provision is based upon an estimated annual income tax rate. The Company’s quarterly provision
for income taxes also includes the tax impact of discrete items, if any, including changes in judgment about valuation allowances and
effects of changes in tax laws or rates, in the interim period in which they occur.
During
the three months ended September 30, 2023 and 2022, the Company recorded income tax benefit of $7,228 and $25,479,
respectively. For the nine months ended September 30, 2023 and 2022, the Company recorded a benefit for income tax of $17,151 and
$35,720.
The decrease in income tax benefit during the current three-month period, as compared to the same periods in the prior year, was
primarily due to a decrease in discrete tax items and changes in the Company’s net operating losses.
In
assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all
of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the
generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the
scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.
Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred
income tax asset balances to warrant the application of a valuation allowance as of September 30, 2023. The valuation allowance at September
30, 2023 was approximately $10,877,000. The net change in the valuation allowance during the nine months ended September 30, 2023 was an increase
of approximately $898,000.
14.
Segment Information
The
Company operates in the following segments: (i) PDN Network, (ii) NAPW Network, and (iii) RemoteMore. The financial results of China
Operations have been reclassified from the Company’s reportable segments to discontinued operations for all periods presented.
The
following tables present key financial information related of the Company’s reportable segments related to financial position as
of September 30, 2023 and December 31, 2022 and results of operations for the three and nine months ended September 30, 2023 and 2022:
Schedule of Segment Information
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Three
Months Ended September 30, 2023 | |
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Network | | |
Network | | |
More | | |
Overhead | | |
Consolidated | |
Membership
fees and related services | |
$ | - | | |
$ | 135,145 | | |
$ | - | | |
$ | - | | |
$ | 135,145 | |
Recruitment
services | |
| 1,242,711 | | |
| - | | |
| - | | |
| - | | |
| 1,242,711 | |
Contracted
software development | |
| - | | |
| - | | |
| 604,996 | | |
| - | | |
| 604,996 | |
Consumer
advertising and marketing solutions | |
| 25,516 | | |
| - | | |
| - | | |
| - | | |
| 25,516 | |
Total
revenues | |
| 1,268,227 | | |
| 135,145 | | |
| 604,996 | | |
| - | | |
| 2,008,368 | |
Income
(loss) from continuing operations | |
| (446,060 | ) | |
| (26,910 | ) | |
| (51,722 | ) | |
| (804,276 | ) | |
| (1,328,968 | ) |
Depreciation
and amortization | |
| 127,702 | | |
| 20,673 | | |
| 347 | | |
| - | | |
| 148,722 | |
Income
tax benefit | |
| (2,441 | ) | |
| (359 | ) | |
| -
| | |
| (4,428 | ) | |
| (7,228 | ) |
Net loss from continuing operations | |
| (440,769 | ) | |
| (26,480 | ) | |
| (52,897 | ) | |
| (799,848 | ) | |
| (1,319,994 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
As
of September 30, 2023 | |
Goodwill | |
$ | 465,752 | | |
$ | - | | |
$ | 952,001 | | |
$ | - | | |
$ | 1,417,753 | |
Intangibles
assets, net | |
| 321,100 | | |
| 76,208 | | |
| 833 | | |
| - | | |
| 398,141 | |
Assets
from continuing operations, net of intercompany eliminations | |
| 6,734,947 | | |
| 134,368 | | |
| (492,819 | ) | |
| - | | |
| 6,376,496 | |
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Three
Months Ended September 30, 2022 | |
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Network | | |
Network | | |
More | | |
Overhead | | |
Consolidated | |
Membership
fees and related services | |
$ | - | | |
$ | 152,462 | | |
$ | - | | |
$ | - | | |
$ | 152,462 | |
Recruitment
services | |
| 1,165,213 | | |
| - | | |
| - | | |
| - | | |
| 1,165,213 | |
Contracted
software development | |
| - | | |
| - | | |
| 757,492 | | |
| - | | |
| 757,492 | |
Consumer
advertising and marketing solutions | |
| 39,328 | | |
| - | | |
| - | | |
| - | | |
| 39,328 | |
Total
revenues | |
| 1,204,541 | | |
| 152,462 | | |
| 757,492 | | |
| - | | |
| 2,114,495 | |
Income
(loss) from continuing operations | |
| (77,907 | ) | |
| (261,132 | ) | |
| (266,161 | ) | |
| (505,436 | ) | |
| (1,110,636 | ) |
Depreciation
and amortization | |
| 7,475 | | |
| 19,597 | | |
| 205,676 | | |
| - | | |
| 232,748 | |
Income
tax expense (benefit) | |
| (1,895 | ) | |
| (10,410 | ) | |
| - | | |
| (13,174 | ) | |
| (25,479 | ) |
Net
income (loss) from continuing operations | |
| (74,971 | ) | |
| (250,689 | ) | |
| (277,318 | ) | |
| (492,262 | ) | |
| (1,095,240 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
As of December 31, 2022 | |
Goodwill | |
$ | 339,451 | | |
$ | - | | |
$ | 935,334 | | |
$ | - | | |
$ | 1,274,785 | |
Intangibles assets, net | |
| 90,400 | | |
| 133,363 | | |
| 1,458 | | |
| - | | |
| 225,221 | |
Assets from continuing operations, net of intercompany eliminations | |
| 6,718,226 | | |
| 203,534 | | |
| (287,455 | ) | |
| - | | |
| 6,634,305 | |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Nine Months Ended September 30, 2023 | |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Network | | |
Network | | |
RemoteMore | | |
Overhead | | |
Consolidated | |
Membership fees and related services | |
$ | - | | |
$ | 400,303 | | |
$ | - | | |
$ | - | | |
$ | 400,303 | |
Recruitment services | |
| 3,422,129 | | |
| - | | |
| - | | |
| - | | |
| 3,422,129 | |
Contracted software development | |
| - | | |
| - | | |
| 1,906,706 | | |
| - | | |
| 1,906,706 | |
Consumer advertising and marketing solutions | |
| 75,664 | | |
| - | | |
| - | | |
| - | | |
| 75,664 | |
Total revenues | |
| 3,497,793 | | |
| 400,303 | | |
| 1,906,706 | | |
| - | | |
| 5,804,802 | |
Income (loss) from continuing operations | |
| (1,255,094 | ) | |
| (407,155 | ) | |
| (237,343 | ) | |
| (1,987,421 | ) | |
| (3,887,013 | ) |
Depreciation and amortization | |
| 367,669 | | |
| 59,946 | | |
| 1,040 | | |
| - | | |
| 428,655 | |
Income tax expense (benefit) | |
| (4,037 | ) | |
| (3,024 | ) | |
| 850 | | |
| (10,940 | ) | |
| (17,151 | ) |
Net income (loss) from continuing operations | |
| (1,244,924 | ) | |
| (404,007 | ) | |
| (235,623 | ) | |
| (1,976,481 | ) | |
| (3,861,035 | ) |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Nine Months Ended September 30, 2022 | |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Network | | |
Network | | |
RemoteMore | | |
Overhead | | |
Consolidated | |
Membership fees and related services | |
$ | - | | |
$ | 509,906 | | |
$ | - | | |
$ | - | | |
$ | 509,906 | |
Recruitment services | |
| 3,839,608 | | |
| - | | |
| - | | |
| - | | |
| 3,839,608 | |
Contracted software development | |
| - | | |
| - | | |
| 1,882,452 | | |
| - | | |
| 1,882,452 | |
Consumer advertising and marketing solutions | |
| 130,916 | | |
| - | | |
| - | | |
| - | | |
| 130,916 | |
Total revenues | |
| 3,970,524 | | |
| 509,906 | | |
| 1,882,452 | | |
| - | | |
| 6,362,882 | |
Income (loss) from continuing operations | |
| 372,156 | | |
| 257,213 | | |
| (919,883 | ) | |
| (1,763,388 | ) | |
| (2,053,902 | ) |
Depreciation and amortization | |
| 20,589 | | |
| 58,556 | | |
| 666,912 | | |
| - | | |
| 746,057 | |
Income tax expense (benefit) | |
| 15,983 | | |
| (4,769 | ) | |
| - | | |
| (46,934 | ) | |
| (35,720 | ) |
Net income (loss) from continuing operations | |
| 361,489 | | |
| 262,192 | | |
| (944,928 | ) | |
| (1,716,454 | ) | |
| (2,037,701 | ) |
15.
Subsequent Events
The
Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been
no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements.
ITEM
2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Basis
of Presentation
This
MD&A should be read in conjunction with the accompanying consolidated financial statements and the notes thereto, and the audited
consolidated financial statements and notes thereto included in our 2022 Form 10-K.
Forward-looking
statements in this MD&A are not guarantees of future performance and may involve risks and uncertainties that could cause actual
results to differ materially from those projected. Refer to the “Note Regarding Forward-Looking Statements” section of this
Quarterly Report on Form 10-Q and Item 1A. Risk Factors of our 2022 Form 10-K for a discussion of these risks and uncertainties.
Overview
We
are an operator of professional networks with a focus on diversity, employment, education and training. We use the term “diversity”
(or “diverse”) to describe communities, or “affinities,” that are distinct based on a wide array of criteria,
which may change from time to time, including ethnic, national, cultural, racial, religious or gender classification. We serve a variety
of such communities, including Women, Hispanic-Americans, African-Americans, Asian-Americans, persons with disabilities, Military Professionals,
and Lesbian, Gay, Bisexual and Transgender (LGBTQ+) persons, and students and graduates seeking to transition from education to career.
The Company’s technology platform is integral to the operation of its business.
We
currently operate in three business segments. PDN Network, our primary business segment, includes online professional job seeking communities
with career resources tailored to the needs of various diverse cultural groups and employers looking to hire members of such groups.
Our second business segment consists of the NAPW Network, a women-only professional networking organization. Our third business segment
consists of RemoteMore, which connects companies with reliable, cost-efficient software developers with less effort and friction, and
empowers developers to find meaningful jobs regardless of their location.
We
believe that the combination of our solutions allows us to approach recruiting and professional networking in a unique way and thus create
enhanced value for our members and customers by:
|
● |
Helping
employers address their workforce diversity needs by connecting them with the right candidates from our diverse job seeking communities
such as African Americans, Hispanics, Asians, Veterans, individuals with disabilities and members of the LGBTQ+ community (with the
ability to roll out to our other affinities); |
|
|
|
|
● |
Providing
a robust online and in-person network for our women members to make professional and personal connections; and |
|
|
|
|
● |
Connecting
companies with reliable, cost-efficient developers to meet their software needs. |
In
the second quarter of fiscal 2023, we made some strategic changes in the Company that we feel will position ourselves better for the remainder of 2023 and into fiscal 2024.
|
● |
We
created an internal marketing department, utilizing employees from NAPW and PDN that had marketing backgrounds and experience, that
will focus on our organic growth, digital marketing, and other efforts in further matching job seekers with the employment needs
of our clients. |
|
|
|
|
● |
We
restructured the NAPW business segment by reducing the NAPW staff by 50% and replacing certain technology contracts with lower cost
alternatives, or removing them altogether, thus resulting in the ability to keep the current revenue stream with a much smaller staff
and reduced overhead. |
|
|
|
|
● |
We
restructured certain marketing and technology contracts with vendors to provide us with assets that should yield better profitability, or, in some cases, terminated unprofitable contacts. |
Sources
of Revenue
We
generate revenue from (i) paid membership subscriptions and related services, (ii) recruitment services, (iii) contracted software development,
and (iv) consumer advertising and consumer marketing solutions. The following table sets forth our revenues from each product as a percentage
of total revenue for the periods presented. The period-to-period comparison of financial results is not necessarily indicative of future
results.
| |
Nine
Months Ended
September 30, | |
| |
2023 | | |
2022 | |
Revenues: | |
| | |
| |
Membership fees and related services | |
| 6.9 | % | |
| 8.0 | % |
Recruitment services | |
| 58.9 | % | |
| 60.3 | % |
Contracted software development | |
| 32.9 | % | |
| 29.6 | % |
Consumer advertising and marketing solutions | |
| 1.3 | % | |
| 2.1 | % |
Recruitment
Services. We provide recruitment services through PDN Network to medium and large employers seeking to diversify their employment
ranks. Our recruitment services revenue is derived from the Company’s agreements through single and multiple job postings, recruitment
media, career fair events, talent recruitment communities, basic and premier corporate memberships, hiring campaign marketing and advertising,
e-newsletter marketing and research and outreach services. Recruitment revenue includes revenue recognized from direct sales to customers
for recruitment services and events, as well as revenue from the Company’s direct e-commerce sales. The majority of recruitment
services revenue comes from job recruitment advertising. We also offer to businesses subject to the regulations and requirements of the
Equal Employment Opportunity Office of Federal Contract Compliance Program (“OFCCP”) our OFCCP compliance product, which
combines diversity recruitment advertising with job postings and compliance services.
Membership
Fees and Related Services. We offer paid membership subscriptions through our NAPW Network, a women-only professional networking
organization, operated by our wholly-owned subsidiary. Members gain access to networking opportunities through a members-only website
at www.iawomen.com and “virtual” events which occur in a webcast setting, as well as through in-person networking local chapters
nationwide, additional career and networking events such as the National Networking Summit Series, Power Networking Events and the PDN
Network events. NAPW members also receive ancillary (non-networking) benefits such as educational discounts, shopping, and other membership
perks. The basic package is the Initiator level, which provides online benefits only. Upgrades to an Innovator membership include the
Initiator benefits, as well as membership in local chapters. The most comprehensive level, the Influencer, provides all the aforementioned
benefits plus expanded opportunities for marketing and promotion, including the creation and distribution of a press release, which is
sent over major newswires. Additionally, all memberships offer educational programs with discounts or at no cost, based on the membership
level. NAPW Membership is renewable and fees are payable on an annual or monthly basis, with the first fee payable at the commencement
of the membership. We offer to new purchasers of our NAPW memberships the opportunity to purchase a commemorative wall plaque at the
time of purchase.
Contracted
Software Development. RemoteMore generates revenue by providing contracted programmers to assist customers with their software solutions
through customized software development.
Consumer
Advertising and Consumer Marketing Solutions. We work with partner organizations to provide them with integrated job boards on their
websites which offer their members or customers the ability to post recruitment advertising and job openings. We generate revenue from
fees charged for those postings.
Cost
of Revenue
Cost
of revenue primarily consists of costs of producing job fair and other events, revenue sharing with partner organizations, costs of web
hosting and operating our websites for the PDN Network. Costs of hosting member conferences and local chapter meetings are also included
in the cost of revenue for NAPW Network. Costs of paying outside developers are included in the cost of revenue for RemoteMore.
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cost of revenues: | |
| | |
| |
PDN Network | |
| 31.0 | % | |
| 37.2 | % |
NAPW Network | |
| 5.1 | % | |
| 7.4 | % |
RemoteMore | |
| 63.9 | % | |
| 55.4 | % |
Results
of Operations
Revenues
Total
Revenues
The
following tables set forth our revenue for the periods presented. The period-to-period comparison of financial results is not necessarily
indicative of future results.
| |
Three Months Ended
September 30 | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in thousands) | | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Membership fees and related services | |
$ | 135 | | |
$ | 153 | | |
$ | (18 | ) | |
| (11.8 | )% |
Recruitment services | |
| 1,243 | | |
| 1,166 | | |
| 77 | | |
| 6.6 | % |
Contracted software development | |
| 605 | | |
| 757 | | |
| (152 | ) | |
| (20.1 | )% |
Consumer advertising and marketing solutions | |
| 25 | | |
| 39 | | |
| (14 | ) | |
| (33.3 | )% |
Total revenues | |
$ | 2,008 | | |
$ | 2,115 | | |
$ | (107 | ) | |
| (5.0 | )% |
Total
revenues for the three months ended September 30, 2023, decreased approximately $107,000, or 5.0 percent, to approximately $2,008,000
from approximately $2,115,000 during the same period in the prior year. The decrease was predominantly attributable to a reduction
in contracted software development of approximately $152,000, and an approximate $18,000 decrease in membership fees and related
services revenues, as compared to the same period in the prior year. Partially offsetting the decrease was an approximate $77,000
increase in recruitment services. Recruitment services for the quarter included approximately $92,000 of event revenue from the
recently acquired Expo Experts for which there was no comparable revenue in the same period of the prior year.
| |
Nine Months Ended
September 30 | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in thousands) | | |
| | |
| |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Membership fees and related services | |
$ | 400 | | |
$ | 510 | | |
$ | (110 | ) | |
| (21.6 | )% |
Recruitment services | |
| 3,422 | | |
| 3,840 | | |
| (418 | ) | |
| (10.9 | )% |
Contracted software development | |
| 1,907 | | |
| 1,882 | | |
| 25 | | |
| 1.3 | % |
Consumer advertising and marketing solutions | |
| 76 | | |
| 131 | | |
| (55 | ) | |
| (42.0 | )% |
Total revenues | |
$ | 5,805 | | |
$ | 6,363 | | |
$ | (558 | ) | |
| (8.8 | )% |
Total
revenues for the nine months ended September 30, 2023, decreased approximately $558,000, or 8.8 percent, to approximately $5,805,000 from
approximately $6,363,000 during the same period in the prior year. The decrease was predominantly attributable to a reduction in comparable
recruitment services revenues of approximately $658,000 and an approximate $110,000 decrease in membership fees and related services
revenues, as compared to the same period in the prior year. Partially offsetting the decrease were increases of approximately $25,000
of contracted software development related to RemoteMore, as compared to the same period in the prior year, and approximately $240,000
of event revenue from the recently acquired Expo Experts for which there was no comparable revenue in the same period of the prior year.
Revenues
by Segment
The
following table sets forth each operating segment’s revenues for the periods presented. The period-to-period comparison is not
necessarily indicative of future results.
| |
Three Months Ended September 30, | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in thousands) | | |
| | |
| |
PDN Network | |
$ | 1,268 | | |
$ | 1,206 | | |
$ | 62 | | |
| 5.1 | % |
NAPW Network | |
| 135 | | |
| 152 | | |
| (17 | ) | |
| (11.2 | )% |
RemoteMore | |
| 605 | | |
| 757 | | |
| (152 | ) | |
| (20.1 | )% |
Total revenues | |
$ | 2,008 | | |
$ | 2,115 | | |
$ | (107 | ) | |
| (5.0 | )% |
During
the three months ended September 30, 2023, our PDN Network generated approximately $1,176,000 in comparable revenues compared to approximately
$1,206,000 in revenues during the three months ended September 30, 2022, a decrease of approximately $30,000 or 2.4 percent. Offsetting
the decrease was an increase in event revenues of $92,000 related to Expo Experts operations for which there was no comparable activity
in the same period of the prior year. The decrease in revenues was primarily driven by the continued softening in client hiring due to
the macroeconomic environment change stemming from the latter half of 2022 and continuing in the third quarter of 2023.
During
the three months ended September 30, 2023, NAPW Network revenues were approximately $135,000, compared to revenues of approximately $152,000
during the same period in the prior year, a decrease of approximately $17,000 or 11.2 percent. We believe that the membership services
that we provide to our customers continue to represent a discretionary spending item and the services that we provide were postponed
or halted by the consumer as a result of the financial and economic impact of the current economy, and prior to that the effect of COVID-19,
as many in-person events were cancelled. In-person local chapter events have begun to resume in the third quarter of fiscal 2023.
During
the three months ended September 30, 2023, RemoteMore revenue was approximately $605,000, compared to revenues of approximately $757,000
during the same period in the prior year, a decrease of approximately $152,000, or 20.1 percent.
| |
Nine Months Ended
September 30, | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in thousands) | | |
| | |
| |
PDN Network | |
$ | 3,498 | | |
$ | 3,971 | | |
$ | (473 | ) | |
| (11.9 | )% |
NAPW Network | |
| 400 | | |
| 510 | | |
| (110 | ) | |
| (21.6 | )% |
RemoteMore | |
| 1,907 | | |
| 1,882 | | |
| 25 | | |
| 1.3 | % |
Total revenues | |
$ | 5,805 | | |
$ | 6,363 | | |
$ | (558 | ) | |
| (8.8 | )% |
During
the nine months ended September 30, 2023, our PDN Network generated approximately $3,258,000 in comparable revenues compared to approximately
$3,971,000 in revenues during the nine months ended September 30, 2022, a decrease of approximately $713,000 or 18.0 percent. The decrease
in revenues was primarily driven by the continuing softening in client hiring due to the macroeconomic environment change stemming from
the latter half of 2022 and continued in the third quarter of 2023. Offsetting the decrease was an increase in event revenues of $240,000
related to Expo Experts’ operations for which there was no comparable activity in the same period of the prior year.
During
the nine months ended September 30, 2023, NAPW Network revenues were approximately $400,000, compared to revenues of approximately $510,000
during the same period in the prior year, a decrease of approximately $110,000 or 21.6 percent. We believe that the membership services
that we provide to our customers continue to represent a discretionary spending item and the services that we provide were postponed
or halted by the consumer as a result of the financial and economic impact of the current economy, and prior to that the effect of COVID-19,
as many in-person events were cancelled. In-person local chapter events have begun to resume in the third quarter of fiscal 2023.
During
the nine months ended September 30, 2023, RemoteMore revenue was approximately $1,907,000, compared to revenues of approximately $1,882,000
during the same period in the prior year, an increase of approximately $25,000, or 1.3 percent.
Costs
and Expenses
The
following tables set forth our costs and expenses for the periods presented. The period-to-period comparison of financial results is
not necessarily indicative of future results.
| |
Three
Months Ended
September 30, | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in thousands) | | |
| | | |
| | |
Cost and expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
$ | 923 | | |
$ | 1,229 | | |
$ | (306 | ) | |
| (24.9 | )% |
Sales and marketing | |
| 912 | | |
| 760 | | |
| 152 | | |
| 20.0 | % |
General and administrative | |
| 1,353 | | |
| 1,003 | | |
| 350 | | |
| 34.9 | % |
Depreciation and amortization | |
| 149 | | |
| 233 | | |
| (84 | ) | |
| (36.1 | )% |
Total pre-tax cost and expenses: | |
$ | 3,337 | | |
$ | 3,225 | | |
$ | 112 | | |
| 3.5 | % |
| |
Nine Months Ended
September 30, | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
| (in thousands) | | |
| | | |
| | |
Cost and expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
$ | 2,763 | | |
$ | 3,023 | | |
$ | (260 | ) | |
| (8.6 | )% |
Sales and marketing | |
| 2,850 | | |
| 2,179 | | |
| 671 | | |
| 30.8 | % |
General and administrative | |
| 3,650 | | |
| 2,469 | | |
| 1,181 | | |
| 47.8 | % |
Depreciation and amortization | |
| 429 | | |
| 746 | | |
| (317 | ) | |
| (42.5 | )% |
Total cost and expenses: | |
$ | 9,692 | | |
$ | 8,417 | | |
$ | 1,275 | | |
| 15.1 | % |
Cost
of revenues: Cost of revenues during the three months ended September 30, 2023 was approximately $923,000, a decrease of approximately
$306,000, or 24.9 percent, from approximately $1,229,000 during the same period of the prior year. The decrease was predominantly due
to approximately $143,000 of contracted software development costs related to RemoteMore, approximately $128,000 of reduced third-party
computer services, and approximately $66,000 of other costs of revenues. Partially offsetting the decrease were approximately $31,000
in reduced salaries and related benefits, as compared to the same period of the prior year.
Cost
of revenues during the nine months ended September 30, 2023 was approximately $2,763,000, a decrease of approximately $260,000, or 8.6
percent, from approximately $3,023,000 during the same period of the prior year. The decrease was predominantly attributed to a reduction
in third-party computer services of approximately $377,000 which were recorded sales and marketing in the current period as compared
to the same period in the prior year. Partially offsetting the decrease was an increase of approximately $63,000 of contracted software
development costs related to RemoteMore, and approximately $55,000 of other costs of revenue, as compared to the same period of the prior
year.
Sales
and marketing expense: Sales and marketing expense during the three months ended September 30, 2023 was approximately $912,000, an
increase of approximately $152,000, or 20.0 percent, from $760,000 during the same period in the prior year. The increase was predominantly
attributed to approximately $71,000 of payroll related costs due to the onboarding of Expo Experts in fiscal 2023,for which there were
no comparable charges in the same period of the prior year, and $70,000 of payroll related costs due to the aforementioned creation of
our new marketing department, and approximately $77,000 of third-party computer services, some of which were recorded in cost of revenues
in the same period of the prior year, Partially offsetting the increase were approximately $66,000 of other marketing costs due to restructuring
of unfavorable contracts and other sales and marketing charges.
Sales
and marketing expense during the nine months ended September 30, 2023 was approximately $2,850,000, an increase of approximately
$671,000, or 30.8 percent, from $ 2,179,000 during the same period in the prior year. The increase was predominantly attributed to
approximately $241,000 of third-party computer services, some of which were recorded in cost of revenues in the same period of the
prior year, and approximately $79,000 of other costs related to sales and marketing. Also contributing to the increase were
approximately $222,000 of payroll related costs due to the onboarding of Expo Experts in fiscal 2023, and approximately $130,000
payroll related costs due to the aforementioned creation of our new marketing department, for which there were no comparable charges
in the same period of the prior year.
General
and administrative expense: General and administrative expenses increased by approximately $350,000, or 34.9 percent, to
approximately $1,353,000 during the three months ended September 30, 2023, as compared to approximately $1,003,000 the same period
in the prior year. The increase was predominantly due approximately $164,000 of discretionary share based compensation, $122,000 of
salaries and related benefit charges, inclusive of $70,000 relates to employee annual bonuses, $53,000 of legal expenses, and
$44,000 of third-party computer services. Partially offsetting the increase was a reduction in other purchased services of approximately $35,000, as compared to the same period in
the prior year.
General
and administrative expenses increased by approximately $1,181,000, or 47.8 percent, to approximately $3,650,000 during the nine months
ended September 30, 2023, as compared to approximately $2,469,000 the same period in the prior year. The increase was predominantly due
to the settlement of litigation resulting in a one-time, non-cash gain of approximately $908,000 in the prior year for which there was
no comparable transaction in the current year. Also contributing to the increase, as compared to the same period in the prior year, were
approximately $240,000 of salaries and related benefit charges, $137,000 of financing expenses and approximately $125,000 of legal expenses
primarily related to the aforementioned equity transaction, and $122,000 of third-party
computer services that were recorded in cost of revenues in the same period of the prior year. Offsetting the increase were decreases
in discretionary share-based compensation of approximately $177,000 and other purchased services of approximately $49,000, as compared
to the same period in the prior year.
Depreciation
and amortization expense: Depreciation and amortization expense during the three months ended September 30, 2023 was approximately
$149,000, a decrease of approximately $84,000, compared to approximately $233,000 during the same period in the prior year. The decrease
was primarily attributable to approximately $205,000 of amortization expense related to RemoteMore’s intangible assets and assets
and other intangible assets reaching the end of their useful lives, partially offset by amortization expense of approximately $109,000
related to Expo Experts’ intangible assets for which there were no comparable charges in the same period of the prior year.
Depreciation
and amortization expense during the nine months ended September 30, 2023 was approximately $429,000, a decrease of approximately $317,000,
compared to approximately $746,000 during the same period in the prior year. The decrease was primarily attributable to approximately
$666,000 of amortization expense related to RemoteMore’s intangible assets and assets and intangible assets reaching the end of
their useful lives, partially offset by amortization expense of approximately $322,000 related to Expo Experts’ intangible assets
for which there were no comparable charges in the same period of the prior year.
Costs
and Expenses by Segment
The
following table sets forth each operating segment’s costs and expenses for the periods presented. The period-to-period comparison
is not necessarily indicative of future results.
| |
Three Months Ended
September 30, | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in
thousands) | | |
| | |
| |
| |
PDN Network | |
$ | 1,716 | | |
| 1,282 | | |
| 434 | | |
| 33.7 | % |
NAPW Network | |
| 162 | | |
| 414 | | |
| (252 | ) | |
| (60.9 | )% |
RemoteMore | |
| 657 | | |
| 1,024 | | |
| (367 | ) | |
| (35.9 | )% |
Corporate Overhead | |
| 802 | | |
| 505 | | |
| 297 | | |
| 58.8 | % |
Total costs and expenses: | |
$ | 3,337 | | |
$ | 3,225 | | |
$ | 112 | | |
| 3.5 | % |
| |
Nine Months Ended September 30, | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in thousands) | | |
| | |
| |
PDN Network | |
$ | 4,754 | | |
| 3,599 | | |
| 1,155 | | |
| 32.0 | % |
NAPW Network | |
| 807 | | |
| 253 | | |
| 554 | | |
| 219.0 | % |
RemoteMore | |
| 2,144 | | |
| 2,802 | | |
| (658 | ) | |
| (23.5 | )% |
Corporate Overhead | |
| 1,987 | | |
| 1,763 | | |
| 224 | | |
| 12.7 | % |
Total costs and expenses: | |
$ | 9,692 | | |
$ | 8,417 | | |
$ | 1,275 | | |
| 15.1 | % |
For
the three months ended September 30, 2023, costs and expenses related to our PDN Network segment increased by approximately
$434,000, or 33.7 percent, as compared to the same period in the prior year. The increase is primarily as a result of increases of
approximately $266,000 related to Expo Experts for which there were no comparable expenses in the same period of the prior year.
Also contributing to the period increase as compared to the same period of the prior were approximately $207,000 of salary and
benefits related costs, predominantly from the aforementioned creation of our marketing department and inclusive of approximately
$96,000 of discretionary bonus charges, which were recorded in the second quarter in the prior year. Partially offsetting the
increase were approximately $55,000 in marketing expenses, as compared to the same period in the prior year.
For
the nine months ended September 30, 2023, costs and expenses related to our PDN Network segment increased by approximately
$1,155,000, or 32.0 percent, as compared to the same period in the prior year. The increase is primarily as a result of increases of
approximately $803,000 related to Expo Experts for which there were no comparable expenses in the same period of the prior year.
Also, primarily contributing to the period increase as compared to the same period of the prior were approximately $304,000 of
salary and benefits related costs, predominantly from the aforementioned creation of our marketing department, and $64,000 related
to a reduction in bad debt charges in the period of the prior year, for which there were no comparable charges in the current
period.
For
the three months ended September 30, 2023, costs and expenses related to the NAPW Network decreased by approximately $252,000, or
60.9 percent. The decrease is predominantly due to a
reduction in payroll related costs of approximately $72,000 as a result of the aforementioned
restructuring of the NAPW business unit, $45,000 related to legal fees, and $128,000 of other sales, marketing and general expenses.
For
the nine months ended September 30, 2023, costs and expenses related to the NAPW Network increased by approximately $554,000, or
219.0 percent. The increase is predominantly due to settlement of litigation resulting in a one-time, non-cash gain of approximately
$908,000 in the prior year for which there was no comparable transaction in the current period. Partially offsetting the increase
was a decrease in payroll related costs of approximately $93,000 as a result of the aforementioned
restructuring of the NAPW business unit, $55,000 related to legal fees, and $176,000 of other sales, marketing and general expenses.
For
the three months ended September 30, 2023, cost and expenses related to RemoteMore decreased by approximately $367,000, a decrease
of approximately 35.9 percent, as compared to the same period in the prior year, predominantly consisting of decreases in
amortization expenses of approximately $205,000, contractor costs of approximately $143,000, and other purchased services of
approximately $18,000.
For
the nine months ended September 30, 2023, cost and expenses related to RemoteMore decreased by approximately $658,000, a decrease of
approximately 23.5 percent, as compared to the same period in the prior year, predominantly consisting of decreases in amortization
expenses of approximately $666,000, and legal expenses of approximately $59,000. Partially offsetting the decrease was an increase in
contractor costs of approximately $63,000, as compared to the same period of the prior
year.
For
the three months ended September 30, 2023, costs and expenses related to Corporate Overhead increased by approximately $297,000, or
58.8 percent, as compared to the same period in the prior year. The increase is predominantly a result of share-based compensation
costs of approximately $165,000, $109,000 of legal expenses, substantially as a result of the aforementioned equity transaction, and
payroll related costs of approximately $107,000. Partially offsetting the increase was a reduction in other charges of approximately
$85,000, as compared to the same period in the prior year.
For
the nine months ended September 30, 2023, costs and expenses related to Corporate Overhead increased by approximately $224,000, or 12.7
percent, as compared to the same period in the prior year. The increase is primarily a result of approximately $218,000 in payroll
related costs, $133,000 of financing costs and $238,000 of legal expenses, substantially as a result of the aforementioned equity transaction,
as compared to the same period in the prior year. Partially offsetting the increase were decreases in share-based compensation costs
of approximately $177,000, accounting costs of approximately $45,000, and other costs of approximately $143,000.
Income
Tax Benefit
| |
Three
Months Ended
September 30, | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in
thousands) | | |
| | |
| |
Income tax benefit | |
$ | (7 | ) | |
$ | (26 | ) | |
$ | 19 | | |
| 73.1 | % |
| |
Nine
Months Ended
September 30, | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in thousands) | | |
| | |
| |
Income tax expense (benefit) | |
$ | (17 | ) | |
$ | (36 | ) | |
$ | 19 | | |
| 52.8 | % |
During
the three months ended September 30, 2023 and 2022, we recorded income tax benefits of approximately $7,000 and $26,000. The
decrease in income tax benefit during the current period was primarily due to changes in discrete tax items and in the
Company’s net operating losses.
During
the nine months ended September 30, 2023 and 2022, we recorded income tax benefits of approximately $17,000 and $36,000. The decrease in income tax benefit during the current period was primarily due to changes in discrete tax items and
in the Company’s net operating losses.
Net
loss from Continuing Operations, Net of Tax
The
following table sets forth each operating segment’s net income or loss for the periods presented. The period-to-period comparison
is not necessarily indicative of future results.
| |
Three Months Ended September 30, | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in thousands) | | |
| | |
| |
PDN Network | |
$ | (441 | ) | |
| (75 | ) | |
| (366 | ) | |
| (257.4 | )% |
NAPW Network | |
| (26 | ) | |
| (251 | ) | |
| 224 | | |
| 89.4 | % |
RemoteMore | |
| (53 | ) | |
| (277 | ) | |
| 224 | | |
| 80.8 | % |
Corporate Overhead | |
| (800 | ) | |
| (492 | ) | |
| (308 | ) | |
| (62.6 | )% |
Consolidated net loss from continuing operations, net of tax | |
$ | (1,320 | ) | |
$ | (1,095 | ) | |
$ | (226 | ) | |
| (20.6 | )% |
| |
Nine Months Ended September 30, | | |
Change | | |
Change | |
| |
2023 | | |
2022 | | |
(Dollars) | | |
(Percent) | |
| |
(in thousands) | | |
| | |
| |
PDN Network | |
$ | (1,245 | ) | |
| 361 | | |
| (1,607 | ) | |
| (289.6 | )% |
NAPW Network | |
| (404 | ) | |
| 262 | | |
| (666 | ) | |
| (254.0 | )% |
RemoteMore | |
| (236 | ) | |
| (945 | ) | |
| 709 | | |
| 75.0 | % |
Corporate Overhead | |
| (1,976 | ) | |
| (1,716 | ) | |
| (260 | ) | |
| (15.1 | )% |
Consolidated net loss from continuing operations, net of tax | |
$ | (3,861 | ) | |
$ | (2,038 | ) | |
$ | (1,824 | ) | |
| (89.5 | )% |
Consolidated
Net Loss from Continuing Operations, Net of Tax. As the result of the factors discussed above, during the three months ended September
30, 2023, we incurred a net loss from continuing operations of approximately $1,320,000, an increase in the net loss of approximately $226,000,
compared to a net loss of approximately $1,095,000 during the three months ended September 30, 2022. During the nine months ended September
30, 2023, we incurred a net loss of approximately $3,861,000 from continuing operations, an increase in the net loss of approximately $1,824,000,
compared to a net loss of approximately $2,038,000 during the same period in the prior year.
Discontinued
Operations
In
March 2020, our Board decided to suspend all China operations generated by the former CEO, Michael Wang. The results of operations for
China operations are presented in the statements of operations and comprehensive loss as loss from discontinued operations.
Operating
Results of Discontinued Operations
The
following table represents the components of operating results from discontinued operations, which are included in the statements of
operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022:
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands) | | |
(in thousands) | |
Revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| (11 | ) | |
| (13 | ) | |
| (28 | ) | |
| (42 | ) |
Loss from discontinued operations before income tax | |
| (11 | ) | |
| (13 | ) | |
| (28 | ) | |
| (42 | ) |
Income tax expense (benefit) | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (11 | ) | |
$ | (13 | ) | |
$ | (28 | ) | |
$ | (42 | ) |
Liquidity
and Capital Resources
The
following table summarizes our liquidity and capital resources as of September 30, 2023 and December 31, 2022:
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
| (in thousands) | |
Cash and cash equivalents | |
$ | 615 | | |
$ | 1,237 | |
Working deficiency from continuing operations | |
$ | (1,264 | ) | |
$ | (187 | ) |
Our
principal sources of liquidity are our cash and cash equivalents, including net proceeds from the issuances of common stock, if any.
As of September 30, 2023, we had cash and cash equivalents of $615,000 compared to cash and cash equivalents of $1,237,000 at December
31, 2022. We had an accumulated deficit of $102,180,178 at September 30, 2023.
In
March 2023, we entered into a stock purchase agreement with Ms. Yiran Gu, a former investor of the Company and a citizen of the People’s
Republic of China, in connection with the purchase by Ms. Gu of 333,181 shares of our common stock at a price of approximately $2.10
per share for aggregate gross proceeds of $700,000.
In
June 2023, we entered into a stock purchase agreement with Tumim Stone Capital LLC (“Investor”). Under the terms and
subject to the conditions of the stock purchase agreement, we have the right, but not the obligation, to sell to the Investor, and
the Investor is obligated to purchase, up to $12,775,000 worth of newly issued shares (the “Purchase Shares”)
of our common stock, subject to certain limitations and the satisfaction (or, where permissible, the waiver) of the conditions
set forth in the stock purchase agreement. Pursuant to the stock purchase agreement, we issued and sold 469,925 Purchase Shares to
the Investor, at a price of $4.256 per share (representing the average official closing price of the common stock on The Nasdaq
Capital Market for the five consecutive trading days ending on the trading day immediately prior to the date of the stock purchase
agreement), for aggregate gross proceeds to the Company of $2,000,000, in an initial purchase (the “Initial Purchase”).
Pursuant to the terms of the stock purchase agreement, as consideration for the Investor’s commitment to purchase shares of
common stock at our direction from time to time, subject to the conditions and limitations set forth in the stock purchase
agreement, upon execution of the stock purchase agreement on September 30, 2023, we also issued to the Investor 176,222 shares of
common stock (the “Commitment Shares”), valued at $4.256 per share (the same per share value as each Initial Purchase
Share sold to the Investor in the Initial Purchase), or a total aggregate value equal to $750,000 for the Commitment
Shares.
We
continue to focus on our overall profitability by reducing operating and overhead expenses. We have continued to generate negative cash
flows from operations, and we expect to incur net losses for the foreseeable future, especially considering the recessionary and inflationary
environments has had and may continue on our liquidity and financial position. These conditions raise substantial doubt about our ability
to continue as a going concern. Our ability to continue as a going concern is dependent on our ability to further implement our business
plan, raise capital, and generate revenues. The consolidated financial statements do not include any adjustments that might be necessary
if we are unable to continue as a going concern.
We
are closely monitoring operating costs and capital requirements. Our Management continues to contain and reduce costs, including terminating
non-performing employees and eliminating certain positions, replacing and negotiating with certain vendors, and implementing technology
to reduce manual time spent on routine operations. If we are still not successful in sufficiently reducing our costs, we may then need
to dispose of our other assets or discontinue business lines.
While
we believe that our cash and cash equivalents at September 30, 2023 and cash flow from operations may be sufficient to meet our
working capital requirements for the fiscal year ending December 31, 2023, beyond that time frame our available funds and cash flow
from operations may not be sufficient to meet our working capital requirements without the need to increase revenues, or raise
capital by the issuance of common stock, including through the aforementioned line of equity. There can be no
assurances that our business plans and actions will be successful, that we will generate anticipated revenues, or that unforeseen
circumstances will not require additional funding sources in the future or require an acceleration of plans to conserve liquidity.
Future efforts to raise additional funds may not be successful or they may not be available on acceptable terms, if at
all.
Our
PDN Network sells recruitment services to employers, generally on a 30-to-60-day period or a one-year contract basis. This revenue is
also deferred and recognized over the period of the contract. Our payment terms for PDN Network customers range from 30 to 60 days. We
consider the difference between the payment terms and payment receipts a result of transit time for invoice and payment processing and
to date have not experienced any liquidity issues as a result of the payments extending past the specified terms. Our NAPW Network collects
membership fees generally at the commencement of the membership term or at renewal periods thereafter. The memberships we sell are for
one year and we defer recognition of the revenue from membership sales and renewals and recognize it ratably over the twelve-month period.
We also offer monthly membership for IAW USA for which we collect a fee on a monthly basis. RemoteMore generates revenue by providing
contracted programmers to assist customers with their software solutions through customized software development. Customers are charged
for the period the work is performed and payment terms are typically net 10 days.
| |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | |
Cash provided by (used in) continued operations | |
| (in thousands) | |
Operating activities | |
$ | (2,415 | ) | |
$ | (1,394 | ) |
Investing activities | |
| (879 | ) | |
| (31 | ) |
Financing activities | |
| 2,700 | | |
| (515 | ) |
Effect of exchange rate fluctuations on cash and cash equivalents | |
| - | | |
| 6 | |
Cash provided by (used in) discontinued operations | |
| (28 | ) | |
| (6 | ) |
Net increase (decrease) in cash and cash equivalents | |
$ | (622 | ) | |
$ | (1,940 | ) |
Cash
and Cash Equivalents
The
Company considers cash and cash equivalents to include all short-term, highly liquid investments that are readily convertible to known
amounts of cash and have original maturities of three months or less and may consist of cash on deposit with banks and investments in
money market funds, corporate and municipal debt and U.S. government and U.S. government agency securities. As of September 30, 2023
and December 31, 2022, cash and cash equivalents consisted of cash on deposit with banks and investments in money market funds.
Net
Cash Used in Operating Activities
Net
cash used in operating activities from continuing operations during the nine months ended September 30, 2023, was approximately $2,415,000.
We had a net loss from continuing operations of approximately $3,861,000 during the nine months ended September 30, 2023, which included
stock-based compensation expense of approximately $262,000, depreciation and amortization expense of approximately $429,000, allowance
for credit losses of approximately $2,000, and noncash lease expense of $69,000, which was partially offset by deferred tax benefit of
approximately $21,000. Changes in operating assets and liabilities provided approximately $705,000 of cash during the three months ended
September 30, 2023, consisting primarily of decreases in accounts receivable, prepaid expenses, accrued expenses, deferred revenues and
lease liability, partially offset by increases in accounts payable.
Net
cash used in operating activities from continuing operations during the nine months ended September 30, 2022, was approximately $1,394,000.
We had a net loss from continuing operations of approximately $2,038,000 during the nine months ended September 30, 2022, which included
a non-cash litigation settlement reserve of approximately $909,000, stock-based compensation expense of approximately $440,000, depreciation
and amortization expense of approximately $746,000, which was partially offset by deferred tax benefit of approximately $36,000 and amortization
of right-of-use assets of approximately $8,000. We received $350,000 in cash resulting in a decrease of our Merchant Reserve. Changes
in operating assets and liabilities provided approximately $60,000 of cash during the nine months ended September 30, 2022, consisting
primarily of decreases in accounts receivable, accounts payable and accrued expenses, partially offset by increases in prepaid expenses
and deferred revenues.
Net
Cash Used in Investing Activities
Net
cash used in investing activities during the nine months ended September 30, 2023, was approximately $879,000,
which consisted of $400,000 related to the acquisition of Expo Experts, $352,000 related to additional investment in RemoteMore, and
$127,000 related to investments in developed technology and computer equipment purchases.
Net
cash used in investing activities during the nine months ended September 30, 2022, was approximately $31,000,
which consisted of investments in developed technology and computer equipment purchases.
Net
Cash Provided by Financing Activities
Net
cash provided in financing activities during the nine months ended September 30, 2023 was approximately $2,700,000
representing the proceeds from the sale of restricted stock.
Net
cash used in financing activities during the nine months ended September 30, 2022 was approximately $515,000
which consisted of the reacquisition of previously issued common stock as a result of the stock buyback plan.
Non-GAAP
Financial Measure
Adjusted
EBITDA
We
believe Adjusted EBITDA provides a meaningful representation of our operating performance that provides useful information to investors
regarding our financial condition and results of operations. Adjusted EBITDA is commonly used by financial analysts and others to measure
operating performance. Furthermore, management believes that this non-GAAP financial measure may provide investors with additional meaningful
comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business.
However, while we consider Adjusted EBITDA to be an important measure of operating performance, Adjusted EBITDA and other non-GAAP financial
measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of our results as reported
under GAAP. Further, Adjusted EBITDA, as we define it, may not be comparable to EBITDA, or similarly titled measures, as defined by other
companies.
The
following non-GAAP financial information in the tables that follow are reconciled to comparable information presented using GAAP, derived
by adjusting amounts determined in accordance with GAAP for certain items presented in the accompanying selected operating statement
data.
The
following table provides a reconciliation of net loss from continuing operations to Adjusted EBITDA for the three and nine months ended
September 30, 2023 and 2022, the most directly comparable GAAP measure reported in our consolidated financial statements:
| |
Three Months Ended
September 30, | |
| |
2023 | | |
2022 | |
| |
| (in thousands) | |
Loss from Continuing Operations | |
$ | (1,320 | ) | |
$ | (1,095 | ) |
Stock-based compensation | |
| 199 | | |
| - | |
Litigation settlement reserve | |
| - | | |
| 34 | |
Loss attributable to noncontrolling interest | |
| 14 | | |
| 149 | |
Depreciation and amortization | |
| 149 | | |
| 233 | |
Other (expense) income, net | |
| (2 | ) | |
| (1 | ) |
Income tax expense (benefit) | |
| (7 | ) | |
| (25 | ) |
Adjusted EBITDA | |
$ | (967 | ) | |
$ | (705 | ) |
| |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | |
| |
| (in thousands) | |
Loss from Continuing Operations | |
$ | (3,861 | ) | |
$ | (2,038 | ) |
Stock-based compensation | |
| 262 | | |
| 440 | |
Litigation settlement reserve | |
| - | | |
| (909 | ) |
Loss attributable to noncontrolling interest | |
| 92 | | |
| 508 | |
Depreciation and amortization | |
| 429 | | |
| 746 | |
Other (expense) income, net | |
| (9 | ) | |
| (5 | ) |
Income tax expense (benefit) | |
| (17 | ) | |
| (36 | ) |
Adjusted EBITDA | |
$ | (3,104 | ) | |
$ | (1,294 | ) |
Off-Balance
Sheet Arrangements
Since
inception, we have not engaged in any off-balance sheet activities within the meaning of Item 303 of Regulation S-K
Critical
Accounting Policies and Estimates
Our
management’s discussion and analysis of financial condition and results of operations is based on our consolidated financial statements,
which have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. The preparation
of these consolidated financial statements requires us to exercise considerable judgment with respect to establishing sound accounting
policies and in making estimates and assumptions that affect the reported amounts of our assets and liabilities, our recognition of revenues
and expenses, and disclosure of commitments and contingencies at the date of the consolidated financial statements.
We
base our estimates on our historical experience, knowledge of our business and industry, current and expected economic conditions, the
attributes of our products, the regulatory environment, and in certain cases, the results of outside appraisals. We periodically re-evaluate
our estimates and assumptions with respect to these judgments and modify our approach when circumstances indicate that modifications
are necessary. These estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources.
While
we believe that the factors we evaluate provide us with a meaningful basis for establishing and applying sound accounting policies, we
cannot guarantee that the results will always be accurate. Since the determination of these estimates requires the exercise of judgment,
actual results could differ from such estimates.
While
our significant accounting policies are more fully described in Note 3 to our consolidated financial statements included in Part I, Item
I of this Quarterly Report, we believe that the following accounting policies are the most critical to aid you in fully understanding
and evaluating our reported financial results and affect the more significant judgments and estimates that we use in the preparation
of our consolidated financial statements.
Accounts
Receivable
Our
policy is to reserve for uncollectible accounts based on our best estimate of the amount of probable credit losses in our existing accounts
receivable. We periodically review our accounts receivable to determine whether an allowance for doubtful accounts is necessary based
on an analysis of past due accounts and other factors that may indicate that the realization of an account may be in doubt. Account balances
deemed to be uncollectible are charged to the allowance after all means of collection have been exhausted and the potential for recovery
is considered remote.
Goodwill
and Intangible Assets
The
Company accounts for goodwill and intangible assets in accordance with ASC 350, Intangibles – Goodwill and Other (“ASC 350”).
ASC 350 requires that goodwill and other intangibles with indefinite lives should be tested for impairment annually or on an interim
basis if events or circumstances indicate that the fair value of an asset has decreased below its carrying value.
Goodwill
is tested for impairment at the reporting unit level on an annual basis (December 31 for the Company) and between annual tests if an
event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.
The Company considers its market capitalization and the carrying value of its assets and liabilities, including goodwill, when performing
its goodwill impairment test.
When
conducting its annual goodwill impairment assessment, the Company initially performs a qualitative evaluation of whether it is more likely
than not that goodwill is impaired. If it is determined by a qualitative evaluation that it is more likely than not that goodwill is
impaired, the Company then compares the fair value of the Company’s reporting unit to its carrying or book value. If the fair value
of the reporting unit exceeds its carrying value, goodwill is not impaired and the Company is not required to perform further testing.
If the carrying value of a reporting unit exceeds its fair value, the Company will measure any goodwill impairment losses as the amount
by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that
reporting unit.
Capitalized
Technology Costs
We
account for capitalized technology costs in accordance with ASC 350-40, Internal-Use Software (“ASC 350-40”). In accordance
with ASC 350-40, we capitalize certain external and internal computer software costs incurred during the application development stage.
The application development stage generally includes software design and configuration, coding, testing and installation activities.
Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such
expenditures will result in additional functionality. Capitalized software costs are amortized over the estimated useful lives of the
software assets on a straight-line basis, generally not exceeding three years.
Business
Combinations
ASC
805, Business Combinations (“ASC 805”), applies the acquisition method of accounting for business combinations to all acquisitions
where the acquirer gains a controlling interest, regardless of whether consideration was exchanged. ASC 805 establishes principles and
requirements for how the acquirer a) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities
assumed, and any non-controlling interest in the acquiree; b) recognizes and measures the goodwill acquired in the business combination
or a gain from a bargain purchase; and c) determines what information to disclose to enable users of the financial statements to evaluate
the nature and financial effects of the business combination. Accounting for acquisitions requires the Company to recognize, separately
from goodwill, the assets acquired and the liabilities assumed at their acquisition-date fair values. Goodwill as of the acquisition
date is measured as the excess of consideration transferred and the net of the acquisition-date fair values of the assets acquired and
the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities
assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement
period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities
assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values
of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements
of comprehensive loss.
Revenue
Recognition
Our
principal sources of revenue are recruitment revenue, consumer marketing and consumer advertising revenue, event revenues from career
fairs, membership subscription fees, and contracted software development. Recruitment revenue includes revenue recognized from direct
sales to customers for recruitment services and events, as well as revenue from our direct ecommerce sales. Revenues from recruitment
services are recognized when the services are performed, evidence of an arrangement exists, the fee is fixed or determinable and collectability
is probable. Our recruitment revenue is derived from agreements through single and multiple job postings, recruitment media, talent recruitment
communities, basic and premier corporate memberships, hiring campaign marketing and advertising, e-newsletter marketing and research
and outreach services.
Consumer
marketing and consumer advertising revenue is recognized either based upon a fixed fee for revenue sharing agreements in which payment
is required at the time of posting or billed based upon the number of impressions (the number of times an advertisement is displayed)
recorded on the websites as specified in the customer agreement.
Revenue
generated from NAPW Network membership subscriptions is recognized ratably over the 12-month membership period, although members pay
their annual fees at the commencement of the membership period. We also offer a monthly membership for which we collect fees on a monthly
basis and we recognize revenue in the same month as the fees are collected. Revenue from related membership services is derived from
fees for development and set-up of a member’s personal on-line profile and/or press release announcements. Fees related to these
services are recognized as revenue at the time the on-line profile is complete and press release is distributed.
Revenues
generated from RemoteMore consist of contracts entered into to provide customers with software solutions and are recognized in the month
work is performed.
Revenue
Concentration
We
are in an alliance with another company to build, host, and manage our job boards and website. This alliance member also sells two of
our recruitment services products and bills customers, collects fees, and provides customer services. For the nine months ended September
30, 2023 and 2022, we recorded approximately 8.6% and 11.5% of our recruitment services revenue from this alliance sales relationship.
Recent
Accounting Pronouncements
See
Note 3 to our financial statements.
ITEM
3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable.
ITEM
4 – CONTROLS AND PROCEDURES
Evaluation
of disclosure controls and procedures
As
of September 30, 2023, our management conducted an evaluation of the effectiveness of the design and operation of our disclosure controls
and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (“Exchange
Act”), under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief Financial
Officer. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that
our disclosure controls and procedures were effective on September 30, 2023.
There
were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d)
of Exchange Act Rules 13a-15 or 15d-15 that occurred during our third quarter of fiscal 2023, that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.
PART
II
ITEM
1 – LEGAL PROCEEDINGS
We
and our wholly-owned subsidiary, NAPW, Inc., are parties to a proceeding captioned Deborah Bayne, et al. vs. NAPW, Inc. and Professional
Diversity Network, Inc., No. 18-cv-3591 (E.D.N.Y.), filed on June 20, 2018 and alleging violations of the Fair Labor Standards Act and
certain provisions of the New York Labor Law. Plaintiffs are seeking monetary damages and equitable relief. We dispute that we or our
subsidiary violated the applicable laws or that either entity has any liability and intend to vigorously defend against these claims.
The matter is in the final stages of discovery, and we have completed depositions of relevant witnesses. During the first quarter of
2020, we recorded a $450,000 litigation settlement reserve in the event of an unfavorable outcome in this proceeding. In November 2020,
both parties entered into mediation proceedings, but a settlement was not reached.
General
Legal Matters
From
time to time, the Company is involved in legal matters arising in the ordinary course of business. While the Company believes that such
matters are currently not material, there can be no assurance that matters arising in the ordinary course of business for which the Company
is, or could be, involved in litigation, will not have a material adverse effect on its business, financial condition or results of operations.
ITEM
1A – RISK FACTORS
In
addition to other information set forth in this report, you should carefully consider the risk factors described in Part I, Item 1A,
“Risk Factors” in our 2022 Annual Report on Form 10-K, which could materially affect our business, financial condition or
future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially
and adversely affect our business, financial condition and/or operating results.
ITEM
2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Not
applicable.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
|
PROFESSIONAL DIVERSITY NETWORK, INC. |
|
|
|
Date:
November 14, 2023 |
By: |
/s/
Larry Aichler |
|
Name:
|
Larry
Aichler |
|
Title: |
Chief
Financial Officer |
Exhibit
31.1
CERTIFICATIONS
I,
Xin (Adam) He, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Professional Diversity Network, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date: November 14, 2023 |
|
|
/s/ Xin
(Adam) He |
|
Xin (Adam) He |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
I,
Larry S. Aichler, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Professional Diversity Network, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date: November 14, 2023 |
|
|
/s/ Larry
S. Aichler |
|
Larry S. Aichler |
|
Chief Financial Officer |
|
(Principal Financial Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO 18
U.S.C.
SECTION 1350
In
connection with the Quarterly Report of Professional Diversity Network, Inc. (the “registrant”) on Form 10-Q for the fiscal
quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “report”),
the undersigned of the registrant, certify, pursuant to 18 U.S.C. § 1350, that to our knowledge:
(1) |
The report fully complies
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
(2) |
The information contained
in the report fairly presents, in all material respects, the financial condition and results of operations of the registrant. |
Date: November 14, 2023 |
|
|
|
|
/s/ Xin
(Adam) He |
|
Xin (Adam) He |
|
Chief Executive Officer |
|
|
|
/s/ Larry
S. Aichler |
|
Larry S. Aichler |
|
Chief Financial Officer |
v3.23.3
Cover - shares
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9 Months Ended |
|
Sep. 30, 2023 |
Nov. 14, 2023 |
Cover [Abstract] |
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|
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Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-35824
|
|
Entity Registrant Name |
Professional
Diversity Network, Inc.
|
|
Entity Central Index Key |
0001546296
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Entity Tax Identification Number |
80-0900177
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DE
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v3.23.3
Consolidated Balance Sheets (Unaudited) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 615,133
|
$ 1,236,771
|
Accounts receivable, net |
904,351
|
1,318,217
|
Other receivables |
50,000
|
350,000
|
Prepaid expense and other current assets |
671,963
|
347,807
|
Current assets from discontinued operations |
4,600
|
4,600
|
Total current assets |
2,246,047
|
3,257,395
|
Property and equipment, net |
38,616
|
35,341
|
Capitalized technology, net |
128,000
|
64,499
|
Goodwill |
1,417,753
|
1,274,785
|
Intangible assets, net |
398,141
|
225,221
|
Right-of-use assets |
315,639
|
365,324
|
Security deposits |
66,340
|
66,340
|
Other assets |
1,770,560
|
1,350,000
|
Long-term assets from discontinued operations |
197,100
|
197,228
|
Total assets |
6,578,196
|
6,836,133
|
Current Liabilities: |
|
|
Accounts payable |
636,670
|
338,600
|
Accrued expenses |
919,773
|
1,071,842
|
Deferred revenue |
1,867,195
|
1,925,788
|
Lease liability, current portion |
82,039
|
103,555
|
Current liabilities from discontinued operations |
509,253
|
503,090
|
Total current liabilities |
4,014,930
|
3,942,875
|
Lease liability, non-current portion |
304,329
|
341,165
|
Other long-term liabilities |
|
100,000
|
Deferred tax liability |
122,229
|
143,069
|
Total liabilities |
4,441,488
|
4,527,109
|
Commitments and contingencies |
|
|
Stockholders’ Equity |
|
|
Common stock, $0.01 par value; 45,000,000 shares authorized, 11,071,008 and 10,898,376 shares issued as of September 30, 2023 and December 31, 2022, and 11,070,484 and 10,367,431 shares outstanding as of September 30, 2023 and December 31, 2022. |
110,705
|
103,675
|
Additional paid in capital |
104,589,047
|
101,728,600
|
Accumulated other comprehensive (loss) income |
(16,681)
|
(10,986)
|
Accumulated deficit |
(102,180,178)
|
(98,382,540)
|
Treasury stock, at cost; 524 and 530,945 shares at September 30, 2023 and December 31, 2022 |
(37,117)
|
(892,482)
|
Total Professional Diversity Network, Inc. stockholders’ equity |
2,465,776
|
2,546,267
|
Noncontrolling interest |
(329,068)
|
(237,243)
|
Total stockholders’ equity |
2,136,708
|
2,309,024
|
Total liabilities and stockholders’ equity |
$ 6,578,196
|
$ 6,836,133
|
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v3.23.3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
45,000,000
|
45,000,000
|
Common stock, shares issued |
11,071,008
|
10,898,376
|
Common stock, shares outstanding |
11,070,484
|
10,367,431
|
Treasury stock, shares |
524
|
530,945
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenues: |
|
|
|
|
Total revenues |
$ 2,008,368
|
$ 2,114,495
|
$ 5,804,802
|
$ 6,362,882
|
Costs and expenses: |
|
|
|
|
Cost of revenues |
923,641
|
1,228,542
|
2,763,363
|
3,022,657
|
Sales and marketing |
912,665
|
759,885
|
2,850,253
|
2,179,136
|
General and administrative |
1,352,308
|
1,003,956
|
3,649,544
|
2,468,934
|
Depreciation and amortization |
148,722
|
232,748
|
428,655
|
746,057
|
Total costs and expenses |
3,337,336
|
3,225,131
|
9,691,815
|
8,416,784
|
Loss from continuing operations |
(1,328,968)
|
(1,110,636)
|
(3,887,013)
|
(2,053,902)
|
Other income (expense) |
|
|
|
|
Interest and other income |
1,746
|
(10,083)
|
8,827
|
(19,519)
|
Other income (expense), net |
1,746
|
(10,083)
|
8,827
|
(19,519)
|
Loss before income tax benefit |
(1,327,222)
|
(1,120,719)
|
(3,878,186)
|
(2,073,421)
|
Income tax benefit |
7,228
|
25,479
|
17,151
|
35,720
|
Loss from continuing operations, net of tax |
(1,319,994)
|
(1,095,240)
|
(3,861,035)
|
(2,037,701)
|
Loss from discontinued operations |
(10,620)
|
(13,319)
|
(28,428)
|
(42,213)
|
Net loss including non-controlling interests |
(1,330,614)
|
(1,108,559)
|
(3,889,463)
|
(2,079,914)
|
Net loss attributable to non-controlling interests |
14,483
|
149,059
|
91,825
|
508,212
|
Net income (loss) attributable to Professional Diversity Network, Inc. |
(1,316,131)
|
(959,500)
|
(3,797,638)
|
(1,571,702)
|
Other comprehensive loss, net of tax: |
|
|
|
|
Net income (loss) attributable to Professional Diversity Network, Inc. |
(1,316,131)
|
(959,500)
|
(3,797,638)
|
(1,571,702)
|
Foreign currency translation adjustments |
1,173
|
(10,787)
|
(5,695)
|
(21,169)
|
Comprehensive loss, net of tax |
$ (1,314,958)
|
$ (970,287)
|
$ (3,803,333)
|
$ (1,592,871)
|
Basic and diluted loss per share: |
|
|
|
|
Continuing operations, Basic |
$ (0.12)
|
$ (0.13)
|
$ (0.37)
|
$ (0.25)
|
Continuing operations, Diluted |
(0.12)
|
(0.13)
|
(0.37)
|
(0.25)
|
Discontinued operations, Basic |
|
|
|
|
Discontinued operations, Diluted |
|
|
|
|
Net loss per share, Basic |
(0.12)
|
(0.13)
|
(0.37)
|
(0.25)
|
Net loss per share, Diluted |
$ (0.12)
|
$ (0.13)
|
$ (0.37)
|
$ (0.25)
|
Weighted-average outstanding shares used in computing net loss per common share: |
|
|
|
|
Basic |
11,115,612
|
8,461,494
|
10,453,764
|
8,195,282
|
Diluted |
11,115,612
|
8,461,494
|
10,453,764
|
8,195,282
|
Membership Fees and Related Services [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
$ 135,145
|
$ 152,462
|
$ 400,303
|
$ 509,906
|
Recruitment Services [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
1,242,711
|
1,165,213
|
3,422,129
|
3,839,608
|
Contracted Software Development [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
604,996
|
757,492
|
1,906,706
|
1,882,452
|
Consumer Advertising and Marketing Solutions [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
$ 25,516
|
$ 39,328
|
$ 75,664
|
$ 130,916
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.3
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock, Common [Member] |
AOCI Attributable to Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Balance value at Dec. 31, 2021 |
$ 80,337
|
$ 98,520,509
|
$ (95,779,818)
|
$ (37,117)
|
$ 6,565
|
$ 317,429
|
$ 3,107,905
|
Balance, shares at Dec. 31, 2021 |
8,033,627
|
|
|
524
|
|
|
|
Issuance of common stock |
$ 10,032
|
1,739,968
|
|
|
|
|
1,750,000
|
Issuance of common stock, shares |
1,003,252
|
|
|
|
|
|
|
Share-based compensation |
$ 1,678
|
437,977
|
|
|
|
|
439,655
|
Share-based compensation, shares |
167,763
|
|
|
|
|
|
|
Stock Buyback Plan |
|
|
|
$ (515,445)
|
|
|
(515,445)
|
Stock Buyback Plan, shares |
|
|
|
289,942
|
|
|
|
Translation adjustments |
|
|
|
|
(21,169)
|
|
(21,169)
|
Net loss |
|
|
(1,571,702)
|
|
|
(508,212)
|
(2,079,914)
|
Balance value at Sep. 30, 2022 |
$ 92,047
|
100,698,454
|
(97,351,520)
|
$ (552,562)
|
(14,604)
|
(190,783)
|
2,681,032
|
Balance, shares at Sep. 30, 2022 |
9,204,642
|
|
|
290,466
|
|
|
|
Balance value at Dec. 31, 2022 |
$ 103,675
|
101,728,600
|
(98,382,540)
|
$ (892,482)
|
(10,986)
|
(237,243)
|
2,309,024
|
Balance, shares at Dec. 31, 2022 |
10,367,431
|
|
|
530,945
|
|
|
|
Sale of common stock |
$ 8,031
|
2,691,969
|
|
|
|
|
2,700,000
|
Sale of common stock, shares |
803,128
|
|
|
|
|
|
|
Commitment fee |
$ 1,762
|
748,238
|
|
|
|
|
750,000
|
Commitment fee, shares |
176,200
|
|
|
|
|
|
|
Issuance of common stock |
$ 993
|
199,007
|
|
|
|
|
200,000
|
Issuance of common stock, shares |
99,339
|
|
|
|
|
|
|
Share-based compensation |
$ 1,548
|
260,700
|
|
|
|
|
262,248
|
Share-based compensation, shares |
154,807
|
|
|
|
|
|
|
Stock Buyback Plan |
$ (5,304)
|
(850,061)
|
|
$ 855,365
|
|
|
|
Stock Buyback Plan, shares |
(530,421)
|
|
|
(530,421)
|
|
|
|
Amortization of Funding Committment |
|
(93,750)
|
|
|
|
|
(93,750)
|
Investment in subsidiary |
|
(95,656)
|
|
|
|
|
(95,656)
|
Translation adjustments |
|
|
|
|
(5,695)
|
|
(5,695)
|
Net loss |
|
|
(3,797,638)
|
|
|
(91,825)
|
(3,889,463)
|
Balance value at Sep. 30, 2023 |
$ 110,705
|
$ 104,589,047
|
$ (102,180,178)
|
$ (37,117)
|
$ (16,681)
|
$ (329,068)
|
$ 2,136,708
|
Balance, shares at Sep. 30, 2023 |
11,070,484
|
|
|
524
|
|
|
|
X |
- DefinitionAmount of amortization of funding committment increase (decrease) in additional paid in capital (APIC).
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
Loss from continuing operations |
$ (3,861,035)
|
$ (2,037,701)
|
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations: |
|
|
Depreciation and amortization |
428,655
|
746,057
|
Deferred income taxes |
(20,840)
|
(35,720)
|
Noncash lease expense |
68,540
|
68,540
|
Stock-based compensation expense |
262,248
|
439,655
|
Litigation settlement reserve |
|
(908,564)
|
Allowance for credit losses |
1,895
|
(118,048)
|
Reduction of merchant reserve |
|
350,000
|
Changes in operating assets and liabilities, net of effects of discontinued operations: |
|
|
Accounts receivable |
411,971
|
610,601
|
Prepaid expenses and other current assets |
350,844
|
(277,312)
|
Accounts payable |
298,067
|
168,630
|
Accrued expenses |
(152,067)
|
146,490
|
Lease liability |
(77,207)
|
(75,367)
|
Deferred revenue |
(126,294)
|
(470,995)
|
Net cash used in operating activities - continuing operations |
(2,415,223)
|
(1,393,734)
|
Net cash used in operating activities - discontinued operations |
(27,956)
|
(5,633)
|
Net cash used in operating activities |
(2,443,179)
|
(1,399,367)
|
Cash flows from investing activities: |
|
|
Payments for technology developed |
(114,494)
|
(17,085)
|
Purchases of property and equipment |
(12,456)
|
(13,477)
|
Acquisition of assets of Expo Experts |
(400,000)
|
|
Additional acquisition of equity interest in RemoteMore USA, Inc. |
(351,633)
|
|
Net cash used in investing activities |
(878,583)
|
(30,562)
|
Cash flows from financing activities: |
|
|
Proceeds from the sale of common stock |
2,700,000
|
|
Repurchases of common stock |
|
(515,445)
|
Net cash provided by (used in) financing activities |
2,700,000
|
(515,445)
|
Effect of exchange rate fluctuations on cash and cash equivalents |
124
|
5,635
|
Net decrease in cash and cash equivalents |
(621,638)
|
(1,939,739)
|
Cash, cash equivalents, beginning of period |
1,236,771
|
3,402,697
|
Cash and cash equivalents, end of period |
615,133
|
1,462,958
|
Supplemental disclosures of other cash flow information: |
|
|
Non-cash stock issuance |
200,000
|
400,000
|
Cash paid for income taxes |
$ 3,690
|
|
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v3.23.3
Basis of Presentation and Description of Business
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Description of Business |
1.
Basis of Presentation and Description of Business
The
accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the
United States of America (“GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”)
for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial
statements. The accompanying consolidated financial statements include all adjustments, which consist of normal recurring adjustments
and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of
operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that
may be expected for any other interim period or for the full year. These consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and notes thereto included in our 2022 Form 10-K.
Professional
Diversity Network, Inc. (“the Company”, “PDN, Inc.”, “we,” “our,” or “us,”)
is both the operator of the Professional Diversity Network (the “PDN Network,” or the “Professional Diversity Network”)
and a holding company for NAPW, Inc., a wholly-owned subsidiary of the Company and the operator of the National Association of Professional
Women (the “NAPW Network” or “NAPW”). The PDN Network operates online professional networking communities with
career resources specifically tailored to the needs of different diverse cultural groups including: Women, Hispanic-Americans, African-Americans,
Asian-Americans, persons with disabilities, Military Professionals, Lesbians, Gay, Bisexual, Transgender and Queer (LGBTQ+), and Students
and Graduates seeking to transition from education to career. The networks’ purposes, among others, are to assist their registered
users in their efforts to connect with like-minded individuals, identify career opportunities within the network and connect with prospective
employers. The Company’s technology platform is integral to the operation of its business. In January 2023, the Company purchased
the assets and operations of Expo Experts LLC. Expo Experts, LLC specializes in producing premier face-to-face and virtual recruiting
events for Engineering, Technology and Security Clearance positions, designed to attract diverse candidates who may also have STEM-based
background (see Note. 4 – Business Combinations).
The
NAPW Network is a networking organization for professional women, whereby its members can develop their professional networks, further
their education and skills, and promote their business and career accomplishments. NAPW provides its members with opportunities to network
and develop valuable business relationships with other professionals through its website, as well as at virtual and in-person events
hosted at its local chapters across the country.
RemoteMore
USA is an innovative, global entity that provides remote-hiring marketplace services for developers and companies. RemoteMore connects
companies with reliable, cost-efficient, vetted developers, and empowers software developers to find meaningful jobs regardless of their
location. As of September 30, 2023, PDN, Inc. owned 72.62% of RemoteMore USA, Inc. (“RemoteMore USA” or “RemoteMore”).
The Company consolidates RemoteMore USA’s operations into its consolidated financial statements.
In
March 2020, our Board of Directors decided to suspend all China operations. The results of China operations are presented in the consolidated
statements of operations and comprehensive loss as net loss from discontinued operations.
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v3.23.3
Going Concern and Management’s Plans
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern and Management’s Plans |
2.
Going Concern and Management’s Plans
At
September 30, 2023, the Company’s principal sources of liquidity were its cash and cash equivalents.
The
Company had an accumulated deficit of $102,180,178 at September 30, 2023. During the nine months ended September 30, 2023, the Company
generated a loss from continuing operations, net of tax, of $3,861,035. During the nine months ended September 30, 2023, the Company
used cash in continuing operations of $2,415,223. At September 30, 2023, the Company had a cash balance of $615,133. Total revenues were
approximately $5,805,000 and $6,363,000 for the nine months ended September 30, 2023 and 2022. The Company had a working capital deficit
from continuing operations of approximately $1,264,000 and $187,000 at September 30, 2023 and December 31, 2022. These conditions raise
substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent
on the Company’s ability to further implement its business plan, raise capital, and generate revenues. The consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Management
believes that its available cash on hand and cash flow from operations may be sufficient to meet our working capital requirements
through the fiscal period ending December 31, 2023, however in order to accomplish our business plan objectives, the Company will
need to continue its cost reduction efforts, increase revenues, raise capital through the issuance of common stock, issue capital in
relation to its line of equity, or through a strategic merger or acquisition. There can be no assurances that our business plans and
actions will be successful, that we will generate anticipated revenues, or that unforeseen circumstances will not require additional
funding sources in the future or require an acceleration of plans to conserve liquidity. Future efforts to improve liquidity through
the issuance of our common stock may not be successful, or if available, they may not be available on acceptable terms.
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v3.23.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
3.
Summary of Significant Accounting Policies
Basis
of Presentation - The accompanying consolidated financial statements have been prepared in accordance with GAAP.
Use
of Estimates – The preparation of consolidated financial statements in conformity with GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of
the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future intervening events. Accordingly, the actual results
could differ significantly from estimates.
Significant
estimates underlying the financial statements include: the fair value of acquired assets and liabilities associated with acquisitions,
the assessment of goodwill for impairment, intangible assets and long-lived assets for impairment, allowances for doubtful accounts and
assumptions related to the valuation allowances on deferred taxes, impact of applying the revised federal tax rates on deferred taxes,
the valuation of stock-based compensation and the valuation of stock warrants.
Principles
of Consolidation - The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries,
and non-wholly-owned subsidiaries that require consolidation per GAAP. All significant intercompany balances and transactions have been
eliminated in consolidation.
Cash
Equivalents - The Company considers cash equivalents to include all short-term, highly liquid investments that are readily convertible
to known amounts of cash and have original maturities of three months or less.
Accounts
Receivable - Accounts receivable represent receivables generated from fees earned from customers and advertising revenue. The
Company’s policy is to reserve for uncollectible accounts based on its best estimate of the amount of probable credit losses in
its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance for credit losses is necessary based on an analysis of past due accounts and other factors that may indicate that the realization of an account
may be in doubt.
Our
estimate of the required allowance for credit losses is based on:
|
● |
Available
and relevant internal and/or external information about historical loss experience with similar assets, |
|
|
|
|
● |
Current
conditions, and |
|
|
|
|
● |
Reasonable
and supportable forecasts that affect the expected collectibility of the reported amount of financial assets |
Account
balances deemed to be uncollectible are charged to the allowance after all means of collection have been exhausted and the potential
for recovery is considered remote. Write offs are recognized as a deduction from the allowance for credit losses. Amounts previously
written off that are expected to be recovered are included in the determination of the allowance for credit losses to the extent that
these expected recoveries do not exceed the aggregate of amounts previously written off. As of September 30, 2023 and December 31, 2022,
the allowance for credit losses was approximately $98,000 and $103,000, respectively.
Other
Receivables – Other receivables represents amounts that are owed to the Company that are not considered trade receivables.
The Company periodically reviews its other receivables for credit risk to determine whether an allowance is necessary and other factors
that may indicate that the realization of an account may be in doubt. Account balances deemed to be uncollectible are charged to the
allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of September 30,
2023 and December 31, 2022, the balance in other receivables as reported on the consolidated balance sheets was deemed collectible.
Property
and Equipment - Property and equipment is stated at cost, including any cost to place the property into service, less
accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets which
currently range from three to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or
the term of the lease. Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and
betterments are capitalized. The cost of any assets sold or retired and related accumulated depreciation are removed from the
accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. Depreciation
expense during the nine months ended September 30, 2023 and 2022 was approximately $9,000
and $7,000 and for the three months ended
September 30, 2023 and 2022 was approximately $4,000
and $2,000 and is recorded in depreciation and
amortization expense in the accompanying consolidated statements of operations.
Lease
Obligations - The Company leases office space and equipment under various operating lease agreements, including an office for
its corporate headquarters, as well as office spaces for its events business, sales and administrative offices under non-cancelable lease
arrangements that provide for payments on a graduated basis with various expiration dates.
The
Company leases its corporate headquarters. The office lease is for 4,902 square feet of office space and the lease term is for 84 months,
commencing on October 1, 2020. Interest is the lessor of (i) 4 percent per annum above the then-current Base Rate, and (ii) the maximum
rate permitted by applicable requirements as defined in the lease agreement.
Capitalized
Technology Costs - In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 350-40, Internal-Use Software, the Company capitalizes certain external and internal computer software costs incurred
during the application development stage. The application development stage generally includes software design and configuration, coding,
testing and installation activities. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized
if it is probable that such expenditures will result in additional functionality. Capitalized software costs are amortized over the estimated
useful lives of the software assets on a straight-line basis, generally not exceeding three years.
Business
Combinations - ASC 805, Business Combinations (“ASC 805”), applies the acquisition method of accounting for business
combinations to all acquisitions where the acquirer gains a controlling interest, regardless of whether consideration was exchanged.
ASC 805 establishes principles and requirements for how the acquirer: a) recognizes and measures in its financial statements the identifiable
assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree; b) recognizes and measures the goodwill acquired
in the business combination or a gain from a bargain purchase; and c) determines what information to disclose to enable users of the
financial statements to evaluate the nature and financial effects of the business combination. Accounting for acquisitions requires the
Company to recognize, separately from goodwill, the assets acquired and the liabilities assumed at their acquisition-date fair values.
Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition-date fair values
of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets
acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result,
during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets
acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination
of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the interim
consolidated statements of operations. (See Note 4 – Business Combinations.)
Goodwill
and Intangible Assets - The Company accounts for goodwill and intangible assets in accordance with ASC 350, Intangibles –
Goodwill and Other (“ASC 350”). ASC 350 requires that goodwill and other intangibles with indefinite lives should be tested
for impairment annually or on an interim basis if events or circumstances indicate that the fair value of an asset has decreased below
its carrying value.
Goodwill
is tested for impairment at the reporting unit level on an annual basis (December 31 for the Company) and between annual tests if an
event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.
The Company considers its market capitalization and the carrying value of its assets and liabilities, including goodwill, when performing
its goodwill impairment test.
When
conducting its annual goodwill impairment assessment, the Company initially performs a qualitative evaluation of whether it is more likely
than not that goodwill is impaired. If it is determined by a qualitative evaluation that it is more likely than not that goodwill is
impaired, the Company then compares the fair value of the Company’s reporting unit to its carrying or book value. If the fair value
of the reporting unit exceeds its carrying value, goodwill is not impaired and the Company is not required to perform further testing.
If the carrying value of a reporting unit exceeds its fair value, the Company will measure any goodwill impairment losses as the amount
by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that
reporting unit.
Treasury
Stock – Treasury stock is recorded at cost as a reduction of stockholders’ equity in the accompanying balance sheets.
Revenue
Recognition – Revenue is recognized when all of the following conditions exist: (1) persuasive evidence of an arrangement
exists, (2) services are performed, (3) the sales price is fixed or determinable, and (4) collectability is reasonably assured. (See
Note 5 – Revenue Recognition.)
Deferred
revenue includes customer payments which are received prior to performing services and revenues are recognized upon the completion of
these services. Annual membership fees collected at the time of enrollment are recognized as revenue ratably over the membership period,
which are typically for a 12-month membership period.
Discontinued
Operations
China
Operations
The
Company previously disclosed in its Form 10-K for the year ending December 31, 2019 (the “2019 10-K”) and subsequently that
the assets of PDN China were frozen by Chinese local authorities in November 2019 in connection with the criminal investigation of alleged
illegal public fund raising by Gatewang Group (the “Gatewang Case”), a separate company organized under the laws of the People’s
Republic of China (“Gatewang”), with which Mr. Maoji (Michael) Wang, the former Chairman and CEO of the Company was affiliated.
A subsequent investigation led by a special committee of the Board concluded that it did not find any evidence that the Company or PDN
China had engaged in the criminal activity of illegal fund-raising as alleged against Gatewang. The Company subsequently discontinued
all of its operations in China.
The
Company also previously disclosed in the 2019 Form 10-K that the seizure of PDN China’s assets had been lifted in March 2020.
However, on April 22, 2021, the Company learned that RMB 18,841,064.15 (approximately $2.9 million) had been seized from the PDN China
Account by Longxu District Court of Wuzhou City in Guangxi Province to satisfy a judgment in favor of the plaintiffs in the Gatewang
Case. On April 26, 2021, the Company concluded that the seizure of such cash assets was a material reduction of Company assets and was
reflected in its consolidated balance sheets subsequent to the occurrence.
The
Company has asserted its claim to these funds as the genuine owner to the Chinese officials and asked for their return. The Company plans
to pursue all possible legal alternatives to have these funds returned to the Company but such return is uncertain at this time.
All
historical operating results for the Company’s China operations are included in a loss from discontinued operations, net of
tax, in the accompanying consolidated statements of operations. For the three and nine months September 30, 2023, loss from
discontinued operations was approximately $11,000
and $28,000
as compared to a loss from discontinued operations of approximately $13,000
and $42,000
for the three and nine months ended September 30, 2022.
Assets
and liabilities of China operations are included in current assets and long-term assets from discontinued operations, and current
liabilities and long-term liabilities from discontinued operations. Current assets from discontinued operations were $4,600,
as of September 30, 2023 and December 31, 2022, and long-term assets from discontinued operations were approximately
$197,000
at September 30, 2023 and December 31, 2022. As of September 30, 2023, current liabilities from discontinued operations were
approximately $509,000,
compared to $503,000
as of December 31, 2022.
Operating
Results of Discontinued Operations
The
following table represents the components of operating results from discontinued operations, which are included in the consolidated
statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, net of intercompany
eliminations:
Schedule of Operating Results of Discontinued Operations
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands) | | |
(in thousands) | |
Revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| (11 | ) | |
| (13 | ) | |
| (28 | ) | |
| (42 | ) |
Loss from discontinued operations before income tax | |
| (11 | ) | |
| (13 | ) | |
| (28 | ) | |
| (42 | ) |
Income tax expense (benefit) | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (11 | ) | |
$ | (13 | ) | |
$ | (28 | ) | |
$ | (42 | ) |
Advertising
and Marketing Expenses – Advertising and marketing expenses are expensed as incurred or the first time
the advertising takes place. The production costs of advertising are expensed the first time the advertising takes place. For the
three and nine months ended September 30, 2023, the Company incurred advertising and marketing expenses of approximately $242,000
and $866,000.
For the three and nine months ended September 30, 2022, the Company incurred advertising and marketing expenses of approximately
$347,000
and $862,000.
These amounts are included in sales and marketing expenses in the accompanying statements of operations. At September 30, 2023 and
December 31, 2022, there were no
prepaid advertising expenses recorded in the accompanying consolidated balance sheets.
Concentrations
of Credit Risk - Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally
of cash and cash equivalents and accounts receivable. The Company places its cash with high credit quality institutions. At times, such
amounts may be in excess of the FDIC insurance limits. The Company has not experienced any losses in such accounts and believes that
it is not exposed to any significant credit risk on the account.
Income
Taxes - The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), which requires
that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement basis and tax
basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. The
Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by
tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely
than not that the benefit of such deferred tax asset will not be realized in future periods. If it becomes more likely than not that
a tax asset will be used, the related valuation allowance on such assets would be reduced.
ASC
740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance
with ASC 740-20 and prescribes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. There were $122,229 of deferred tax liabilities, as of
September 30, 2023, recorded in the accompanying consolidated balance sheets . The Company is currently not aware of any issues under review that could result in significant payments,
accruals or material deviation from its position.
The
Company may be subject to potential income tax examinations by federal or state authorities. These potential examinations may include
questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and
state tax laws. Management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve
months. Tax years that remain open for assessment for federal and state tax purposes include the years ended December 31, 2019 through
2022.
The
Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income
tax expense. There were no amounts accrued for penalties or interest as of September 30, 2023.
Fair
Value of Financial Assets and Liabilities - Financial instruments, including cash and cash equivalents, short-term investments
and accounts payable, are carried at cost. Management believes that the recorded amounts approximate fair value due to the short-term
nature of these instruments.
Net
Loss per Share - The Company computes basic net loss per share by dividing net loss available to common stockholders by the weighted
average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Diluted earnings
per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities
into common stock using the “treasury stock” and/or “if converted” methods as applicable. The computation of
basic net loss per share for the three and nine months ended September 30, 2023 and 2022 excludes the potentially dilutive securities
summarized in the table below because their inclusion would be anti-dilutive.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
| |
2023 | | |
2022 | |
| |
As of September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Stock options | |
| 28,063 | | |
| 23,063 | |
Unvested restricted stock | |
| 110,488 | | |
| 69,114 | |
Total dilutive securities | |
| 138,551 | | |
| 92,177 | |
Reclassifications
- Certain prior year amounts in the Consolidated Statements of Cash Flows have been reclassified to conform to the current year
presentation.
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments. The main objective of this update is to provide financial statement users with more decision-useful information about the
expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date.
To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology
that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform
credit loss estimates. For public business entities that are SEC filers that are Smaller Reporting Companies, the amendments in this
update are effective for fiscal years beginning after January 2023, including interim periods within those fiscal years. The Company
adopted ASU 2022-02 on a prospective basis effective January 1, 2023, and concluded there is no material impact to the consolidated financial
statements or disclosures through the third quarter of 2023.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.3
Business Combinations
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Business Combinations |
4.
Business Combinations
RemoteMore
On
September 20, 2021, the Company acquired a 45.62% interest in RemoteMore, a software developer recruiting company, for an estimated total
purchase price of $1,363,333, paying $863,333 in cash and $500,000 to be paid within one year of the acquisition date, or until certain
factors of the agreement were met.
In
February 2022, in connection with the September 2021 acquisition of the 45.62% interest in RemoteMore, and as a component of the aforementioned
$500,000 still to be paid, the Company issued 139,860 shares of its common stock, with a value of $400,000, to the co-founders of RemoteMore.
In January 2023, the Company exercised its option to purchase an additional 20% interest in RemoteMore at a purchase price of $116,667.
In
May 2023, the Company acquired an additional 7% interest in RemoteMore for approximately $235,000. The acquisition interest and price
were based on the original valuation of RemoteMore in September 2021. This acquisition increased the Company’s interest in RemoteMore
to 72.62%.
Expo
Experts
In
January 2023, the Company purchased the assets and operations of
Expo Experts, LLC (“Expo Experts”), an Ohio limited liability company, for a total consideration of $600,000 funded by the payment of $400,000 in cash and the issuance of restricted shares of PDN common stock
valued at $200,000 based on the volume weighted-average price as of twenty (20) days prior to the closing date. Expo Experts specializes
in producing premier face-to-face and virtual recruiting events for Engineering, Technology and Security Clearance positions, designed
to attract diverse candidates who may also have STEM-based background.
The
purchase price allocation as of the date of the acquisition was based on a detailed analysis of the fair value of assets acquired. No
liabilities were assumed other than the deferred revenue amount listed below. The major classes of assets and liabilities to which we
have allocated the purchase price were as follows:
Schedule of Company Measurement
| |
| | |
Goodwill | |
$ | 126,301 | |
Intangible assets | |
| 541,400 | |
Deferred revenue | |
| (67,701 | ) |
Business combination
total | |
$ | 600,000 | |
The
goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from future growth and is expected
to be deductible for tax purposes.
Intangible
assets purchased in connection with the acquisition primarily represent specific events acquired which are expected to create revenue
throughout fiscal 2023 and are reflected in the Company’s consolidated balance sheets at gross amounts, net of accumulated amortization
(see Note 7 – Intangible Assets).
Expo
Experts’ accounts and operations have been reflected in the PDN Network for segment reporting purposes (see 14. Segment Information).
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v3.23.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2023 |
Revenues: |
|
Revenue Recognition |
5.
Revenue Recognition
The
Company recognizes revenue under the core principle of ASC 606 – Revenue from Contracts with Customers (“ASC 606”),
to depict the transfer of control to its customers in an amount reflecting the consideration to which it expects to be entitled. In order
to achieve that core principle, the Company has applied the following five-step approach: (1) identify the contract with a customer,
(2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to
the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied.
The
Company’s contracts with customers may provide for multiple promised goods and services. The Company typically analyzes the contract
and identifies the performance obligations by evaluating whether the promised goods and services are capable of being distinct within
the context of the contract at contract inception. Promised goods and services that are not distinct at contract inception are combined.
The next step after identifying the performance obligations is determining the transaction price, which includes the impact of variable
consideration, based on contractually fixed amounts and an estimation of variable consideration. The Company allocates the transaction
price to each performance obligation based on relative stand-alone selling price. Judgment is exercised to determine the stand-alone
selling price of each distinct performance obligation. The Company estimates the stand-alone selling price by reference to the total
transaction price less the sum of the observable stand-alone selling prices of other goods or services promised in the contract. In general,
transaction price is determined by estimating the fixed amount of consideration to which we are entitled for transfer of goods and services
and all relevant sources and components of variable consideration. Revenues are generally recognized when control of the promised goods
or services is transferred to their customers either at a point in time or over time, in an amount that reflects the consideration it
expects to be entitled to in exchange for those goods or services.
Many
of the Company’s contracts have one performance obligation and all consideration is allocated to that performance obligation and
recognized at a point in time contemporaneous when the service is performed or with the date of the event.
Payment
is typically due in full, at net 30, from the moment control of the goods or services have begun to transfer, unless both parties have
negotiated an installment-based payment arrangement through the term of the contract. The Company may have contracts where there is an
extended timing difference between payment and the time when control of the goods or services is transferred to the customer.
Nature
of Goods and Services
The
following is a description of principal activities from which the Company generates its revenue:
Recruitment
Services
The
Company’s recruitment services revenue is derived from the Company’s agreements through single and multiple job postings,
recruitment media, talent recruitment communities, basic and premier corporate memberships, hiring campaign marketing and advertising,
e-newsletter marketing and research and outreach services. Recruitment revenue includes revenue recognized from direct sales to customers
for recruitment services and events, as well as revenue from the Company’s direct e-commerce sales. Direct sales to customers are
most typically a twelve-month contract for services and as such the revenue for each contract is recognized ratably over its twelve-month
term. Event revenue is recognized in the period that the event takes place and e-commerce sales are for sixty to ninety-day job postings
and the revenue from those sales are recognized when the service is provided. The Company’s recruitment services mainly consist
of the following products:
● |
On-line
job postings to our diversity sites and to our broader network of websites including the NAACP, National Urban League, Kappa Alpha
Psi, Phi Beta Sigma and many other partner organizations; |
● |
OFCCP
job promotion and recordation services; |
● |
Diversity
job fairs, both in person and virtual fairs; |
● |
Diversity
recruitment job advertising services; and |
● |
Diversity
executive staffing services. |
Membership
Fees and Related Services
Membership
fees are typically month to month; however, members may prepay for a 12-month period. Memberships are collected up-front and member benefits
become available immediately. At the time of enrollment, membership fees are recorded as deferred revenue and are recognized as revenue
ratably over the membership period. Members who are enrolled in 12-month plan may cancel their membership in the program at any time
and receive a partial refund (amount remaining in deferred revenue) or due to consumer protection legislation, a full refund based on
the policies of the member’s credit card company.
Monthly
membership revenues are recognized in the same month fees are collected.
Revenue
from related membership services are derived from fees for development and set-up of a member’s personal on-line profile and/or
press release announcements. Fees related to these services are recognized as revenue at the time the on-line profile is complete and
press release is distributed.
Products
offered to members relate to custom made plaques. Product sales are recognized as deferred revenue at the time the initial order is placed.
Revenue is then recognized at the time these products are shipped. The Company’s shipping and handling costs are included in cost
of sales in the accompanying consolidated statements of operations.
Contracted
Software Development
Revenues
for RemoteMore are generated from providing customized software solutions to customers and are recognized in the period work is performed.
Consumer
Advertising and Marketing Solutions
The
Company provides career opportunity services to its various partner organizations through advertising and job postings on their websites.
The Company works with its partners to develop customized websites and job boards where the partners can generate advertising, job postings
and career services to their members, students and alumni. Consumer advertising and marketing solutions revenue is recognized as jobs
are posted to their hosted sites.
Revenue
Concentration
The
Company is in an alliance with another company to build, host, and manage the Company’s job boards and website. This alliance member
also sells two of the Company’s recruitment services products and bills customers, collects fees, and provides customer services.
For the nine months ended September 30, 2023 and 2022, the Company recorded approximately 8.6% and 11.5% of its recruitment services
revenue from this alliance sales relationship.
Disaggregation
of Revenue
Revenue
is disaggregated by product line and timing of transfer of products and services and is in line with our reportable segments as described
in Note 14 - Segment Information.
Contract
Balances
The
Company’s rights to consideration for work completed, but not billed at the reporting date, is classified as a receivable, as it
has an unconditional right to payment or only conditional for the passage of time. The Company has no recorded contract assets as of
September 30, 2023.
Consideration
received in advance from customers is recorded as a contract liability, if a contract exists under ASC 606, until services are
delivered or obligations are met and revenue is earned. Contract liability represents the excess of amounts invoiced over amounts
recognized as revenues. Contract liabilities to be recognized in the succeeding twelve-month period are classified as current
contract liabilities and the remaining amounts, if any, are classified as non-current contract liabilities. Contract liabilities of
approximately $1,867,000
and 1,926,000 are included in current deferred revenues, on the consolidated balance sheets as of September 30, 2023 and December 31, 2022.
For
the three months ended September 30, 2023 and 2022, we recognized revenue associated with contract liabilities that were included
in the contract liabilities balance at the beginning of the period as follows:
Schedule
of Recognized Revenue Associated With Contract Liabilities
| |
September 30,
2023 | | |
September 30,
2022 | |
| |
| | |
| |
Balance, beginning of period | |
$ | 2,109,677 | | |
$ | 1,976,612 | |
Recognized revenue associated with contract liabilities | |
| (1,359,744 | ) | |
| (1,314,807 | ) |
Amounts collected or invoiced | |
| 1,117,262 | | |
| 1,017,085 | |
Balance, end of period | |
$ | 1,867,195 | | |
$ | 1,678,890 | |
Deferred
revenue includes customer payments which are received prior to performing services and revenues are recognized upon the completion of
these services. Annual membership fees collected at the time of enrollment are recognized as revenue ratably over the membership period,
which are typically for a 12-month membership period.
Transaction
Price Allocated to the Remaining Performance Obligations
The
Company applies the optional exemptions and does not disclose: a) information about remaining performance obligations that have an original
expected duration of one year or less or b) transaction price allocated to unsatisfied performance obligations for which variable consideration
is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or
service that forms part of a single performance obligation in accordance with the series guidance.
The
typical duration of all event related and other contracts is one year or less and, as a result, the Company applies the optional exemptions
and does not disclose information about remaining performance obligations that have an original expected duration of one year or less.
Allowance
for Credit Losses
The
following table summarizes the activity related to the Company’s allowance for credit losses:
Schedule of Allowance for Credit Loss Activity
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Balance, beginning of period | |
$ | 102,515 | | |
$ | 247,190 | |
Provision for credit losses | |
| 1,895 | | |
| (144,675 | ) |
Write-offs | |
| (6,587 | ) | |
| - | |
Balance, end of period | |
$ | 97,823 | | |
$ | 102,515 | |
The
numbers presented above relate solely to our portfolio of trade accounts receivable as no allowance for credit losses was recognized
on other receivables as presented on our consolidated balance sheets. We determine the allowance for credit losses by using an accounts
receivable aging schedule and utilizing historical loss percentages adjusted for the effects of current conditions and reasonable and
supportable forecasts of the future.
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v3.23.3
Capitalized Technology
|
9 Months Ended |
Sep. 30, 2023 |
Research and Development [Abstract] |
|
Capitalized Technology |
6.
Capitalized Technology
Capitalized
Technology, net is as follows:
Schedule of Capitalized Technology
| |
September 30, 2023 | | |
December 31, 2022 | |
Capitalized cost: | |
| | | |
| | |
Balance, beginning of period | |
$ | 64,499 | | |
$ | 43,038 | |
Additional capitalized cost | |
| 103,494 | | |
| 45,196 | |
Provision for amortization | |
| (39,993 | ) | |
| (23,735 | ) |
Balance, end of period | |
$ | 128,000 | | |
$ | 64,499 | |
For
the three months ended September 30, 2023 and 2022, amortization expense related to capitalized technology was approximately $16,200
and $6,100,
and was approximately $40,000
and $15,600
for the nine months ended September 30, 2023 and 2022, and is recorded in depreciation and amortization expense in the accompanying
consolidated statements of operations.
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- DefinitionThe entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.
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v3.23.3
Intangible Assets
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
7.
Intangible Assets
Intangible
assets, net was as follows:
Schedule of Intangible Assets
September 30, 2023 | |
Useful Lives (Years) | | |
Gross
Carrying Amount | | |
Accumulated Amortization | | |
Net
Carrying Amount | |
Long-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Sales Process | |
| 10 | | |
$ | 2,130,956 | | |
$ | (2,054,748 | ) | |
$ | 76,208 | |
Paid Member Relationships | |
| 5 | | |
| 803,472 | | |
| (803,472 | ) | |
| - | |
Member Lists | |
| 5 | | |
| 8,186,181 | | |
| (8,111,181 | ) | |
| 75,000 | |
Developed Technology | |
| 3 | | |
| 648,000 | | |
| (648,000 | ) | |
| - | |
Trade Name/Trademarks | |
| 4 | | |
| 442,500 | | |
| (441,667 | ) | |
| 833 | |
Contracts and events acquired in acquisitions | |
| 3 -12 months | | |
| 1,377,083 | | |
| (1,232,383 | ) | |
| 144,700 | |
| |
| | | |
| 13,588,192 | | |
| (13,291,451 | ) | |
| 296,741 | |
Indefinite-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Trade name | |
| | | |
| | | |
| | | |
| 101,400 | |
Intangible assets, net | |
| | | |
| | | |
| | | |
$ | 398,141 | |
December 31, 2022 | |
Useful Lives (Years) | | |
Gross
Carrying Amount | | |
Accumulated Amortization | | |
Net
Carrying Amount | |
Long-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Sales Process | |
| 10 | | |
$ | 2,130,956 | | |
$ | (1,997,593 | ) | |
$ | 133,363 | |
Paid Member Relationships | |
| 5 | | |
| 803,472 | | |
| (803,472 | ) | |
| - | |
Member Lists | |
| 5 | | |
| 8,086,181 | | |
| (8,086,181 | ) | |
| - | |
Developed Technology | |
| 3 | | |
| 648,000 | | |
| (648,000 | ) | |
| - | |
Trade Name/Trademarks | |
| 4 | | |
| 442,500 | | |
| (441,042 | ) | |
| 1,458 | |
Contracts acquired in RemoteMore acquisition | |
| 3 - 12 months | | |
| 935,683 | | |
| (935,683 | ) | |
| - | |
| |
| | | |
| 13,046,792 | | |
| (12,911,971 | ) | |
| 134,821 | |
Indefinite-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Trade name | |
| | | |
| | | |
| | | |
| 90,400 | |
Intangible assets, net | |
| | | |
| | | |
| | | |
$ | 225,221 | |
As
of September 30, 2023, estimated amortization expense in future fiscal years is summarized as follows:
Schedule of Future Annual Estimated Amortization Expense
| |
| | |
Year ended December 31, | |
| |
Remaining of 2023 | |
$ | 172,293 | |
2024 | |
| 91,114 | |
2025 | |
| 33,334 | |
Net Carrying Amount | |
$ | 296,741 | |
For
the three months ended September 30, 2023 and 2022, amortization expense related to intangible assets was approximately $128,000
and $225,000
and for the nine months ended September 30, 2023 and 2022 amortization expense was approximately $379,000
and $724,000,
and is recorded in depreciation and amortization expense in the accompanying consolidated statements of operations.
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v3.23.3
Long-term Investments
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Long-term Investments |
8.
Long-term Investments
On
September 27, 2022, the Company entered into a Stock Purchase Agreement (the “SPA”) with Koala Malta Limited, a private limited
liability company registered under the laws of Malta (the “Seller”).
Upon
the execution of the SPA, the Company purchased 65,700 issued ordinary shares of Koala Crypto Limited (“KCL”) from Seller,
representing 9 percent of the total issued share capital of KCL, and in exchange, the Company issued 863,392 shares of its common stock
to Seller in a private placement (the “Consideration Shares”). The Consideration Shares were valued at $1,350,000 in the
aggregate based on the volume weighted average price of the common stock of the Company for the 20 trading days immediately prior to
the date of the SPA. The shares of KCL are recorded in the consolidated balance sheet as ‘other assets’.
Upon
execution of the SPA, the Company, the Seller and KCL also entered into a Shareholders’ Agreement. The Shareholders’ Agreement
imposes certain transfer restrictions on the Seller and the Company as shareholders of KCL, provides for certain governance and approval
rights among the parties, and gives the Company a put option with respect to its investment in KCL in the event of a change of control
of the Seller. At the same time, Alan Tak Wai Yau, an individual and the majority shareholder of Koala Capital Limited, which is the
parent company of the Seller (“Koala Capital”), provided the Company with a share charge over 15 percent of the issued share
capital of Koala Capital (the “Share Charge”) and Koala Capital provided the Company with a guaranty and indemnity (the “Guarantee”),
which Share Charge and Guarantee were granted as security for a number of the Seller’s obligations as set forth therein including
obtaining the lifting of the voluntary suspension of KCL’s virtual financial assets license by the Malta Financial Services Authority
(“MFSA”). Koala Capital has submitted and responded to all queries raised by the MFSA, and the authorization/supervision
unit that was currently reviewing its application has given its initial approval to move on to the next steps in the process and testing is in its final stages.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
9.
Commitments and Contingencies
Lease
Obligations - The Company leases office space and equipment under various operating lease agreements, including an office for
its headquarters, as well as office spaces for its events business, sales and administrative offices under non-cancelable lease arrangements
that provide for payments on a graduated basis with various expiration dates.
The
Company leases its corporate headquarters. The office lease is for 4,902
square feet of office space and the lease term is for 84
months, commencing on October 1, 2020. Interest is the lesser of (i) 4 percent per annum above the then-current Base Rate, and (ii)
the maximum rate permitted by applicable requirements as defined in the lease agreement. As of September 30, 2023, right of use
assets and related lease obligations remaining were $315,639
and $386,368, as
recorded on the Company’s consolidated balance sheets.
Other
- PDN China’s bank account with a balance of approximately $195,000, at September 30, 2023, was frozen by Guangzhou Police
due to the Gatewang Case. The Company has classified this entire cash balance as a long-term asset presented in discontinued operations
(see Note 3 - Summary of Significant Accounting Policies – Discontinued Operations).
Legal
Proceedings
The
Company and its wholly owned subsidiary, NAPW, Inc., are parties to a proceeding captioned Deborah Bayne, et al. vs. NAPW, Inc. and Professional
Diversity Network, Inc., No. 18-cv-3591 (E.D.N.Y.), filed on June 20, 2018, and alleging violations of the Fair Labor Standards Act and
certain provisions of the New York Labor Law. Plaintiffs are seeking monetary damages and equitable relief. The Company disputes that
it or its subsidiary violated the applicable laws or that either entity has any liability and intends to vigorously defend against these
claims. The matter is in the final stages of discovery, and we have completed depositions of relevant witnesses. During the first quarter
of 2020, the Company recorded a $450,000 litigation settlement reserve in the event of an unfavorable outcome in this proceeding. In
November 2020, both parties entered into mediation proceedings, but a settlement was not reached.
General
Legal Matters
From
time to time, the Company is involved in legal matters arising in the ordinary course of business. While the Company believes that such
matters are currently not material, there can be no assurance that matters arising in the ordinary course of business for which the Company
is, or could be, involved in litigation, will not have a material adverse effect on its business, financial condition or results of operations.
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v3.23.3
CFL Transaction
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
CFL Transaction |
10.
CFL Transaction
On
August 12, 2016, the Company entered into a stock purchase agreement (the “Purchase Agreement”), with CFL, a Republic of
Seychelles company wholly-owned by a group of Chinese investors. Pursuant to the Purchase Agreement, the Company agreed to issue and
sell to CFL, and CFL agreed to purchase a number of shares of the Company’s common stock such that CFL would hold approximately
51% of the outstanding shares of common stock, determined on a fully-diluted basis.
At
the closing of the CFL transaction, the Company entered into a Stockholders’ Agreement, dated November 7, 2016 (the “Stockholders’
Agreement”) with CFL and each of its shareholders: Maoji (Michael) Wang, Jingbo Song, Yong Xiong Zheng and Nan Kou (the “CFL
Shareholders”). The Stockholders’ Agreement sets forth the agreement of the Company, CFL and the CFL Shareholders relating
to board representation rights, transfer restrictions, standstill provisions, voting, registration rights and other matters following
the transaction.
As
of September 30, 2023, CFL beneficially holds shares of the Company’s outstanding common stock equal to approximately 23.2%. The
decrease in CFL’s percentage of the Company’s total outstanding common stock is a result of dilution from other equity offerings.
|
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v3.23.3
Stockholders’ Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
11.
Stockholders’ Equity
As
previously disclosed in a Report on Form 8-K filed on November 28, 2022, the Company’s stockholders approved an amendment to the
Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split (the “Reverse Stock Split”)
of the Company’s common stock, between the range of 1.5 to 1 and 5 to 1 (the “Split Ratio”), depending upon which ratio
is deemed necessary and desirable to achieve a minimum share price of at least $1.00 per share in the market trading price of the
Common Stock. On January 3, 2023, the board of directors of the Company (the “Board”) fixed the Split Ratio at 2 to 1. The
Reverse Stock Split was effected as of January 5, 2023. As a result of the Reverse Stock Split, all shares of common stock that were
held by the Company as treasury shares related to the Company’s share repurchase plan were retired in accordance with Section 243
of the Delaware General Corporation Law, immediately prior to the effectiveness of the Reverse Stock Split, and such shares resumed the
status of authorized and unissued shares of Common Stock.
Preferred
Stock – The Company has no preferred stock issued. The Company’s amended and restated certificate of incorporation
and amended and restated bylaws include provisions that allow the Company’s Board of Directors to issue, without further action
by the stockholders, up to 1,000,000 shares of undesignated preferred stock.
Common
Stock – The Company has one class of common stock outstanding with a total number of shares authorized of 45,000,000. As
of September 30, 2023, the Company had 11,070,484 shares of common stock outstanding.
In
January 2023, in connection with the acquisition of Expo Experts, the Company issued 99,339 shares of its common stock, with a value
of $200,000, to the co-founders of Expo Experts (see Note 4 – Business Combinations).
In
March 2023, the Company entered into a stock purchase agreement with Ms. Yiran Gu, a former investor of the Company and a citizen of
the People’s Republic of China, in connection with the purchase by Ms. Gu of 333,181 shares of common stock of the Company at a
price of approximately $2.10 per share for aggregate gross proceeds of $700,000.
In
June 2023, the Company entered into a stock purchase agreement with Tumim Stone Capital LLC (“Investor”). Under the
terms and subject to the conditions of the stock purchase agreement, the Company has the right, but not the obligation, to sell to
the Investor, and the Investor is obligated to purchase, up to $12,775,000
worth of newly issued shares (the “Purchase Shares”) of the Company’s common stock, subject to certain
limitations and the satisfaction (or, where permissible, the waiver) of the conditions set forth in the stock purchase agreement.
Pursuant to the stock purchase agreement, the Company issued and sold 469,925
Purchase Shares (the “Initial Purchase Shares”) to the Investor, at a price of $4.256
per share (representing the average official closing price of the Common Stock on The Nasdaq Capital Market for the five consecutive
trading days ending on the trading day immediately prior to the date of the stock purchase agreement), for aggregate gross proceeds
to the Company of $2,000,000,
in an initial purchase. Pursuant to the terms of the stock purchase agreement, as consideration for the Investor’s commitment
to purchase shares of common stock at the Company’s direction from time to time, upon the terms and subject to the conditions
and limitations set forth in the Purchase Agreement, upon execution of the stock purchase agreement on June 30, 2023, the Company
also issued to the Investor 176,222
shares of common stock (the “Commitment Shares”), valued at $4.256
per share (the same per share value as each Initial Purchase Share sold to the Investor in the Initial Purchase), or a total
aggregate value equal to $750,000
for the Commitment Shares.
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v3.23.3
Stock-Based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
12.
Stock-Based Compensation
Equity
Incentive Plans – The Company’s 2013 Equity Compensation Plan (the “2013 Plan”) was adopted for the purpose
of providing equity incentives to employees, officers, directors and consultants including options, restricted stock, restricted stock
units, stock appreciation rights, other equity awards, annual incentive awards and dividend equivalents. Through a series of amendments
to the 2013 Plan, the total number of authorized shares available for issuance of common stock under the Plan was 750,000 shares.
On
April 11, 2023, the Board of Directors adopted a new equity incentive plan, the Professional Diversity Network, Inc. 2023 Equity Compensation
Plan (the “2023 Equity Compensation Plan”). The 2023 Equity Compensation Plan was approved by the Company’s stockholders
on June 15, 2023. The 2023 Equity Compensation Plan supersedes and replaces the 2013 Plan, and no new awards will be granted under the
2013 Plan. Any awards outstanding under the 2013 Plan remain subject to and will be paid under the 2013 Plan. The 2023 Equity Compensation
Plan reserves 750,000 shares of common stock for issuance of awards to directors, officers, employees and qualifying consultants of the
Company and its affiliates.
Stock
Options
The
fair value of options is estimated on the date of grant using the Black-Scholes option pricing model. The valuation determined by the
Black-Scholes pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex
and subjective variables. These variables include, but are not limited to, expected stock price volatility over the term of the awards,
and actual and projected employee stock option exercise behaviors. The risk-free rate is based on the U.S. Treasury rate for the expected
life at the time of grant, volatility is based on the average long-term implied volatilities of peer companies, the expected life is
based on the estimated average of the life of options using the simplified method, and forfeitures are estimated on the date of grant
based on certain historical data. The Company utilizes the simplified method to determine the expected life of its options due to insufficient
exercise activity during recent years as a basis from which to estimate future exercise patterns. The expected dividend assumption is
based on the Company’s history and expectation of dividend payouts.
Forfeitures
are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from
those estimates.
The
following table summarizes the Company’s stock option activity for the nine months ended September 30, 2023 and 2022:
Schedule of Stock Option Activity
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life
(in Years) | | |
Aggregate Intrinsic
Value | |
Outstanding - January 1, 2023 | |
| 33,063 | | |
$ | 9.04 | | |
| 6.8 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| | |
Outstanding - September 30, 2023 | |
| 33,063 | | |
$ | 9.04 | | |
| 6.0 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at September 30, 2023 | |
| 28,063 | | |
$ | 9.91 | | |
| 5.7 | | |
$ | - | |
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life
(in Years) | | |
Aggregate Intrinsic
Value | |
Outstanding - January 1, 2022 | |
| 33,063 | | |
$ | 9.04 | | |
| 7.8 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding - September 30, 2022 | |
| 33,063 | | |
$ | 9.04 | | |
| 7.0 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at September 30, 2022 | |
| 23,063 | | |
$ | 11.14 | | |
| 6.3 | | |
$ | - | |
The
Company recorded non-cash stock-based compensation expense of approximately $8,000 and $8,000 as a component of general and
administrative expenses in the accompanying consolidated statements of operations for the nine months ended September 30, 2023 and
2022, respectively, pertaining to granting of stock option awards.
Total
unrecognized stock-based compensation expense related to unvested stock options at September 30, 2023 was approximately $7,700 and is expected
to be recognized through the second quarter of 2024.
Restricted
Stock Units
As
of September 30, 2023 and 2022, the following is a summary of restricted stock unit activity:
Schedule of Restricted Stock Unit Activity
| |
Number of
Shares | |
Outstanding - January 1, 2023 | |
| 69,114 | |
Granted | |
| 117,334 | |
Forfeited | |
| - | |
Vested | |
| (69,114 | ) |
Outstanding – September 30, 2023 | |
| 117,334 | |
| |
Number of
Shares | |
Outstanding - January 1, 2022 | |
| 79,763 | |
Granted | |
| 170,937 | |
Forfeited | |
| (13,823 | ) |
Vested | |
| (167,763 | ) |
Outstanding – September 30, 2022 | |
| 69,114 | |
During
the period ended June 30, 2023, the Company granted 30,490 total restricted stock units for a value of $125,000 to the members of the
Board of Directors per their compensation agreements. The shares will vest one year from the grant date of June 15, 2023.
During
the period ended September 30, 2023, the Company granted 86,844 total restricted stock to certain officers and managers with immediate
vesting as of July 18, 2023. The aggregate grant date fair value of the combined awards amounted to approximately $141,000.
In
July 2023, the Company granted 120,000 restricted stock units to Mr. He, Chief Executive Officer of the Company, as part of his employment
agreement entered into July 18, 2023. The shares will vest as follows: 1/3 immediately upon grant, 1/3 on the first anniversary
of the employment agreement, and the final 1/3 on the second anniversary of the employment agreement; provided, however, that Mr.
He must remain continuously employed by the Company and/or its affiliates through the applicable vesting date. The aggregate
grant date fair value of the combined awards amounted to approximately $361,000.
The
Company recorded non-cash stock-based compensation expense of $262,248 and $439,655 as a component of general and administrative expenses
in the accompanying consolidated statements of operations for the nine months ended September 30, 2023 and 2022, respectively, pertaining
to granting of restricted stock awards.
Total
unrecognized stock-based compensation expense related to 110,488 unvested restricted stock units at September 30, 2023 was approximately
$426,000 and is expected to be fully recognized by the third quarter of 2025.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
13.
Income Taxes
The
Company’s quarterly income tax provision is based upon an estimated annual income tax rate. The Company’s quarterly provision
for income taxes also includes the tax impact of discrete items, if any, including changes in judgment about valuation allowances and
effects of changes in tax laws or rates, in the interim period in which they occur.
During
the three months ended September 30, 2023 and 2022, the Company recorded income tax benefit of $7,228 and $25,479,
respectively. For the nine months ended September 30, 2023 and 2022, the Company recorded a benefit for income tax of $17,151 and
$35,720.
The decrease in income tax benefit during the current three-month period, as compared to the same periods in the prior year, was
primarily due to a decrease in discrete tax items and changes in the Company’s net operating losses.
In
assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all
of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the
generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the
scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.
Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred
income tax asset balances to warrant the application of a valuation allowance as of September 30, 2023. The valuation allowance at September
30, 2023 was approximately $10,877,000. The net change in the valuation allowance during the nine months ended September 30, 2023 was an increase
of approximately $898,000.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Segment Information
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment Information |
14.
Segment Information
The
Company operates in the following segments: (i) PDN Network, (ii) NAPW Network, and (iii) RemoteMore. The financial results of China
Operations have been reclassified from the Company’s reportable segments to discontinued operations for all periods presented.
The
following tables present key financial information related of the Company’s reportable segments related to financial position as
of September 30, 2023 and December 31, 2022 and results of operations for the three and nine months ended September 30, 2023 and 2022:
Schedule of Segment Information
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Three
Months Ended September 30, 2023 | |
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Network | | |
Network | | |
More | | |
Overhead | | |
Consolidated | |
Membership
fees and related services | |
$ | - | | |
$ | 135,145 | | |
$ | - | | |
$ | - | | |
$ | 135,145 | |
Recruitment
services | |
| 1,242,711 | | |
| - | | |
| - | | |
| - | | |
| 1,242,711 | |
Contracted
software development | |
| - | | |
| - | | |
| 604,996 | | |
| - | | |
| 604,996 | |
Consumer
advertising and marketing solutions | |
| 25,516 | | |
| - | | |
| - | | |
| - | | |
| 25,516 | |
Total
revenues | |
| 1,268,227 | | |
| 135,145 | | |
| 604,996 | | |
| - | | |
| 2,008,368 | |
Income
(loss) from continuing operations | |
| (446,060 | ) | |
| (26,910 | ) | |
| (51,722 | ) | |
| (804,276 | ) | |
| (1,328,968 | ) |
Depreciation
and amortization | |
| 127,702 | | |
| 20,673 | | |
| 347 | | |
| - | | |
| 148,722 | |
Income
tax benefit | |
| (2,441 | ) | |
| (359 | ) | |
| -
| | |
| (4,428 | ) | |
| (7,228 | ) |
Net loss from continuing operations | |
| (440,769 | ) | |
| (26,480 | ) | |
| (52,897 | ) | |
| (799,848 | ) | |
| (1,319,994 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
As
of September 30, 2023 | |
Goodwill | |
$ | 465,752 | | |
$ | - | | |
$ | 952,001 | | |
$ | - | | |
$ | 1,417,753 | |
Intangibles
assets, net | |
| 321,100 | | |
| 76,208 | | |
| 833 | | |
| - | | |
| 398,141 | |
Assets
from continuing operations, net of intercompany eliminations | |
| 6,734,947 | | |
| 134,368 | | |
| (492,819 | ) | |
| - | | |
| 6,376,496 | |
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Three
Months Ended September 30, 2022 | |
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Network | | |
Network | | |
More | | |
Overhead | | |
Consolidated | |
Membership
fees and related services | |
$ | - | | |
$ | 152,462 | | |
$ | - | | |
$ | - | | |
$ | 152,462 | |
Recruitment
services | |
| 1,165,213 | | |
| - | | |
| - | | |
| - | | |
| 1,165,213 | |
Contracted
software development | |
| - | | |
| - | | |
| 757,492 | | |
| - | | |
| 757,492 | |
Consumer
advertising and marketing solutions | |
| 39,328 | | |
| - | | |
| - | | |
| - | | |
| 39,328 | |
Total
revenues | |
| 1,204,541 | | |
| 152,462 | | |
| 757,492 | | |
| - | | |
| 2,114,495 | |
Income
(loss) from continuing operations | |
| (77,907 | ) | |
| (261,132 | ) | |
| (266,161 | ) | |
| (505,436 | ) | |
| (1,110,636 | ) |
Depreciation
and amortization | |
| 7,475 | | |
| 19,597 | | |
| 205,676 | | |
| - | | |
| 232,748 | |
Income
tax expense (benefit) | |
| (1,895 | ) | |
| (10,410 | ) | |
| - | | |
| (13,174 | ) | |
| (25,479 | ) |
Net
income (loss) from continuing operations | |
| (74,971 | ) | |
| (250,689 | ) | |
| (277,318 | ) | |
| (492,262 | ) | |
| (1,095,240 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
As of December 31, 2022 | |
Goodwill | |
$ | 339,451 | | |
$ | - | | |
$ | 935,334 | | |
$ | - | | |
$ | 1,274,785 | |
Intangibles assets, net | |
| 90,400 | | |
| 133,363 | | |
| 1,458 | | |
| - | | |
| 225,221 | |
Assets from continuing operations, net of intercompany eliminations | |
| 6,718,226 | | |
| 203,534 | | |
| (287,455 | ) | |
| - | | |
| 6,634,305 | |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Nine Months Ended September 30, 2023 | |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Network | | |
Network | | |
RemoteMore | | |
Overhead | | |
Consolidated | |
Membership fees and related services | |
$ | - | | |
$ | 400,303 | | |
$ | - | | |
$ | - | | |
$ | 400,303 | |
Recruitment services | |
| 3,422,129 | | |
| - | | |
| - | | |
| - | | |
| 3,422,129 | |
Contracted software development | |
| - | | |
| - | | |
| 1,906,706 | | |
| - | | |
| 1,906,706 | |
Consumer advertising and marketing solutions | |
| 75,664 | | |
| - | | |
| - | | |
| - | | |
| 75,664 | |
Total revenues | |
| 3,497,793 | | |
| 400,303 | | |
| 1,906,706 | | |
| - | | |
| 5,804,802 | |
Income (loss) from continuing operations | |
| (1,255,094 | ) | |
| (407,155 | ) | |
| (237,343 | ) | |
| (1,987,421 | ) | |
| (3,887,013 | ) |
Depreciation and amortization | |
| 367,669 | | |
| 59,946 | | |
| 1,040 | | |
| - | | |
| 428,655 | |
Income tax expense (benefit) | |
| (4,037 | ) | |
| (3,024 | ) | |
| 850 | | |
| (10,940 | ) | |
| (17,151 | ) |
Net income (loss) from continuing operations | |
| (1,244,924 | ) | |
| (404,007 | ) | |
| (235,623 | ) | |
| (1,976,481 | ) | |
| (3,861,035 | ) |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Nine Months Ended September 30, 2022 | |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Network | | |
Network | | |
RemoteMore | | |
Overhead | | |
Consolidated | |
Membership fees and related services | |
$ | - | | |
$ | 509,906 | | |
$ | - | | |
$ | - | | |
$ | 509,906 | |
Recruitment services | |
| 3,839,608 | | |
| - | | |
| - | | |
| - | | |
| 3,839,608 | |
Contracted software development | |
| - | | |
| - | | |
| 1,882,452 | | |
| - | | |
| 1,882,452 | |
Consumer advertising and marketing solutions | |
| 130,916 | | |
| - | | |
| - | | |
| - | | |
| 130,916 | |
Total revenues | |
| 3,970,524 | | |
| 509,906 | | |
| 1,882,452 | | |
| - | | |
| 6,362,882 | |
Income (loss) from continuing operations | |
| 372,156 | | |
| 257,213 | | |
| (919,883 | ) | |
| (1,763,388 | ) | |
| (2,053,902 | ) |
Depreciation and amortization | |
| 20,589 | | |
| 58,556 | | |
| 666,912 | | |
| - | | |
| 746,057 | |
Income tax expense (benefit) | |
| 15,983 | | |
| (4,769 | ) | |
| - | | |
| (46,934 | ) | |
| (35,720 | ) |
Net income (loss) from continuing operations | |
| 361,489 | | |
| 262,192 | | |
| (944,928 | ) | |
| (1,716,454 | ) | |
| (2,037,701 | ) |
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
15.
Subsequent Events
The
Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been
no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation - The accompanying consolidated financial statements have been prepared in accordance with GAAP.
|
Use of Estimates |
Use
of Estimates – The preparation of consolidated financial statements in conformity with GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of
the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future intervening events. Accordingly, the actual results
could differ significantly from estimates.
Significant
estimates underlying the financial statements include: the fair value of acquired assets and liabilities associated with acquisitions,
the assessment of goodwill for impairment, intangible assets and long-lived assets for impairment, allowances for doubtful accounts and
assumptions related to the valuation allowances on deferred taxes, impact of applying the revised federal tax rates on deferred taxes,
the valuation of stock-based compensation and the valuation of stock warrants.
|
Principles of Consolidation |
Principles
of Consolidation - The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries,
and non-wholly-owned subsidiaries that require consolidation per GAAP. All significant intercompany balances and transactions have been
eliminated in consolidation.
|
Cash Equivalents |
Cash
Equivalents - The Company considers cash equivalents to include all short-term, highly liquid investments that are readily convertible
to known amounts of cash and have original maturities of three months or less.
|
Accounts Receivable |
Accounts
Receivable - Accounts receivable represent receivables generated from fees earned from customers and advertising revenue. The
Company’s policy is to reserve for uncollectible accounts based on its best estimate of the amount of probable credit losses in
its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance for credit losses is necessary based on an analysis of past due accounts and other factors that may indicate that the realization of an account
may be in doubt.
Our
estimate of the required allowance for credit losses is based on:
|
● |
Available
and relevant internal and/or external information about historical loss experience with similar assets, |
|
|
|
|
● |
Current
conditions, and |
|
|
|
|
● |
Reasonable
and supportable forecasts that affect the expected collectibility of the reported amount of financial assets |
Account
balances deemed to be uncollectible are charged to the allowance after all means of collection have been exhausted and the potential
for recovery is considered remote. Write offs are recognized as a deduction from the allowance for credit losses. Amounts previously
written off that are expected to be recovered are included in the determination of the allowance for credit losses to the extent that
these expected recoveries do not exceed the aggregate of amounts previously written off. As of September 30, 2023 and December 31, 2022,
the allowance for credit losses was approximately $98,000 and $103,000, respectively.
|
Other Receivables |
Other
Receivables – Other receivables represents amounts that are owed to the Company that are not considered trade receivables.
The Company periodically reviews its other receivables for credit risk to determine whether an allowance is necessary and other factors
that may indicate that the realization of an account may be in doubt. Account balances deemed to be uncollectible are charged to the
allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of September 30,
2023 and December 31, 2022, the balance in other receivables as reported on the consolidated balance sheets was deemed collectible.
|
Property and Equipment |
Property
and Equipment - Property and equipment is stated at cost, including any cost to place the property into service, less
accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets which
currently range from three to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or
the term of the lease. Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and
betterments are capitalized. The cost of any assets sold or retired and related accumulated depreciation are removed from the
accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. Depreciation
expense during the nine months ended September 30, 2023 and 2022 was approximately $9,000
and $7,000 and for the three months ended
September 30, 2023 and 2022 was approximately $4,000
and $2,000 and is recorded in depreciation and
amortization expense in the accompanying consolidated statements of operations.
|
Lease Obligations |
Lease
Obligations - The Company leases office space and equipment under various operating lease agreements, including an office for
its corporate headquarters, as well as office spaces for its events business, sales and administrative offices under non-cancelable lease
arrangements that provide for payments on a graduated basis with various expiration dates.
The
Company leases its corporate headquarters. The office lease is for 4,902 square feet of office space and the lease term is for 84 months,
commencing on October 1, 2020. Interest is the lessor of (i) 4 percent per annum above the then-current Base Rate, and (ii) the maximum
rate permitted by applicable requirements as defined in the lease agreement.
|
Capitalized Technology Costs |
Capitalized
Technology Costs - In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) 350-40, Internal-Use Software, the Company capitalizes certain external and internal computer software costs incurred
during the application development stage. The application development stage generally includes software design and configuration, coding,
testing and installation activities. Training and maintenance costs are expensed as incurred, while upgrades and enhancements are capitalized
if it is probable that such expenditures will result in additional functionality. Capitalized software costs are amortized over the estimated
useful lives of the software assets on a straight-line basis, generally not exceeding three years.
|
Business Combinations |
Business
Combinations - ASC 805, Business Combinations (“ASC 805”), applies the acquisition method of accounting for business
combinations to all acquisitions where the acquirer gains a controlling interest, regardless of whether consideration was exchanged.
ASC 805 establishes principles and requirements for how the acquirer: a) recognizes and measures in its financial statements the identifiable
assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree; b) recognizes and measures the goodwill acquired
in the business combination or a gain from a bargain purchase; and c) determines what information to disclose to enable users of the
financial statements to evaluate the nature and financial effects of the business combination. Accounting for acquisitions requires the
Company to recognize, separately from goodwill, the assets acquired and the liabilities assumed at their acquisition-date fair values.
Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition-date fair values
of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets
acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result,
during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets
acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination
of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the interim
consolidated statements of operations. (See Note 4 – Business Combinations.)
|
Goodwill and Intangible Assets |
Goodwill
and Intangible Assets - The Company accounts for goodwill and intangible assets in accordance with ASC 350, Intangibles –
Goodwill and Other (“ASC 350”). ASC 350 requires that goodwill and other intangibles with indefinite lives should be tested
for impairment annually or on an interim basis if events or circumstances indicate that the fair value of an asset has decreased below
its carrying value.
Goodwill
is tested for impairment at the reporting unit level on an annual basis (December 31 for the Company) and between annual tests if an
event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.
The Company considers its market capitalization and the carrying value of its assets and liabilities, including goodwill, when performing
its goodwill impairment test.
When
conducting its annual goodwill impairment assessment, the Company initially performs a qualitative evaluation of whether it is more likely
than not that goodwill is impaired. If it is determined by a qualitative evaluation that it is more likely than not that goodwill is
impaired, the Company then compares the fair value of the Company’s reporting unit to its carrying or book value. If the fair value
of the reporting unit exceeds its carrying value, goodwill is not impaired and the Company is not required to perform further testing.
If the carrying value of a reporting unit exceeds its fair value, the Company will measure any goodwill impairment losses as the amount
by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that
reporting unit.
|
Treasury Stock |
Treasury
Stock – Treasury stock is recorded at cost as a reduction of stockholders’ equity in the accompanying balance sheets.
|
Revenue Recognition |
Revenue
Recognition – Revenue is recognized when all of the following conditions exist: (1) persuasive evidence of an arrangement
exists, (2) services are performed, (3) the sales price is fixed or determinable, and (4) collectability is reasonably assured. (See
Note 5 – Revenue Recognition.)
Deferred
revenue includes customer payments which are received prior to performing services and revenues are recognized upon the completion of
these services. Annual membership fees collected at the time of enrollment are recognized as revenue ratably over the membership period,
which are typically for a 12-month membership period.
|
Discontinued Operations |
Discontinued
Operations
China
Operations
The
Company previously disclosed in its Form 10-K for the year ending December 31, 2019 (the “2019 10-K”) and subsequently that
the assets of PDN China were frozen by Chinese local authorities in November 2019 in connection with the criminal investigation of alleged
illegal public fund raising by Gatewang Group (the “Gatewang Case”), a separate company organized under the laws of the People’s
Republic of China (“Gatewang”), with which Mr. Maoji (Michael) Wang, the former Chairman and CEO of the Company was affiliated.
A subsequent investigation led by a special committee of the Board concluded that it did not find any evidence that the Company or PDN
China had engaged in the criminal activity of illegal fund-raising as alleged against Gatewang. The Company subsequently discontinued
all of its operations in China.
The
Company also previously disclosed in the 2019 Form 10-K that the seizure of PDN China’s assets had been lifted in March 2020.
However, on April 22, 2021, the Company learned that RMB 18,841,064.15 (approximately $2.9 million) had been seized from the PDN China
Account by Longxu District Court of Wuzhou City in Guangxi Province to satisfy a judgment in favor of the plaintiffs in the Gatewang
Case. On April 26, 2021, the Company concluded that the seizure of such cash assets was a material reduction of Company assets and was
reflected in its consolidated balance sheets subsequent to the occurrence.
The
Company has asserted its claim to these funds as the genuine owner to the Chinese officials and asked for their return. The Company plans
to pursue all possible legal alternatives to have these funds returned to the Company but such return is uncertain at this time.
All
historical operating results for the Company’s China operations are included in a loss from discontinued operations, net of
tax, in the accompanying consolidated statements of operations. For the three and nine months September 30, 2023, loss from
discontinued operations was approximately $11,000
and $28,000
as compared to a loss from discontinued operations of approximately $13,000
and $42,000
for the three and nine months ended September 30, 2022.
Assets
and liabilities of China operations are included in current assets and long-term assets from discontinued operations, and current
liabilities and long-term liabilities from discontinued operations. Current assets from discontinued operations were $4,600,
as of September 30, 2023 and December 31, 2022, and long-term assets from discontinued operations were approximately
$197,000
at September 30, 2023 and December 31, 2022. As of September 30, 2023, current liabilities from discontinued operations were
approximately $509,000,
compared to $503,000
as of December 31, 2022.
Operating
Results of Discontinued Operations
The
following table represents the components of operating results from discontinued operations, which are included in the consolidated
statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, net of intercompany
eliminations:
Schedule of Operating Results of Discontinued Operations
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands) | | |
(in thousands) | |
Revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| (11 | ) | |
| (13 | ) | |
| (28 | ) | |
| (42 | ) |
Loss from discontinued operations before income tax | |
| (11 | ) | |
| (13 | ) | |
| (28 | ) | |
| (42 | ) |
Income tax expense (benefit) | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (11 | ) | |
$ | (13 | ) | |
$ | (28 | ) | |
$ | (42 | ) |
|
Advertising and Marketing Expenses |
Advertising
and Marketing Expenses – Advertising and marketing expenses are expensed as incurred or the first time
the advertising takes place. The production costs of advertising are expensed the first time the advertising takes place. For the
three and nine months ended September 30, 2023, the Company incurred advertising and marketing expenses of approximately $242,000
and $866,000.
For the three and nine months ended September 30, 2022, the Company incurred advertising and marketing expenses of approximately
$347,000
and $862,000.
These amounts are included in sales and marketing expenses in the accompanying statements of operations. At September 30, 2023 and
December 31, 2022, there were no
prepaid advertising expenses recorded in the accompanying consolidated balance sheets.
|
Concentrations of Credit Risk |
Concentrations
of Credit Risk - Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally
of cash and cash equivalents and accounts receivable. The Company places its cash with high credit quality institutions. At times, such
amounts may be in excess of the FDIC insurance limits. The Company has not experienced any losses in such accounts and believes that
it is not exposed to any significant credit risk on the account.
|
Income Taxes |
Income
Taxes - The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), which requires
that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement basis and tax
basis of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. The
Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by
tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely
than not that the benefit of such deferred tax asset will not be realized in future periods. If it becomes more likely than not that
a tax asset will be used, the related valuation allowance on such assets would be reduced.
ASC
740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance
with ASC 740-20 and prescribes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. There were $122,229 of deferred tax liabilities, as of
September 30, 2023, recorded in the accompanying consolidated balance sheets . The Company is currently not aware of any issues under review that could result in significant payments,
accruals or material deviation from its position.
The
Company may be subject to potential income tax examinations by federal or state authorities. These potential examinations may include
questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and
state tax laws. Management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve
months. Tax years that remain open for assessment for federal and state tax purposes include the years ended December 31, 2019 through
2022.
The
Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income
tax expense. There were no amounts accrued for penalties or interest as of September 30, 2023.
|
Fair Value of Financial Assets and Liabilities |
Fair
Value of Financial Assets and Liabilities - Financial instruments, including cash and cash equivalents, short-term investments
and accounts payable, are carried at cost. Management believes that the recorded amounts approximate fair value due to the short-term
nature of these instruments.
|
Net Loss per Share |
Net
Loss per Share - The Company computes basic net loss per share by dividing net loss available to common stockholders by the weighted
average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Diluted earnings
per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities
into common stock using the “treasury stock” and/or “if converted” methods as applicable. The computation of
basic net loss per share for the three and nine months ended September 30, 2023 and 2022 excludes the potentially dilutive securities
summarized in the table below because their inclusion would be anti-dilutive.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
| |
2023 | | |
2022 | |
| |
As of September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Stock options | |
| 28,063 | | |
| 23,063 | |
Unvested restricted stock | |
| 110,488 | | |
| 69,114 | |
Total dilutive securities | |
| 138,551 | | |
| 92,177 | |
|
Reclassifications |
Reclassifications
- Certain prior year amounts in the Consolidated Statements of Cash Flows have been reclassified to conform to the current year
presentation.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments. The main objective of this update is to provide financial statement users with more decision-useful information about the
expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date.
To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology
that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform
credit loss estimates. For public business entities that are SEC filers that are Smaller Reporting Companies, the amendments in this
update are effective for fiscal years beginning after January 2023, including interim periods within those fiscal years. The Company
adopted ASU 2022-02 on a prospective basis effective January 1, 2023, and concluded there is no material impact to the consolidated financial
statements or disclosures through the third quarter of 2023.
|
X |
- DefinitionDisclosure of accounting policy for other receivables.
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v3.23.3
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Operating Results of Discontinued Operations |
The
following table represents the components of operating results from discontinued operations, which are included in the consolidated
statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, net of intercompany
eliminations:
Schedule of Operating Results of Discontinued Operations
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(in thousands) | | |
(in thousands) | |
Revenues | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
| (11 | ) | |
| (13 | ) | |
| (28 | ) | |
| (42 | ) |
Loss from discontinued operations before income tax | |
| (11 | ) | |
| (13 | ) | |
| (28 | ) | |
| (42 | ) |
Income tax expense (benefit) | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss from discontinued operations | |
$ | (11 | ) | |
$ | (13 | ) | |
$ | (28 | ) | |
$ | (42 | ) |
|
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
| |
2023 | | |
2022 | |
| |
As of September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Stock options | |
| 28,063 | | |
| 23,063 | |
Unvested restricted stock | |
| 110,488 | | |
| 69,114 | |
Total dilutive securities | |
| 138,551 | | |
| 92,177 | |
|
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v3.23.3
Business Combinations (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Company Measurement |
The
purchase price allocation as of the date of the acquisition was based on a detailed analysis of the fair value of assets acquired. No
liabilities were assumed other than the deferred revenue amount listed below. The major classes of assets and liabilities to which we
have allocated the purchase price were as follows:
Schedule of Company Measurement
| |
| | |
Goodwill | |
$ | 126,301 | |
Intangible assets | |
| 541,400 | |
Deferred revenue | |
| (67,701 | ) |
Business combination
total | |
$ | 600,000 | |
|
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v3.23.3
Revenue Recognition (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenues: |
|
Schedule of Recognized Revenue Associated With Contract Liabilities |
For
the three months ended September 30, 2023 and 2022, we recognized revenue associated with contract liabilities that were included
in the contract liabilities balance at the beginning of the period as follows:
Schedule
of Recognized Revenue Associated With Contract Liabilities
| |
September 30,
2023 | | |
September 30,
2022 | |
| |
| | |
| |
Balance, beginning of period | |
$ | 2,109,677 | | |
$ | 1,976,612 | |
Recognized revenue associated with contract liabilities | |
| (1,359,744 | ) | |
| (1,314,807 | ) |
Amounts collected or invoiced | |
| 1,117,262 | | |
| 1,017,085 | |
Balance, end of period | |
$ | 1,867,195 | | |
$ | 1,678,890 | |
|
Schedule of Allowance for Credit Loss Activity |
The
following table summarizes the activity related to the Company’s allowance for credit losses:
Schedule of Allowance for Credit Loss Activity
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Balance, beginning of period | |
$ | 102,515 | | |
$ | 247,190 | |
Provision for credit losses | |
| 1,895 | | |
| (144,675 | ) |
Write-offs | |
| (6,587 | ) | |
| - | |
Balance, end of period | |
$ | 97,823 | | |
$ | 102,515 | |
|
X |
- DefinitionTabular disclosure of allowance for credit loss on accounts receivable.
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v3.23.3
Capitalized Technology (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Research and Development [Abstract] |
|
Schedule of Capitalized Technology |
Capitalized
Technology, net is as follows:
Schedule of Capitalized Technology
| |
September 30, 2023 | | |
December 31, 2022 | |
Capitalized cost: | |
| | | |
| | |
Balance, beginning of period | |
$ | 64,499 | | |
$ | 43,038 | |
Additional capitalized cost | |
| 103,494 | | |
| 45,196 | |
Provision for amortization | |
| (39,993 | ) | |
| (23,735 | ) |
Balance, end of period | |
$ | 128,000 | | |
$ | 64,499 | |
|
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v3.23.3
Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible Assets |
Intangible
assets, net was as follows:
Schedule of Intangible Assets
September 30, 2023 | |
Useful Lives (Years) | | |
Gross
Carrying Amount | | |
Accumulated Amortization | | |
Net
Carrying Amount | |
Long-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Sales Process | |
| 10 | | |
$ | 2,130,956 | | |
$ | (2,054,748 | ) | |
$ | 76,208 | |
Paid Member Relationships | |
| 5 | | |
| 803,472 | | |
| (803,472 | ) | |
| - | |
Member Lists | |
| 5 | | |
| 8,186,181 | | |
| (8,111,181 | ) | |
| 75,000 | |
Developed Technology | |
| 3 | | |
| 648,000 | | |
| (648,000 | ) | |
| - | |
Trade Name/Trademarks | |
| 4 | | |
| 442,500 | | |
| (441,667 | ) | |
| 833 | |
Contracts and events acquired in acquisitions | |
| 3 -12 months | | |
| 1,377,083 | | |
| (1,232,383 | ) | |
| 144,700 | |
| |
| | | |
| 13,588,192 | | |
| (13,291,451 | ) | |
| 296,741 | |
Indefinite-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Trade name | |
| | | |
| | | |
| | | |
| 101,400 | |
Intangible assets, net | |
| | | |
| | | |
| | | |
$ | 398,141 | |
December 31, 2022 | |
Useful Lives (Years) | | |
Gross
Carrying Amount | | |
Accumulated Amortization | | |
Net
Carrying Amount | |
Long-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Sales Process | |
| 10 | | |
$ | 2,130,956 | | |
$ | (1,997,593 | ) | |
$ | 133,363 | |
Paid Member Relationships | |
| 5 | | |
| 803,472 | | |
| (803,472 | ) | |
| - | |
Member Lists | |
| 5 | | |
| 8,086,181 | | |
| (8,086,181 | ) | |
| - | |
Developed Technology | |
| 3 | | |
| 648,000 | | |
| (648,000 | ) | |
| - | |
Trade Name/Trademarks | |
| 4 | | |
| 442,500 | | |
| (441,042 | ) | |
| 1,458 | |
Contracts acquired in RemoteMore acquisition | |
| 3 - 12 months | | |
| 935,683 | | |
| (935,683 | ) | |
| - | |
| |
| | | |
| 13,046,792 | | |
| (12,911,971 | ) | |
| 134,821 | |
Indefinite-lived intangible assets: | |
| | | |
| | | |
| | | |
| | |
Trade name | |
| | | |
| | | |
| | | |
| 90,400 | |
Intangible assets, net | |
| | | |
| | | |
| | | |
$ | 225,221 | |
|
Schedule of Future Annual Estimated Amortization Expense |
As
of September 30, 2023, estimated amortization expense in future fiscal years is summarized as follows:
Schedule of Future Annual Estimated Amortization Expense
| |
| | |
Year ended December 31, | |
| |
Remaining of 2023 | |
$ | 172,293 | |
2024 | |
| 91,114 | |
2025 | |
| 33,334 | |
Net Carrying Amount | |
$ | 296,741 | |
|
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v3.23.3
Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Stock Option Activity |
The
following table summarizes the Company’s stock option activity for the nine months ended September 30, 2023 and 2022:
Schedule of Stock Option Activity
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life
(in Years) | | |
Aggregate Intrinsic
Value | |
Outstanding - January 1, 2023 | |
| 33,063 | | |
$ | 9.04 | | |
| 6.8 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| | |
Exercised | |
| - | | |
| - | | |
| - | | |
| | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| | |
Outstanding - September 30, 2023 | |
| 33,063 | | |
$ | 9.04 | | |
| 6.0 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at September 30, 2023 | |
| 28,063 | | |
$ | 9.91 | | |
| 5.7 | | |
$ | - | |
| |
Number of Options | | |
Weighted Average Exercise Price | | |
Weighted Average Remaining Contractual Life
(in Years) | | |
Aggregate Intrinsic
Value | |
Outstanding - January 1, 2022 | |
| 33,063 | | |
$ | 9.04 | | |
| 7.8 | | |
$ | - | |
Granted | |
| - | | |
| - | | |
| - | | |
| - | |
Exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Forfeited | |
| - | | |
| - | | |
| - | | |
| - | |
Outstanding - September 30, 2022 | |
| 33,063 | | |
$ | 9.04 | | |
| 7.0 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at September 30, 2022 | |
| 23,063 | | |
$ | 11.14 | | |
| 6.3 | | |
$ | - | |
|
Schedule of Restricted Stock Unit Activity |
As
of September 30, 2023 and 2022, the following is a summary of restricted stock unit activity:
Schedule of Restricted Stock Unit Activity
| |
Number of
Shares | |
Outstanding - January 1, 2023 | |
| 69,114 | |
Granted | |
| 117,334 | |
Forfeited | |
| - | |
Vested | |
| (69,114 | ) |
Outstanding – September 30, 2023 | |
| 117,334 | |
| |
Number of
Shares | |
Outstanding - January 1, 2022 | |
| 79,763 | |
Granted | |
| 170,937 | |
Forfeited | |
| (13,823 | ) |
Vested | |
| (167,763 | ) |
Outstanding – September 30, 2022 | |
| 69,114 | |
|
X |
- DefinitionTabular disclosure of the changes in outstanding nonvested restricted stock shares.
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v3.23.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Segment Information |
The
following tables present key financial information related of the Company’s reportable segments related to financial position as
of September 30, 2023 and December 31, 2022 and results of operations for the three and nine months ended September 30, 2023 and 2022:
Schedule of Segment Information
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Three
Months Ended September 30, 2023 | |
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Network | | |
Network | | |
More | | |
Overhead | | |
Consolidated | |
Membership
fees and related services | |
$ | - | | |
$ | 135,145 | | |
$ | - | | |
$ | - | | |
$ | 135,145 | |
Recruitment
services | |
| 1,242,711 | | |
| - | | |
| - | | |
| - | | |
| 1,242,711 | |
Contracted
software development | |
| - | | |
| - | | |
| 604,996 | | |
| - | | |
| 604,996 | |
Consumer
advertising and marketing solutions | |
| 25,516 | | |
| - | | |
| - | | |
| - | | |
| 25,516 | |
Total
revenues | |
| 1,268,227 | | |
| 135,145 | | |
| 604,996 | | |
| - | | |
| 2,008,368 | |
Income
(loss) from continuing operations | |
| (446,060 | ) | |
| (26,910 | ) | |
| (51,722 | ) | |
| (804,276 | ) | |
| (1,328,968 | ) |
Depreciation
and amortization | |
| 127,702 | | |
| 20,673 | | |
| 347 | | |
| - | | |
| 148,722 | |
Income
tax benefit | |
| (2,441 | ) | |
| (359 | ) | |
| -
| | |
| (4,428 | ) | |
| (7,228 | ) |
Net loss from continuing operations | |
| (440,769 | ) | |
| (26,480 | ) | |
| (52,897 | ) | |
| (799,848 | ) | |
| (1,319,994 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
As
of September 30, 2023 | |
Goodwill | |
$ | 465,752 | | |
$ | - | | |
$ | 952,001 | | |
$ | - | | |
$ | 1,417,753 | |
Intangibles
assets, net | |
| 321,100 | | |
| 76,208 | | |
| 833 | | |
| - | | |
| 398,141 | |
Assets
from continuing operations, net of intercompany eliminations | |
| 6,734,947 | | |
| 134,368 | | |
| (492,819 | ) | |
| - | | |
| 6,376,496 | |
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Three
Months Ended September 30, 2022 | |
| |
PDN | | |
NAPW | | |
Remote | | |
Corporate | | |
| |
| |
Network | | |
Network | | |
More | | |
Overhead | | |
Consolidated | |
Membership
fees and related services | |
$ | - | | |
$ | 152,462 | | |
$ | - | | |
$ | - | | |
$ | 152,462 | |
Recruitment
services | |
| 1,165,213 | | |
| - | | |
| - | | |
| - | | |
| 1,165,213 | |
Contracted
software development | |
| - | | |
| - | | |
| 757,492 | | |
| - | | |
| 757,492 | |
Consumer
advertising and marketing solutions | |
| 39,328 | | |
| - | | |
| - | | |
| - | | |
| 39,328 | |
Total
revenues | |
| 1,204,541 | | |
| 152,462 | | |
| 757,492 | | |
| - | | |
| 2,114,495 | |
Income
(loss) from continuing operations | |
| (77,907 | ) | |
| (261,132 | ) | |
| (266,161 | ) | |
| (505,436 | ) | |
| (1,110,636 | ) |
Depreciation
and amortization | |
| 7,475 | | |
| 19,597 | | |
| 205,676 | | |
| - | | |
| 232,748 | |
Income
tax expense (benefit) | |
| (1,895 | ) | |
| (10,410 | ) | |
| - | | |
| (13,174 | ) | |
| (25,479 | ) |
Net
income (loss) from continuing operations | |
| (74,971 | ) | |
| (250,689 | ) | |
| (277,318 | ) | |
| (492,262 | ) | |
| (1,095,240 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
As of December 31, 2022 | |
Goodwill | |
$ | 339,451 | | |
$ | - | | |
$ | 935,334 | | |
$ | - | | |
$ | 1,274,785 | |
Intangibles assets, net | |
| 90,400 | | |
| 133,363 | | |
| 1,458 | | |
| - | | |
| 225,221 | |
Assets from continuing operations, net of intercompany eliminations | |
| 6,718,226 | | |
| 203,534 | | |
| (287,455 | ) | |
| - | | |
| 6,634,305 | |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Nine Months Ended September 30, 2023 | |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Network | | |
Network | | |
RemoteMore | | |
Overhead | | |
Consolidated | |
Membership fees and related services | |
$ | - | | |
$ | 400,303 | | |
$ | - | | |
$ | - | | |
$ | 400,303 | |
Recruitment services | |
| 3,422,129 | | |
| - | | |
| - | | |
| - | | |
| 3,422,129 | |
Contracted software development | |
| - | | |
| - | | |
| 1,906,706 | | |
| - | | |
| 1,906,706 | |
Consumer advertising and marketing solutions | |
| 75,664 | | |
| - | | |
| - | | |
| - | | |
| 75,664 | |
Total revenues | |
| 3,497,793 | | |
| 400,303 | | |
| 1,906,706 | | |
| - | | |
| 5,804,802 | |
Income (loss) from continuing operations | |
| (1,255,094 | ) | |
| (407,155 | ) | |
| (237,343 | ) | |
| (1,987,421 | ) | |
| (3,887,013 | ) |
Depreciation and amortization | |
| 367,669 | | |
| 59,946 | | |
| 1,040 | | |
| - | | |
| 428,655 | |
Income tax expense (benefit) | |
| (4,037 | ) | |
| (3,024 | ) | |
| 850 | | |
| (10,940 | ) | |
| (17,151 | ) |
Net income (loss) from continuing operations | |
| (1,244,924 | ) | |
| (404,007 | ) | |
| (235,623 | ) | |
| (1,976,481 | ) | |
| (3,861,035 | ) |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Nine Months Ended September 30, 2022 | |
| |
PDN | | |
NAPW | | |
| | |
Corporate | | |
| |
| |
Network | | |
Network | | |
RemoteMore | | |
Overhead | | |
Consolidated | |
Membership fees and related services | |
$ | - | | |
$ | 509,906 | | |
$ | - | | |
$ | - | | |
$ | 509,906 | |
Recruitment services | |
| 3,839,608 | | |
| - | | |
| - | | |
| - | | |
| 3,839,608 | |
Contracted software development | |
| - | | |
| - | | |
| 1,882,452 | | |
| - | | |
| 1,882,452 | |
Consumer advertising and marketing solutions | |
| 130,916 | | |
| - | | |
| - | | |
| - | | |
| 130,916 | |
Total revenues | |
| 3,970,524 | | |
| 509,906 | | |
| 1,882,452 | | |
| - | | |
| 6,362,882 | |
Income (loss) from continuing operations | |
| 372,156 | | |
| 257,213 | | |
| (919,883 | ) | |
| (1,763,388 | ) | |
| (2,053,902 | ) |
Depreciation and amortization | |
| 20,589 | | |
| 58,556 | | |
| 666,912 | | |
| - | | |
| 746,057 | |
Income tax expense (benefit) | |
| 15,983 | | |
| (4,769 | ) | |
| - | | |
| (46,934 | ) | |
| (35,720 | ) |
Net income (loss) from continuing operations | |
| 361,489 | | |
| 262,192 | | |
| (944,928 | ) | |
| (1,716,454 | ) | |
| (2,037,701 | ) |
|
X |
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X |
- DefinitionThe percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
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v3.23.3
Going Concern and Management’s Plans (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
Accumulated deficit |
$ 102,180,178
|
|
$ 102,180,178
|
|
$ 98,382,540
|
Net loss from continuing operations |
1,319,994
|
$ 1,095,240
|
3,861,035
|
$ 2,037,701
|
|
Cash used in continuing operations |
|
|
2,415,223
|
1,393,734
|
|
Cash balance |
615,133
|
|
615,133
|
|
1,236,771
|
Revenue |
2,008,368
|
$ 2,114,495
|
5,804,802
|
$ 6,362,882
|
|
Working capital deficit |
$ 1,264,000
|
|
$ 1,264,000
|
|
$ 187,000
|
X |
- DefinitionWorking capital deficiency.
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v3.23.3
Summary of Significant Accounting Policies (Details Narrative)
|
|
3 Months Ended |
9 Months Ended |
|
Apr. 22, 2021
USD ($)
|
Apr. 22, 2021
CNY (¥)
|
Sep. 30, 2023
USD ($)
ft²
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
ft²
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Accounting Policies [Abstract] |
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
$ 98,000
|
|
$ 98,000
|
|
$ 103,000
|
Depreciation |
|
|
$ 4,000
|
$ 2,000
|
$ 9,000
|
$ 7,000
|
|
Area of land | ft² |
|
|
4,902
|
|
4,902
|
|
|
Lease operating term of contract |
|
|
84 months
|
|
84 months
|
|
|
Sale of stock, consideration received per transaction |
$ 2,900,000
|
¥ 18,841,064.15
|
|
|
|
|
|
Loss from discontinued operations |
|
|
$ 11,000
|
13,000
|
$ 28,000
|
42,000
|
|
Discontinued operation, assets current |
|
|
4,600
|
|
4,600
|
|
4,600
|
Discontinued operation, assets noncurrent |
|
|
197,100
|
|
197,100
|
|
197,228
|
Discontinued operation, liabilities current |
|
|
509,253
|
|
509,253
|
|
503,090
|
Marketing and Advertising Expense |
|
|
242,000
|
$ 347,000
|
866,000
|
$ 862,000
|
|
Prepaid advertising expenses |
|
|
0
|
|
0
|
|
$ 0
|
Deferred tax liabilities |
|
|
$ 122,229
|
|
$ 122,229
|
|
|
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v3.23.3
Schedule of Company Measurement (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
Goodwill |
$ 1,417,753
|
$ 1,274,785
|
Expo Experts LLC [Member] |
|
|
Business Acquisition [Line Items] |
|
|
Goodwill |
126,301
|
|
Intangible assets |
541,400
|
|
Deferred revenue |
(67,701)
|
|
Business combination total |
$ 600,000
|
|
X |
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v3.23.3
Business Combinations (Details Narrative) - USD ($)
|
|
1 Months Ended |
|
Sep. 20, 2021 |
Jan. 31, 2023 |
Feb. 28, 2022 |
May 31, 2023 |
Remote More USA Inc [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Acquisition increased percentage |
45.62%
|
|
45.62%
|
7.00%
|
Estimated purchase price |
$ 1,363,333
|
|
$ 116,667
|
|
Payments to acquire |
863,333
|
|
|
|
Business combination, total consideration transferred |
$ 500,000
|
|
$ 500,000
|
|
Acquisition of shares of common stock |
|
|
139,860
|
|
Acquisition of shares of common stock, value |
|
|
$ 400,000
|
|
Option to purchase percentage |
|
|
20.00%
|
|
Option to purchase amount |
|
|
|
$ 235,000
|
Remote More USA Inc [Member] | Maximum [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Acquisition increased percentage |
|
|
|
72.62%
|
Expo Experts Events, LLC [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Payments to acquire |
|
$ 400,000
|
|
|
Business combination, total consideration transferred |
|
600,000
|
|
|
Expo Experts Events, LLC [Member] | Restricted Stock [Member] |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Business combination issuance of restricted shares of common stock |
|
$ 200,000
|
|
|
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v3.23.3
Schedule of Recognized Revenue Associated With Contract Liabilities (Details) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenues: |
|
|
Balance, beginning of period |
$ 2,109,677
|
$ 1,976,612
|
Recognized revenue associated with contract liabilities |
(1,359,744)
|
(1,314,807)
|
Amounts collected or invoiced |
1,117,262
|
1,017,085
|
Balance, end of period |
$ 1,867,195
|
$ 1,678,890
|
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v3.23.3
Schedule of Allowance for Credit Loss Activity (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Revenues: |
|
|
Balance, beginning of period |
$ 102,515
|
$ 247,190
|
Provision for credit losses |
1,895
|
(144,675)
|
Write-offs |
(6,587)
|
|
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$ 97,823
|
$ 102,515
|
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v3.23.3
Schedule of Capitalized Technology (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Research and Development [Abstract] |
|
|
Balance, beginning of period |
$ 64,499
|
$ 43,038
|
Additional capitalized cost |
103,494
|
45,196
|
Provision for amortization |
(39,993)
|
(23,735)
|
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$ 128,000
|
$ 64,499
|
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v3.23.3
Schedule of Intangible Assets (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross carrying amount |
$ 13,588,192
|
$ 13,046,792
|
Accumulated amortization |
(13,291,451)
|
(12,911,971)
|
Net carrying amount |
296,741
|
134,821
|
Trade name |
101,400
|
90,400
|
Intangible assets, net |
$ 398,141
|
$ 225,221
|
Sales Process [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-lived intangible asset, useful life |
10 years
|
10 years
|
Gross carrying amount |
$ 2,130,956
|
$ 2,130,956
|
Accumulated amortization |
(2,054,748)
|
(1,997,593)
|
Net carrying amount |
$ 76,208
|
$ 133,363
|
Paid Member Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-lived intangible asset, useful life |
5 years
|
5 years
|
Gross carrying amount |
$ 803,472
|
$ 803,472
|
Accumulated amortization |
(803,472)
|
(803,472)
|
Net carrying amount |
|
|
Member Lists [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-lived intangible asset, useful life |
5 years
|
5 years
|
Gross carrying amount |
$ 8,186,181
|
$ 8,086,181
|
Accumulated amortization |
(8,111,181)
|
(8,086,181)
|
Net carrying amount |
$ 75,000
|
|
Developed Technology Rights [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-lived intangible asset, useful life |
3 years
|
3 years
|
Gross carrying amount |
$ 648,000
|
$ 648,000
|
Accumulated amortization |
(648,000)
|
(648,000)
|
Net carrying amount |
|
|
Trademarks and Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-lived intangible asset, useful life |
4 years
|
4 years
|
Gross carrying amount |
$ 442,500
|
$ 442,500
|
Accumulated amortization |
(441,667)
|
(441,042)
|
Net carrying amount |
833
|
1,458
|
Contracts and Events Acquired in Acquisitions [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross carrying amount |
1,377,083
|
935,683
|
Accumulated amortization |
(1,232,383)
|
(935,683)
|
Net carrying amount |
$ 144,700
|
|
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|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-lived intangible asset, useful life |
3 months
|
3 months
|
Contracts and Events Acquired in Acquisitions [Member] | Maximum [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-lived intangible asset, useful life |
12 months
|
12 months
|
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Long-term Investments (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
Apr. 11, 2023 |
Sep. 27, 2022 |
Jan. 31, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
Issuance of common stock, shares |
750,000
|
|
99,339
|
Koala Crypto Limited [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Issuance of common stock, shares |
|
65,700
|
|
Long term investments |
|
$ 1,350,000
|
|
Koala Crypto Limited [Member] | Private Placement [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Issuance of common stock, shares |
|
863,392
|
|
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v3.23.3
Commitments and Contingencies (Details Narrative)
|
Sep. 30, 2023
USD ($)
ft²
|
Dec. 31, 2022
USD ($)
|
Mar. 31, 2020
USD ($)
|
Area of land | ft² |
4,902
|
|
|
Lessee operating term of contract |
84 months
|
|
|
Right-of-use assets |
$ 315,639
|
$ 365,324
|
|
Lease liability |
386,368
|
|
|
Estimated litigation liability, current |
|
|
$ 450,000
|
PDN China's Bank [Member] |
|
|
|
Bank balance |
$ 195,000
|
|
|
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Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
9 Months Ended |
|
Apr. 11, 2023 |
Nov. 28, 2022 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jan. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Stockholders' equity, reverse stock split |
|
1.5 to 1 and 5 to 1
|
|
|
|
|
|
|
Share price |
|
$ 1.00
|
|
|
|
|
|
|
Preferred stock, shares undesignated |
|
|
|
|
|
1,000,000
|
|
|
Common stock, shares authorized |
|
|
|
|
|
45,000,000
|
|
45,000,000
|
Common stock, shares outstanding |
|
|
|
|
|
11,070,484
|
|
10,367,431
|
Issuance of common stock, shares |
750,000
|
|
|
|
99,339
|
|
|
|
Issuance of common stock, value |
|
|
|
|
$ 200,000
|
$ 200,000
|
$ 1,750,000
|
|
Purchased shares |
|
|
|
333,181
|
|
|
|
|
Share price |
|
|
|
$ 2.10
|
|
|
|
|
Aggregate gross proceeds |
|
|
|
$ 700,000
|
|
|
|
|
Issuance of common stock,value |
|
|
|
|
|
$ 2,700,000
|
|
|
Stock Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Share price |
|
|
$ 4.256
|
|
|
|
|
|
Issuance of common stock, shares |
|
|
469,925
|
|
|
|
|
|
Issuance of common stock, value |
|
|
$ 12,775,000
|
|
|
|
|
|
Issuance of common stock,value |
|
|
$ 2,000,000
|
|
|
|
|
|
Stock Purchase Agreement [Member] | Investor [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Share price |
|
|
$ 4.256
|
|
|
|
|
|
Issuance of common stock, shares |
|
|
176,222
|
|
|
|
|
|
Aggregate gross proceeds |
|
|
$ 750,000
|
|
|
|
|
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v3.23.3
Schedule of Stock Option Activity (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
|
Number of options, outstanding, beginning balance |
33,063
|
33,063
|
33,063
|
|
Weighted average exercise price, outstanding, beginning balance |
$ 9.04
|
$ 9.04
|
$ 9.04
|
|
Weighted average remaining contractual term |
6 years
|
7 years
|
6 years 9 months 18 days
|
7 years 9 months 18 days
|
Aggregrate intrinsic value, outstanding beginning balance |
|
|
|
|
Number of options, granted |
|
|
|
|
Weighted average exercise price, granted |
|
|
|
|
Number of options, exercised |
|
|
|
|
Weighted average exercise price, exercised |
|
|
|
|
Number of options, forfeited |
|
|
|
|
Weighted average exercise price, forfeited |
|
|
|
|
Number of options, outstanding, ending balance |
33,063
|
33,063
|
33,063
|
33,063
|
Weighted average exercise price, outstanding, ending balance |
$ 9.04
|
$ 9.04
|
$ 9.04
|
$ 9.04
|
Aggregrate intrinsic value, outstanding ending balance |
|
|
|
|
Number of options, exercisable, ending balance |
28,063
|
23,063
|
|
|
Weighted average exercise price, exercisable, ending balance |
$ 9.91
|
$ 11.14
|
|
|
Weighted average remaining contractual term, exercisable |
5 years 8 months 12 days
|
6 years 3 months 18 days
|
|
|
Aggregrate intrinsic value, exercisable balance |
|
|
|
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v3.23.3
Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - shares
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of shares unvested, outstanding, beginning balance |
69,114
|
79,763
|
Granted |
117,334
|
170,937
|
Forfeited |
|
(13,823)
|
Vested |
(69,114)
|
(167,763)
|
Number of shares unvested, outstanding, beginning balance |
117,334
|
69,114
|
X |
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v3.23.3
Stock-Based Compensation (Details Narrative) - USD ($)
|
|
1 Months Ended |
6 Months Ended |
9 Months Ended |
|
|
Apr. 11, 2023 |
Jul. 30, 2023 |
Jan. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Common stock issuance of awards |
750,000
|
|
99,339
|
|
|
|
|
|
Share based compensation |
|
|
|
|
$ 262,248
|
$ 439,655
|
|
|
Share-Based Payment Arrangement, Expense |
|
|
|
|
$ 7,700
|
|
|
|
Share-based compensation arrangement by share-based payment award, description |
|
|
|
|
The shares will vest as follows: 1/3 immediately upon grant, 1/3 on the first anniversary
of the employment agreement, and the final 1/3 on the second anniversary of the employment agreement; provided, however, that Mr.
He must remain continuously employed by the Company and/or its affiliates through the applicable vesting date.
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Number of restricted stock, granted |
|
|
|
30,490
|
|
|
|
|
Restricted stock award gross |
|
|
|
$ 125,000
|
|
|
|
|
Grant date fair value |
|
|
|
|
$ 361,000
|
|
|
|
Granted |
|
|
|
|
117,334
|
170,937
|
|
|
Unvested restricted stock |
|
|
|
|
117,334
|
69,114
|
69,114
|
79,763
|
Restricted Stock Units (RSUs) [Member] | Certain Officers and Managers [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Number of restricted stock, granted |
|
|
|
|
86,844
|
|
|
|
Grant date fair value |
|
|
|
|
$ 141,000
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Granted |
|
120,000
|
|
|
|
|
|
|
Unvested restricted stock |
|
|
|
|
110,488
|
|
|
|
Unrecognized stock-based compensation |
|
|
|
|
$ 426,000
|
|
|
|
General and Administrative Expense [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
8,000
|
$ 8,000
|
|
|
General and Administrative Expense [Member] | Restricted Stock [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
$ 262,248
|
$ 439,655
|
|
|
2013 Equity Compensation Plan [Member] |
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
Share-based number of shares authorized |
|
|
|
|
750,000
|
|
|
|
X |
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v3.23.3
Income Taxes (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Income tax expense |
$ 7,228
|
$ 25,479
|
$ 17,151
|
$ 35,720
|
Deferred tax assets, valuation allowance |
$ 10,877,000
|
|
10,877,000
|
|
Net change in valuation allowance |
|
|
$ 898,000
|
|
X |
- DefinitionAmount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.
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v3.23.3
Schedule of Segment Information (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
$ 2,008,368
|
$ 2,114,495
|
$ 5,804,802
|
$ 6,362,882
|
|
Income (loss) from continuing operations |
(1,328,968)
|
(1,110,636)
|
(3,887,013)
|
(2,053,902)
|
|
Depreciation and amortization |
148,722
|
232,748
|
428,655
|
746,057
|
|
Income tax expense (benefit) |
(7,228)
|
(25,479)
|
(17,151)
|
(35,720)
|
|
Net income (loss) from continuing operations |
(1,319,994)
|
(1,095,240)
|
(3,861,035)
|
(2,037,701)
|
|
Goodwill |
1,417,753
|
|
1,417,753
|
|
$ 1,274,785
|
Intangibles assets, net |
398,141
|
|
398,141
|
|
225,221
|
Assets from continuing operations, net of intercompany eliminations |
6,376,496
|
|
6,376,496
|
|
6,634,305
|
Membership Fees and Related Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
135,145
|
152,462
|
400,303
|
509,906
|
|
Recruitment Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
1,242,711
|
1,165,213
|
3,422,129
|
3,839,608
|
|
Contracted Software Development [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
604,996
|
757,492
|
1,906,706
|
1,882,452
|
|
Consumer Advertising and Marketing Solutions [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
25,516
|
39,328
|
75,664
|
130,916
|
|
Professional Diversity Network [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
1,268,227
|
1,204,541
|
3,497,793
|
3,970,524
|
|
Income (loss) from continuing operations |
(446,060)
|
(77,907)
|
(1,255,094)
|
372,156
|
|
Depreciation and amortization |
127,702
|
7,475
|
367,669
|
20,589
|
|
Income tax expense (benefit) |
(2,441)
|
(1,895)
|
(4,037)
|
15,983
|
|
Net income (loss) from continuing operations |
(440,769)
|
(74,971)
|
(1,244,924)
|
361,489
|
|
Goodwill |
465,752
|
|
465,752
|
|
339,451
|
Intangibles assets, net |
321,100
|
|
321,100
|
|
90,400
|
Assets from continuing operations, net of intercompany eliminations |
6,734,947
|
|
6,734,947
|
|
6,718,226
|
Professional Diversity Network [Member] | Membership Fees and Related Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
Professional Diversity Network [Member] | Recruitment Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
1,242,711
|
1,165,213
|
3,422,129
|
3,839,608
|
|
Professional Diversity Network [Member] | Contracted Software Development [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
Professional Diversity Network [Member] | Consumer Advertising and Marketing Solutions [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
25,516
|
39,328
|
75,664
|
130,916
|
|
National Association Of Professional Women [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
135,145
|
152,462
|
400,303
|
509,906
|
|
Income (loss) from continuing operations |
(26,910)
|
(261,132)
|
(407,155)
|
257,213
|
|
Depreciation and amortization |
20,673
|
19,597
|
59,946
|
58,556
|
|
Income tax expense (benefit) |
(359)
|
(10,410)
|
(3,024)
|
(4,769)
|
|
Net income (loss) from continuing operations |
(26,480)
|
(250,689)
|
(404,007)
|
262,192
|
|
Goodwill |
|
|
|
|
|
Intangibles assets, net |
76,208
|
|
76,208
|
|
133,363
|
Assets from continuing operations, net of intercompany eliminations |
134,368
|
|
134,368
|
|
203,534
|
National Association Of Professional Women [Member] | Membership Fees and Related Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
135,145
|
152,462
|
400,303
|
509,906
|
|
National Association Of Professional Women [Member] | Recruitment Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
National Association Of Professional Women [Member] | Contracted Software Development [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
National Association Of Professional Women [Member] | Consumer Advertising and Marketing Solutions [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
Remote More [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
604,996
|
757,492
|
1,906,706
|
1,882,452
|
|
Income (loss) from continuing operations |
(51,722)
|
(266,161)
|
(237,343)
|
(919,883)
|
|
Depreciation and amortization |
347
|
205,676
|
1,040
|
666,912
|
|
Income tax expense (benefit) |
|
|
850
|
|
|
Net income (loss) from continuing operations |
(52,897)
|
(277,318)
|
(235,623)
|
(944,928)
|
|
Goodwill |
952,001
|
|
952,001
|
|
935,334
|
Intangibles assets, net |
833
|
|
833
|
|
1,458
|
Assets from continuing operations, net of intercompany eliminations |
(492,819)
|
|
(492,819)
|
|
(287,455)
|
Remote More [Member] | Membership Fees and Related Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
Remote More [Member] | Recruitment Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
Remote More [Member] | Contracted Software Development [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
604,996
|
757,492
|
1,906,706
|
1,882,452
|
|
Remote More [Member] | Consumer Advertising and Marketing Solutions [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
Corporate Overhead [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
Income (loss) from continuing operations |
(804,276)
|
(505,436)
|
(1,987,421)
|
(1,763,388)
|
|
Depreciation and amortization |
|
|
|
|
|
Income tax expense (benefit) |
(4,428)
|
(13,174)
|
(10,940)
|
(46,934)
|
|
Net income (loss) from continuing operations |
(799,848)
|
(492,262)
|
(1,976,481)
|
(1,716,454)
|
|
Goodwill |
|
|
|
|
|
Intangibles assets, net |
|
|
|
|
|
Assets from continuing operations, net of intercompany eliminations |
|
|
|
|
|
Corporate Overhead [Member] | Membership Fees and Related Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
Corporate Overhead [Member] | Recruitment Services [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
Corporate Overhead [Member] | Contracted Software Development [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
Corporate Overhead [Member] | Consumer Advertising and Marketing Solutions [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Total revenues |
|
|
|
|
|
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