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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period June 30, 2024
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________________ to _________________
Commission File No.: 001-37703
IZEA WORLDWIDE, INC.
(Exact name of registrant as specified in its charter)
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Nevada | | 37-1530765 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
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1317 Edgewater Dr., # 1880, Orlando, FL | | 32804 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (407) 674-6911
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbol (s) | | Name of each exchange on which registered |
Common Stock, par value $0.0001 per share | | IZEA | | The Nasdaq Capital Market |
Series A Junior Participating Preferred Stock Purchase Rights | | - | | The Nasdaq Capital Market |
Securities registered pursuant to Section 12(g) of the Act: None
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 x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o
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,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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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 financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of August 9, 2024, there were 16,450,424 shares of our common stock outstanding.
Quarterly Report on Form 10-Q for the period ended June 30, 2024
Table of Contents
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PART I. FINANCIAL INFORMATION | |
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PART II. OTHER INFORMATION | |
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PART I - FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
IZEA Worldwide, Inc.
Unaudited Consolidated Balance Sheets | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 44,301,866 | | | $ | 37,446,728 | |
Accounts receivable, net | 5,617,269 | | | 5,012,373 | |
Prepaid expenses | 1,046,154 | | | 739,988 | |
Short term investments | 11,286,453 | | | 17,126,057 | |
Other current assets | 43,451 | | | 26,257 | |
Total current assets | 62,295,193 | | | 60,351,403 | |
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Property and equipment, net of accumulated depreciation | 155,835 | | | 205,377 | |
Goodwill | 5,281,888 | | | 5,280,372 | |
Intangible assets, net | 1,624,951 | | | 1,749,441 | |
Digital assets | 243,020 | | | 162,905 | |
Software development costs, net | 2,241,437 | | | 2,056,972 | |
Long term investments | 897,027 | | | 9,618,996 | |
Total assets | $ | 72,739,351 | | | $ | 79,425,466 | |
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Liabilities and Stockholders’ Equity | | | |
Current liabilities: | | | |
Accounts payable | $ | 1,306,266 | | | $ | 1,504,348 | |
Accrued expenses | 3,161,829 | | | 3,083,460 | |
Contract liabilities | 7,176,694 | | | 8,891,205 | |
Contingent Liability | — | | | 114,400 | |
Total current liabilities | 11,644,789 | | | 13,593,413 | |
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Finance obligation, less current portion | 33,727 | | | 63,419 | |
Deferred purchase price, less current portion | — | | | 60,600 | |
Deferred tax liability | 287,002 | | | 394,646 | |
Total liabilities | 11,965,518 | | | 14,112,078 | |
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Commitments and Contingencies (Note 9) | | | |
| | | |
Stockholders’ equity: | | | |
Preferred stock; $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding | — | | | — | |
Common stock; $0.0001 par value; 50,000,000 shares authorized; shares issued: 16,770,418 and 16,602,155, respectively, shares outstanding: 16,404,563 and 16,236,300, respectively. | 1,677 | | | 1,660 | |
Treasury stock at cost: 365,855 and 365,855 shares at June 30, 2024 and December 31, 2023, respectively | (1,019,997) | | | (1,019,997) | |
Additional paid-in capital | 152,809,711 | | | 152,027,110 | |
Accumulated deficit | (90,905,472) | | | (85,444,794) | |
Accumulated other comprehensive income (loss) | (112,086) | | | (250,591) | |
Total stockholders’ equity | 60,773,833 | | | 65,313,388 | |
Total liabilities and stockholders’ equity | $ | 72,739,351 | | | $ | 79,425,466 | |
See accompanying notes to the consolidated financial statements.
IZEA Worldwide, Inc.
Unaudited Consolidated Statements of Operations
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | Six Months Ended June 30, |
| | | | | 2024 | | 2023 | 2024 | | 2023 |
Revenue | | | | | $ | 9,093,816 | | | $ | 10,689,059 | | $ | 16,046,699 | | | $ | 19,426,781 | |
| | | | | | | | | | |
Costs and expenses: | | | | | | | | | | |
Cost of revenue | | | | | 5,177,600 | | | 6,254,517 | | 9,145,575 | | | 12,214,679 | |
Sales and marketing | | | | | 3,206,979 | | | 2,831,949 | | 6,263,270 | | | 5,236,500 | |
General and administrative | | | | | 3,372,797 | | | 3,167,941 | | 7,155,883 | | | 6,571,549 | |
Depreciation and amortization | | | | | 225,748 | | | 110,432 | | 429,934 | | | 456,694 | |
Total costs and expenses | | | | | 11,983,124 | | | 12,364,839 | | 22,994,662 | | | 24,479,422 | |
| | | | | | | | | | |
Loss from operations | | | | | (2,889,308) | | | (1,675,780) | | (6,947,963) | | | (5,052,641) | |
| | | | | | | | | | |
Other income (expense): | | | | | | | | | | |
Change in the fair value of digital assets | | | | | (26,043) | | | — | | 80,116 | | | — | |
Interest expense | | | | | (1,999) | | | (3,155) | | (4,000) | | | (4,719) | |
Other income (expense), net | | | | | 634,226 | | | 645,509 | | 1,304,091 | | | 1,217,595 | |
Total other income (expense), net | | | | | 606,184 | | | 642,354 | | 1,380,207 | | | 1,212,876 | |
| | | | | | | | | | |
Net loss before income taxes | | | | | $ | (2,283,124) | | | $ | (1,033,426) | | $ | (5,567,756) | | | $ | (3,839,765) | |
Tax benefit | | | | | 88,296 | | | — | | 107,078 | | | — | |
Net loss | | | | | (2,194,828) | | | (1,033,426) | | (5,460,678) | | | (3,839,765) | |
| | | | | | | | | | |
Weighted average common shares outstanding – basic and diluted | | | | | 16,437,460 | | | 15,520,700 | | 16,470,467 | | | 15,551,785 | |
Basic and diluted loss per common share | | | | | $ | (0.13) | | | $ | (0.07) | | $ | (0.33) | | | $ | (0.25) | |
See accompanying notes to the consolidated financial statements.
IZEA Worldwide, Inc.
Unaudited Consolidated Statements of Comprehensive Loss
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | Six Months Ended June 30, |
| | | | | 2024 | | 2023 | 2024 | | 2023 |
Net loss | | | | | $ | (2,194,828) | | | $ | (1,033,426) | | $ | (5,460,678) | | | $ | (3,839,765) | |
| | | | | | | | | | |
Other comprehensive income | | | | | | | | | | |
Unrealized (gain) loss on securities held | | | | | (92,630) | | | (10,100) | | (150,807) | | | (136,280) | |
Unrealized (gain) loss on currency translation | | | | | 16,472 | | | — | | 12,302 | | | — | |
Total other comprehensive income (loss) | | | | | (76,158) | | | (10,100) | | (138,505) | | | (136,280) | |
| | | | | | | | | | |
Total comprehensive income (loss) | | | | | $ | (2,118,670) | | | $ | (1,023,326) | | $ | (5,322,173) | | | $ | (3,703,485) | |
See accompanying notes to the consolidated financial statements.
IZEA Worldwide, Inc.
Unaudited Consolidated Statements of Stockholders’ Equity
Three Months Ended June 30, 2024 and 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Additional Paid-In | | Treasury | | Accumulated | | Accumulated Other Comprehensive | | Total Stockholders’ |
| | Shares | | Amount | | Capital | | Stock | | Deficit | | Income (Loss) | | Equity |
Balance, March 31, 2023 | | 15,650,235 | | | 1,565 | | | 149,387,894 | | | — | | | (80,901,773) | | | (654,615) | | | 67,833,071 | |
| | | | | | | | | | | | | | |
Stock purchase plan & option exercise issuances | | 4,329 | | | 1 | | | 7,991 | | | — | | | — | | | — | | | 7,992 | |
Stock issued for payment of services | | 30,990 | | | 3 | | | 75,006 | | | — | | | — | | | — | | | 75,009 | |
Stock-based compensation | | 38,229 | | | 4 | | | 207,873 | | | — | | | — | | | — | | | 207,877 | |
Shares withheld to cover statutory taxes | | (12,892) | | | (1) | | | (32,562) | | | — | | | — | | | — | | | (32,563) | |
Reverse stock split fractional share adjustment | | 23,789 | | | 2 | | | (2) | | | — | | | — | | | — | | | — | |
Treasury stock | | — | | | — | | | — | | | (705,403) | | | — | | | — | | | (705,403) | |
Unrealized gain on securities held | | — | | | — | | | — | | | — | | | — | | | 10,100 | | | 10,100 | |
Net loss | | — | | | — | | | — | | | — | | | (1,033,426) | | | — | | | (1,033,426) | |
June 30, 2023 | | 15,734,680 | | | 1,574 | | | $ | 149,646,200 | | | $ | (705,403) | | | $ | (81,935,199) | | | $ | (644,515) | | | $ | 66,362,657 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Additional Paid-In | | Treasury | | Accumulated | | Accumulated Other Comprehensive | | Total Stockholders’ |
| | Shares | | Amount | | Capital | | Stock | | Deficit | | Income (Loss) | | Equity |
Balance, March 31, 2024 | | 16,666,513 | | | 1,667 | | | 152,419,065 | | | (1,019,997) | | | (88,710,644) | | | (188,244) | | | 62,501,847 | |
| | | | | | | | | | | | | | |
Stock purchase plan & option exercise issuances | | 3,360 | | | — | | | 5,907 | | | — | | | — | | | — | | | 5,907 | |
Stock issued for payment of services | | 31,915 | | | 3 | | | 74,997 | | | — | | | — | | | — | | | 75,000 | |
Stock-based compensation | | 101,566 | | | 10 | | | 394,921 | | | — | | | — | | | — | | | 394,931 | |
Shares withheld to cover statutory taxes | | (32,936) | | | (3) | | | (85,179) | | | — | | | — | | | — | | | (85,182) | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Foreign currency translation adjustment | | — | | | — | | | — | | | — | | | — | | | (16,472) | | | (16,472) | |
Unrealized gain on securities held | | — | | | — | | | — | | | — | | | — | | | 92,630 | | | 92,630 | |
Net loss | | — | | | — | | | — | | | — | | | (2,194,828) | | | — | | | (2,194,828) | |
June 30, 2024 | | 16,770,418 | | | 1,677 | | | $ | 152,809,711 | | | (1,019,997) | | | $ | (90,905,472) | | | $ | (112,086) | | | $ | 60,773,833 | |
See accompanying notes to the consolidated financial statements.
IZEA Worldwide, Inc.
Unaudited Consolidated Statements of Stockholders’ Equity
Six Months Ended June 30, 2024 and 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Additional Paid-In | | Treasury | | Accumulated | | Accumulated Other Comprehensive | | Total Stockholders’ |
| | Shares | | Amount | | Capital | | Stock | | Deficit | | Income (Loss) | | Equity |
December 31, 2022 | | 15,603,597 | | | 1,560 | | | 149,148,248 | | | $ | — | | | (78,103,066) | | | (780,795) | | | 70,265,947 | |
Cumulative Effect Retained Earnings Adjustment (FMV Crypto) | | — | | | — | | | — | | | — | | | 7,632 | | | — | | | 7,632 | |
Stock purchase plan & option exercise issuances | | 4,329 | | | 1 | | | 7,991 | | | — | | | — | | | — | | | 7,992 | |
Stock issued for payment of services | | 59,797 | | | 6 | | | 150,003 | | | — | | | — | | | — | | | 150,009 | |
Stock-based compensation | | 67,446 | | | 7 | | | 403,392 | | | — | | | — | | | — | | | 403,399 | |
Shares withheld to cover statutory taxes | | (24,278) | | | (2) | | | (63,432) | | | — | | | — | | | — | | | (63,434) | |
Reverse stock split fractional share adjustment | | 23,789 | | | 2 | | | (2) | | | — | | | — | | | — | | | — | |
Treasury stock | | — | | | — | | | — | | | (705,403) | | | — | | | — | | | (705,403) | |
Unrealized gain on securities held | | — | | | — | | | — | | | — | | | — | | | 136,280 | | | 136,280 | |
Net loss | | — | | | — | | | — | | | — | | | (3,839,765) | | | — | | | (3,839,765) | |
June 30, 2023 | | 15,734,680 | | | 1,574 | | | $ | 149,646,200 | | | $ | (705,403) | | | $ | (81,935,199) | | | $ | (644,515) | | | $ | 66,362,657 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Additional Paid-In | | Treasury | | Accumulated | | Accumulated Other Comprehensive | | Total Stockholders’ |
| | Shares | | Amount | | Capital | | Stock | | Deficit | | Income (Loss) | | Equity |
December 31, 2023 | | 16,602,155 | | | 1,660 | | | 152,027,110 | | | (1,019,997) | | | (85,444,794) | | | (250,591) | | | 65,313,388 | |
| | | | | | | | | | | | | | |
Stock purchase plan & option exercise issuances | | 3,360 | | | — | | | 5,907 | | | — | | | — | | | — | | | 5,907 | |
Stock issued for payment of services | | 64,385 | | | 6 | | | 150,000 | | | — | | | — | | | — | | | 150,006 | |
Stock-based compensation | | 151,587 | | | 15 | | | 749,105 | | | — | | | — | | | — | | | 749,120 | |
Shares withheld to cover statutory taxes | | (51,069) | | | (4) | | | (122,411) | | | — | | | — | | | — | | | (122,415) | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Foreign currency translation adjustment | | — | | | — | | | — | | | — | | | — | | | (12,302) | | | (12,302) | |
Unrealized gain on securities held | | — | | | — | | | — | | | — | | | — | | | 150,807 | | | 150,807 | |
Net loss | | — | | | — | | | — | | | — | | | (5,460,678) | | | — | | | (5,460,678) | |
June 30, 2024 | | 16,770,418 | | | 1,677 | | | $ | 152,809,711 | | | (1,019,997) | | | $ | (90,905,472) | | | $ | (112,086) | | | $ | 60,773,833 | |
See accompanying notes to the consolidated financial statements.
IZEA Worldwide, Inc.
Unaudited Consolidated Statements of Cash Flows
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Cash flows from operating activities: | | | |
Net loss | $ | (5,460,678) | | | $ | (3,839,765) | |
Adjustments to reconcile net loss to net cash used for operating activities: | | | |
Adjustment to fair market value of digital assets | (80,115) | | | — | |
Depreciation | 53,258 | | | 45,946 | |
Amortization | 376,676 | | | 410,748 | |
Deferred tax benefit | (107,644) | | | — | |
Stock-based compensation | 749,120 | | | 403,399 | |
Value of stock issued or to be issued for payment of services | 150,006 | | | 150,009 | |
Changes in operating assets and liabilities: | | | |
Accounts receivable | (604,896) | | | (653,146) | |
Prepaid expenses and other current assets | (323,359) | | | 2,467,714 | |
Accounts payable | (198,081) | | | 148,750 | |
Accrued expenses | (96,633) | | | 43,082 | |
Contract liabilities | (1,714,511) | | | (2,990,579) | |
Net cash used for operating activities | (7,256,857) | | | (3,813,842) | |
Cash flows from investing activities: | | | |
| | | |
Purchase of short term investments | (146,697,435) | | | (172,865,911) | |
Proceeds from the sale of short-term investments | 152,687,846 | | | 174,848,157 | |
| | | |
Proceeds from the sale of long term investments | 8,721,969 | | | 9,718,381 | |
Purchase of property and equipment | (29,692) | | | (65,803) | |
Capitalization of software development costs | (437,152) | | | (437,877) | |
Net cash provided by investing activities | 14,245,536 | | | 11,196,947 | |
Cash flows from financing activities: | | | |
Proceeds from exercise of stock options & ESPP issuances | 5,907 | | | 7,992 | |
| | | |
Purchase of treasury stock | — | | | (705,403) | |
Payments on shares withheld for statutory taxes | (122,415) | | | (63,434) | |
Net cash used in financing activities | (116,508) | | | (760,845) | |
Effect of exchange rate changes on cash | (17,033) | | | — | |
Net increase in cash and cash equivalents | 6,872,171 | | | 6,622,260 | |
Cash and cash equivalents, beginning of period | 37,446,728 | | | 24,600,960 | |
Cash and cash equivalents, end of period | $ | 44,301,866 | | | $ | 31,223,220 | |
| | | |
Supplemental cash flow information: | | | |
Interest paid | $ | 4,000 | | | $ | 4,553 | |
| | | |
| | | |
Non-cash financing and investing activities: | | | |
Equipment acquired with financing arrangement | — | | | 83,508 | |
Fair Value of common stock issued for services | 150,006 | | | 150,009 | |
| | | |
See accompanying notes to the consolidated financial statements.
IZEA Worldwide, Inc.
Notes to the Consolidated Financial Statements
NOTE 1. COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Corporate Information and Nature of Business
IZEA Worldwide, Inc. (together with its wholly-owned subsidiaries, “IZEA” or the “Company”) is a Nevada corporation that was founded in February 2006 under the name PayPerPost, Inc. and became a public company in May 2011. In January 2015, IZEA purchased all of the outstanding shares of capital stock of Ebyline, Inc. (“Ebyline”). In March 2016, the Company formed IZEA Canada, Inc., a wholly-owned subsidiary, incorporated in Ontario, Canada, to operate as a sales and support office for IZEA’s Canadian customers. In July 2016, IZEA purchased all the outstanding shares of capital stock of ZenContent, Inc. (“ZenContent”) and in July 2018, a subsidiary of the Company merged with TapInfluence, Inc. (“TapInfluence”). The ZenContent legal entity was dissolved in December 2017, and Ebyline and TapInfluence were merged into IZEA and the legal entities were dissolved in December 2019 and December 2020, respectively. IZEA purchased all of the outstanding shares of capital stock of Hoozu Holdings, Ltd in December 2023, and completed an asset acquisition from Zuberance, Inc. in December 2023.
The Company helps power the creator economy, by enabling individuals to monetize their content, creativity and influence through global brands and marketers. IZEA compensates these creators for producing unique content, such as long and short-form text, videos, photos, status updates, and illustrations for marketers or distributing such content on behalf of marketers through their websites, blogs, and social media channels.
The Company also provides value through managing custom content workflow, creator search and targeting, bidding, analytics, and payment processing. While the majority of the marketers engage the Company to perform these services (the “Managed Services”) on their behalf, they may also access IZEA’s marketplaces to engage creators for influencer marketing campaigns or to produce custom content on a self-service basis by licensing the Company’s technology.
Basis of Presentation
The accompanying consolidated balance sheet as of June 30, 2024, the consolidated statements of operations for the three and six months ended June 30, 2024 and 2023, the consolidated statements of comprehensive loss for the three and six months ended June 30, 2024 and 2023, the consolidated statements of stockholders' equity for the three and six months ended June 30, 2024 and 2023, and the consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited but include all adjustments that are, in the opinion of management, necessary for a fair presentation of its financial position at such dates and its results of operations and cash flows for the periods then ended in conformity with generally accepted accounting principles in the United States ("GAAP"). The consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but, in accordance with the rules and regulations of the SEC, does not include all of the information and notes required by GAAP for complete financial statements. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of results that may be expected for the entire fiscal year. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2023, included in the Company's Annual Report on Form 10-K filed with the SEC on April 1, 2024.
Principles of Consolidation
The consolidated financial statements include the accounts of IZEA Worldwide, Inc. and its wholly-owned subsidiaries, subsequent to the subsidiaries’ individual acquisition, merger, or formation dates, as applicable. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
IZEA Worldwide, Inc.
Notes to the Consolidated Financial Statements
Cash and Cash Equivalents
The Company considers all highly liquid investments purchased with an original maturity of three months or less from the date of purchase to be cash equivalents. Deposits made to Company bank accounts are insured by the FDIC up to a maximum amount of $250,000. The CDIC insures deposits made to the Company’s bank accounts in Canada up to CAD 100,000. The Australian Financial Claims Scheme insures deposits made to the Company’s accounts in Australia up to AUD $250,000. Deposit balances exceeding this limit were approximately $43.6 million and $36.7 million as of June 30, 2024 and 2023, respectively.
Investment in Debt Securities
Our investments in debt securities are carried at either amortized cost or fair value. The cost basis is determined by the specific identification method. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading debt securities as well as realized gains and losses on available-for-sale debt securities are included in net income. Unrealized gains and losses, net of tax, on available-for-sale debt securities are included in our consolidated balance sheet as a component of accumulated other comprehensive income (loss).
Accounts Receivable and Concentration of Credit Risk
The Company’s accounts receivable balance consists of trade receivables, contract assets, and a reserve for doubtful accounts. Trade receivables are customer obligations due under normal trade terms. Contract assets represent amounts owed for work that has been performed but not yet billed. The Company had net trade receivables of $5.6 million, including $5.6 million of accounts receivable and contract assets of $54,217 on June 30, 2024. The Company had net trade receivables of $5.0 million, including $4.9 million of accounts receivable and contract assets of $83,697 at December 31, 2023.
Management determines the collectability of accounts by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, and current economic conditions. An account is deemed delinquent when the customer has not paid an amount due by its associated due date. If a portion of the account balance is deemed uncollectible, the Company will either write off the amount owed or provide a reserve based on its best estimate of the uncollectible portion of the account. We assess collectability risk both generally and by specific aged invoices. Our loss history informs a general reserve percentage, which we apply to all invoices less than 90 days from the invoice due date, currently 1.1% of the outstanding balance. The general reserve, which we update periodically, recognizes that some invoices will likely become a collection risk. When an invoice ages 90 days past its due date, we consider each invoice to determine a reserve for collectability based on our prior history and recent communications with the customer, to determine a reserve amount. Generally, our reserve for such aged invoices will approach 100% of the invoice amount.
The Company had a reserve for doubtful accounts of $205,000 as of June 30, 2024, and $155,000 as of June 30, 2023. Management believes that this estimate is reasonable, but there can be no assurance that the estimate will not change due to a change in economic conditions or business conditions within the industry, the individual customers, or the Company. Any adjustments to this account are reflected in the consolidated statements of operations as a general and administrative expense. The Company did not recognize any bad debt expense in the three and six months ended June 30, 2024 and recognized $50,000 in the twelve months ended December 31, 2023.
Concentrations of credit risk with respect to accounts receivable have been typically limited because a large number of geographically diverse customers make up the Company’s customer base, thus spreading the trade credit risk. The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. The Company performs credit evaluations of its customers but generally does not require collateral to support accounts receivable. The Company had one customer that accounted for more than 10% of total accounts receivable at June 30, 2024 and one customer that accounted for more than 10% of total accounts receivable at December 31, 2023. The Company had two customers each that accounted for more than 10% of its revenue during the six months ended June 30, 2024 and one customer that accounted for more than 10% of its revenue during the six months ended June 30, 2023.
Property and Equipment
Property and equipment are recorded at cost, or if acquired in a business combination, at the acquisition date fair value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
| | | | | |
Computer Equipment | 3 years |
Office Equipment | 3 - 10 years |
Furniture and Fixtures | 5 - 10 years |
IZEA Worldwide, Inc.
Notes to the Consolidated Financial Statements
The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal, with resulting gains or losses included in general and administrative expense in the consolidated statements of operations.
Goodwill
Goodwill represents the excess of the consideration transferred for an acquired business over the fair value of the underlying identifiable net assets. The Company has goodwill in connection with its acquisitions of Ebyline, ZenContent, TapInfluence, and Hoozu. Goodwill is not amortized but instead, it is tested for impairment at least annually. In the event that management determines that the value of goodwill has become impaired, the Company will record a charge in an amount equal to the excess of the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit during the fiscal quarter in which the determination is made.
Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment level, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available, (ii) engage in business activities, and (iii) whether a segment manager regularly reviews the component’s operating results. Prior to the acquisition of Hoozu on December 1, 2023, IZEA had one business operating segment with one reporting unit for purposes of goodwill impairment testing. Hoozu is being treated as a second, separate reporting unit for goodwill impairment testing.
The Company performs its annual impairment tests of goodwill as of October 1 each year, or more frequently if certain indicators are present. As described in Note 5, there were no impairment charges associated with the Company’s goodwill in the three and six months ended June 30, 2024 and 2023, respectively.
Intangible Assets
The Company acquired the majority of its intangible assets through its acquisitions of Ebyline, ZenContent, TapInfluence, and Hoozu. The Company amortizes identifiable intangible assets over periods of 12 to 60 months. See Note 5 for further details.
The Company accounts for its digital assets held as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other. The Company maintains ownership of and control over its digital assets and may use third-party custodial services to secure them. The digital assets are initially recorded at cost and are subsequently evaluated for any changes in the fair market value. The Company did not recognize any impairment of digital assets during the three and six months ended June 30, 2024, and 2023.
In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost bases for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company has opted to adopt this guidance early.
A cumulative effect adjustment to retained earnings was recognized as of January 1, 2023 for $7,632. This adjustment brings the carrying value in line with the fair market value as of December 31, 2022. Adjustments have been recognized for all quarterly reporting periods for 2023 as of December 31, 2023 to restate the carrying value at the end of each period for the Company’s digital assets, as described in Note 5.
The Company reviews long-lived assets, including software development costs and other intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset's carrying amount to determine if there has been an impairment, calculated as the difference between the asset’s fair value and the carrying value. Estimates of future undiscounted cash flows are based on expected growth rates for the business, anticipated future economic conditions, and estimates of residual values. Fair values take into consideration management estimates of risk-adjusted discount rates, which are believed to be consistent with assumptions that marketplace participants would use in their estimates of fair value. The Company did not recognize any impairment charges associated with the Company’s acquired intangible assets in the three and six months ended June 30, 2024 and 2023.
Software Development Costs
In accordance with Accounting Standards Codification (“ASC”) 350-40, Internal Use Software, the Company capitalizes certain internal-use software development costs associated with creating and enhancing internally developed software related to its platforms. Software development activities generally consist of three stages (i) the research and planning stage, (ii) the application and development stage, and (iii) the post-implementation stage. Costs incurred in the research and
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Notes to the Consolidated Financial Statements
planning stage and in the post-implementation stage of software development, or other maintenance and development expenses that do not meet the qualification for capitalization, are expensed as incurred. Costs incurred in the application and development stage, including significant enhancements and upgrades, are capitalized. These costs include personnel and related employee benefits expenses for employees or consultants directly associated with and who devote time to software projects and external direct costs of materials obtained in developing the software. The Company also capitalizes certain costs associated with cloud computing arrangements (“CCAs”). These software developments, acquired technology, and CCA costs are amortized on a straight-line basis over the estimated useful life of five years upon the initial release of the software or additional features. The Company reviews the software development costs for impairment when circumstances indicate their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess carrying value over the fair value in its consolidated statements of operations. See Note 6 for further details.
Leases
Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), established a right-of-use model that requires a lessee to record a right-of-use asset and a right-of-use liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company does not record leases on the balance sheet that have a lease term of 12 months or less at the commencement date.
Revenue Recognition
The Company generates revenue from four primary sources: (1) revenue from its managed services when a marketer (typically a brand, agency, or partner) pays the Company to provide custom content, influencer marketing, amplification, or other campaign management services (“Managed Services”); (2) revenue from fees charged to software customers on their marketplace spend within the Company's platforms (“Marketplace Spend Fees”); (3) revenue from license and subscription fees charged to access our platforms (“License Fees”); and, (4) revenue derived from other fees such as inactivity fees, early cash-out fees, and other miscellaneous fees charged to users of the Company's platforms (“Other Fees”).
The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized based on a five-step model as follows: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) performance obligations are satisfied. The core principle of ASC 606 is that revenue is recognized when the transfer of promised goods or services to customers is made in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are distinct performance obligations.
The Company also determines whether it acts as an agent or a principal for each identified performance obligation. The determination of whether the Company acts as principal or agent is highly subjective and requires the Company to evaluate a number of indicators individually and as a whole in order to make its determination. For transactions in which the Company acts as a principal, revenue is reported on a gross basis as the amount paid by the marketer for the purchase of content or sponsorship, promotion, and other related services, and the Company records the amounts it pays to third-party creators as cost of revenue. For transactions in which the Company acts as an agent, revenue is reported on a net basis as the amount the Company charged to the self-service marketer using the Company’s platforms, less the amounts paid to the third-party creators providing the service.
The Company maintains separate arrangements with each marketer and content creator either in the form of a master agreement or terms of service, which specify the terms of the relationship and access to its platforms or by statement of work, which specifies the price and the services to be performed, along with other terms. The transaction price is determined based on the fixed fee stated in the statement of work and does not contain variable consideration. Marketers who contract with the Company to manage their advertising campaigns or custom content requests may prepay for services or request credit terms. Payment terms are typically 30 days from the invoice date. The agreement typically provides for either a non-refundable deposit or a cancellation fee if the agreement is canceled by the customer prior to the completion of services. Billings in advance of completed services are recorded as a contract liability until earned. The Company assesses collectability based on several factors, including the creditworthiness of the customer and payment and transaction history.
The Company does not typically engage in contracts that are longer than one year. Therefore, the Company does not capitalize costs to obtain its customer contracts as these amounts generally would be recognized over a period of less than one year and are not material.
IZEA Worldwide, Inc.
Notes to the Consolidated Financial Statements
Managed Services Revenue
For Managed Services Revenue, the Company enters into an agreement to provide services that may include multiple distinct performance obligations in the form of (i) an integrated marketing campaign to provide influencer marketing services, which may include the provision of blogs, tweets, photos, or videos shared through social network offerings and content promotion, such as click-through advertisements appearing in websites and social media channels, and (ii) custom content items, such as a research or news articles, informational material or videos. Marketers typically purchase influencer marketing services to provide public awareness or advertising buzz regarding the marketer’s brand and purchase custom content for internal and external use.
The Company views its obligation to deliver influencer marketing services, including management services, as a single performance obligation that is satisfied over time as the customer receives the benefits from the services. The majority of revenue is recognized using an input method of costs incurred compared to total expected costs to measure the progress towards satisfying the overall performance obligation of the marketing campaign. The Company’s performance obligation in certain contracts with customers may be a stand-ready promise to provide influencer marketing services for an unknown or unspecified quantity of deliverables for a specified term. Under a stand-ready obligation, the Company’s performance obligation is satisfied over time throughout the contract term, and therefore, revenue is recognized straight-line over the life of the contract. The Company may provide one type or a combination of all types of these influencer marketing services on a statement of work for a lump sum fee. When multiple types of performance obligations exist in a contract, the Company allocates revenue to each distinct performance obligation at contract inception based on its relative standalone selling price. These performance obligations are to be provided over a period that generally ranges from one day to one year. The delivery of custom content represents a distinct performance obligation that is satisfied at a point in time when each piece of content is delivered to the customer. Based on the Company’s evaluations, revenue from Managed Services is reported on a gross basis because the Company has the primary obligation to fulfill the performance obligations, and it creates, reviews, and controls the services. The Company takes on the risk of payment to any third-party creators, and it establishes the contract price directly with its customers based on the services requested in the statement of work.
Marketplace Spend Fees Revenue
For Marketplace Spend Fees Revenue, the self-service customers instruct creators found through the Company’s platforms to provide and/or distribute custom content for an agreed-upon transaction price. The Company’s platforms control the contracting, description of services, acceptance of, and payment for the requested content. This service is used primarily by news agencies or marketers to control the outsourcing of their content and advertising needs. The Company charges the self-service customer the transaction price plus a fee based on the contract. Revenue is recognized when the transaction is completed by the creator and accepted by the marketer or verified as posted by the system. Based on the Company’s evaluations, this revenue is reported on a net basis since the Company is acting as an agent through its platform for the third-party creator to provide the services or content directly to the self-service customer or to post approved content through one or more social media platforms.
License Fees Revenue
License Fees Revenue is generated by granting customers limited, non-exclusive, non-transferable access to the Company’s technology platforms for an agreed-upon subscription period. Customers access the platforms to manage their influencer marketing campaigns. Fees for subscription or licensing services are recognized straight-line over the term of the service.
Other Fees Revenue
Other Fees Revenue is generated when fees are charged to the Company’s platform users primarily related to monthly plan fees, which are recognized within the month they relate to.
Advertising Costs
Advertising costs are charged to expense as they are incurred, including payments to content creators to promote the Company. Advertising costs for the three months ended June 30, 2024 and 2023 were approximately $0.9 million and $0.8 million, respectively. Advertising costs charged to operations for the six months ended June 30, 2024, and 2023 were approximately $1.5 million and $1.3 million, respectively. Advertising costs are included in sales and marketing expense in the accompanying consolidated statements of operations.
Income Taxes
Deferred income taxes are accounted for using the balance sheet approach, which requires recognition of deferred tax assets and liabilities for the expected future consequences of temporary differences between the financial reporting basis and the
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Notes to the Consolidated Financial Statements
tax basis of assets and liabilities. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The Company incurs state franchise tax in ten states, which is included in general and administrative expense in the consolidated statements of operations and comprehensive loss.
The Company identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits, and a corresponding liability is established on the balance sheet. The Company has not recognized a liability for uncertain tax positions. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company’s tax years subject to examination based on the statute of limitations by the IRS is generally three years; however, the IRS may examine records and other evidence from the year the net operating loss was generated when the Company utilizes net operating loss carryforwards in future periods. The Company’s tax years subject to examination by the Canadian Revenue Agency and the Australian Taxation Office is generally four years.
Fair Value of Financial Instruments
The Company’s financial instruments are recorded at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. There are three levels of inputs that may be used to measure fair value:
•Level 1 – Valuation based on quoted market prices in active markets for identical assets and liabilities.
•Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets.
•Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value.
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. As of June 30, 2024, the Company holds Level 1 and Level 2 financial assets; this is discussed further in Note 3 - Financial Instruments of Notes to the Consolidated Financial Statements.
Stock-Based Compensation
Stock-based compensation cost related to stock options granted under the 2011 Equity Incentive Plan, as amended, (the “2011 Equity Incentive Plan”), and the Inducement Plan (see Note 10) is measured at the grant date, based on the fair value of the award, and is recognized as expense over the employee’s requisite service period on a straight-line basis. The Company estimates the fair value of each option award on the date of grant using a Black-Scholes option-pricing model that uses the assumptions noted in the table below. The Company uses the simplified method to estimate the expected term of employee stock options because it does not believe historical exercise data will provide a reasonable basis for estimating the expected term for the current share options granted. The simplified method assumes that employees will exercise share options evenly between the period when the share options are vested and ending on the date when the options would expire. The Company uses the closing stock price of its common stock on the date of the grant as the associated fair value of its common stock. The Company uses the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life of the award. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future.
The Company estimates forfeitures when recognizing compensation expense and this estimate of forfeitures is adjusted over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, and a revised amount of unamortized compensation expense to be recognized in future periods.
The Company may issue shares of restricted stock or restricted stock units (“RSUs”) that vest over future periods. The value of shares is recorded as the fair value of the stock or units upon the issuance date and is expensed on a straight-line basis over the vesting period. See Note 10 for additional information related to these shares.
On November 30, 2023, the IZEA Board of Directors adopted the IZEA Worldwide, Inc. 2023 Inducement Plan (the “Inducement Plan”) to accommodate equity grants to new employees hired by IZEA in connection with acquisition transactions, including the Hoozu acquisition. Under the Inducement Plan, IZEA may grant, subject to certain requirements, RSUs, including performance-based and time-based RSUs, covering up to a total of 1,800,000 shares of IZEA common stock to new employees of IZEA or its subsidiaries. See Note 10 for additional information related to shares issued under both plans.
IZEA Worldwide, Inc.
Notes to the Consolidated Financial Statements
Business Combinations and Asset Acquisitions
The Company accounts for business combinations in accordance with Accounting Standards Codification (ASC) Topic 805, “Business Combinations.” The acquisition method of accounting is applied to all business combinations, whereby the identifiable assets acquired, liabilities assumed, and any non-controlling interests in the acquiree are recognized and measured at their fair values as of the acquisition date. Goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired and liabilities assumed in a business combination. Goodwill is allocated to reporting units, which are expected to benefit from the synergies of the combination and is subject to annual impairment testing. Acquisition-related costs, including advisory, legal, and due diligence fees, are expensed as incurred and are included in general and administrative expenses in the period in which the acquisition occurs. The financial statements include the results of operations and financial position of businesses acquired from their respective acquisition dates. Any adjustments to the preliminary fair values of assets acquired and liabilities assumed, known as measurement period adjustments, are recorded to the period of the adjustment.
Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Credit Losses: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. In May 2019, the FASB issued ASU 2019-05, which provides transition relief for entities adopting ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt ASU No. 2019-05 in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date of ASU 2016-13. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Effective January 1, 2023, the Company adopted this standard. At present, the exposure to credit losses is considered immaterial to the Company’s financial position.
Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). Under ASU 2021-08, an acquirer in a business combination must apply ASC 606 principles when recognizing and measuring acquired contract assets and contract liabilities. The provisions of ASU 2021-08 are applicable for the Company for fiscal years and interim periods beginning after December 15, 2022. As of June 30, 2024, the Company has ensured that acquired businesses contract assets and contract liabilities have been accounted for in accordance with ASC 2021-08.
Accounting for and Disclosure of Crypto Assets: In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost bases for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company has opted to early adopt this guidance. A cumulative-effect adjustment to retained earnings was booked as of January 1, 2023 for $7,632. Interim periods and annual periods for 2022 and 2023 have been presented with the change reflected in fair market value. Expanded disclosures for crypto assets have been added to Note 5 - Intangible Assets.
Recently Issued Accounting Pronouncements Not Yet Adopted
Segment Reporting: Improvements to Reportable Segment Disclosures: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures. This update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU also requires all annual disclosures currently required by Topic 280 to be included in the interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within the fiscal years beginning after December 15, 2024, with early adoption permitted and requiring retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the timing and impact of adopting the updated provisions.
Income Taxes: Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional disclosures of income tax components that affect the rate reconciliation and income taxes paid, broken out by the applicable taxing jurisdictions. The
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Notes to the Consolidated Financial Statements
Company expects to adopt this ASU for the annual period beginning on January 1, 2025, and does not expect a material impact on the consolidated financial statements.
NOTE 2. BUSINESS ACQUISITIONS
Hoozu Holdings, LTD.
On December 1, 2023, the Company completed the announced acquisition of Hoozu Holdings, LTD (now Hoozu Holdings Pty Ltd.)(“Hoozu”) from Hoozu investors. Hoozu is a leading Australian influencer marketing company headquartered in Sydney. The company serves a roster of the region’s most innovative brands, including Bunnings, Emma Sleep, Super Cheap Auto, and Ryobi. In addition to its core services, Hoozu’s talent management division, called Huume, represents creators in the Australian market. The net purchase price was approximately $2.5 million, including cash consideration of $0.6 million and 726,210 shares of common stock, valued at approximately $1.7 million at the acquisition date, based on the closing market share price on the acquisition date. Approximately $150,000 of transaction-related costs are separately recorded in general and administrative costs in the accompanying consolidated statement of operations for the year ended December 31, 2023. The Company accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date.
| | | | | | | | | | | |
| Gross Purchase Consideration | Initial Present and Fair Value | Estimated Remaining Present and Fair Value |
| 12/1/2023 | 12/1/2023 | 06/30/2024 |
Cash paid at closing | $ | 595,411 | | $ | 595,411 | | — | |
Stock issued at closing | 1,746,535 | | 1,746,535 | | — | |
First deferred purchase price installment (1) | 114,400 | | — | | — | |
Second deferred purchase price installment (1) | 60,600 | | — | | — | |
Total estimated consideration | $ | 2,516,946 | | $ | 2,341,946 | | $ | — | |
(1) The Company’s acquisition of Hoozu on December 1, 2023, included four equal contingent cash consideration payments totaling $396,940, with twelve-month measurement periods ending December 31, 2024 and 2025. The contingent payments are based on meeting minimum Revenue and Adjusted Earnings before Taxes and Depreciation thresholds for each measurement period. The contingent payments are hit-or-miss, with the first measurement period payments carrying a make-up provision during the second measurement period. The Company determined the fair value of these contingent payments, using Monte Carlo simulation methods, to be $175,000 at the acquisition date, subject to periodic adjustment until both measurement periods are completed. During the quarter that ended June 30, 2024, the Company determined that based upon the lag behind Hoozu’s revenue and profitability growth, achieving the deferred purchase price targets for both 2024 and 2025 is not probable and accordingly reduced these installment balances to their expected payout value.
The table below presents the provisional fair values on December 1, 2023, allocated to the assets acquired and liabilities assumed. The purchase accounting and purchase price allocation for Hoozu are complete. The fair values are presented in the following table:
IZEA Worldwide, Inc.
Notes to the Consolidated Financial Statements
| | | | | |
| Estimated Approximate Fair Value |
| 12/1/2023 |
Accounts receivable | $ | 419,336 | |
Prepaid expenses | 15,750 | |
Property and equipment, net | 9,033 | |
Intangible assets | |
Tradename | 668,000 | |
Customer list | 935,000 | |
Goodwill | 1,265,155 | |
Deferred tax liability | (400,750) | |
Accounts payable | (718,515) | |
Current liabilities | (930,655) | |
Purchase consideration, excluding cash received | $ | 1,262,354 | |
Plus: cash received | 1,254,592 | |
Total purchase considerations | $ | 2,516,946 | |
Accounts receivable shown in the table above represent their gross amount, which approximates the fair value, and are expected to be collected in full. The significant fair value estimates included in the provisional allocation of purchase price are discussed below.
Other Intangible Assets
Other intangible assets with definite lives include acquired customer relationships of $0.9 million and tradename of $0.7 million. The preliminary customer-related intangible assets’ fair value was determined by using the income approach, while the tradename fair value was determined utilizing the relief from the royalty method. Acquired customer relationships and tradename generally have useful lives of 10 years, unless shorter periods are warranted, and are amortized to operating costs on an accelerated basis.
Goodwill
The excess of consideration for Hoozu over the preliminary net fair value of assets acquired and liabilities assumed resulted in the provisional recognition of $1.3 million of goodwill, which is not deductible for tax purposes. Goodwill is primarily attributable to the assembled workforce and synergies.
Contingent Liability
Contingent liability purchase price installments, which total $396,940 based on meeting certain revenue and EBITDA milestones for 2024 and 2025, were recorded at their fair value of $175,000 at the acquisition date. The contingent liability value is subject to periodic adjustment until both measurement dates are completed. No adjustment was recorded in December 2023.
As of June 30, 2024, the Company reassessed the fair value of the contingent performance-based consideration related to the earnout provision of the acquisition of Hoozu. Based on actual performance to date, and revised projections of Hoozu’s business performance, it was determined that the contingent milestones were no longer probable of being achieved. Consequently, the contingent liability was adjusted to the expected payout value, resulting in a gain of $175,000 recognized as a reduction to general and administrative expense in the consolidated statements of income. This adjustment reflects our updated expectation of future performance and aligns with the requirements of ASC 805.
Privatization of Hoozu Holdings, Ltd
On March 27, 2024, Hoozu Holdings, Ltd was privatized and restructured to become Hoozu Holdings Pty, Ltd. This change reflects a strategic shift to streamline operations and focus on long-term growth objectives.
Zuberance
On December 1, 2023, the Company entered into an Asset Purchase Agreement (the “Agreement”) with Zuberance, Inc., a Delaware corporation (“Zuberance”). Zuberance is a pioneering advocate marketing software platform. Zuberance provides marketers with the tools to build white-label communities of their customers and influencers while engaging these
IZEA Worldwide, Inc.
Notes to the Consolidated Financial Statements
communities to serve as advocates for their brand, leading to low-cost content creation. The net purchase price was $18,400 in cash consideration, allocated to the fair value of assets acquired and liabilities assumed, as shown in the following table:
| | | | | |
| Estimated Fair Value |
| 12/31/2023 |
Intangibles-customer relationships | $ | 162,725 | |
Current liabilities | (58,138) | |
Deferred revenue | (86,187) | |
Total purchase price | $ | 18,400 |
The customer-related intangible assets’ fair value was determined by using the income approach, has an estimated useful life of 5 years, and will be amortized to operating expenses on an accelerated basis.
NOTE 3. FINANCIAL INSTRUMENTS
Cash, Cash Equivalents, and Marketable Securities (Available for Sale)
The Company has engaged a third party registered investment advisor and appointed a leading national bank for custody services with respect to investment securities. Investments comply with the Company’s revised investment strategy policy, designed to preserve capital, minimize investment risks, and maximize returns.
The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| Adjusted Cost | Unrealized Gains | Unrealized Losses | Fair Value | Cash and Cash Equivalents | Current Marketable Securities (1) | Non-Current Marketable Securities (2) |
Cash and cash equivalents | $ | 10,223,685 | | $ | — | | $ | — | | $ | 10,223,685 | | $ | 10,223,685 | | $ | — | | $ | — | |
Level 1 (3) | | | | | | | |
Commercial paper | 5,199,435 | | — | | (2,309) | | 5,197,126 | | 5,197,126 | | — | | — | |
Money market funds | 28,881,055 | | — | | — | | 28,881,055 | | 28,881,055 | | — | | — | |
US Treasury securities | 2,014,955 | | — | | (21,572) | | 1,993,383 | | — | | 1,993,383 | | — | |
Subtotal | 36,095,445 | | — | | (23,881) | | 36,071,564 | | 34,078,181 | | 1,993,383 | | — | |
Level 2 (4) | | | | | | | |
Asset back securities | 2,375,823 | | — | | (19,309) | | 2,356,514 | | — | | 1,459,487 | | 897,027 | |
Corporate debt securities | 7,890,176 | | 5,275 | | (61,868) | | 7,833,583 | | — | | 7,833,583 | | — | |
Subtotal | 10,265,999 | | 5,275 | | (81,177) | | 10,190,097 | | — | | 9,293,070 | | 897,027 | |
Total | $ | 56,585,129 | | $ | 5,275 | | $ | (105,058) | | $ | 56,485,346 | | $ | 44,301,866 | | $ | 11,286,453 | | $ | 897,027 | |
(1) Current Marketable Securities have a holding period under one year.
(2) Non-Current Marketable Securities have a holding period over one year. The securities held by IZEA Worldwide, Inc. mature between one and five years.
(3) Level 1 fair value estimates are based on quoted prices in active markets for identical assets and liabilities.
(4) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets and liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities.
The Company records the fair value of cash equivalents and marketable securities on the balance sheet. The adjusted cost, which includes unrealized gains and losses, reflects settlement amounts if all investments are held to maturity. The Company did not recognize any realized gains (net of losses) for the three and six months ended June 30, 2024, and 2023. Realized gains and losses are a component of other income (expense), net. Unrealized gains and losses are a component of other comprehensive income (loss) (“OCI”).
The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates:
IZEA Worldwide, Inc.
Notes to the Consolidated Financial Statements
| | | | | | | | |
| As of June 30, 2024 | As of December 31, 2023 |
Due in 1 year or less | $ | 11,286,453 | | $ | 17,126,057 | |
Due in 1 year through 5 years | 897,027 | | 9,618,996 | |
Total | $ | 12,183,480 | | $ | 26,745,053 | |
The following table presents fair values and net unrealized gains (losses) recorded to OCI, aggregated by investment category:
| | | | | | | | | | | | | | |
| June 30, 2024 | December 31, 2023 |
| Fair Value | Net Unrealized Gain (Loss) | Fair Value | Net Unrealized Gain (Loss) |
Cash and cash equivalents | $ | 44,301,866 | | $ | (2,309) | | $ | 37,446,728 | | $ | — | |
Government bonds | 1,993,383 | | (21,572) | | 6,939,713 | | (79,840) | |
Corporate debt securities | 7,833,583 | | (56,593) | | 16,196,931 | | (124,431) | |
Asset backed securities | 2,356,514 | | (19,309) | | 3,608,409 | | (46,320) | |
Total | $ | 56,485,346 | | $ | (99,783) | | $ | 64,191,781 | | $ | (250,591) | |
During the three and six months ended June 30, 2024, the Company did not recognize any credit losses and had no ending allowance balance for credit losses.
NOTE 4. PROPERTY AND EQUIPMENT
Property and equipment consist of the following:
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
Furniture and fixtures | $ | 29,848 | | | $ | 29,848 | |
Office equipment | 8,506 | | | 8,506 | |
Computer equipment | 282,898 | | | 281,950 | |
Total | 321,252 | | | 320,304 | |
Less accumulated depreciation | (165,417) | | | (114,927) | |
Property and equipment, net | $ | 155,835 | | | $ | 205,377 | |
Depreciation expense on property and equipment recorded in depreciation and amortization expense in the consolidated statements of operations and comprehensive loss was $26,701 and $27,160 for the three months ended June 30, 2024 and 2023, respectively, and was $53,258 and $45,946 for the six months ended June 30, 2024 and 2023, respectively.
NOTE 5. INTANGIBLE ASSETS
Definite Lived Intangible Assets
Definite lived intangible assets, net of amortization as of June 30, 2024 and December 31, 2023 totaled $1.8 million and $1.8 million, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 | | |
| Balance | | Accumulated Amortization | | Net Book Value | | Balance | | Accumulated Amortization | | Net Book Value | | Useful Life in years |
Trade names | $ | 668,213 | | | $ | 48,581 | | | $ | 619,632 | | | $ | 668,000 | | | $ | 5,567 | | | $ | 662,433 | | | 10 |
Customer lists | | | | | | | | | | | | | |
Hoozu | 935,294 | | | 69,010 | | | 866,284 | | | 935,000 | | | 7,791 | | | 927,209 | | | 10 |
Zuberance | 162,508 | | | 23,473 | | | 139,035 | | | 162,508 | | | 2,709 | | | 159,799 | | | 5 |
Total definite-lived intangible assets | $ | 1,766,015 | | | $ | 141,064 | | | $ | 1,624,951 | | | $ | 1,765,508 | | | $ | 16,067 | | | $ | 1,749,441 | | | |
Total intangible assets from the Company’s acquisitions and other acquired assets net of accumulated amortization thereon consists of the following:
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
Hoozu intangible assets | $ | 1,603,507 | | | $ | 1,603,000 | |
Zuberance intangible assets | 162,508 | | | 162,508 | |
Total | $ | 1,766,015 | | | $ | 1,765,508 | |
Less accumulated amortization | (141,064) | | | (16,067) | |
Intangible assets, net | $ | 1,624,951 | | | $ | 1,749,441 | |
As of June 30, 2024, future estimated amortization expense related to identifiable assets is set forth in the following schedule:
| | | | | |
Future Amortization of Intangible Assets | Amount |
Remainder of 2024 | 155,325 | |
2025 | 257,032 | |
2026 | 232,877 | |
2027 | 208,721 | |
2028 | 184,566 | |
2029+ | 586,430 | |
Total | $ | 1,624,951 | |
There were no impairment charges associated with the Company’s identifiable intangible assets, other than digital assets, in the six months ended June 30, 2024, and 2023.
Amortization expense recorded in depreciation and amortization in the accompanying consolidated statements of operations and comprehensive loss was $124,996 and $0 for the six months ended June 30, 2024 and 2023, respectively.
Digital Assets
During the three months ended June 30, 2024 and 2023, the Company did not transact in digital assets nor did the Company impair the value of its digital assets.
As of June 30, 2024, the Company held $143,436 of Bitcoin and $99,584 of Ethereum with total holdings in digital assets of $243,020. The Company recorded a loss of $26,044 and a gain $80,115 for the three and six months ended June 30, 2024, respectively.
The Company determines the fair value of its digital assets on a recurring basis in accordance with ASU 2023-8, Accounting for and Disclosure of Crypto Assets, based on quoted prices on the active exchange(s) that has been determined to be the principal market for such assets (Level 1 inputs). The Company performs an analysis monthly to identify whether the fair market value of the digital assets has changed. If the then-current carrying value of a digital asset is different from the fair value so determined, an adjustment in the amount equal to the difference between their carrying value and the price determined is recognized.
Gains and losses on digital assets are recognized within other income in the consolidated statements of operations and comprehensive loss in the period in which the change to fair market value is identified. In determining the gain to be recognized upon sale, the Company calculates the difference between the sales price and carrying value of the digital assets sold immediately prior to sale.
Goodwill
The Company’s goodwill balance changed as follows:
| | | | | |
| Amount |
Balance on December 31, 2022 | $ | 4,016,722 | |
Acquisitions during 2023 | 1,265,155 | |
Currency translation adjustment | $ | (1,505) | |
Balance on December 31, 2023 | $ | 5,280,372 | |
| |
Currency translation adjustment | 1,516 | |
Balance on June 30, 2024 | $ | 5,281,888 | |
The Company completed its acquisition of Hoozu on December 1, 2023. While Hoozu’s business is reported together with our Managed Services business, it will be treated as a separate component for Goodwill impairment testing.
The Company performs an annual impairment assessment of goodwill on October 1 each year or more frequently, if certain indicators are present. There were no impairment charges associated with the Company’s Goodwill in the three and six months ended June 30, 2024 and 2023.
NOTE 6. SOFTWARE DEVELOPMENT COSTS
Software development costs consist of the following:
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
Software development costs | $ | 5,827,554 | | | $ | 5,390,403 | |
Less accumulated amortization | (3,586,117) | | | (3,333,431) | |
Software development costs, net | $ | 2,241,437 | | | $ | 2,056,972 | |
In 2022, the Company began developing two new web-based influencer marketing platforms, Flex and Marketplace, to replace IZEAx and Shake, respectively. IZEAx was sunset in mid-2023, and Shake was sunset in Q4 of 2022. The Company capitalized software development costs of $363,474 and $437,152 during the three and six months ended June 30, 2024, respectively. The Company capitalized software development costs of $281,009 and $437,877 during the three and six months ended June 30, 2023, respectively. As a result, the Company has capitalized a total of $5.8 million in direct materials, consulting, payroll, and benefit costs to its internal-use software development costs in the consolidated balance sheet as of June 30, 2024.
The Company amortizes its software development costs, commencing upon initial release of the software or additional features, on a straight-line basis over the estimated useful life of five years, which is consistent with the amount of time its legacy platforms were in service, or its actual useful life, if shorter. The Company recorded amortization expense associated with its capitalized software development cost of $124,381 and $83,272 during the three months ended June 30, 2024 and 2023, respectively. The Company recorded amortization expense associated with its capitalized software development cost of $252,686 and $410,748 during the six months ended June 30, 2024 and 2023, respectively.
As of June 30, 2024, future estimated amortization expense related to software development costs is set forth in the following schedule:
| | | | | |
| Software Development Amortization Expense |
2024 | 249,961 | |
2025 | 566,654 | |
2026 | 560,906 | |
2027 | 526,871 | |
2028 | 257,843 | |
2029 | 79,202 | |
Total | $ | 2,241,437 | |
NOTE 7. ACCRUED EXPENSES
Accrued expenses consist of the following:
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
Accrued payroll liabilities | $ | 2,469,962 | | | $ | 2,153,617 | |
Accrued taxes | 90,773 | | | 253,677 | |
Current portion of finance obligation | 59,386 | | | 59,386 | |
Accrued other | 541,708 | | | 616,780 | |
Total accrued expenses | $ | 3,161,829 | | | $ | 3,083,460 | |
NOTE 8. NOTES PAYABLE
Finance Obligation
The Company pays for its laptop computer equipment through long-term payment plans, using an imputed interest rate of 7.8%, based on its incremental borrowing rate, to determine the present value of its financial obligation and to record interest expense over the term of the plan. The Company refreshed a portion of its computer inventory during the fourth quarter of 2022, entering a new three-year payment plan with the same vendor. The total balance owed was $93,113 and $122,805 as of June 30, 2024 and December 31, 2023, respectively, with the short-term portion of $59,386 and $59,386 recorded under accrued expenses in the consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively.
Summary
Interest expense on financing arrangements recorded in the Company’s consolidated statements of operations was $4,000 and $3,103 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the future contractual maturities of the Company’s long-term payment obligations by year are set forth in the following schedule:
| | | | | |
2024 | $ | 29,693 | |
2025 | 56,683 | |
2026 | 6,737 | |
Total | $ | 93,113 | |
NOTE 9. COMMITMENTS AND CONTINGENCIES
Deferred Purchase Price
The Company’s acquisition of Hoozu on December 1, 2023 included four equal contingent cash consideration payments totaling $396,940, with twelve-month measurement periods ending December 31, 2024 and 2025. The contingent payments are based on meeting minimum Revenue and Adjusted Earnings before Taxes and Depreciation thresholds for each measurement period. The contingent payments are hit-or-miss, with the first measurement period payments carrying a make-up provision during the second measurement period. The Company determined the fair value of these contingent payments to be $175,000, subject to quarterly adjustment until both measurement periods are completed.
As of June 30, 2024, the Company reassessed the fair value of the contingent performance-based consideration related to the earnout provision of the acquisition of Hoozu. Based on actual performance to date, and revised projections of Hoozu’s business performance, it was determined that achieving the contingent milestones was no longer probable. Consequently, the contingent liability was written off, resulting in a gain of $175,000 recognized as a reduction to general and administrative expense in the consolidated statements of income. This adjustment reflects our updated expectation of future performance and aligns with the requirements of ASC 805. The fair value will continue to be subject to quarterly assessment until the completion of both measurement periods.
Lease Commitments
The Company does not have any operating or finance leases greater than 12 months in duration as of June 30, 2024.
Retirement Plans
The Company offers a 401(k) plan to all of its eligible employees. The Company matches participant contributions in an amount equal to 50% of each participant’s contribution up to 8% of the participant’s salary. The participants become vested in 20% annual increments after two years of service, or fully vest upon the age of 60. Total expense for employer matching contributions during the three and six months ended June 30, 2024 and 2023 was recorded in the Company’s consolidated statements of operations as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Six Months Ended |
| | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Cost of revenue | | | | | $ | 19,722 | | | $ | 19,643 | | | $ | 42,200 | | | $ | 44,276 | |
Sales and marketing | | | | | 17,191 | | | 17,799 | | | 60,230 | | | 33,416 | |
General and administrative | | | | | 48,018 | | | 41,875 | | | 92,602 | | | 77,827 | |
Total contribution expense | | | | | $ | 84,931 | | | $ | 79,317 | | | $ | 195,032 | | | $ | 155,519 | |
Litigation
From time to time, the Company may become involved in lawsuits and various other legal proceedings that arise in the ordinary course of its business. Litigation is, however, subject to inherent uncertainties, and an adverse result in any such litigation that may arise from time to time that may harm the Company’s business. The Company is currently not party to any legal proceedings or claims that it believes would or could have, individually or in the aggregate, a material adverse effect on the Company.
NOTE 10. STOCKHOLDERS’ EQUITY
Authorized Shares
The Company has 50,000,000 authorized shares of common stock and 10,000,000 authorized shares of preferred stock, each with a par value of $0.0001 per share. 500,000 shares of preferred stock are designated as Series A Junior Participating Preferred Stock.
Share Repurchase
On March 30, 2023, the Company announced that its Board of Directors had authorized a $1.0 million share repurchase program of the Company’s common stock.
During the repurchase program, the Company purchased 365,855 shares of the Company’s common stock on the open market with an average price per share of $1.23, for a total of $1.0 million. Shares purchased before June 16, 2023 have been adjusted for the reverse stock split. Repurchased shares have the status of treasury shares and may be issued, if and when needed, for general corporate purposes. The repurchase program was completed in August 2023.
On June 28, 2024, the Company announced that its Board of Directors had authorized a $5.0 million share repurchase program of the Company’s common stock. The repurchase program is subject to market conditions and the Company’s inside trading windows. As of June 30, 2024, no shares had been repurchased under the program.
Reverse Stock Split
In June 2023, the number of authorized shares and shares of common stock held by each stockholder of the Company were consolidated automatically into the number of shares of common stock equal to the number of issued and outstanding shares of common stock held by each such stockholder immediately prior to the reverse split divided by four (4): effecting a four (4) old for one (1) new reverse stock split. Any fractional shares resulting from the reverse stock split were rounded up to the nearest whole share, resulting in 23,789 additional shares being issued. No shares of preferred stock were outstanding at the time of the reverse stock split.
Additionally, all options and unvested restricted share grants of the Company outstanding immediately prior to the reverse split were adjusted by dividing the number of shares of common stock into which the options are exercisable by four (4) and multiplying the exercise price by four (4), in accordance with the terms of the plans and agreements governing such options and subject to rounding up to the nearest whole share.
All shares of common stock, stock options, restricted stock, and restricted stock unit grants, and their corresponding price per share amounts have been presented to reflect the reverse split in all periods presented within this Quarterly Report on Form 10-Q.
Equity Incentive Plan
The Company’s stockholders approved an amendment and restatement of the 2011 Equity Incentive Plan at the Company’s 2023 Annual Meeting of Stockholders held on October 17, 2023, to increase the number of plan shares by 1,800,000 shares, from 1,875,000 to 3,675,000 shares. As of June 30, 2024, the Company had 974,985 remaining shares of common stock available for issuance pursuant to future grants under the 2011 Equity Incentive Plan.
Restricted Stock
Under the 2011 Equity Incentive Plan, the Board determines the terms and conditions of each restricted stock issuance, including any future vesting restrictions.
In 2023, the Company issued its five independent directors a total of shares of restricted common stock initially valued at $300,015 for their annual service as directors of the Company. The stock was granted in installments on the last day of each quarter and vested immediately.
In the three and six months ended June 30, 2024, the Company issued its five independent directors a total of 31,915 and 64,385 shares of restricted common stock, respectively, with an aggregate grant date valuation of $150,006 for their service as directors of the Company. Approximately $75,000 worth of shares are granted on the last day of each quarter and vest immediately.
The following table contains summarized information about restricted stock issued during the year ended December 31, 2023 and the six months ended June 30, 2024:
| | | | | | | | | | | |
Restricted Stock | Common Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Years to Vest |
Nonvested at December 31, 2022 | 72 | | $ | 5.36 | | 0.3 |
Granted | 131,520 | | 2.28 | | |
Vested | (131,592) | | 2.28 | | |
Nonvested at December 31, 2023 | — | | $ | — | | 0.0 |
Granted | 64,385 | | 2.33 | | |
Vested | (64,385) | | 2.33 | | |
Nonvested at June 30, 2024 | — | | $ | — | | 0.0 |
Although restricted stock is issued upon the grant of an award, the Company excludes restricted stock from the computations within the financial statements of total shares outstanding and basic earnings per share until such time as the restricted stock vests.
Expense recognized on restricted stock issued to directors for services was $75,000 and $75,009 during the three months ended June 30, 2024, and 2023, respectively and $150,006 and $150,009 during the six months ended June 30, 2024, and 2023, respectively. There was no expense recognized on restricted stock issued to employees during the three months ended June 30, 2024, and 2023, respectively and $0 and $376 during the six months ended June 30, 2024, and 2023, respectively.
On June 30, 2024, the fair value of the Company’s common stock was approximately $2.35 per share and the intrinsic value on the non-vested restricted stock was $0. Future compensation expense related to issued, but non-vested, restricted stock awards as of June 30, 2024, is $0.
Restricted Stock Units
The Board determines the terms and conditions of each restricted stock unit award issued under the 2011 Equity Incentive Plan.
During the six months ended June 30, 2024, the Company issued a total of 475,713 restricted stock units initially valued at $1,079,016 to non-executive employees as additional incentive compensation. The restricted stock units vest between 12 and 36 months from issuance.
During the six months ended June 30, 2024, the Company issued a total of 221,232 restricted stock units initially valued at $516,307 to executives as additional incentive compensation. The restricted stock units vest between 12 and 48 months from issuance.
The following table contains summarized information about restricted stock units during the year ended December 31, 2023 and the six months ended June 30, 2024:
| | | | | | | | | | | |
Restricted Stock Units | Common Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Years to Vest |
Nonvested at December 31, 2022 | 329,070 | | $ | 3.79 | | 2.5 |
Granted | 870,191 | | 2.38 | | |
Vested | (163,085) | | 3.55 | | |
Forfeited | (73,327) | | 3.18 | | |
Nonvested at December 31, 2023 | 962,849 | | $ | 2.60 | | 2.5 |
Granted | 696,945 | | 2.25 | | |
Vested | (151,587) | | 3.03 | | |
Forfeited | (88,870) | | 2.28 | | |
Nonvested at June 30, 2024 | 1,419,337 | | $ | 2.40 | | 1.2 |
Expense recognized on restricted stock units issued to employees was $349,385 and $151,733 during the three months ended June 30, 2024 and 2023, respectively and $650,599 and $281,299 during the six months ended June 30, 2024 and 2023, respectively. On June 30, 2024, the fair value of the Company’s common stock was approximately $2.35 per share and the intrinsic value on the non-vested restricted units was $3,335,442. Future compensation related to the non-vested restricted stock units as of June 30, 2024 is $2,930,090 and it is estimated to be recognized over the weighted-average vesting period of approximately 1.2 years.
Stock Options
Under the 2011 Equity Incentive Plan, the Board determines the exercise price to be paid for the stock option shares, the period within which each stock option may be exercised, and the terms and conditions of each stock option. The exercise price of incentive and non-qualified stock options may not be less than 100% of the fair market value per share of the Company’s common stock on the grant date. If an individual owns stock representing more than 10% of the outstanding shares, the exercise price of each share of an incentive stock option must be equal to or exceed 110% of fair market value. Unless otherwise determined by the Board at the time of grant, the exercise price is set at the fair market value of the Company’s common stock on the grant date (or the last trading day prior to the grant date, if it is awarded on a non-trading day). Additionally, the term is set at ten years and the option typically vests on a straight-line basis over the requisite service period as follows: 25% one year from the date of grant with the remaining vesting monthly in equal increments over the following three years. The Company issues new shares for any stock awards or options exercised under its 2011 Equity Incentive Plan.
A summary of option activity under the 2011 Equity Incentive Plan during the year ended December 31, 2023, and the six months ended June 30, 2024, is presented below:
| | | | | | | | | | | | | | | | | |
Options Outstanding | Common Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Life (Years) |
Outstanding at December 31, 2022 | 415,562 | | | $ | 11.31 | | | 5.3 |
Granted | — | | | — | | | |
Exercised | (586) | | | 0.96 | | | |
Expired | (71,013) | | | 19.99 | | | |
Forfeited | (362) | | | 7.75 | | | |
Outstanding at December 31, 2023 | 343,601 | | | $ | 9.53 | | | 5.2 |
Granted | — | | | — | | | |
Exercised | (313) | | | 2.24 | | | |
Expired | (458) | | | 6.88 | | | |
Forfeited | (51) | | | 6.57 | | | |
Outstanding at June 30, 2024 | 342,779 | | | $ | 9.54 | | | 4.7 |
| | | | | |
Exercisable at June 30, 2024 | 330,658 | | | $ | 9.55 | | | 4.7 |
During the six months ended June 30, 2024, 313 options were exercised for gross proceeds of $701. The intrinsic value of the exercised options was $50. During the six months ended June 30, 2023, 0 options were exercised for gross proceeds of $0. The intrinsic value of the exercised options was $0. The fair value of the Company's common stock on June 30, 2024 was approximately $2.35 per share, and the intrinsic value on outstanding options as of June 30, 2024 was $74,149. The intrinsic value of the exercisable options as of June 30, 2024 was $74,149.
A summary of the nonvested stock option activity under the 2011 Equity Incentive Plan during the year ended December 31, 2023, and the six months ended June 30, 2024, is presented below:
| | | | | | | | | | | | | | | | | |
Nonvested Options | Common Shares | | Weighted Average Grant Date Fair Value | | Weighted Average Remaining Years to Vest |
Nonvested at December 31, 2022 | 72,474 | | | $ | 5.80 | | | 1.7 |
Granted | — | | | — | | | |
Vested | (31,474) | | | 9.53 | | | |
Forfeited | (14,627) | | | 19.99 | | | |
Nonvested at December 31, 2023 | 26,373 | | | $ | 8.83 | | | 1.1 |
Granted | — | | | — | | | |
Exercised | — | | | — | | | |
Vested | (14,201) | | | 9.55 | | | |
Forfeited | (51) | | | 6.57 | | | |
Nonvested at June 30, 2024 | 12,121 | | | $ | 9.53 | | | 0.9 |
| | | | | |
There were outstanding options to purchase 342,779 shares with a weighted average exercise price of $9.54 per share, of which options to purchase 330,658 shares were exercisable with a weighted average exercise price of $9.55 per share as of June 30, 2024.
Expense recognized on stock options issued to employees during the six months ended June 30, 2024 and 2023 was $96,479 and $119,124, respectively and $44,514 and $54,780 for the three months ended June 30, 2024 and 2023, respectively. Future compensation related to non-vested awards as of June 30, 2024 is $93,369, and it is estimated to be recognized over the weighted-average vesting period of approximately 0.9 years.
No stock options were granted under the 2011 Equity Incentive Plan in the six months ended June 30, 2024 and 2023.
Inducement Plan
On November 30, 2023, the Board of Directors adopted the IZEA Worldwide, Inc. 2023 Inducement Plan (the “Inducement Plan”) to accommodate equity grants to new employees hired by IZEA in connection with acquisition transactions, including the Hoozu acquisition. Under the Inducement Plan, IZEA may grant restricted stock units (“RSUs”), including performance-based and time-based RSUs, with respect to up to a total of 1,800,000 shares of IZEA common stock to new employees of IZEA or its subsidiaries. Pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules, the Inducement Plan was adopted without stockholder approval. In accordance with Rule 5635(c)(4) of the NASDAQ Listing Rules, awards under the Inducement Plan can only be made to individuals not previously employees or non-employee directors of IZEA (or following such individuals’ bona fide period of non-employment with IZEA), as an inducement material to the individuals’ entry into employment with IZEA or in connection with a merger or acquisition, to the extent permitted by Rule 5635(c)(3) of the NASDAQ Listing Rules.
On December 1, 2023, the Board approved the grant of inducement awards under the Inducement Plan to five employees of Hoozu consisting of an aggregate of 328,354 performance-based RSUs as inducement awards material to such employees’ entering into employment with IZEA, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules. The RSU grants, which vest in annual increments over a three-year performance period based upon the achievement of certain revenue and profitability metrics, represent the maximum number of shares that can be earned under the awards. Vesting is also subject to the receipt’s continued service through each annual vesting date. Unearned RSUs will be forfeited if the minimum revenue in each period is not achieved. Each award is subject to the terms and conditions of the Inducement Plan and the terms and conditions of the applicable RSU award agreement covering the grant.
Separately, on December 1, 2023, the IZEA Board approved the grant of an inducement award under the Inducement Plan in connection with the asset purchase from Zuberance consisting of 10,000 time-based RSUs as an inducement award material to such employee’s entering into employment with IZEA.
As of June 30, 2024, an aggregate of 338,354 performance-based and time-based restricted stock unit awards have been granted in conjunction with our acquisitions, none of which have vested.
Employee Stock Purchase Plan
The amended and restated IZEA Worldwide, Inc. 2014 Employee Stock Purchase Plan (the “ESPP”) provides for the issuance of up to 125,000 shares of the Company’s common stock to employees regularly employed by the Company for 90 days or more on a full-time or part-time basis (20 hours or more per week on a regular schedule). The ESPP operates in successive six-month periods commencing at the beginning of each fiscal year half. Each eligible employee who elects to participate may purchase up to 10% of their annual compensation in common stock not to exceed $21,250 annually or 2,000 shares per offering period. The purchase price will be the lower of (i) 85% of the fair market value of a share of common stock on the first day of the offering period or (ii) 85% of the fair market value of a share of common stock on the last day of the offering period. The ESPP will continue until January 1, 2028, unless otherwise terminated by the Board.
During the three months ended June 30, 2024 and 2023, employees paid $5,206 to purchase 3,047 shares of common stock and $7,992 to purchase 4,329 shares of common stock, respectively. During the six months ended June 30, 2024 and 2023, employees paid $5,206 to purchase 3,047 shares of common stock and $7,992 to purchase 4,329 shares of common stock, respectively. The stock compensation expense on ESPP Options was $1,031 and $1,361 for the three months ended June 30, 2024 and 2023, respectively, and $2,041 and $2,599 for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company had 77,931 remaining shares of common stock available for future issuances under the ESPP.
Shareholder Rights Plan
On May 28, 2024, the Board of Directors declared a dividend to the holders of the Company’s common stock outstanding at the close of business on June 7, 2024 (the “Record Date”) of one preferred share purchase right (a “Right”) for each share of common stock. Each Right initially entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.001 per share (the “Preferred Shares”), at a price of $8.25 per one one-thousandth of a Preferred Share (the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement (the “Rights Agreement”), dated May 28, 2024 between the Company and Broadridge Corporate Issuer Solutions, LLC, as rights agent (the “Rights Agent”).
Initially, the Rights are attached to all common stock certificates outstanding as of the Record Date, and evidenced by such shares being registered in the name of the holder thereof together with the Summary of Rights, and no separate certificates evidencing the Rights (“Right Certificates”) will be issued. The Rights Agreement provides that, until the Distribution Date (as defined below), or earlier expiration or redemption of the Rights, (i) the Rights will be transferred with and only with the common stock, (ii) new Common Share certificates issued after the Record Date or upon transfer or new issuance of common stock will contain a legend incorporating the Rights Agreement by reference, and (iii) the surrender for transfer of any
certificates for common stock outstanding as of the Record Date, even without such legend or a copy of the Summary of Rights, will also constitute the transfer of the Rights associated with the common stock represented by such certificate.
The Rights would separate and begin trading separately from the common stock, and Right Certificates will be caused to evidence the rights on the earlier to occur of (i) the close of business on the tenth (10th) business day after a public announcement that a person or group of affiliated or associated persons (with certain exceptions noted below, an “Acquiring Person”) has acquired beneficial ownership of 15% or more of the outstanding common stock and (ii) the close of business on the tenth (10th) business day after the commencement by any person of, or of the first public announcement of the intention of any person to commence, a tender or exchange offer the consummation of which would result in such person becoming the beneficial owner of 15% or more of the outstanding shares of common stock (the earlier of such dates being called the “Distribution Date”). As soon as practicable following the Distribution Date, separate certificates evidencing the Rights (the “Rights Certificates”) will be mailed to holders of record of common stock as of the close of business on the Distribution Date and such separate Rights Certificates alone will evidence the Rights.
“Acquiring Person” shall not include (i) any person who became an “Acquiring Person” as a result of the events described in (i) through (v) of Section 1 of the Rights Agreement, (ii) any Excluded Persons or Grandfathered Persons, each as defined under the Rights Agreement and (iii) any Exempt Persons (as defined below).
The Rights are not exercisable until the Distribution Date. The Rights will expire at the earliest of (i) the close of business on May 28, 2025 or such later date as may be established by the Board of the Company prior to the expiration of the Rights, (ii) the time at which the Rights are redeemed or exchanged by the Company, and (iii) upon the occurrence of certain transactions.
This description of the Rights Agreement herein does not purport to be complete and is qualified in its entirety by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed with the SEC on May 28, 2024.
Summary of Stock-Based Compensation
The stock-based compensation cost related to all awards granted to employees is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the employee’s requisite service period utilizing the weighted-average forfeiture rates as disclosed in Note 1. Total stock-based compensation expense recognized on restricted stock, restricted stock units, stock options, and employee stock purchase plan issuances during the three and six months ended June 30, 2024 and 2023 was recorded in the Company’s consolidated statements of operations as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Cost of revenue | | | | 56,874 | | | $ | 18,085 | | | 108,445 | | | $ | 35,255 | |
Sales and marketing | | | | 64,719 | | | 29,743 | | | 121,207 | | | 47,591 | |
General and administrative | | | | 273,338 | | | 160,047 | | | 519,468 | | | 320,553 | |
Total stock-based compensation | | | | $ | 394,931 | | | $ | 207,875 | | | $ | 749,120 | | | $ | 403,399 | |
Accumulated Other Comprehensive Income (Loss)
We recognize activity in other comprehensive income (loss) for unrealized gains and losses on securities and foreign currency translation adjustments. The activity in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands):
| | | | | | | | | | | | | | | |
| | | Unrealized Gain (Loss) on Securities Held | Currency Translation Adjustment | Total Accumulated Other Comprehensive Income |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Balance at December 31, 2023 | | | | | (250,591) | | — | | (250,591) | |
Other comprehensive income (loss) | | | | | 150,807 | | (12,302) | | 138,505 | |
Balance at June 30, 2024 | | | | | $ | (99,784) | | $ | (12,302) | | $ | (112,086) | |
NOTE 11. LOSS PER COMMON SHARE
Basic earnings (loss) per common share is computed by dividing the net income or loss by the basic weighted-average number of shares of common stock outstanding during each period presented. Although restricted stock is issued upon the grant
of an award, the Company excludes restricted stock from the computations of the weighted-average number of shares of common stock outstanding until the stock vests. Diluted loss per share is computed by dividing the net income or loss by the sum of the total of the basic weighted-average number of shares of common stock outstanding plus the additional dilutive securities that could be exercised or converted into common shares during each period presented less the amount of shares that could be repurchased using the proceeds from the exercises.
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Six Months Ended |
| | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Net loss | | | | | $ | (2,194,828) | | | $ | (1,033,426) | | | $ | (5,460,678) | | | $ | (3,839,765) | |
Weighted average shares outstanding - basic and diluted | | | | | 16,437,460 | | | 15,520,700 | | | 16,470,467 | | | 15,551,785 | |
Basic and diluted loss per common share | | | | | $ | (0.13) | | | $ | (0.07) | | | $ | (0.33) | | | $ | (0.25) | |
The Company excluded the following weighted average items from the above computation of diluted loss per common share, as their effect would be anti-dilutive:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended | | Six Months Ended |
| | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Stock options | | | | | | 342,779 | | | 400,188 | | | 342,779 | | | 416,195 | |
Restricted stock units | | | | | | 1,446,169 | | | 426,467 | | | 1,401,721 | | | 397,303 | |
Restricted stock | | | | | | — | | | — | | | — | | | 24 | |
Total excluded shares | | | | | | 1,788,948 | | | 826,655 | | | 1,744,500 | | | 813,522 | |
NOTE 12. REVENUE
The Company has consistently applied its accounting policies with respect to revenue to all periods presented in the consolidated financial statements contained herein. The following table illustrates the Company’s revenue by product service type:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended | | Six Months Ended |
| | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Managed Services Revenue | | | | | | $ | 8,850,463 | | | $ | 10,618,381 | | | $ | 15,547,005 | | | $ | 19,121,135 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
SaaS Services Revenue | | | | | | 243,353 | | | 70,678 | | | 499,694 | | | 305,646 | |
| | | | | | | | | | | | |
Total Revenue | | | | | | $ | 9,093,816 | | | $ | 10,689,059 | | | $ | 16,046,699 | | | $ | 19,426,781 | |
Managed Services revenue is comprised of two types of revenue, Sponsored Social and Content. Sponsored Social revenue, which totaled $7.2 million and $13.1 million for the three and six months ended June 30, 2024, respectively, is recognized over time. Content revenue, which totaled $1.7 million and $2.4 million during the three and six months ended June 30, 2024, respectively, is recognized at a point in time.
The following table provides the Company’s revenues as determined by customer geographic region:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended | | Six Months Ended |
| | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 |
Revenue from North America | | | | | | $ | 7,537,029 | | | $ | 10,035,693 | | | $ | 13,027,444 | | | $ | 18,171,826 | |
Revenue from APAC | | | | | | 445,224 | | | 653,366 | | | 2,139,422 | | | — | |
Revenue from Other | | | | | | 1,111,563 | | | — | | | 879,833 | | | 1,254,955 | |
Total | | | | | | $ | 9,093,816 | | | $ | 10,689,059 | | | $ | 16,046,699 | | | $ | 19,426,781 | |
Contract Balances
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers reported in the Company’s consolidated balance sheet:
| | | | | | | | |
| June 30, 2024 | December 31, 2023 |
Accounts receivable, net | $ | 5,617,269 | | $ | 5,012,373 | |
Contract liabilities (unearned revenue) | 7,176,694 | | 8,891,205 | |
The Company does not typically engage in contracts that are longer than one year. Therefore, the Company will recognize substantially all of the contract liabilities recorded at the end of the year in the following year. The contract liability balance as of December 31, 2023 was $8.9 million. Of that balance, $7.6 million was carried to revenue during the first two quarters of 2024. The contract liability balance as of June 30, 2024 was $7.2 million. The Company expects to recognize the associated revenue in 2024. The accounts receivable balance as of December 31, 2023 was $5.7 million. $0.3 million of the outstanding receivables balance from the prior year is still outstanding as of June 30, 2024. The carryforward receivables balance is fully reserved as of June 30, 2024.
Contract receivables are recognized when the receipt of consideration is unconditional. Contract liabilities relate to the consideration received from customers in advance of the Company satisfying performance obligations under the terms of the contracts, which will be earned in future periods. Contract liabilities increase as a result of receiving new advance payments from customers and decrease as revenue is recognized upon the Company meeting the performance obligations. As a practical expedient, the Company expenses the costs of sales commissions that are paid to its sales force associated with obtaining contracts less than one year in length in the period incurred.
Remaining Performance Obligations
The Company typically enters into contracts that are one year or less in length. As such, the remaining performance obligations at June 30, 2024 and December 31, 2023, are equal to the contract liabilities disclosed above. The Company expects to recognize the full balance of the unearned revenue on June 30, 2024 within the next year.
NOTE 13. INCOME TAX
The provision for income taxes for interim periods is determined using an estimated annual effective tax rate in accordance with ASC 740-270, Income Taxes, Interim Reporting. The effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as valuation allowances against deferred tax assets, the recognition or de-recognition of tax benefits related to uncertain tax position, if any, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business.
The Company’s income tax expense and effective tax rate were as follows:
| | | | | | | | | | | | | | |
| Three Months Ended June 30, | Six Months Ended June 30, |
| 2024 | 2023 | 2024 | 2023 |
Income tax benefit (expense) | $ | 88,296 | | $ | — | | $ | 107,078 | | $ | — | |
Effective tax rate | 3.9 | % | — | % | 1.9 | % | — | % |
The Company’s estimated annual effective tax rate for the three and six months ended June 30, 2024 differed from the statutory rate primarily due to changes in the valuation allowance.
NOTE 14. SUBSEQUENT EVENTS
The Company has completed an evaluation of all subsequent events through August 14, 2024 to ensure that these consolidated financial statements include appropriate disclosure of events both recognized in the consolidated financial statements and events which occurred but were not recognized in the consolidated financial statements. The Company has concluded the below are subsequent events.
On July 1, 2024 the Company through its subsidiary Hoozu completed the acquisition of 26 Talent, in connection with the Company’s strategic expansion efforts in Asia-Pacific (APAC) region. 26 Talent is a talent management agency. Consideration for the acquisition consisted of cash of $150,000 and contingent consideration in the form of an earn-out. As of the date of this report, an estimate of the fair value of contingent consideration associated with the acquisition was not readily determinable.
On July 24, 2024 the Company completed the acquisition of Reiman Media and Capital, LLC. Reiman Media and Capital, LLC specializes in sports and entertainment. Consideration for the acquisition consisted of cash of $150,000, common stock of $25,000, and contingent consideration in the form of an earn-out. As of the date of this report, an estimate of the fair value of contingent consideration associated with the acquisition was not readily determinable.
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary Note Regarding Forward-Looking Information
This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this report, including those contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations and the notes to our consolidated financial statements, particularly those that utilize terminology such as “may,” “will,” “would,” “can,” “could,” “continue,” “design,” “should,” “expects,” “aims,” “anticipates,” “estimates,” “believes,” “thinks,” “intends,” “likely,” “projects,” “plans,” “pursue,” “strategy,” “future,” “forecasts,” “goal,” “hopes,” or the negative of these words or other words or expressions of similar meaning, are forward-looking statements. Such statements are based on currently available operating, financial and competitive information, and are subject to inherent risks, uncertainties, and changes in circumstances that are difficult to predict and many of which are outside of our control. Future events and our actual results and financial condition may differ materially from those reflected in these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause these differences include, but are not limited to, the following:
•adverse economic or market conditions that may harm our business; including supply-chain issues, labor distribution, business closures, and inflationary pressures;
•a few of our customers accounting for a significant portion of our gross billings and accounts receivable, and the loss of, or reduced purchases from, these or other customers having a material adverse effect on our operating results;
•any erroneous or inaccurate estimates or judgments relating to our critical accounting policies;
•our ability to raise the additional funding needed to fund our business operation in the future;
•our ability to satisfy the requirements for continued listing of our common stock on the Nasdaq Capital Market;
•our ability to maintain effective internal control over financial reporting and effective disclosure controls and procedures;
•our ability to protect our intellectual property and other proprietary rights;
•our ability to maintain and grow our business;
•results of any future litigation and costs incurred in connection with any such litigation;
•competition in the industry;
•variability of operating results;
•our ability to maintain and enhance our brand;
•accuracy of tracking the number of user accounts;
•any security breaches or other disruptions compromising our proprietary information and exposing us to liability;
•our development and introduction of new products and services;
•our reliance on, and compliance with, open-source software;
•the successful integration of acquired companies, technologies, and assets into our portfolio of software and services;
•marketing and other business development initiatives;
•general government regulation;
•dependence on key personnel;
•the ability to attract, hire, and retain personnel who possess the technical skills and experience necessary to meet the service requirements of our customers;
•the potential liability concerning actions taken by our existing and past employees;
•any losses or issues we may encounter as a consequence of accepting or holding digital assets;
•impacts of the situation in the Middle East and the military conflict between Russia and Ukraine, and the global responses to them;
•risks associated with doing business internationally;
•shareholder activism could cause us to incur significant expense, disrupt our business, result in a proxy contest or litigation and impact our stock price; and
•the other risks and uncertainties described in the Risk Factors section of this Quarterly Report and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on April 1, 2024.
All forward-looking statements in this document are based on current expectations, intentions, and beliefs using information available to us as of the date of this Quarterly Report; we assume no obligation to update any forward-looking statements, except as required by law. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements.
Company Overview
IZEA Worldwide, Inc. (“IZEA”, “Company,” “we”, “us” or “our”) is a leading innovator in the creator economy, specializing in providing advanced software solutions and professional services that connect brands with a broad spectrum of social influencers and content creators. The Company’s mission is to champion the creators, empowering individuals to monetize their creativity, content, and influence. IZEA made a significant mark in the industry by launching the first influencer marketplace, PayPerPost, in 2006, setting a precedent for the evolution of digital marketing platforms. Today, the Company caters to a diverse range of clients, including independent creators and Fortune 10 brands, offering services in influencer marketing, customer-generated content, and custom content creation. IZEA operates through managed services and self-service software tools, accommodating the varying needs of its clientele and ensuring mutually beneficial collaborations within its ecosystem.
On IZEA.com the Company offers a dynamic environment where creators can showcase their work to marketers, and marketers can directly engage and hire influencers, simplifying the collaboration process. This platform, alongside the innovative use of generative AI tools in FormAI, underscores IZEA's commitment to facilitating content creation and enhancing the efficiency of digital marketing strategies.
IZEA Flex is the Company’s flagship enterprise solution for influencer marketing, designed to meet the industry's evolving demands and users’ feedback for more flexibility and customization. IZEA Flex, which has succeeded IZEAx, empowers marketers to conduct influencer collaborations across any platform with enhanced operational organization and data tracking capabilities. The platform boasts a suite of core modules, including Discover, ContentMine, and ShareMonitor, which together provide a comprehensive toolkit for optimizing influencer marketing campaigns. Flex is distinguished by its ability to quantify the ROI of marketing efforts at scale, complemented by the introduction of AI-powered tools that streamline content customization and creative campaign ideation.
In December 2023, IZEA acquired Zuberance, Inc. (“Zuberance”) and Hoozu Holdings Pty Ltd (“Hoozu), further enhancing its suite of software offerings. Zuberance offers specialized advocate marketing tools, enabling brands to cultivate communities of loyal customers and influencers. The addition of Zuberance’s advocacy marketing solutions enriches IZEA's suite of services, providing clients with tools to amplify brand affinity, generate influential reviews, and gather valuable customer feedback. Hoozu is a leading influencer marketing company in Australia, service a roster of the region’s most innovative brands. With a strategic focus on offering cost-effective, scalable solutions, IZEA continues to set industry standards, ensuring that it remains at the cutting edge of technology and marketing practices while fostering growth in the creator economy.
Key Components of Results of Operations
Overall consolidated results of operations are evaluated based on Revenue, Cost of Revenue, Sales and Marketing expenses, General and Administrative expenses, Depreciation and Amortization, and Other Income (Expense), net.
Revenue
We generate revenue from four primary sources: (1) revenue from our managed services when a marketer (typically a brand, agency, or partner) pays us to provide custom content, influencer marketing, amplification, or other campaign management services (“Managed Services”); (2) revenue from fees charged to software customers on their marketplace spend within our platforms (“Marketplace Spend Fees”); (3) revenue from license and subscription fees charged to access our software platforms (“License Fees”); and (4) revenue derived from other fees such as fees charged to users of our platforms (“Other Fees”).
As discussed in more detail within “Revenue Recognition” under “Note 1. Company and Summary of Significant Accounting Policies,” under Part I, Item 1 herein, revenue from Marketplace Spend Fees is reported on a net basis. Revenue from all other sources, including Managed Services, License Fees, and Other Fees are reported on a gross basis. We further categorize these sources into two primary groups: (1) Managed Services and (2) SaaS Services, which includes revenue from Marketplace Spend Fees, License Fees, and Other Fees.
Cost of Revenue
Our cost of revenue consists of direct costs paid to our third-party creators who provide the custom content, influencer marketing, or amplification services for our Managed Service customers, where we report revenue on a gross basis. It also includes internal costs related to our campaign fulfillment and SaaS support departments. These costs include salaries, bonuses, commissions, stock-based compensation, employee benefit costs, and miscellaneous departmental costs related to the personnel responsible for supporting our customers and ultimately fulfilling our obligations under our contracts with customers.
Sales and Marketing
Our sales and marketing expenses consist primarily of salaries, bonuses, commissions, stock-based compensation, employee benefit costs, travel, and miscellaneous departmental costs for our marketing, sales, and sales support personnel. They also include marketing expenses such as brand marketing, public relations events, trade shows, marketing materials, and travel expenses.
General and Administrative
Our general and administrative (“G&A”) expense consists primarily of salaries, bonuses, commissions, stock-based compensation, employee benefit costs, and miscellaneous departmental costs related to our executive, finance, legal, human resources, and other administrative personnel. It also includes travel, public company, investor relations expenses, accounting, legal professional services fees, leasehold facilities, and other corporate-related expenses.
Within G&A, we incorporate technology and development costs, consisting primarily of our payroll costs for our internal engineers and contractors responsible for developing, maintaining, and improving our technology, as well as hosting and software subscription costs. These costs are expensed as incurred, except to the extent that they are associated with internal-use software that qualifies for capitalization, which is then recorded as software development costs in the consolidated balance sheet. When major software components are developed, we capitalize these as intangible assets. Depreciation and amortization related to these costs are separately stated under depreciation and amortization in our consolidated statements of operations and comprehensive loss.
G&A expense also includes current period gains and losses on our acquisition costs payable and gains and losses from the sale of fixed assets. When impairments occur on fixed assets, intangible assets, and goodwill, they are included as part of G&A expense presented separately in our consolidated statements of operations and comprehensive loss when deemed material.
Depreciation and Amortization
Depreciation and amortization expense consists primarily of amortization of our internal-use software and acquired intangible assets from our business acquisitions. To a lesser extent, we also have depreciation and amortization on equipment used by our personnel. Costs are amortized or depreciated over the estimated useful lives of the associated assets.
Other Income (Expense)
Interest Expense. Interest expense is primarily related to the payment plans for the purchase of computer equipment.
Other Income. Other income consists primarily of interest income for interest earned on investments, or changes in the value of our foreign assets and liabilities and foreign currency exchange gains and losses on foreign currency transactions, primarily related to the Canadian and Australian Dollar.
Results of Operations for the Three Months Ended June 30, 2024 and 2023
The following table sets forth a summary of our consolidated statements of operations and the change between the periods:
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| Three Months Ended June 30, | | |
| 2024 | | 2023 | | $ Change | % Change |
Revenue | $ | 9,093,816 | | | $ | 10,689,059 | | | $ | (1,595,243) | | (15) | % |
| | | | | | |
Costs and expenses: | | | | | | |
Cost of revenue | 5,177,600 | | | 6,254,517 | | | (1,076,917) | | (17) | % |
Sales and marketing | 3,206,979 | | | 2,831,949 | | | 375,030 | | 13 | % |
General and administrative | 3,372,797 | | | 3,167,941 | | | 204,856 | | 6 | % |
Depreciation and amortization | 225,748 | | | 110,432 | | | 115,316 | | 104 | % |
Total costs and expenses | 11,983,124 | | | 12,364,839 | | | (381,715) | | (3) | % |
Loss from operations | (2,889,308) | | | (1,675,780) | | | (1,213,528) | | 72 | % |
Other income (expense): | | | | | | |
Change in the fair value of digital assets | (26,043) | | | — | | | (26,043) | | 100 | % |
Interest Expense | (1,999) | | | (3,155) | | | 1,156 | | (37) | % |
Other income (expense), net | 634,226 | | | 645,509 | | | (11,283) | | (2) | % |
Total other income (expense), net | $ | 606,184 | | | $ | 642,354 | | | $ | (36,170) | | (6) | % |
Net loss before income taxes | $ | (2,283,124) | | | $ | (1,033,426) | | | $ | (1,249,698) | | 121 | % |
Tax benefit | 88,296 | | | — | | | 88,296 | | 100 | % |
Net loss | $ | (2,194,828) | | | $ | (1,033,426) | | | $ | (1,161,402) | | 112 | % |
Revenue
The following table illustrates our revenue by type, the percentage of total revenue by type, and the change between the periods:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Three Months Ended June 30, | | | |
| 2024 | | 2023 | | $ Change | % Change |
Managed Services Revenue | 8,850,463 | | 97 | % | | 10,618,381 | | 99 | % | | $ | (1,767,918) | | (17) | % |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
SaaS Services Revenue | 243,353 | | 3 | % | | 70,678 | | 1 | % | | 172,675 | | 244 | % |
| | | | | | | | |
Total Revenue | $ | 9,093,816 | | 100 | % | | $ | 10,689,059 | | 100 | % | | $ | (1,595,243) | | (15) | % |
Managed Services revenue during the three months ended June 30, 2024 decreased by $1.8 million, or 17% from the same period in 2023. Approximately $3.3 million of the Managed Services revenue during the three months ended June 30, 2023 came from one large customer (the ‘non-recurring customer’) that we parted ways with in 2023. For the quarter ending June 30, 2024, Managed Services revenue from our recurring customer base was $8.9 million. This amount reflects a $1.6 million, or 22%, increase compared to the same period in 2023, when excluding revenues from our non-recurring customer.
SaaS Services revenue is generated by the self-service use of our technology platforms by marketers to manage their own content workflow and influencer marketing campaigns. SaaS Service revenue increased to $243,353 during the three months ended June 30, 2024, compared to $70,678 in the same period of 2023. The increase is primarily due to a growing number of licensees but at a lower cost per license.
Cost of Revenue
The cost of revenue for the three months ended June 30, 2024 decreased by $1.1 million, or approximately 17%, compared to the same period in 2023. The decrease is primarily due to the elimination of costs relating to our non-recurring customer, which totaled $3.6 million in the quarter ended June 30, 2023. This was partially offset by increased costs associated with higher revenues from our recurring customer base in the current quarter.
Sales and Marketing
Sales and marketing expense for the three months ended June 30, 2024 increased by $375,030, or approximately 13%, compared to the same period in 2023. This increase is related to increased spend on brand awareness and advertising to drive revenue growth.
General and Administrative
General and administrative expense for the three months ended June 30, 2024 increased by $204,856, or approximately 6%, compared to the same period in 2023. General and administrative expense for the three months ended June 30, 2024 increased primarily due to overall increases in human capital costs, professional fees, and contractor fees.
Depreciation and Amortization
Depreciation and amortization expense for the three months ended June 30, 2024 increased by $115,316, or approximately 104%, compared to the same period in 2023.
Depreciation expense on property and equipment was $26,701 and $27,160 for the three months ended June 30, 2024 and 2023, respectively. Depreciation expense decreased slightly due to the disposal of equipment.
Amortization expense was $199,047 and $83,272 for the three months ended June 30, 2024 and 2023, respectively. Amortization expense related to internal use software developments costs was $124,381 and $83,272 for the three months ended June 30, 2024, and 2023, respectively, due to cumulative adjustments made in the quarter for year-to-date activity. Amortization expense related to intangible assets acquired in the Zuberance and Hoozu acquisitions was $75,709 and $0 for the three months ended June 30, 2024 and 2023, respectively.
Other Income (Expense)
Other income, net, totaled $634,226 during the three months ended June 30, 2024, an decrease of $11,283 compared to the same period in 2023, primarily due to a decrease in the value of digital assets, offset by deferred tax benefit.
Net Loss
Net loss for the three months ended June 30, 2024 was $2.2 million, compared to the net loss of $1.0 million for the same period in 2023. The increase in net loss was a result of the changes discussed above.
Results of Operations for the Six Months Ended June 30, 2024 and 2023
The following table sets forth a summary of our consolidated statements of operations and the change between the periods:
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| Six Months Ended June 30, | | |
| 2024 | | 2023 | | $ Change | % Change |
Revenue | $ | 16,046,699 | | | $ | 19,426,781 | | | $ | (3,380,082) | | (17) | % |
| | | | | | |
Costs and expenses: | | | | | | |
Cost of revenue | 9,145,575 | | | 12,214,679 | | | (3,069,104) | | (25) | % |
Sales and marketing | 6,263,270 | | | 5,236,500 | | | 1,026,770 | | 20 | % |
General and administrative | 7,155,883 | | | 6,571,549 | | | 584,334 | | 9 | % |
Depreciation and amortization | 429,934 | | | 456,694 | | | (26,760) | | (6) | % |
Total costs and expenses | 22,994,662 | | | 24,479,422 | | | (1,484,760) | | (6) | % |
Loss from operations | (6,947,963) | | | (5,052,641) | | | (1,895,322) | | 38 | % |
Other income (expense): | | | | | | |
Change in the fair value of digital assets | 80,116 | | | — | | | 80,116 | | 100 | % |
Interest Expense | (4,000) | | | (4,719) | | | 719 | | (15) | % |
Other income (expense), net | 1,304,091 | | | 1,217,595 | | | 86,496 | | 7 | % |
Total other income (expense), net | 1,380,207 | | | 1,212,876 | | | 167,331 | | 14 | % |
Net loss before income taxes | $ | (5,567,756) | | | $ | (3,839,765) | | | $ | (1,727,991) | | 45 | % |
Tax benefit | $ | 107,078 | | | $ | — | | | $ | 107,078 | | 100 | % |
Net Loss | $ | (5,460,678) | | | $ | (3,839,765) | | | $ | (1,620,913) | | 42 | % |
Revenue
The following table illustrates our revenue by type, the percentage of total revenue by type, and the change between the periods:
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| Six Months Ended June 30, | | | |
| 2024 | | 2023 | | $ Change | % Change |
Managed Services Revenue | $ | 15,547,005 | | 97 | % | | $ | 19,121,135 | | 98 | % | | $ | (3,574,130) | | (19) | % |
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SaaS Services Revenue | 499,694 | | 3 | % | | 305,646 | | 2 | % | | 194,048 | | 63 | % |
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Total Revenue | $ | 16,046,699 | | 100 | % | | $ | 19,426,781 | | 100 | % | | $ | (3,380,082) | | (17) | % |
Managed Services revenue during the six months ended June 30, 2024, decreased by $3.6 million, or 19% from the same period in 2023. Approximately $6.8 million of the Managed Services revenue during the six months ended June 30, 2023 came from the non-recurring customer. Managed Services revenue from our ongoing customer base, which totaled $15.5 million during the six months ended June 30, 2024, increased on the strength of improving demand by $3.3 million, or 26%, from the same period in 2023.
SaaS Services revenue is generated by the self-service use of our technology platforms by marketers to manager their own content workflow and influencer marketing campaigns. SaaS Service revenue increased to $499,694 during the six months ended June 30, 2024, compared to $305,646 in the same period of 2023. The increase is primarily due to a growing number of licensees but at a lower cost per license.
Cost of Revenue
Cost of revenue for the six months ended June 30, 2024 decreased by $3.1 million, or approximately 25%, compared to the same period in 2023. The decrease is primarily due to the elimination of costs relating to our non-recurring customer, which totaled $4.9 million in the six months ended June 30, 2023. This was partially offset by increased costs associated with higher revenues from our recurring customer base in the current period.
Sales and Marketing
Sales and marketing expense for the six months ended June 30, 2024, increased by $1.0 million, or approximately 20%, compared to the same period in 2023. Advertising expense increased over the prior year, with continued efforts to improve customer acquisition, satisfaction, and retention along with brand awareness.
General and Administrative
General and administrative expense for the six months ended June 30, 2024, increased by $0.6 million, or approximately 9%, compared to the same period in 2023. The increase in general and administrative expense was primarily due to increased costs of human capital and higher spend on professional services related to acquisition activities.
Depreciation and Amortization
Depreciation and amortization expense for the six months ended June 30, 2024, decreased by $26.8 thousand, or approximately 6%, compared to the same period in 2023.
Depreciation expense on property and equipment was approximately$53.3 thousand and $45.9 thousand for the six months ended June 30, 2024, and 2023. Depreciation expense increased slightly due to the purchase of additional equipment.
Amortization expense was approximately $0.4 million and $0.4 million for the six months ended June 30, 2024 and 2023, respectively. Amortization expense related to internal-use software development costs was $0.3 million and $0.4 million for the six months ended June 30, 2024 and 2023, respectively. Amortization on our internal software costs will continue due to the development of Flex and Marketplace in 2024.
Other Income (Expense)
Interest expense totaled $4.0 thousand during the six months ended June 30, 2024, related to fewer acquisitions of laptop computers in 2024, compared to $4.7 thousand in the prior year period.
Other income, net totaled $1.3 million in investment portfolio interest income for the six months ended June 30, 2024, compared to $1.2 million in the prior year period, reflecting interest earned on portfolio investments that began in May 2022.
Net Loss from Operations
Net loss from operations for the six months ended June 30, 2024 was $5.5 million, a $1.6 million increase from the net loss of 3.8 million for the same period in 2023. The increase in net loss was the result of lower revenues and increased operating costs in the current year period.
Key Metrics
We review the information provided by our key financial metrics, Managed Services Bookings, and gross billings, to assess the progress of our business and make decisions on where to allocate our resources. As our business evolves, we may change the key financial metrics in future periods.
Managed Services Bookings
Managed Services Bookings is a measure of all sales orders received during a time period, less any cancellations received, or refunds given during the same time period. Sales order contracts vary in complexity with each customer and range from custom content delivery to integrated marketing services; our contracts generally run from several months for smaller contracts up to twelve months for larger contracts. We recognize revenue from our Managed Services contracts on a percentage of completion basis as we deliver the content or services over time, which can vary greatly. Historically, bookings have converted to revenues over a 6-month period on average. However, since late 2020, we have received increasingly larger and more complex sales orders, which, in turn, has lengthened the average revenue period to approximately 9-months, with the largest contracts taking longer to complete. During the latter half of 2023, the time between bookings and revenue improved to an average of 7.5 months. For this reason, Managed Services Bookings, while an overall indicator of the health of our business, may not be used to predict quarterly revenues and could be subject to future adjustments. Managed Services Bookings is useful information as it reflects the number of orders received in one period, even though revenue from those orders may be reflected over varying amounts of time. We use the Managed Services Bookings metric to plan operational staffing, to identify key customer group trends to enlighten go-to-market activities, and to inform its product development efforts. Managed Services Bookings for the three months ended June 30, 2024 and 2023 was $10.3 million and $7.3 million, respectively. Managed Services Bookings for the six months ended June 30, 2024 and 2023 was $19.6 million and $13.4 million, respectively.
Gross Billings by Revenue Type
Company management evaluates our operations and makes strategic decisions based, in part, on our key metric of gross billings from our two primary types of revenue, Managed Services, and SaaS Services. We define gross billings as the
total dollar value of the amounts charged to our customers for the services we perform, and the amounts billed to our SaaS customers for their self-service purchase of goods and services on our platforms. The amounts billed to our SaaS customers are on a cost-plus basis. Gross billings are therefore the amounts of our reported revenue plus the cost of payments we made to third-party creators providing the content or sponsorship services, which are netted against revenue for generally accepted accounting principles in the U.S. (“GAAP”) reporting purposes.
Managed Services gross billings include the total dollar value of the amounts billed to our customers for the services we perform. Gross billings for Managed Services are the same as Managed Services Revenue reported for those services in our consolidated statements of operations and comprehensive loss in accordance with GAAP.
SaaS Service gross billings include license and other fees together with the total amounts billed to our SaaS customers for their self-service purchase of goods and services on our platforms, termed ‘Marketplace Spend Fees.’ Our SaaS customers’ marketplace spend is billed on a cost-plus basis. SaaS Services Revenue includes the total of License and Other Fees gross billings, plus the Marketplace Spend Fees gross billings (which includes our third-party creator costs on those billings that are netted against revenue for GAAP reporting purposes).
We consider gross billings to be an important indicator of our potential performance as it measures the total dollar volume of transactions generated through our marketplaces. Tracking gross billings allows us to monitor the percentage of gross billings that we retain after payments to our creators. Additionally, tracking gross billings is critical as it pertains to our credit risk and cash flows. We invoice our customers based on our services performed or based on their self-service transactions plus our fee. Then we remit the agreed-upon transaction price to the creators. If we do not collect the money from our customers prior to paying our creators, we could experience large swings in our cash flows. Additionally, we incur the credit risk to collect amounts owed from our customers for all services performed by us or by the creators. Finally, gross billings allow us to evaluate our transaction totals on an equal basis to see our contribution margins by revenue stream so that we can better understand where we should be allocating our resources.
The following tables set forth our gross billings by revenue type, the percentage of total gross billings by type, and the change between the periods:
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| Three Months Ended June 30, | | | |
| 2024 | | 2023 | | $ Change | % Change |
Managed Services Gross Billings | $ | 8,850,463 | | 94% | | $ | 10,618,381 | | 97% | | $ | (1,767,918) | | (17)% |
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Marketplace Spend Fees | 276,776 | | 3% | | 235,763 | | 2% | | 41,013 | | 17% |
License Fees | 195,689 | | 2% | | 59,225 | | 1% | | 136,464 | | 230% |
Other Fees | 42,889 | | —% | | 10,139 | | —% | | 32,750 | | 323% |
SaaS Services Gross Billings | 515,354 | | 6% | | 305,127 | | 3% | | 210,227 | | 69% |
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Total Gross Billings | $ | 9,365,817 | | 100% | | $ | 10,923,508 | | 100% | | $ | (1,557,691) | | (14)% |
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| Six Months Ended June 30, | | | |
| 2024 | | 2023 | | $ Change | % Change |
Managed Services Gross Billings | $ | 15,547,005 | | 92% | | $ | 19,121,135 | | 93% | | $ | (3,574,130) | | (19)% |
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Marketplace Spend Fees | 788,933 | | 5% | | 1,259,448 | | 6% | | (470,515) | | (37)% |
License Fees | 412,689 | | 2% | | 249,607 | | 1% | | 163,082 | | 65% |
Other Fees | 69,118 | | —% | | 18,251 | | —% | | 50,867 | | 279% |
SaaS Services Gross Billings | 1,270,740 | | 8% | | 1,527,306 | | 7% | | (256,566) | | (17)% |
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Total Gross Billings | $ | 16,817,745 | | 100% | | $ | 20,648,441 | | 100% | | $ | (3,830,696) | | (19)% |
Non-GAAP Financial Measure
Adjusted EBITDA
Adjusted EBITDA is a “non-GAAP financial measure” under the rules of the Securities and Exchange Commission (the “SEC”). We define Adjusted EBITDA as earnings or loss before interest, taxes, depreciation and amortization, non-cash stock-based compensation, gain or loss on asset disposals or impairment, and certain other unusual or non-cash income and expense items such as gains or losses on settlement of liabilities and exchanges, and changes in the fair value of derivatives, if applicable.
We use Adjusted EBITDA as a measure of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business and in communications with our Board of Directors regarding our financial performance. We believe that Adjusted EBITDA also provides valuable information to investors as it excludes non-cash transactions, and it provides consistency to facilitate period-to-period comparisons.
You should not consider Adjusted EBITDA in isolation or as a substitute for an analysis of our results of operations as under GAAP. All companies do not calculate Adjusted EBITDA in the same manner, limiting its usefulness as a comparative measure. Moreover, Adjusted EBITDA has limitations as an analytical tool, including that Adjusted EBITDA:
•does not include stock-based compensation expense, which is a non-cash expense, but has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an essential part of our compensation strategy;
•does not include stock issued for payment of services, which is a non-cash expense, but has been, and is expected to be for the foreseeable future, an important means for us to compensate our directors, vendors, and other parties who provide us with services;
•does not include depreciation and intangible assets amortization expense, impairment charges and gains or losses on disposal of equipment, which is not always a current period cash expense, but the assets being depreciated and amortized may have to be replaced in the future; and
•does not include interest expense and other gains, losses, and expenses that we believe are not indicative of our ongoing core operating results, but these items may represent a reduction or increase in cash available to us.
Because of these limitations, Adjusted EBITDA should not be considered a measure of discretionary cash available to us to invest in the operation and growth of our business or as a measure of cash that will be available to us to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using these non-GAAP financial measures as supplements. In evaluating this non-GAAP financial measure, you should be aware that in the future, we may incur expenses similar to those for which adjustments are made in calculating Adjusted EBITDA. Our presentation of this non-GAAP financial measure should also not be construed to infer that our future results will be unaffected by unusual or non-recurring items.
The following table sets forth a reconciliation from the GAAP measurement of net loss to our non-GAAP financial measure of Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023:
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| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | | | 2024 | | 2023 | | 2024 | | 2023 |
Net loss | | | | | $ | (2,194,828) | | | $ | (1,033,426) | | | $ | (5,460,678) | | | $ | (3,839,765) | |
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Net increase to fair market value of digital assets | | | | | 26,044 | | | — | | | (80,115) | | | — | |
Non-cash stock-based compensation | | | | | 394,931 | | | 207,875 | | | 749,120 | | | 403,399 | |
Non-cash stock issued for payment of services | | | | | 75,000 | | | 75,009 | | | 150,006 | | | 150,009 | |
Interest expense | | | | | 1,999 | | | 3,155 | | | 4,000 | | | 4,719 | |
Depreciation and amortization | | | | | 225,748 | | | 110,432 | | | 429,934 | | | 456,694 | |
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Tax benefit | | | | | $ | (88,862) | | | $ | — | | | $ | (107,644) | | | $ | — | |
Adjusted EBITDA | | | | | $ | (1,559,968) | | | $ | (636,955) | | | $ | (4,315,377) | | | $ | (2,824,944) | |
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Revenue | | | | | $ | 9,093,816 | | | $ | 10,689,059 | | | $ | 16,046,699 | | | $ | 19,426,781 | |
Adjusted EBITDA as a % of Revenue | | | | | (17) | % | | (6) | % | | (27) | % | | (15) | % |
Liquidity and Capital Resources
Near-Term and Long-Term Liquidity; Capital Resources
The Company’s primary cash needs have historically been funding the development and integration of our technology platforms used in its business, marketing expenses, and general and administrative (“G&A”) expenses including salaries, bonuses, and commissions. The Company has incurred losses and negative cash flow from operations for most periods since inception, primarily the result of costs associated with third-party creators, salaries, bonuses and stock-based compensation, and other G&A expenses, including technology and development costs, which has resulted in a total accumulated deficit of $90.9 million as of June 30, 2024. While we have not achieved profitability, we believe we have sufficient resources to fund operations and planned investments for at least the next twelve months.
We had cash and cash equivalents of $44.3 million as of June 30, 2024, as compared to $37.4 million as of December 31, 2023. This increase of $6.9 million is the result of the maturing of certain investments, offset by cash used to fund operating activities.
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| Six Months Ended June 30, |
| 2024 | | 2023 |
Net cash (used for)/provided by: | | | |
Operating activities | $ | (7,256,857) | | | $ | (3,813,842) | |
Investing activities | 14,245,536 | | | 11,196,947 | |
Financing activities | (116,508) | | | (760,845) | |
Net increase in cash and cash equivalents | $ | 6,872,171 | | | $ | 6,622,260 | |
Net cash used for operating activities was $7.3 million during the six months ended June 30, 2024, primarily due to the continued use to cover operating losses. Net cash provided by investing activities was $14.2 million during the six months ended June 30, 2024, primarily due to the maturity of marketable securities and acquisitions. Net cash used for financing activities during the six months ended June 30, 2024 was $116,508, which consisted of payments on shares withheld for taxes.
We anticipate that our operating expenses will increase in the foreseeable future as we continue to pursue the expansion of our business. We currently believe that we have adequate cash and long-term investments to fund our business growth for the next twelve months; however, should additional capital become necessary, we expect these funds would be financed predominately through proceeds from future equity, equity-based, or debt offerings, unless and until our operations are profitable and sustain our ongoing capital needs. As a result, our business success could depend, to a significant extent, upon our ability to obtain the funding necessary to support our operations.
Financial Condition and Outlook
Since 2020, supply-chain issues, labor disruption, business closures, and, recently, inflationary pressures have impacted our business operations and results. Additionally, the cautious economic outlook of many customers may be affecting marketing budgets as evidenced by the softness in bookings the Company experienced during 2023. We announced in January 2023 that we had begun the process of parting ways with a single large customer that, while having a significant impact on Managed Services revenue growth, carried significantly lower gross margins than our core business. Our business with this customer was completed during the fourth quarter of 2023, including contract liabilities and payment of accounts receivable. While our 2023 quarterly bookings did not reflected the opportunity pipeline growth we’ve experienced, we saw our 2024 first quarter bookings for Managed Services reach a seven-quarter high and our second quarter bookings reach an eight-quarter high, bearing fruit of the evidence of continued demand for influencer marketing services in our pipeline. Despite these bookings taking seven and a half months on average to be fully recognized as revenue, we believe that our core business remains strong. However, these matters, taken together, could have a material adverse impact on our business, results of operations, and financial position in future periods.
Off-Balance Sheet Arrangements
The Company did not engage in any “off-balance sheet arrangements” (as that term is defined in Item 303(a)(4)(ii) of Regulation S-K) as of June 30, 2024.
Critical Accounting Policies and Use of Estimates
There have been no material changes to our critical accounting policies as set forth in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in our Annual Report on Form 10-K for
the year ended December 31, 2023. For a summary of our significant accounting policies, please refer to Note 1 — Company and Summary of Significant Accounting Policies included in Item 1 of this Quarterly Report.
Recent Accounting Pronouncements
See “Note 1. Company and Summary of Significant Accounting Policies,” under Part I, Item 1 of this Quarterly Report for information on additional recent pronouncements.
ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable to smaller reporting companies.
ITEM 4 – CONTROLS AND PROCEDURES
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that the Company files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized, and reported within the periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that the Company files under the Exchange Act is accumulated and communicated to management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosures.
In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Furthermore, controls and procedures could be circumvented by the individual acts of some
persons, by collusion of two or more people, or by management override of the control. Misstatements due to error or fraud may occur and not be detected on a timely basis.
Evaluation of Disclosure Controls and Procedures
In connection with the preparation of this Quarterly Report on Form 10-Q for the period ended June 30, 2024, an
evaluation was performed under the supervision and with the participation of our management including our principal executive
officer and principal financial officer to determine the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2024. Based on this evaluation, our management concluded that, as of June 30, 2024, our disclosure controls and procedures were effective as designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosures.
Changes in Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining effective internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed by, or under the supervision of, our principal executive officer and principal financial officer and effected by our Board of Directors, management, and other personnel, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Internal control over financial reporting includes policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the Company’s transactions;
(ii) provide reasonable assurance that transactions are recorded as necessary for the preparation of our financial statements in accordance with GAAP, and that receipts and expenditures are made only in accordance with authorizations of our management and directors; and
(iii) provide reasonable assurance regarding prevention or timely detection of any unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect financial statement misstatements. Also, projections of any evaluation of internal control effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
There were no changes in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the fiscal quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II
ITEM 1 – LEGAL PROCEEDINGS
From time to time, we may become involved in lawsuits and various other legal proceedings that arise in the ordinary course of our business. Litigation is subject to inherent uncertainties and an adverse result in any such litigation that may arise from time to time that may harm our business. As of August 9, 2024, we are not party to any legal proceedings or claims that we believe would or could have, individually or in the aggregate, a material adverse effect on us.
ITEM 1A – RISK FACTORS
You should carefully consider the factors discussed under Item 1A of Part I to our Annual Report on Form 10-K for the year ended December 31, 2023 regarding the numerous and varied risks, known and unknown, that may prevent us from achieving our goals. If any of these risks occur, our business, financial condition, or results of operation may be materially and adversely affected. In such a case, the trading price of our common stock could decline, and investors could lose all or part of their investment. These risk factors may not identify all risks that we face, and our operations could also be affected by factors that are not presently known to us or that we currently consider to be immaterial to our operations. There have been no material changes to the risk factors described under “Risk Factors,” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Not applicable.
ITEM 3 – DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4 – MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5 - OTHER INFORMATION
Not applicable.
ITEM 6 – EXHIBITS
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4.1 | |
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31.1 | * | |
31.2 | * | |
32.1 | * (a) | |
32.2 | * (a) | |
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101 | * (b) | The following materials from IZEA Worldwide, Inc.'s Quarterly Report for the period ended March 31, 2024 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Unaudited Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Operations and Comprehensive Loss, (iii) the Unaudited Consolidated Statement of Stockholders' Equity, (iv) the Unaudited Consolidated Statements of Cash Flow, and (v) the Notes to the Unaudited Consolidated Financial Statements. |
104 | * | Cover Page Interactive File (formatted as inline XBRL and contained within Exhibit 101). |
* Filed or furnished herewith.
(a) In accordance with Item 601of Regulation S-K, this Exhibit is hereby furnished to the SEC as an accompanying document and is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or
otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933.
(b) In accordance with Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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.
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| IZEA Worldwide, Inc. a Nevada corporation |
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August 14, 2024 | By: | /s/ Edward H. Murphy |
| | Edward H. Murphy Chairman and Chief Executive Officer (Principal Executive Officer) |
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August 14, 2024 | By: | /s/ Peter J. Biere |
| | Peter J. Biere Chief Financial Officer (Principal Financial and Accounting Officer) |
EXHIBIT 31.1
Certification by Principal Executive Officer
pursuant to Section 302 of the Sarbanes Oxley Act of 2002
I, Edward H. Murphy, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of IZEA Worldwide, 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(s) 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.
Dated: August 14, 2024
| | | | | |
/s/ Edward H. Murphy | |
Edward H. Murphy | |
Chairman and Chief Executive Officer | |
(Principal Executive Officer) | |
EXHIBIT 31.2
Certification by Principal Financial and Accounting Officer
pursuant to Section 302 of the Sarbanes Oxley Act of 2002
I, Peter J. Biere, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of IZEA Worldwide, 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(s) 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.
Dated: August 14, 2024
| | | | | |
/s/ Peter J. Biere | |
Peter J. Biere | |
Chief Financial Officer | |
(Principal Financial and Accounting Officer) | |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of IZEA Worldwide, Inc., a Nevada corporation (the “Company”), on Form 10-K for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Edward Murphy, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: August 14, 2024
| | | | | |
/s/ Edward H. Murphy | |
Edward H. Murphy Chairman and Chief Executive Officer (Principal Executive Officer) | |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of IZEA Worldwide, Inc., a Nevada corporation (the “Company”), on Form 10-K for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Peter J. Biere, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: August 14, 2024
| | | | | |
/s/ Peter J. Biere | |
Peter J. Biere Chief Financial Officer (Principal Financial and Accounting Officer) | |
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 09, 2024 |
Cover [Abstract] |
|
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Document Type |
10-Q
|
|
Current Fiscal Year End Date |
--12-31
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-37703
|
|
Entity Registrant Name |
IZEA WORLDWIDE, INC.
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Tax Identification Number |
37-1530765
|
|
Entity Address, Address Line One |
1317 Edgewater Dr.
|
|
Entity Address, Address Line Two |
# 1880
|
|
Entity Address, City or Town |
Orlando
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
32804
|
|
City Area Code |
(407)
|
|
Local Phone Number |
674-6911
|
|
Title of 12(b) Security |
Common Stock, par value $0.0001 per share
|
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Trading Symbol |
IZEA
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NASDAQ
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v3.24.2.u1
Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 44,301,866
|
$ 37,446,728
|
Accounts receivable, net |
5,617,269
|
5,012,373
|
Prepaid expenses |
1,046,154
|
739,988
|
Short term investments |
11,286,453
|
17,126,057
|
Other current assets |
43,451
|
26,257
|
Total current assets |
62,295,193
|
60,351,403
|
Property and equipment, net of accumulated depreciation |
155,835
|
205,377
|
Goodwill |
5,281,888
|
5,280,372
|
Intangible assets, net |
1,624,951
|
1,749,441
|
Digital assets |
243,020
|
162,905
|
Software development costs, net |
2,241,437
|
2,056,972
|
Long term investments |
897,027
|
9,618,996
|
Total assets |
72,739,351
|
79,425,466
|
Current liabilities: |
|
|
Accounts payable |
1,306,266
|
1,504,348
|
Accrued expenses |
3,161,829
|
3,083,460
|
Contract liabilities |
7,176,694
|
8,891,205
|
Contingent Liability |
0
|
114,400
|
Total current liabilities |
11,644,789
|
13,593,413
|
Finance obligation, less current portion |
33,727
|
63,419
|
Deferred purchase price, less current portion |
0
|
60,600
|
Deferred tax liability |
287,002
|
394,646
|
Total liabilities |
11,965,518
|
14,112,078
|
Commitments and Contingencies (Note 9) |
|
|
Stockholders’ equity: |
|
|
Preferred stock; $0.0001 par value; $10,000,000 shares authorized; no shares issued and outstanding |
0
|
0
|
Common stock; $0.0001 par value; $50,000,000 shares authorized; shares issued: $16,770,418 and $16,602,155, respectively, shares outstanding: $16,404,563 and $16,236,300, respectively. |
1,677
|
1,660
|
Treasury stock at cost: $365,855 and $365,855 shares at June 30, 2024 and December 31, 2023, respectively |
(1,019,997)
|
(1,019,997)
|
Additional paid-in capital |
152,809,711
|
152,027,110
|
Accumulated deficit |
(90,905,472)
|
(85,444,794)
|
Accumulated other comprehensive income (loss) |
(112,086)
|
(250,591)
|
Total stockholders’ equity |
60,773,833
|
65,313,388
|
Liabilities and Equity |
$ 72,739,351
|
$ 79,425,466
|
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v3.24.2.u1
Consolidated Balance Sheets - Parenthetical - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (per share) |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized (shares) |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value (per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized (shares) |
50,000,000
|
50,000,000
|
Common stock, shares, issued (shares) |
16,770,418
|
16,602,155
|
Common stock, shares outstanding (shares) |
16,404,563
|
16,236,300
|
Treasury stock (shares) |
365,855
|
365,855
|
X |
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v3.24.2.u1
Consolidated Statements of Operations - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 9,093,816
|
$ 10,689,059
|
$ 16,046,699
|
$ 19,426,781
|
Costs and expenses: |
|
|
|
|
Cost of revenue |
5,177,600
|
6,254,517
|
9,145,575
|
12,214,679
|
Sales and marketing |
3,206,979
|
2,831,949
|
6,263,270
|
5,236,500
|
General and administrative |
3,372,797
|
3,167,941
|
7,155,883
|
6,571,549
|
Depreciation and amortization |
225,748
|
110,432
|
429,934
|
456,694
|
Total costs and expenses |
11,983,124
|
12,364,839
|
22,994,662
|
24,479,422
|
Loss from operations |
(2,889,308)
|
(1,675,780)
|
(6,947,963)
|
(5,052,641)
|
Other income (expense): |
|
|
|
|
Change in the fair value of digital assets |
(26,043)
|
0
|
80,116
|
0
|
Interest expense |
(1,999)
|
(3,155)
|
(4,000)
|
(4,719)
|
Other income (expense), net |
634,226
|
645,509
|
1,304,091
|
1,217,595
|
Total other income (expense), net |
606,184
|
642,354
|
1,380,207
|
1,212,876
|
Net loss before income taxes |
(2,283,124)
|
(1,033,426)
|
(5,567,756)
|
(3,839,765)
|
Income tax benefit (expense) |
88,296
|
0
|
107,078
|
0
|
Net loss |
$ (2,194,828)
|
$ (1,033,426)
|
$ (5,460,678)
|
$ (3,839,765)
|
Weighted average common shares outstanding - basic (in shares) |
16,437,460
|
15,520,700
|
16,470,467
|
15,551,785
|
Weighted average common shares outstanding - diluted (in shares) |
16,437,460
|
15,520,700
|
16,470,467
|
15,551,785
|
Basic loss per common share (in dollars per share) |
$ (0.13)
|
$ (0.07)
|
$ (0.33)
|
$ (0.25)
|
Diluted loss per common share (in dollars per share) |
$ (0.13)
|
$ (0.07)
|
$ (0.33)
|
$ (0.25)
|
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v3.24.2.u1
Consolidated Statements of Comprehensive Loss - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net loss |
$ (2,194,828)
|
$ (1,033,426)
|
$ (5,460,678)
|
$ (3,839,765)
|
Unrealized (gain) loss on securities held |
(92,630)
|
(10,100)
|
(150,807)
|
(136,280)
|
Unrealized (gain) loss on currency translation |
16,472
|
0
|
12,302
|
0
|
Total other comprehensive income (loss) |
(76,158)
|
(10,100)
|
(138,505)
|
(136,280)
|
Total comprehensive income (loss) |
$ (2,118,670)
|
$ (1,023,326)
|
$ (5,322,173)
|
$ (3,703,485)
|
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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v3.24.2.u1
Consolidated Statements of Stockholders' Equity - USD ($)
|
Total |
Cash and cash equivalents |
US Treasury securities |
Corporate debt securities |
Asset back securities |
Common Stock |
Additional Paid-in Capital |
Treasury Stock |
Accumulated Deficit |
Accumulated Other Comprehensive Income (Loss) |
Balance (shares) at Jun. 30, 2023 |
|
|
|
|
|
15,734,680
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 66,362,657
|
|
|
|
|
$ 1,574
|
$ 149,646,200
|
$ (705,403)
|
$ (81,935,199)
|
$ (644,515)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Stock issued for payment of services, net (shares) |
|
|
|
|
|
59,797
|
|
|
|
|
Stock issued for payment of services |
150,009
|
|
|
|
|
$ 6
|
150,003
|
|
|
|
Stock-based compensation (shares) |
|
|
|
|
|
67,446
|
|
|
|
|
Stock-based compensation |
403,399
|
|
|
|
|
$ 7
|
403,392
|
|
|
|
Share withheld to cover statutory taxes (shares) |
|
|
|
|
|
(24,278)
|
|
|
|
|
Shares withheld to cover statutory taxes |
$ (63,434)
|
|
|
|
|
$ (2)
|
(63,432)
|
|
|
|
Stock Issued During Period, Value, Reverse Stock Splits |
|
|
|
|
|
$ 2
|
(2)
|
|
|
|
Reverse stock split fractional share adjustment (shares) |
23,789
|
|
|
|
|
|
|
|
|
|
Stock Repurchased and Retired During Period, Value |
$ (705,403)
|
|
|
|
|
|
|
(705,403)
|
|
|
Unrealized gain on securities held |
136,280
|
|
|
|
|
|
|
|
|
136,280
|
Total other comprehensive income (loss) |
(136,280)
|
|
|
|
|
|
|
|
|
|
Net loss |
(3,839,765)
|
|
|
|
|
|
|
|
(3,839,765)
|
|
Balance (shares) at Dec. 31, 2022 |
|
|
|
|
|
15,603,597
|
|
|
|
|
Balance at Dec. 31, 2022 |
70,265,947
|
|
|
|
|
$ 1,560
|
149,148,248
|
|
(78,103,066)
|
(780,795)
|
Balance (Accounting Standards Update 2023-08) at Dec. 31, 2022 |
7,632
|
|
|
|
|
|
|
|
7,632
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Stock purchase plan & option exercise issuances (in shares) |
|
|
|
|
|
4,329
|
|
|
|
|
Stock purchase plan & option exercise issuances |
$ 7,992
|
|
|
|
|
$ 1
|
7,991
|
|
|
|
Balance (shares) at Dec. 31, 2023 |
16,236,300
|
|
|
|
|
16,602,155
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 65,313,388
|
|
|
|
|
$ 1,660
|
152,027,110
|
(1,019,997)
|
(85,444,794)
|
(250,591)
|
Balance (shares) at Dec. 31, 2022 |
|
|
|
|
|
15,603,597
|
|
|
|
|
Balance at Dec. 31, 2022 |
70,265,947
|
|
|
|
|
$ 1,560
|
149,148,248
|
|
(78,103,066)
|
(780,795)
|
Balance (Accounting Standards Update 2023-08) at Dec. 31, 2022 |
7,632
|
|
|
|
|
|
|
|
7,632
|
|
Balance (shares) at Jun. 30, 2023 |
|
|
|
|
|
15,734,680
|
|
|
|
|
Balance at Jun. 30, 2023 |
66,362,657
|
|
|
|
|
$ 1,574
|
149,646,200
|
(705,403)
|
(81,935,199)
|
(644,515)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Stock issued for payment of services, net (shares) |
|
|
|
|
|
30,990
|
|
|
|
|
Stock issued for payment of services |
75,009
|
|
|
|
|
$ 3
|
75,006
|
|
|
|
Stock-based compensation (shares) |
|
|
|
|
|
38,229
|
|
|
|
|
Stock-based compensation |
207,877
|
|
|
|
|
$ 4
|
207,873
|
|
|
|
Share withheld to cover statutory taxes (shares) |
|
|
|
|
|
(12,892)
|
|
|
|
|
Shares withheld to cover statutory taxes |
$ (32,563)
|
|
|
|
|
$ (1)
|
(32,562)
|
|
|
|
Stock Issued During Period, Value, Reverse Stock Splits |
|
|
|
|
|
$ 2
|
(2)
|
|
|
|
Reverse stock split fractional share adjustment (shares) |
23,789
|
|
|
|
|
|
|
|
|
|
Stock Repurchased and Retired During Period, Value |
$ (705,403)
|
|
|
|
|
|
|
(705,403)
|
|
|
Unrealized gain on securities held |
10,100
|
|
|
|
|
|
|
|
|
10,100
|
Total other comprehensive income (loss) |
(10,100)
|
|
|
|
|
|
|
|
|
|
Net loss |
(1,033,426)
|
|
|
|
|
|
|
|
(1,033,426)
|
|
Balance (shares) at Mar. 31, 2023 |
|
|
|
|
|
15,650,235
|
|
|
|
|
Balance at Mar. 31, 2023 |
67,833,071
|
|
|
|
|
$ 1,565
|
149,387,894
|
0
|
(80,901,773)
|
(654,615)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Stock purchase plan & option exercise issuances |
7,992
|
|
|
|
|
$ 1
|
7,991
|
|
|
|
Fair Value |
64,191,781
|
$ 37,446,728
|
$ 6,939,713
|
$ 16,196,931
|
$ 3,608,409
|
|
|
|
|
|
Balance (shares) at Mar. 31, 2024 |
|
|
|
|
|
16,666,513
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 62,501,847
|
|
|
|
|
$ 1,667
|
152,419,065
|
(1,019,997)
|
(88,710,644)
|
(188,244)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Reverse stock split fractional share adjustment (shares) |
|
|
|
|
|
23,789
|
|
|
|
|
Balance (shares) at Dec. 31, 2023 |
16,236,300
|
|
|
|
|
16,602,155
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 65,313,388
|
|
|
|
|
$ 1,660
|
152,027,110
|
(1,019,997)
|
(85,444,794)
|
(250,591)
|
Balance (shares) at Jun. 30, 2024 |
16,404,563
|
|
|
|
|
16,770,418
|
|
|
|
|
Balance at Jun. 30, 2024 |
$ 60,773,833
|
|
|
|
|
$ 1,677
|
152,809,711
|
(1,019,997)
|
(90,905,472)
|
(112,086)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Stock issued for payment of services, net (shares) |
|
|
|
|
|
64,385
|
|
|
|
|
Stock issued for payment of services |
150,006
|
|
|
|
|
$ 6
|
150,000
|
|
|
|
Stock-based compensation (shares) |
|
|
|
|
|
151,587
|
|
|
|
|
Stock-based compensation |
749,120
|
|
|
|
|
$ 15
|
749,105
|
|
|
|
Share withheld to cover statutory taxes (shares) |
|
|
|
|
|
(51,069)
|
|
|
|
|
Shares withheld to cover statutory taxes |
(122,415)
|
|
|
|
|
$ (4)
|
(122,411)
|
|
|
|
Unrealized gain on securities held |
150,807
|
|
|
|
|
|
|
|
|
150,807
|
Translation Adjustment Functional to Reporting Currency, Net of Tax, Period Increase (Decrease) |
(12,302)
|
|
|
|
|
|
|
|
|
(12,302)
|
Total other comprehensive income (loss) |
(138,505)
|
|
|
|
|
|
|
|
|
|
Net loss |
$ (5,460,678)
|
|
|
|
|
|
|
|
(5,460,678)
|
|
Balance (shares) at Dec. 31, 2023 |
16,236,300
|
|
|
|
|
16,602,155
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 65,313,388
|
|
|
|
|
$ 1,660
|
152,027,110
|
(1,019,997)
|
(85,444,794)
|
(250,591)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Stock purchase plan & option exercise issuances (in shares) |
|
|
|
|
|
3,360
|
|
|
|
|
Stock purchase plan & option exercise issuances |
$ 5,907
|
|
|
|
|
$ 0
|
5,907
|
|
|
|
Balance (shares) at Jun. 30, 2024 |
16,404,563
|
|
|
|
|
16,770,418
|
|
|
|
|
Balance at Jun. 30, 2024 |
$ 60,773,833
|
|
|
|
|
$ 1,677
|
152,809,711
|
(1,019,997)
|
(90,905,472)
|
(112,086)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Stock issued for payment of services, net (shares) |
|
|
|
|
|
31,915
|
|
|
|
|
Stock issued for payment of services |
75,000
|
|
|
|
|
$ 3
|
74,997
|
|
|
|
Stock-based compensation (shares) |
|
|
|
|
|
101,566
|
|
|
|
|
Stock-based compensation |
394,931
|
|
|
|
|
$ 10
|
394,921
|
|
|
|
Share withheld to cover statutory taxes (shares) |
|
|
|
|
|
(32,936)
|
|
|
|
|
Shares withheld to cover statutory taxes |
(85,182)
|
|
|
|
|
$ (3)
|
(85,179)
|
|
|
|
Unrealized gain on securities held |
92,630
|
|
|
|
|
|
|
|
|
92,630
|
Translation Adjustment Functional to Reporting Currency, Net of Tax, Period Increase (Decrease) |
(16,472)
|
|
|
|
|
|
|
|
0
|
(16,472)
|
Total other comprehensive income (loss) |
(76,158)
|
|
|
|
|
|
|
|
|
|
Net loss |
(2,194,828)
|
|
|
|
|
|
|
|
(2,194,828)
|
|
Balance (shares) at Mar. 31, 2024 |
|
|
|
|
|
16,666,513
|
|
|
|
|
Balance at Mar. 31, 2024 |
62,501,847
|
|
|
|
|
$ 1,667
|
152,419,065
|
$ (1,019,997)
|
$ (88,710,644)
|
$ (188,244)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
Stock purchase plan & option exercise issuances (in shares) |
|
|
|
|
|
3,360
|
|
|
|
|
Stock purchase plan & option exercise issuances |
5,907
|
|
|
|
|
$ 0
|
$ 5,907
|
|
|
|
Fair Value |
$ 56,485,346
|
$ 44,301,866
|
$ 1,993,383
|
$ 7,833,583
|
$ 2,356,514
|
|
|
|
|
|
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v3.24.2.u1
Consolidated Statements of Cash Flows - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (5,460,678)
|
$ (3,839,765)
|
Adjustments to reconcile net loss to net cash used for operating activities: |
|
|
Adjustment to fair market value of digital assets |
(80,115)
|
0
|
Depreciation |
53,258
|
45,946
|
Amortization |
376,676
|
410,748
|
Deferred tax benefit |
(107,644)
|
0
|
Stock-based compensation |
749,120
|
403,399
|
Value of stock issued or to be issued for payment of services |
150,006
|
150,009
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(604,896)
|
(653,146)
|
Prepaid expenses and other current assets |
(323,359)
|
2,467,714
|
Accounts payable |
(198,081)
|
148,750
|
Accrued expenses |
(96,633)
|
43,082
|
Contract liabilities |
(1,714,511)
|
(2,990,579)
|
Net cash used for operating activities |
(7,256,857)
|
(3,813,842)
|
Cash flows from investing activities: |
|
|
Purchase of short term investments |
(146,697,435)
|
(172,865,911)
|
Proceeds from the sale of short-term investments |
152,687,846
|
174,848,157
|
Proceeds from the sale of long term investments |
8,721,969
|
9,718,381
|
Purchase of property and equipment |
(29,692)
|
(65,803)
|
Capitalization of software development costs |
(437,152)
|
(437,877)
|
Net cash provided by investing activities |
14,245,536
|
11,196,947
|
Cash flows from financing activities: |
|
|
Proceeds from exercise of stock options & ESPP issuances |
5,907
|
7,992
|
Purchase of treasury stock |
0
|
(705,403)
|
Payments on shares withheld for statutory taxes |
(122,415)
|
(63,434)
|
Net cash used in financing activities |
(116,508)
|
(760,845)
|
Effect of exchange rate changes on cash |
(17,033)
|
0
|
Net increase in cash and cash equivalents |
6,872,171
|
6,622,260
|
Cash and cash equivalents, beginning of period |
37,446,728
|
24,600,960
|
Cash and cash equivalents, end of period |
44,301,866
|
31,223,220
|
Supplemental cash flow information: |
|
|
Interest paid |
4,000
|
4,553
|
Non-cash financing and investing activities: |
|
|
Equipment acquired with financing arrangement |
0
|
83,508
|
Fair Value of common stock issued for services |
$ 150,006
|
$ 150,009
|
X |
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v3.24.2.u1
Company and Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
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Company and Summary of Significant Accounting Policies |
COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Corporate Information and Nature of Business IZEA Worldwide, Inc. (together with its wholly-owned subsidiaries, “IZEA” or the “Company”) is a Nevada corporation that was founded in February 2006 under the name PayPerPost, Inc. and became a public company in May 2011. In January 2015, IZEA purchased all of the outstanding shares of capital stock of Ebyline, Inc. (“Ebyline”). In March 2016, the Company formed IZEA Canada, Inc., a wholly-owned subsidiary, incorporated in Ontario, Canada, to operate as a sales and support office for IZEA’s Canadian customers. In July 2016, IZEA purchased all the outstanding shares of capital stock of ZenContent, Inc. (“ZenContent”) and in July 2018, a subsidiary of the Company merged with TapInfluence, Inc. (“TapInfluence”). The ZenContent legal entity was dissolved in December 2017, and Ebyline and TapInfluence were merged into IZEA and the legal entities were dissolved in December 2019 and December 2020, respectively. IZEA purchased all of the outstanding shares of capital stock of Hoozu Holdings, Ltd in December 2023, and completed an asset acquisition from Zuberance, Inc. in December 2023. The Company helps power the creator economy, by enabling individuals to monetize their content, creativity and influence through global brands and marketers. IZEA compensates these creators for producing unique content, such as long and short-form text, videos, photos, status updates, and illustrations for marketers or distributing such content on behalf of marketers through their websites, blogs, and social media channels. The Company also provides value through managing custom content workflow, creator search and targeting, bidding, analytics, and payment processing. While the majority of the marketers engage the Company to perform these services (the “Managed Services”) on their behalf, they may also access IZEA’s marketplaces to engage creators for influencer marketing campaigns or to produce custom content on a self-service basis by licensing the Company’s technology. Basis of Presentation The accompanying consolidated balance sheet as of June 30, 2024, the consolidated statements of operations for the three and six months ended June 30, 2024 and 2023, the consolidated statements of comprehensive loss for the three and six months ended June 30, 2024 and 2023, the consolidated statements of stockholders' equity for the three and six months ended June 30, 2024 and 2023, and the consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited but include all adjustments that are, in the opinion of management, necessary for a fair presentation of its financial position at such dates and its results of operations and cash flows for the periods then ended in conformity with generally accepted accounting principles in the United States ("GAAP"). The consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but, in accordance with the rules and regulations of the SEC, does not include all of the information and notes required by GAAP for complete financial statements. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of results that may be expected for the entire fiscal year. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2023, included in the Company's Annual Report on Form 10-K filed with the SEC on April 1, 2024. Principles of Consolidation The consolidated financial statements include the accounts of IZEA Worldwide, Inc. and its wholly-owned subsidiaries, subsequent to the subsidiaries’ individual acquisition, merger, or formation dates, as applicable. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less from the date of purchase to be cash equivalents. Deposits made to Company bank accounts are insured by the FDIC up to a maximum amount of $250,000. The CDIC insures deposits made to the Company’s bank accounts in Canada up to CAD 100,000. The Australian Financial Claims Scheme insures deposits made to the Company’s accounts in Australia up to AUD $250,000. Deposit balances exceeding this limit were approximately $43.6 million and $36.7 million as of June 30, 2024 and 2023, respectively. Investment in Debt Securities Our investments in debt securities are carried at either amortized cost or fair value. The cost basis is determined by the specific identification method. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading debt securities as well as realized gains and losses on available-for-sale debt securities are included in net income. Unrealized gains and losses, net of tax, on available-for-sale debt securities are included in our consolidated balance sheet as a component of accumulated other comprehensive income (loss). Accounts Receivable and Concentration of Credit Risk The Company’s accounts receivable balance consists of trade receivables, contract assets, and a reserve for doubtful accounts. Trade receivables are customer obligations due under normal trade terms. Contract assets represent amounts owed for work that has been performed but not yet billed. The Company had net trade receivables of $5.6 million, including $5.6 million of accounts receivable and contract assets of $54,217 on June 30, 2024. The Company had net trade receivables of $5.0 million, including $4.9 million of accounts receivable and contract assets of $83,697 at December 31, 2023. Management determines the collectability of accounts by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, and current economic conditions. An account is deemed delinquent when the customer has not paid an amount due by its associated due date. If a portion of the account balance is deemed uncollectible, the Company will either write off the amount owed or provide a reserve based on its best estimate of the uncollectible portion of the account. We assess collectability risk both generally and by specific aged invoices. Our loss history informs a general reserve percentage, which we apply to all invoices less than 90 days from the invoice due date, currently 1.1% of the outstanding balance. The general reserve, which we update periodically, recognizes that some invoices will likely become a collection risk. When an invoice ages 90 days past its due date, we consider each invoice to determine a reserve for collectability based on our prior history and recent communications with the customer, to determine a reserve amount. Generally, our reserve for such aged invoices will approach 100% of the invoice amount. The Company had a reserve for doubtful accounts of $205,000 as of June 30, 2024, and $155,000 as of June 30, 2023. Management believes that this estimate is reasonable, but there can be no assurance that the estimate will not change due to a change in economic conditions or business conditions within the industry, the individual customers, or the Company. Any adjustments to this account are reflected in the consolidated statements of operations as a general and administrative expense. The Company did not recognize any bad debt expense in the three and six months ended June 30, 2024 and recognized $50,000 in the twelve months ended December 31, 2023. Concentrations of credit risk with respect to accounts receivable have been typically limited because a large number of geographically diverse customers make up the Company’s customer base, thus spreading the trade credit risk. The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. The Company performs credit evaluations of its customers but generally does not require collateral to support accounts receivable. The Company had one customer that accounted for more than 10% of total accounts receivable at June 30, 2024 and one customer that accounted for more than 10% of total accounts receivable at December 31, 2023. The Company had two customers each that accounted for more than 10% of its revenue during the six months ended June 30, 2024 and one customer that accounted for more than 10% of its revenue during the six months ended June 30, 2023.
Property and Equipment Property and equipment are recorded at cost, or if acquired in a business combination, at the acquisition date fair value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: | | | | | | Computer Equipment | 3 years | Office Equipment | 3 - 10 years | Furniture and Fixtures | 5 - 10 years |
The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal, with resulting gains or losses included in general and administrative expense in the consolidated statements of operations. Goodwill Goodwill represents the excess of the consideration transferred for an acquired business over the fair value of the underlying identifiable net assets. The Company has goodwill in connection with its acquisitions of Ebyline, ZenContent, TapInfluence, and Hoozu. Goodwill is not amortized but instead, it is tested for impairment at least annually. In the event that management determines that the value of goodwill has become impaired, the Company will record a charge in an amount equal to the excess of the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit during the fiscal quarter in which the determination is made. Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment level, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available, (ii) engage in business activities, and (iii) whether a segment manager regularly reviews the component’s operating results. Prior to the acquisition of Hoozu on December 1, 2023, IZEA had one business operating segment with one reporting unit for purposes of goodwill impairment testing. Hoozu is being treated as a second, separate reporting unit for goodwill impairment testing. The Company performs its annual impairment tests of goodwill as of October 1 each year, or more frequently if certain indicators are present. As described in Note 5, there were no impairment charges associated with the Company’s goodwill in the three and six months ended June 30, 2024 and 2023, respectively. Intangible Assets The Company acquired the majority of its intangible assets through its acquisitions of Ebyline, ZenContent, TapInfluence, and Hoozu. The Company amortizes identifiable intangible assets over periods of 12 to 60 months. See Note 5 for further details. The Company accounts for its digital assets held as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other. The Company maintains ownership of and control over its digital assets and may use third-party custodial services to secure them. The digital assets are initially recorded at cost and are subsequently evaluated for any changes in the fair market value. The Company did not recognize any impairment of digital assets during the three and six months ended June 30, 2024, and 2023. In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost bases for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company has opted to adopt this guidance early. A cumulative effect adjustment to retained earnings was recognized as of January 1, 2023 for $7,632. This adjustment brings the carrying value in line with the fair market value as of December 31, 2022. Adjustments have been recognized for all quarterly reporting periods for 2023 as of December 31, 2023 to restate the carrying value at the end of each period for the Company’s digital assets, as described in Note 5. The Company reviews long-lived assets, including software development costs and other intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset's carrying amount to determine if there has been an impairment, calculated as the difference between the asset’s fair value and the carrying value. Estimates of future undiscounted cash flows are based on expected growth rates for the business, anticipated future economic conditions, and estimates of residual values. Fair values take into consideration management estimates of risk-adjusted discount rates, which are believed to be consistent with assumptions that marketplace participants would use in their estimates of fair value. The Company did not recognize any impairment charges associated with the Company’s acquired intangible assets in the three and six months ended June 30, 2024 and 2023. Software Development Costs In accordance with Accounting Standards Codification (“ASC”) 350-40, Internal Use Software, the Company capitalizes certain internal-use software development costs associated with creating and enhancing internally developed software related to its platforms. Software development activities generally consist of three stages (i) the research and planning stage, (ii) the application and development stage, and (iii) the post-implementation stage. Costs incurred in the research and planning stage and in the post-implementation stage of software development, or other maintenance and development expenses that do not meet the qualification for capitalization, are expensed as incurred. Costs incurred in the application and development stage, including significant enhancements and upgrades, are capitalized. These costs include personnel and related employee benefits expenses for employees or consultants directly associated with and who devote time to software projects and external direct costs of materials obtained in developing the software. The Company also capitalizes certain costs associated with cloud computing arrangements (“CCAs”). These software developments, acquired technology, and CCA costs are amortized on a straight-line basis over the estimated useful life of five years upon the initial release of the software or additional features. The Company reviews the software development costs for impairment when circumstances indicate their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess carrying value over the fair value in its consolidated statements of operations. See Note 6 for further details. Leases Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), established a right-of-use model that requires a lessee to record a right-of-use asset and a right-of-use liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company does not record leases on the balance sheet that have a lease term of 12 months or less at the commencement date. Revenue Recognition The Company generates revenue from four primary sources: (1) revenue from its managed services when a marketer (typically a brand, agency, or partner) pays the Company to provide custom content, influencer marketing, amplification, or other campaign management services (“Managed Services”); (2) revenue from fees charged to software customers on their marketplace spend within the Company's platforms (“Marketplace Spend Fees”); (3) revenue from license and subscription fees charged to access our platforms (“License Fees”); and, (4) revenue derived from other fees such as inactivity fees, early cash-out fees, and other miscellaneous fees charged to users of the Company's platforms (“Other Fees”). The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized based on a five-step model as follows: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) performance obligations are satisfied. The core principle of ASC 606 is that revenue is recognized when the transfer of promised goods or services to customers is made in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are distinct performance obligations. The Company also determines whether it acts as an agent or a principal for each identified performance obligation. The determination of whether the Company acts as principal or agent is highly subjective and requires the Company to evaluate a number of indicators individually and as a whole in order to make its determination. For transactions in which the Company acts as a principal, revenue is reported on a gross basis as the amount paid by the marketer for the purchase of content or sponsorship, promotion, and other related services, and the Company records the amounts it pays to third-party creators as cost of revenue. For transactions in which the Company acts as an agent, revenue is reported on a net basis as the amount the Company charged to the self-service marketer using the Company’s platforms, less the amounts paid to the third-party creators providing the service. The Company maintains separate arrangements with each marketer and content creator either in the form of a master agreement or terms of service, which specify the terms of the relationship and access to its platforms or by statement of work, which specifies the price and the services to be performed, along with other terms. The transaction price is determined based on the fixed fee stated in the statement of work and does not contain variable consideration. Marketers who contract with the Company to manage their advertising campaigns or custom content requests may prepay for services or request credit terms. Payment terms are typically 30 days from the invoice date. The agreement typically provides for either a non-refundable deposit or a cancellation fee if the agreement is canceled by the customer prior to the completion of services. Billings in advance of completed services are recorded as a contract liability until earned. The Company assesses collectability based on several factors, including the creditworthiness of the customer and payment and transaction history. The Company does not typically engage in contracts that are longer than one year. Therefore, the Company does not capitalize costs to obtain its customer contracts as these amounts generally would be recognized over a period of less than one year and are not material. Managed Services Revenue For Managed Services Revenue, the Company enters into an agreement to provide services that may include multiple distinct performance obligations in the form of (i) an integrated marketing campaign to provide influencer marketing services, which may include the provision of blogs, tweets, photos, or videos shared through social network offerings and content promotion, such as click-through advertisements appearing in websites and social media channels, and (ii) custom content items, such as a research or news articles, informational material or videos. Marketers typically purchase influencer marketing services to provide public awareness or advertising buzz regarding the marketer’s brand and purchase custom content for internal and external use. The Company views its obligation to deliver influencer marketing services, including management services, as a single performance obligation that is satisfied over time as the customer receives the benefits from the services. The majority of revenue is recognized using an input method of costs incurred compared to total expected costs to measure the progress towards satisfying the overall performance obligation of the marketing campaign. The Company’s performance obligation in certain contracts with customers may be a stand-ready promise to provide influencer marketing services for an unknown or unspecified quantity of deliverables for a specified term. Under a stand-ready obligation, the Company’s performance obligation is satisfied over time throughout the contract term, and therefore, revenue is recognized straight-line over the life of the contract. The Company may provide one type or a combination of all types of these influencer marketing services on a statement of work for a lump sum fee. When multiple types of performance obligations exist in a contract, the Company allocates revenue to each distinct performance obligation at contract inception based on its relative standalone selling price. These performance obligations are to be provided over a period that generally ranges from one day to one year. The delivery of custom content represents a distinct performance obligation that is satisfied at a point in time when each piece of content is delivered to the customer. Based on the Company’s evaluations, revenue from Managed Services is reported on a gross basis because the Company has the primary obligation to fulfill the performance obligations, and it creates, reviews, and controls the services. The Company takes on the risk of payment to any third-party creators, and it establishes the contract price directly with its customers based on the services requested in the statement of work. Marketplace Spend Fees Revenue For Marketplace Spend Fees Revenue, the self-service customers instruct creators found through the Company’s platforms to provide and/or distribute custom content for an agreed-upon transaction price. The Company’s platforms control the contracting, description of services, acceptance of, and payment for the requested content. This service is used primarily by news agencies or marketers to control the outsourcing of their content and advertising needs. The Company charges the self-service customer the transaction price plus a fee based on the contract. Revenue is recognized when the transaction is completed by the creator and accepted by the marketer or verified as posted by the system. Based on the Company’s evaluations, this revenue is reported on a net basis since the Company is acting as an agent through its platform for the third-party creator to provide the services or content directly to the self-service customer or to post approved content through one or more social media platforms. License Fees Revenue License Fees Revenue is generated by granting customers limited, non-exclusive, non-transferable access to the Company’s technology platforms for an agreed-upon subscription period. Customers access the platforms to manage their influencer marketing campaigns. Fees for subscription or licensing services are recognized straight-line over the term of the service. Other Fees Revenue Other Fees Revenue is generated when fees are charged to the Company’s platform users primarily related to monthly plan fees, which are recognized within the month they relate to. Advertising Costs Advertising costs are charged to expense as they are incurred, including payments to content creators to promote the Company. Advertising costs for the three months ended June 30, 2024 and 2023 were approximately $0.9 million and $0.8 million, respectively. Advertising costs charged to operations for the six months ended June 30, 2024, and 2023 were approximately $1.5 million and $1.3 million, respectively. Advertising costs are included in sales and marketing expense in the accompanying consolidated statements of operations. Income Taxes Deferred income taxes are accounted for using the balance sheet approach, which requires recognition of deferred tax assets and liabilities for the expected future consequences of temporary differences between the financial reporting basis and the tax basis of assets and liabilities. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The Company incurs state franchise tax in ten states, which is included in general and administrative expense in the consolidated statements of operations and comprehensive loss. The Company identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits, and a corresponding liability is established on the balance sheet. The Company has not recognized a liability for uncertain tax positions. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company’s tax years subject to examination based on the statute of limitations by the IRS is generally three years; however, the IRS may examine records and other evidence from the year the net operating loss was generated when the Company utilizes net operating loss carryforwards in future periods. The Company’s tax years subject to examination by the Canadian Revenue Agency and the Australian Taxation Office is generally four years. Fair Value of Financial Instruments The Company’s financial instruments are recorded at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. There are three levels of inputs that may be used to measure fair value: •Level 1 – Valuation based on quoted market prices in active markets for identical assets and liabilities. •Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. •Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. As of June 30, 2024, the Company holds Level 1 and Level 2 financial assets; this is discussed further in Note 3 - Financial Instruments of Notes to the Consolidated Financial Statements. Stock-Based Compensation Stock-based compensation cost related to stock options granted under the 2011 Equity Incentive Plan, as amended, (the “2011 Equity Incentive Plan”), and the Inducement Plan (see Note 10) is measured at the grant date, based on the fair value of the award, and is recognized as expense over the employee’s requisite service period on a straight-line basis. The Company estimates the fair value of each option award on the date of grant using a Black-Scholes option-pricing model that uses the assumptions noted in the table below. The Company uses the simplified method to estimate the expected term of employee stock options because it does not believe historical exercise data will provide a reasonable basis for estimating the expected term for the current share options granted. The simplified method assumes that employees will exercise share options evenly between the period when the share options are vested and ending on the date when the options would expire. The Company uses the closing stock price of its common stock on the date of the grant as the associated fair value of its common stock. The Company uses the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life of the award. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. The Company estimates forfeitures when recognizing compensation expense and this estimate of forfeitures is adjusted over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, and a revised amount of unamortized compensation expense to be recognized in future periods. The Company may issue shares of restricted stock or restricted stock units (“RSUs”) that vest over future periods. The value of shares is recorded as the fair value of the stock or units upon the issuance date and is expensed on a straight-line basis over the vesting period. See Note 10 for additional information related to these shares. On November 30, 2023, the IZEA Board of Directors adopted the IZEA Worldwide, Inc. 2023 Inducement Plan (the “Inducement Plan”) to accommodate equity grants to new employees hired by IZEA in connection with acquisition transactions, including the Hoozu acquisition. Under the Inducement Plan, IZEA may grant, subject to certain requirements, RSUs, including performance-based and time-based RSUs, covering up to a total of 1,800,000 shares of IZEA common stock to new employees of IZEA or its subsidiaries. See Note 10 for additional information related to shares issued under both plans. Business Combinations and Asset Acquisitions The Company accounts for business combinations in accordance with Accounting Standards Codification (ASC) Topic 805, “Business Combinations.” The acquisition method of accounting is applied to all business combinations, whereby the identifiable assets acquired, liabilities assumed, and any non-controlling interests in the acquiree are recognized and measured at their fair values as of the acquisition date. Goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired and liabilities assumed in a business combination. Goodwill is allocated to reporting units, which are expected to benefit from the synergies of the combination and is subject to annual impairment testing. Acquisition-related costs, including advisory, legal, and due diligence fees, are expensed as incurred and are included in general and administrative expenses in the period in which the acquisition occurs. The financial statements include the results of operations and financial position of businesses acquired from their respective acquisition dates. Any adjustments to the preliminary fair values of assets acquired and liabilities assumed, known as measurement period adjustments, are recorded to the period of the adjustment. Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements Credit Losses: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. In May 2019, the FASB issued ASU 2019-05, which provides transition relief for entities adopting ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt ASU No. 2019-05 in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date of ASU 2016-13. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Effective January 1, 2023, the Company adopted this standard. At present, the exposure to credit losses is considered immaterial to the Company’s financial position. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). Under ASU 2021-08, an acquirer in a business combination must apply ASC 606 principles when recognizing and measuring acquired contract assets and contract liabilities. The provisions of ASU 2021-08 are applicable for the Company for fiscal years and interim periods beginning after December 15, 2022. As of June 30, 2024, the Company has ensured that acquired businesses contract assets and contract liabilities have been accounted for in accordance with ASC 2021-08. Accounting for and Disclosure of Crypto Assets: In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost bases for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company has opted to early adopt this guidance. A cumulative-effect adjustment to retained earnings was booked as of January 1, 2023 for $7,632. Interim periods and annual periods for 2022 and 2023 have been presented with the change reflected in fair market value. Expanded disclosures for crypto assets have been added to Note 5 - Intangible Assets. Recently Issued Accounting Pronouncements Not Yet Adopted Segment Reporting: Improvements to Reportable Segment Disclosures: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures. This update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU also requires all annual disclosures currently required by Topic 280 to be included in the interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within the fiscal years beginning after December 15, 2024, with early adoption permitted and requiring retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the timing and impact of adopting the updated provisions. Income Taxes: Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional disclosures of income tax components that affect the rate reconciliation and income taxes paid, broken out by the applicable taxing jurisdictions. The Company expects to adopt this ASU for the annual period beginning on January 1, 2025, and does not expect a material impact on the consolidated financial statements.
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v3.24.2.u1
Business Acquisitions
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6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
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Business Acquisitions |
BUSINESS ACQUISITIONS Hoozu Holdings, LTD. On December 1, 2023, the Company completed the announced acquisition of Hoozu Holdings, LTD (now Hoozu Holdings Pty Ltd.)(“Hoozu”) from Hoozu investors. Hoozu is a leading Australian influencer marketing company headquartered in Sydney. The company serves a roster of the region’s most innovative brands, including Bunnings, Emma Sleep, Super Cheap Auto, and Ryobi. In addition to its core services, Hoozu’s talent management division, called Huume, represents creators in the Australian market. The net purchase price was approximately $2.5 million, including cash consideration of $0.6 million and 726,210 shares of common stock, valued at approximately $1.7 million at the acquisition date, based on the closing market share price on the acquisition date. Approximately $150,000 of transaction-related costs are separately recorded in general and administrative costs in the accompanying consolidated statement of operations for the year ended December 31, 2023. The Company accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. | | | | | | | | | | | | | Gross Purchase Consideration | Initial Present and Fair Value | Estimated Remaining Present and Fair Value | | 12/1/2023 | 12/1/2023 | 06/30/2024 | Cash paid at closing | $ | 595,411 | | $ | 595,411 | | — | | Stock issued at closing | 1,746,535 | | 1,746,535 | | — | | First deferred purchase price installment (1) | 114,400 | | — | | — | | Second deferred purchase price installment (1) | 60,600 | | — | | — | | Total estimated consideration | $ | 2,516,946 | | $ | 2,341,946 | | $ | — | |
(1) The Company’s acquisition of Hoozu on December 1, 2023, included four equal contingent cash consideration payments totaling $396,940, with twelve-month measurement periods ending December 31, 2024 and 2025. The contingent payments are based on meeting minimum Revenue and Adjusted Earnings before Taxes and Depreciation thresholds for each measurement period. The contingent payments are hit-or-miss, with the first measurement period payments carrying a make-up provision during the second measurement period. The Company determined the fair value of these contingent payments, using Monte Carlo simulation methods, to be $175,000 at the acquisition date, subject to periodic adjustment until both measurement periods are completed. During the quarter that ended June 30, 2024, the Company determined that based upon the lag behind Hoozu’s revenue and profitability growth, achieving the deferred purchase price targets for both 2024 and 2025 is not probable and accordingly reduced these installment balances to their expected payout value. The table below presents the provisional fair values on December 1, 2023, allocated to the assets acquired and liabilities assumed. The purchase accounting and purchase price allocation for Hoozu are complete. The fair values are presented in the following table: | | | | | | | Estimated Approximate Fair Value | | 12/1/2023 | Accounts receivable | $ | 419,336 | | Prepaid expenses | 15,750 | | Property and equipment, net | 9,033 | | Intangible assets | | Tradename | 668,000 | | Customer list | 935,000 | | Goodwill | 1,265,155 | | Deferred tax liability | (400,750) | | Accounts payable | (718,515) | | Current liabilities | (930,655) | | Purchase consideration, excluding cash received | $ | 1,262,354 | | Plus: cash received | 1,254,592 | | Total purchase considerations | $ | 2,516,946 | |
Accounts receivable shown in the table above represent their gross amount, which approximates the fair value, and are expected to be collected in full. The significant fair value estimates included in the provisional allocation of purchase price are discussed below. Other Intangible Assets Other intangible assets with definite lives include acquired customer relationships of $0.9 million and tradename of $0.7 million. The preliminary customer-related intangible assets’ fair value was determined by using the income approach, while the tradename fair value was determined utilizing the relief from the royalty method. Acquired customer relationships and tradename generally have useful lives of 10 years, unless shorter periods are warranted, and are amortized to operating costs on an accelerated basis. Goodwill The excess of consideration for Hoozu over the preliminary net fair value of assets acquired and liabilities assumed resulted in the provisional recognition of $1.3 million of goodwill, which is not deductible for tax purposes. Goodwill is primarily attributable to the assembled workforce and synergies. Contingent Liability Contingent liability purchase price installments, which total $396,940 based on meeting certain revenue and EBITDA milestones for 2024 and 2025, were recorded at their fair value of $175,000 at the acquisition date. The contingent liability value is subject to periodic adjustment until both measurement dates are completed. No adjustment was recorded in December 2023. As of June 30, 2024, the Company reassessed the fair value of the contingent performance-based consideration related to the earnout provision of the acquisition of Hoozu. Based on actual performance to date, and revised projections of Hoozu’s business performance, it was determined that the contingent milestones were no longer probable of being achieved. Consequently, the contingent liability was adjusted to the expected payout value, resulting in a gain of $175,000 recognized as a reduction to general and administrative expense in the consolidated statements of income. This adjustment reflects our updated expectation of future performance and aligns with the requirements of ASC 805. Privatization of Hoozu Holdings, Ltd On March 27, 2024, Hoozu Holdings, Ltd was privatized and restructured to become Hoozu Holdings Pty, Ltd. This change reflects a strategic shift to streamline operations and focus on long-term growth objectives. Zuberance On December 1, 2023, the Company entered into an Asset Purchase Agreement (the “Agreement”) with Zuberance, Inc., a Delaware corporation (“Zuberance”). Zuberance is a pioneering advocate marketing software platform. Zuberance provides marketers with the tools to build white-label communities of their customers and influencers while engaging these communities to serve as advocates for their brand, leading to low-cost content creation. The net purchase price was $18,400 in cash consideration, allocated to the fair value of assets acquired and liabilities assumed, as shown in the following table: | | | | | | | Estimated Fair Value | | 12/31/2023 | Intangibles-customer relationships | $ | 162,725 | | Current liabilities | (58,138) | | Deferred revenue | (86,187) | | Total purchase price | $ | 18,400 |
The customer-related intangible assets’ fair value was determined by using the income approach, has an estimated useful life of 5 years, and will be amortized to operating expenses on an accelerated basis.
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.24.2.u1
Financial Instruments
|
6 Months Ended |
Jun. 30, 2024 |
Investments, Debt and Equity Securities [Abstract] |
|
Financial Instruments |
FINANCIAL INSTRUMENTS Cash, Cash Equivalents, and Marketable Securities (Available for Sale) The Company has engaged a third party registered investment advisor and appointed a leading national bank for custody services with respect to investment securities. Investments comply with the Company’s revised investment strategy policy, designed to preserve capital, minimize investment risks, and maximize returns. The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Adjusted Cost | Unrealized Gains | Unrealized Losses | Fair Value | Cash and Cash Equivalents | Current Marketable Securities (1) | Non-Current Marketable Securities (2) | Cash and cash equivalents | $ | 10,223,685 | | $ | — | | $ | — | | $ | 10,223,685 | | $ | 10,223,685 | | $ | — | | $ | — | | Level 1 (3) | | | | | | | | Commercial paper | 5,199,435 | | — | | (2,309) | | 5,197,126 | | 5,197,126 | | — | | — | | Money market funds | 28,881,055 | | — | | — | | 28,881,055 | | 28,881,055 | | — | | — | | US Treasury securities | 2,014,955 | | — | | (21,572) | | 1,993,383 | | — | | 1,993,383 | | — | | Subtotal | 36,095,445 | | — | | (23,881) | | 36,071,564 | | 34,078,181 | | 1,993,383 | | — | | Level 2 (4) | | | | | | | | Asset back securities | 2,375,823 | | — | | (19,309) | | 2,356,514 | | — | | 1,459,487 | | 897,027 | | Corporate debt securities | 7,890,176 | | 5,275 | | (61,868) | | 7,833,583 | | — | | 7,833,583 | | — | | Subtotal | 10,265,999 | | 5,275 | | (81,177) | | 10,190,097 | | — | | 9,293,070 | | 897,027 | | Total | $ | 56,585,129 | | $ | 5,275 | | $ | (105,058) | | $ | 56,485,346 | | $ | 44,301,866 | | $ | 11,286,453 | | $ | 897,027 | |
(1) Current Marketable Securities have a holding period under one year. (2) Non-Current Marketable Securities have a holding period over one year. The securities held by IZEA Worldwide, Inc. mature between one and five years. (3) Level 1 fair value estimates are based on quoted prices in active markets for identical assets and liabilities. (4) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets and liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. The Company records the fair value of cash equivalents and marketable securities on the balance sheet. The adjusted cost, which includes unrealized gains and losses, reflects settlement amounts if all investments are held to maturity. The Company did not recognize any realized gains (net of losses) for the three and six months ended June 30, 2024, and 2023. Realized gains and losses are a component of other income (expense), net. Unrealized gains and losses are a component of other comprehensive income (loss) (“OCI”). The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates: | | | | | | | | | | As of June 30, 2024 | As of December 31, 2023 | Due in 1 year or less | $ | 11,286,453 | | $ | 17,126,057 | | Due in 1 year through 5 years | 897,027 | | 9,618,996 | | Total | $ | 12,183,480 | | $ | 26,745,053 | |
The following table presents fair values and net unrealized gains (losses) recorded to OCI, aggregated by investment category: | | | | | | | | | | | | | | | | June 30, 2024 | December 31, 2023 | | Fair Value | Net Unrealized Gain (Loss) | Fair Value | Net Unrealized Gain (Loss) | Cash and cash equivalents | $ | 44,301,866 | | $ | (2,309) | | $ | 37,446,728 | | $ | — | | Government bonds | 1,993,383 | | (21,572) | | 6,939,713 | | (79,840) | | Corporate debt securities | 7,833,583 | | (56,593) | | 16,196,931 | | (124,431) | | Asset backed securities | 2,356,514 | | (19,309) | | 3,608,409 | | (46,320) | | Total | $ | 56,485,346 | | $ | (99,783) | | $ | 64,191,781 | | $ | (250,591) | |
During the three and six months ended June 30, 2024, the Company did not recognize any credit losses and had no ending allowance balance for credit losses.
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v3.24.2.u1
Property and Equipment
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
PROPERTY AND EQUIPMENT Property and equipment consist of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Furniture and fixtures | $ | 29,848 | | | $ | 29,848 | | Office equipment | 8,506 | | | 8,506 | | Computer equipment | 282,898 | | | 281,950 | | Total | 321,252 | | | 320,304 | | Less accumulated depreciation | (165,417) | | | (114,927) | | Property and equipment, net | $ | 155,835 | | | $ | 205,377 | |
Depreciation expense on property and equipment recorded in depreciation and amortization expense in the consolidated statements of operations and comprehensive loss was $26,701 and $27,160 for the three months ended June 30, 2024 and 2023, respectively, and was $53,258 and $45,946 for the six months ended June 30, 2024 and 2023, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.2.u1
Intangible Assets
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
INTANGIBLE ASSETS Definite Lived Intangible Assets
Definite lived intangible assets, net of amortization as of June 30, 2024 and December 31, 2023 totaled $1.8 million and $1.8 million, respectively. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | Balance | | Accumulated Amortization | | Net Book Value | | Balance | | Accumulated Amortization | | Net Book Value | | Useful Life in years | Trade names | $ | 668,213 | | | $ | 48,581 | | | $ | 619,632 | | | $ | 668,000 | | | $ | 5,567 | | | $ | 662,433 | | | 10 | Customer lists | | | | | | | | | | | | | | Hoozu | 935,294 | | | 69,010 | | | 866,284 | | | 935,000 | | | 7,791 | | | 927,209 | | | 10 | Zuberance | 162,508 | | | 23,473 | | | 139,035 | | | 162,508 | | | 2,709 | | | 159,799 | | | 5 | Total definite-lived intangible assets | $ | 1,766,015 | | | $ | 141,064 | | | $ | 1,624,951 | | | $ | 1,765,508 | | | $ | 16,067 | | | $ | 1,749,441 | | | |
Total intangible assets from the Company’s acquisitions and other acquired assets net of accumulated amortization thereon consists of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Hoozu intangible assets | $ | 1,603,507 | | | $ | 1,603,000 | | Zuberance intangible assets | 162,508 | | | 162,508 | | Total | $ | 1,766,015 | | | $ | 1,765,508 | | Less accumulated amortization | (141,064) | | | (16,067) | | Intangible assets, net | $ | 1,624,951 | | | $ | 1,749,441 | |
As of June 30, 2024, future estimated amortization expense related to identifiable assets is set forth in the following schedule: | | | | | | Future Amortization of Intangible Assets | Amount | Remainder of 2024 | 155,325 | | 2025 | 257,032 | | 2026 | 232,877 | | 2027 | 208,721 | | 2028 | 184,566 | | 2029+ | 586,430 | | Total | $ | 1,624,951 | |
There were no impairment charges associated with the Company’s identifiable intangible assets, other than digital assets, in the six months ended June 30, 2024, and 2023. Amortization expense recorded in depreciation and amortization in the accompanying consolidated statements of operations and comprehensive loss was $124,996 and $0 for the six months ended June 30, 2024 and 2023, respectively. Digital Assets During the three months ended June 30, 2024 and 2023, the Company did not transact in digital assets nor did the Company impair the value of its digital assets. As of June 30, 2024, the Company held $143,436 of Bitcoin and $99,584 of Ethereum with total holdings in digital assets of $243,020. The Company recorded a loss of $26,044 and a gain $80,115 for the three and six months ended June 30, 2024, respectively. The Company determines the fair value of its digital assets on a recurring basis in accordance with ASU 2023-8, Accounting for and Disclosure of Crypto Assets, based on quoted prices on the active exchange(s) that has been determined to be the principal market for such assets (Level 1 inputs). The Company performs an analysis monthly to identify whether the fair market value of the digital assets has changed. If the then-current carrying value of a digital asset is different from the fair value so determined, an adjustment in the amount equal to the difference between their carrying value and the price determined is recognized. Gains and losses on digital assets are recognized within other income in the consolidated statements of operations and comprehensive loss in the period in which the change to fair market value is identified. In determining the gain to be recognized upon sale, the Company calculates the difference between the sales price and carrying value of the digital assets sold immediately prior to sale. Goodwill The Company’s goodwill balance changed as follows: | | | | | | | Amount | Balance on December 31, 2022 | $ | 4,016,722 | | Acquisitions during 2023 | 1,265,155 | | Currency translation adjustment | $ | (1,505) | | Balance on December 31, 2023 | $ | 5,280,372 | | | | Currency translation adjustment | 1,516 | | Balance on June 30, 2024 | $ | 5,281,888 | | The Company completed its acquisition of Hoozu on December 1, 2023. While Hoozu’s business is reported together with our Managed Services business, it will be treated as a separate component for Goodwill impairment testing. The Company performs an annual impairment assessment of goodwill on October 1 each year or more frequently, if certain indicators are present. There were no impairment charges associated with the Company’s Goodwill in the three and six months ended June 30, 2024 and 2023.
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v3.24.2.u1
Software Development Costs
|
6 Months Ended |
Jun. 30, 2024 |
Research and Development [Abstract] |
|
Software Development Costs |
SOFTWARE DEVELOPMENT COSTS Software development costs consist of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Software development costs | $ | 5,827,554 | | | $ | 5,390,403 | | Less accumulated amortization | (3,586,117) | | | (3,333,431) | | Software development costs, net | $ | 2,241,437 | | | $ | 2,056,972 | |
In 2022, the Company began developing two new web-based influencer marketing platforms, Flex and Marketplace, to replace IZEAx and Shake, respectively. IZEAx was sunset in mid-2023, and Shake was sunset in Q4 of 2022. The Company capitalized software development costs of $363,474 and $437,152 during the three and six months ended June 30, 2024, respectively. The Company capitalized software development costs of $281,009 and $437,877 during the three and six months ended June 30, 2023, respectively. As a result, the Company has capitalized a total of $5.8 million in direct materials, consulting, payroll, and benefit costs to its internal-use software development costs in the consolidated balance sheet as of June 30, 2024. The Company amortizes its software development costs, commencing upon initial release of the software or additional features, on a straight-line basis over the estimated useful life of five years, which is consistent with the amount of time its legacy platforms were in service, or its actual useful life, if shorter. The Company recorded amortization expense associated with its capitalized software development cost of $124,381 and $83,272 during the three months ended June 30, 2024 and 2023, respectively. The Company recorded amortization expense associated with its capitalized software development cost of $252,686 and $410,748 during the six months ended June 30, 2024 and 2023, respectively.
As of June 30, 2024, future estimated amortization expense related to software development costs is set forth in the following schedule: | | | | | | | Software Development Amortization Expense | 2024 | 249,961 | | 2025 | 566,654 | | 2026 | 560,906 | | 2027 | 526,871 | | 2028 | 257,843 | | 2029 | 79,202 | | Total | $ | 2,241,437 | |
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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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v3.24.2.u1
Accrued Expenses
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
ACCRUED EXPENSES Accrued expenses consist of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Accrued payroll liabilities | $ | 2,469,962 | | | $ | 2,153,617 | | Accrued taxes | 90,773 | | | 253,677 | | Current portion of finance obligation | 59,386 | | | 59,386 | | Accrued other | 541,708 | | | 616,780 | | Total accrued expenses | $ | 3,161,829 | | | $ | 3,083,460 | |
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.2.u1
Notes Payable
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Notes Payable |
NOTES PAYABLE Finance Obligation The Company pays for its laptop computer equipment through long-term payment plans, using an imputed interest rate of 7.8%, based on its incremental borrowing rate, to determine the present value of its financial obligation and to record interest expense over the term of the plan. The Company refreshed a portion of its computer inventory during the fourth quarter of 2022, entering a new three-year payment plan with the same vendor. The total balance owed was $93,113 and $122,805 as of June 30, 2024 and December 31, 2023, respectively, with the short-term portion of $59,386 and $59,386 recorded under accrued expenses in the consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. Summary Interest expense on financing arrangements recorded in the Company’s consolidated statements of operations was $4,000 and $3,103 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the future contractual maturities of the Company’s long-term payment obligations by year are set forth in the following schedule:
| | | | | | 2024 | $ | 29,693 | | 2025 | 56,683 | | 2026 | 6,737 | | Total | $ | 93,113 | |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2.u1
Commitments and Contingencies (Notes)
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
COMMITMENTS AND CONTINGENCIES Deferred Purchase Price The Company’s acquisition of Hoozu on December 1, 2023 included four equal contingent cash consideration payments totaling $396,940, with twelve-month measurement periods ending December 31, 2024 and 2025. The contingent payments are based on meeting minimum Revenue and Adjusted Earnings before Taxes and Depreciation thresholds for each measurement period. The contingent payments are hit-or-miss, with the first measurement period payments carrying a make-up provision during the second measurement period. The Company determined the fair value of these contingent payments to be $175,000, subject to quarterly adjustment until both measurement periods are completed. As of June 30, 2024, the Company reassessed the fair value of the contingent performance-based consideration related to the earnout provision of the acquisition of Hoozu. Based on actual performance to date, and revised projections of Hoozu’s business performance, it was determined that achieving the contingent milestones was no longer probable. Consequently, the contingent liability was written off, resulting in a gain of $175,000 recognized as a reduction to general and administrative expense in the consolidated statements of income. This adjustment reflects our updated expectation of future performance and aligns with the requirements of ASC 805. The fair value will continue to be subject to quarterly assessment until the completion of both measurement periods. Lease Commitments The Company does not have any operating or finance leases greater than 12 months in duration as of June 30, 2024. Retirement Plans The Company offers a 401(k) plan to all of its eligible employees. The Company matches participant contributions in an amount equal to 50% of each participant’s contribution up to 8% of the participant’s salary. The participants become vested in 20% annual increments after two years of service, or fully vest upon the age of 60. Total expense for employer matching contributions during the three and six months ended June 30, 2024 and 2023 was recorded in the Company’s consolidated statements of operations as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Cost of revenue | | | | | $ | 19,722 | | | $ | 19,643 | | | $ | 42,200 | | | $ | 44,276 | | Sales and marketing | | | | | 17,191 | | | 17,799 | | | 60,230 | | | 33,416 | | General and administrative | | | | | 48,018 | | | 41,875 | | | 92,602 | | | 77,827 | | Total contribution expense | | | | | $ | 84,931 | | | $ | 79,317 | | | $ | 195,032 | | | $ | 155,519 | |
Litigation From time to time, the Company may become involved in lawsuits and various other legal proceedings that arise in the ordinary course of its business. Litigation is, however, subject to inherent uncertainties, and an adverse result in any such litigation that may arise from time to time that may harm the Company’s business. The Company is currently not party to any legal proceedings or claims that it believes would or could have, individually or in the aggregate, a material adverse effect on the Company.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
Stockholders' Equity
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stockholders' Equity |
STOCKHOLDERS’ EQUITY Authorized Shares The Company has 50,000,000 authorized shares of common stock and 10,000,000 authorized shares of preferred stock, each with a par value of $0.0001 per share. 500,000 shares of preferred stock are designated as Series A Junior Participating Preferred Stock. Share Repurchase On March 30, 2023, the Company announced that its Board of Directors had authorized a $1.0 million share repurchase program of the Company’s common stock. During the repurchase program, the Company purchased 365,855 shares of the Company’s common stock on the open market with an average price per share of $1.23, for a total of $1.0 million. Shares purchased before June 16, 2023 have been adjusted for the reverse stock split. Repurchased shares have the status of treasury shares and may be issued, if and when needed, for general corporate purposes. The repurchase program was completed in August 2023. On June 28, 2024, the Company announced that its Board of Directors had authorized a $5.0 million share repurchase program of the Company’s common stock. The repurchase program is subject to market conditions and the Company’s inside trading windows. As of June 30, 2024, no shares had been repurchased under the program. Reverse Stock Split In June 2023, the number of authorized shares and shares of common stock held by each stockholder of the Company were consolidated automatically into the number of shares of common stock equal to the number of issued and outstanding shares of common stock held by each such stockholder immediately prior to the reverse split divided by four (4): effecting a four (4) old for one (1) new reverse stock split. Any fractional shares resulting from the reverse stock split were rounded up to the nearest whole share, resulting in 23,789 additional shares being issued. No shares of preferred stock were outstanding at the time of the reverse stock split. Additionally, all options and unvested restricted share grants of the Company outstanding immediately prior to the reverse split were adjusted by dividing the number of shares of common stock into which the options are exercisable by four (4) and multiplying the exercise price by four (4), in accordance with the terms of the plans and agreements governing such options and subject to rounding up to the nearest whole share. All shares of common stock, stock options, restricted stock, and restricted stock unit grants, and their corresponding price per share amounts have been presented to reflect the reverse split in all periods presented within this Quarterly Report on Form 10-Q. Equity Incentive Plan The Company’s stockholders approved an amendment and restatement of the 2011 Equity Incentive Plan at the Company’s 2023 Annual Meeting of Stockholders held on October 17, 2023, to increase the number of plan shares by 1,800,000 shares, from 1,875,000 to 3,675,000 shares. As of June 30, 2024, the Company had 974,985 remaining shares of common stock available for issuance pursuant to future grants under the 2011 Equity Incentive Plan. Restricted Stock Under the 2011 Equity Incentive Plan, the Board determines the terms and conditions of each restricted stock issuance, including any future vesting restrictions. In 2023, the Company issued its five independent directors a total of shares of restricted common stock initially valued at $300,015 for their annual service as directors of the Company. The stock was granted in installments on the last day of each quarter and vested immediately. In the three and six months ended June 30, 2024, the Company issued its five independent directors a total of 31,915 and 64,385 shares of restricted common stock, respectively, with an aggregate grant date valuation of $150,006 for their service as directors of the Company. Approximately $75,000 worth of shares are granted on the last day of each quarter and vest immediately. The following table contains summarized information about restricted stock issued during the year ended December 31, 2023 and the six months ended June 30, 2024: | | | | | | | | | | | | Restricted Stock | Common Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Years to Vest | Nonvested at December 31, 2022 | 72 | | $ | 5.36 | | 0.3 | Granted | 131,520 | | 2.28 | | | Vested | (131,592) | | 2.28 | | | Nonvested at December 31, 2023 | — | | $ | — | | 0.0 | Granted | 64,385 | | 2.33 | | | Vested | (64,385) | | 2.33 | | | Nonvested at June 30, 2024 | — | | $ | — | | 0.0 |
Although restricted stock is issued upon the grant of an award, the Company excludes restricted stock from the computations within the financial statements of total shares outstanding and basic earnings per share until such time as the restricted stock vests. Expense recognized on restricted stock issued to directors for services was $75,000 and $75,009 during the three months ended June 30, 2024, and 2023, respectively and $150,006 and $150,009 during the six months ended June 30, 2024, and 2023, respectively. There was no expense recognized on restricted stock issued to employees during the three months ended June 30, 2024, and 2023, respectively and $0 and $376 during the six months ended June 30, 2024, and 2023, respectively. On June 30, 2024, the fair value of the Company’s common stock was approximately $2.35 per share and the intrinsic value on the non-vested restricted stock was $0. Future compensation expense related to issued, but non-vested, restricted stock awards as of June 30, 2024, is $0. Restricted Stock Units The Board determines the terms and conditions of each restricted stock unit award issued under the 2011 Equity Incentive Plan. During the six months ended June 30, 2024, the Company issued a total of 475,713 restricted stock units initially valued at $1,079,016 to non-executive employees as additional incentive compensation. The restricted stock units vest between 12 and 36 months from issuance. During the six months ended June 30, 2024, the Company issued a total of 221,232 restricted stock units initially valued at $516,307 to executives as additional incentive compensation. The restricted stock units vest between 12 and 48 months from issuance. The following table contains summarized information about restricted stock units during the year ended December 31, 2023 and the six months ended June 30, 2024: | | | | | | | | | | | | Restricted Stock Units | Common Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Years to Vest | Nonvested at December 31, 2022 | 329,070 | | $ | 3.79 | | 2.5 | Granted | 870,191 | | 2.38 | | | Vested | (163,085) | | 3.55 | | | Forfeited | (73,327) | | 3.18 | | | Nonvested at December 31, 2023 | 962,849 | | $ | 2.60 | | 2.5 | Granted | 696,945 | | 2.25 | | | Vested | (151,587) | | 3.03 | | | Forfeited | (88,870) | | 2.28 | | | Nonvested at June 30, 2024 | 1,419,337 | | $ | 2.40 | | 1.2 |
Expense recognized on restricted stock units issued to employees was $349,385 and $151,733 during the three months ended June 30, 2024 and 2023, respectively and $650,599 and $281,299 during the six months ended June 30, 2024 and 2023, respectively. On June 30, 2024, the fair value of the Company’s common stock was approximately $2.35 per share and the intrinsic value on the non-vested restricted units was $3,335,442. Future compensation related to the non-vested restricted stock units as of June 30, 2024 is $2,930,090 and it is estimated to be recognized over the weighted-average vesting period of approximately 1.2 years. Stock Options Under the 2011 Equity Incentive Plan, the Board determines the exercise price to be paid for the stock option shares, the period within which each stock option may be exercised, and the terms and conditions of each stock option. The exercise price of incentive and non-qualified stock options may not be less than 100% of the fair market value per share of the Company’s common stock on the grant date. If an individual owns stock representing more than 10% of the outstanding shares, the exercise price of each share of an incentive stock option must be equal to or exceed 110% of fair market value. Unless otherwise determined by the Board at the time of grant, the exercise price is set at the fair market value of the Company’s common stock on the grant date (or the last trading day prior to the grant date, if it is awarded on a non-trading day). Additionally, the term is set at ten years and the option typically vests on a straight-line basis over the requisite service period as follows: 25% one year from the date of grant with the remaining vesting monthly in equal increments over the following three years. The Company issues new shares for any stock awards or options exercised under its 2011 Equity Incentive Plan. A summary of option activity under the 2011 Equity Incentive Plan during the year ended December 31, 2023, and the six months ended June 30, 2024, is presented below: | | | | | | | | | | | | | | | | | | Options Outstanding | Common Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Life (Years) | Outstanding at December 31, 2022 | 415,562 | | | $ | 11.31 | | | 5.3 | Granted | — | | | — | | | | Exercised | (586) | | | 0.96 | | | | Expired | (71,013) | | | 19.99 | | | | Forfeited | (362) | | | 7.75 | | | | Outstanding at December 31, 2023 | 343,601 | | | $ | 9.53 | | | 5.2 | Granted | — | | | — | | | | Exercised | (313) | | | 2.24 | | | | Expired | (458) | | | 6.88 | | | | Forfeited | (51) | | | 6.57 | | | | Outstanding at June 30, 2024 | 342,779 | | | $ | 9.54 | | | 4.7 | | | | | | | Exercisable at June 30, 2024 | 330,658 | | | $ | 9.55 | | | 4.7 |
During the six months ended June 30, 2024, 313 options were exercised for gross proceeds of $701. The intrinsic value of the exercised options was $50. During the six months ended June 30, 2023, 0 options were exercised for gross proceeds of $0. The intrinsic value of the exercised options was $0. The fair value of the Company's common stock on June 30, 2024 was approximately $2.35 per share, and the intrinsic value on outstanding options as of June 30, 2024 was $74,149. The intrinsic value of the exercisable options as of June 30, 2024 was $74,149. A summary of the nonvested stock option activity under the 2011 Equity Incentive Plan during the year ended December 31, 2023, and the six months ended June 30, 2024, is presented below: | | | | | | | | | | | | | | | | | | Nonvested Options | Common Shares | | Weighted Average Grant Date Fair Value | | Weighted Average Remaining Years to Vest | Nonvested at December 31, 2022 | 72,474 | | | $ | 5.80 | | | 1.7 | Granted | — | | | — | | | | Vested | (31,474) | | | 9.53 | | | | Forfeited | (14,627) | | | 19.99 | | | | Nonvested at December 31, 2023 | 26,373 | | | $ | 8.83 | | | 1.1 | Granted | — | | | — | | | | Exercised | — | | | — | | | | Vested | (14,201) | | | 9.55 | | | | Forfeited | (51) | | | 6.57 | | | | Nonvested at June 30, 2024 | 12,121 | | | $ | 9.53 | | | 0.9 | | | | | | |
There were outstanding options to purchase 342,779 shares with a weighted average exercise price of $9.54 per share, of which options to purchase 330,658 shares were exercisable with a weighted average exercise price of $9.55 per share as of June 30, 2024. Expense recognized on stock options issued to employees during the six months ended June 30, 2024 and 2023 was $96,479 and $119,124, respectively and $44,514 and $54,780 for the three months ended June 30, 2024 and 2023, respectively. Future compensation related to non-vested awards as of June 30, 2024 is $93,369, and it is estimated to be recognized over the weighted-average vesting period of approximately 0.9 years. No stock options were granted under the 2011 Equity Incentive Plan in the six months ended June 30, 2024 and 2023. Inducement Plan On November 30, 2023, the Board of Directors adopted the IZEA Worldwide, Inc. 2023 Inducement Plan (the “Inducement Plan”) to accommodate equity grants to new employees hired by IZEA in connection with acquisition transactions, including the Hoozu acquisition. Under the Inducement Plan, IZEA may grant restricted stock units (“RSUs”), including performance-based and time-based RSUs, with respect to up to a total of 1,800,000 shares of IZEA common stock to new employees of IZEA or its subsidiaries. Pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules, the Inducement Plan was adopted without stockholder approval. In accordance with Rule 5635(c)(4) of the NASDAQ Listing Rules, awards under the Inducement Plan can only be made to individuals not previously employees or non-employee directors of IZEA (or following such individuals’ bona fide period of non-employment with IZEA), as an inducement material to the individuals’ entry into employment with IZEA or in connection with a merger or acquisition, to the extent permitted by Rule 5635(c)(3) of the NASDAQ Listing Rules. On December 1, 2023, the Board approved the grant of inducement awards under the Inducement Plan to five employees of Hoozu consisting of an aggregate of 328,354 performance-based RSUs as inducement awards material to such employees’ entering into employment with IZEA, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules. The RSU grants, which vest in annual increments over a three-year performance period based upon the achievement of certain revenue and profitability metrics, represent the maximum number of shares that can be earned under the awards. Vesting is also subject to the receipt’s continued service through each annual vesting date. Unearned RSUs will be forfeited if the minimum revenue in each period is not achieved. Each award is subject to the terms and conditions of the Inducement Plan and the terms and conditions of the applicable RSU award agreement covering the grant. Separately, on December 1, 2023, the IZEA Board approved the grant of an inducement award under the Inducement Plan in connection with the asset purchase from Zuberance consisting of 10,000 time-based RSUs as an inducement award material to such employee’s entering into employment with IZEA. As of June 30, 2024, an aggregate of 338,354 performance-based and time-based restricted stock unit awards have been granted in conjunction with our acquisitions, none of which have vested. Employee Stock Purchase Plan The amended and restated IZEA Worldwide, Inc. 2014 Employee Stock Purchase Plan (the “ESPP”) provides for the issuance of up to 125,000 shares of the Company’s common stock to employees regularly employed by the Company for 90 days or more on a full-time or part-time basis (20 hours or more per week on a regular schedule). The ESPP operates in successive six-month periods commencing at the beginning of each fiscal year half. Each eligible employee who elects to participate may purchase up to 10% of their annual compensation in common stock not to exceed $21,250 annually or 2,000 shares per offering period. The purchase price will be the lower of (i) 85% of the fair market value of a share of common stock on the first day of the offering period or (ii) 85% of the fair market value of a share of common stock on the last day of the offering period. The ESPP will continue until January 1, 2028, unless otherwise terminated by the Board. During the three months ended June 30, 2024 and 2023, employees paid $5,206 to purchase 3,047 shares of common stock and $7,992 to purchase 4,329 shares of common stock, respectively. During the six months ended June 30, 2024 and 2023, employees paid $5,206 to purchase 3,047 shares of common stock and $7,992 to purchase 4,329 shares of common stock, respectively. The stock compensation expense on ESPP Options was $1,031 and $1,361 for the three months ended June 30, 2024 and 2023, respectively, and $2,041 and $2,599 for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company had 77,931 remaining shares of common stock available for future issuances under the ESPP. Shareholder Rights Plan On May 28, 2024, the Board of Directors declared a dividend to the holders of the Company’s common stock outstanding at the close of business on June 7, 2024 (the “Record Date”) of one preferred share purchase right (a “Right”) for each share of common stock. Each Right initially entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.001 per share (the “Preferred Shares”), at a price of $8.25 per one one-thousandth of a Preferred Share (the “Purchase Price”), subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement (the “Rights Agreement”), dated May 28, 2024 between the Company and Broadridge Corporate Issuer Solutions, LLC, as rights agent (the “Rights Agent”). Initially, the Rights are attached to all common stock certificates outstanding as of the Record Date, and evidenced by such shares being registered in the name of the holder thereof together with the Summary of Rights, and no separate certificates evidencing the Rights (“Right Certificates”) will be issued. The Rights Agreement provides that, until the Distribution Date (as defined below), or earlier expiration or redemption of the Rights, (i) the Rights will be transferred with and only with the common stock, (ii) new Common Share certificates issued after the Record Date or upon transfer or new issuance of common stock will contain a legend incorporating the Rights Agreement by reference, and (iii) the surrender for transfer of any certificates for common stock outstanding as of the Record Date, even without such legend or a copy of the Summary of Rights, will also constitute the transfer of the Rights associated with the common stock represented by such certificate. The Rights would separate and begin trading separately from the common stock, and Right Certificates will be caused to evidence the rights on the earlier to occur of (i) the close of business on the tenth (10th) business day after a public announcement that a person or group of affiliated or associated persons (with certain exceptions noted below, an “Acquiring Person”) has acquired beneficial ownership of 15% or more of the outstanding common stock and (ii) the close of business on the tenth (10th) business day after the commencement by any person of, or of the first public announcement of the intention of any person to commence, a tender or exchange offer the consummation of which would result in such person becoming the beneficial owner of 15% or more of the outstanding shares of common stock (the earlier of such dates being called the “Distribution Date”). As soon as practicable following the Distribution Date, separate certificates evidencing the Rights (the “Rights Certificates”) will be mailed to holders of record of common stock as of the close of business on the Distribution Date and such separate Rights Certificates alone will evidence the Rights. “Acquiring Person” shall not include (i) any person who became an “Acquiring Person” as a result of the events described in (i) through (v) of Section 1 of the Rights Agreement, (ii) any Excluded Persons or Grandfathered Persons, each as defined under the Rights Agreement and (iii) any Exempt Persons (as defined below). The Rights are not exercisable until the Distribution Date. The Rights will expire at the earliest of (i) the close of business on May 28, 2025 or such later date as may be established by the Board of the Company prior to the expiration of the Rights, (ii) the time at which the Rights are redeemed or exchanged by the Company, and (iii) upon the occurrence of certain transactions. This description of the Rights Agreement herein does not purport to be complete and is qualified in its entirety by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed with the SEC on May 28, 2024. Summary of Stock-Based Compensation The stock-based compensation cost related to all awards granted to employees is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the employee’s requisite service period utilizing the weighted-average forfeiture rates as disclosed in Note 1. Total stock-based compensation expense recognized on restricted stock, restricted stock units, stock options, and employee stock purchase plan issuances during the three and six months ended June 30, 2024 and 2023 was recorded in the Company’s consolidated statements of operations as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Cost of revenue | | | | 56,874 | | | $ | 18,085 | | | 108,445 | | | $ | 35,255 | | Sales and marketing | | | | 64,719 | | | 29,743 | | | 121,207 | | | 47,591 | | General and administrative | | | | 273,338 | | | 160,047 | | | 519,468 | | | 320,553 | | Total stock-based compensation | | | | $ | 394,931 | | | $ | 207,875 | | | $ | 749,120 | | | $ | 403,399 | |
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- DefinitionThe entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP).
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v3.24.2.u1
Loss per Common Share
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Loss per Common Share |
LOSS PER COMMON SHARE Basic earnings (loss) per common share is computed by dividing the net income or loss by the basic weighted-average number of shares of common stock outstanding during each period presented. Although restricted stock is issued upon the grant of an award, the Company excludes restricted stock from the computations of the weighted-average number of shares of common stock outstanding until the stock vests. Diluted loss per share is computed by dividing the net income or loss by the sum of the total of the basic weighted-average number of shares of common stock outstanding plus the additional dilutive securities that could be exercised or converted into common shares during each period presented less the amount of shares that could be repurchased using the proceeds from the exercises.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Net loss | | | | | $ | (2,194,828) | | | $ | (1,033,426) | | | $ | (5,460,678) | | | $ | (3,839,765) | | Weighted average shares outstanding - basic and diluted | | | | | 16,437,460 | | | 15,520,700 | | | 16,470,467 | | | 15,551,785 | | Basic and diluted loss per common share | | | | | $ | (0.13) | | | $ | (0.07) | | | $ | (0.33) | | | $ | (0.25) | |
The Company excluded the following weighted average items from the above computation of diluted loss per common share, as their effect would be anti-dilutive: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Stock options | | | | | | 342,779 | | | 400,188 | | | 342,779 | | | 416,195 | | Restricted stock units | | | | | | 1,446,169 | | | 426,467 | | | 1,401,721 | | | 397,303 | | Restricted stock | | | | | | — | | | — | | | — | | | 24 | | Total excluded shares | | | | | | 1,788,948 | | | 826,655 | | | 1,744,500 | | | 813,522 | |
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- DefinitionThe entire disclosure for earnings per share.
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v3.24.2.u1
Revenue
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
REVENUE The Company has consistently applied its accounting policies with respect to revenue to all periods presented in the consolidated financial statements contained herein. The following table illustrates the Company’s revenue by product service type: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Managed Services Revenue | | | | | | $ | 8,850,463 | | | $ | 10,618,381 | | | $ | 15,547,005 | | | $ | 19,121,135 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SaaS Services Revenue | | | | | | 243,353 | | | 70,678 | | | 499,694 | | | 305,646 | | | | | | | | | | | | | | | Total Revenue | | | | | | $ | 9,093,816 | | | $ | 10,689,059 | | | $ | 16,046,699 | | | $ | 19,426,781 | |
Managed Services revenue is comprised of two types of revenue, Sponsored Social and Content. Sponsored Social revenue, which totaled $7.2 million and $13.1 million for the three and six months ended June 30, 2024, respectively, is recognized over time. Content revenue, which totaled $1.7 million and $2.4 million during the three and six months ended June 30, 2024, respectively, is recognized at a point in time.
The following table provides the Company’s revenues as determined by customer geographic region: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Revenue from North America | | | | | | $ | 7,537,029 | | | $ | 10,035,693 | | | $ | 13,027,444 | | | $ | 18,171,826 | | Revenue from APAC | | | | | | 445,224 | | | 653,366 | | | 2,139,422 | | | — | | Revenue from Other | | | | | | 1,111,563 | | | — | | | 879,833 | | | 1,254,955 | | Total | | | | | | $ | 9,093,816 | | | $ | 10,689,059 | | | $ | 16,046,699 | | | $ | 19,426,781 | |
Contract Balances The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers reported in the Company’s consolidated balance sheet: | | | | | | | | | | June 30, 2024 | December 31, 2023 | Accounts receivable, net | $ | 5,617,269 | | $ | 5,012,373 | | Contract liabilities (unearned revenue) | 7,176,694 | | 8,891,205 | |
The Company does not typically engage in contracts that are longer than one year. Therefore, the Company will recognize substantially all of the contract liabilities recorded at the end of the year in the following year. The contract liability balance as of December 31, 2023 was $8.9 million. Of that balance, $7.6 million was carried to revenue during the first two quarters of 2024. The contract liability balance as of June 30, 2024 was $7.2 million. The Company expects to recognize the associated revenue in 2024. The accounts receivable balance as of December 31, 2023 was $5.7 million. $0.3 million of the outstanding receivables balance from the prior year is still outstanding as of June 30, 2024. The carryforward receivables balance is fully reserved as of June 30, 2024. Contract receivables are recognized when the receipt of consideration is unconditional. Contract liabilities relate to the consideration received from customers in advance of the Company satisfying performance obligations under the terms of the contracts, which will be earned in future periods. Contract liabilities increase as a result of receiving new advance payments from customers and decrease as revenue is recognized upon the Company meeting the performance obligations. As a practical expedient, the Company expenses the costs of sales commissions that are paid to its sales force associated with obtaining contracts less than one year in length in the period incurred. Remaining Performance Obligations The Company typically enters into contracts that are one year or less in length. As such, the remaining performance obligations at June 30, 2024 and December 31, 2023, are equal to the contract liabilities disclosed above. The Company expects to recognize the full balance of the unearned revenue on June 30, 2024 within the next year.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.2.u1
Income Taxes
|
6 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
INCOME TAX The provision for income taxes for interim periods is determined using an estimated annual effective tax rate in accordance with ASC 740-270, Income Taxes, Interim Reporting. The effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as valuation allowances against deferred tax assets, the recognition or de-recognition of tax benefits related to uncertain tax position, if any, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business.
The Company’s income tax expense and effective tax rate were as follows:
| | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | 2024 | 2023 | 2024 | 2023 | Income tax benefit (expense) | $ | 88,296 | | $ | — | | $ | 107,078 | | $ | — | | Effective tax rate | 3.9 | % | — | % | 1.9 | % | — | % |
The Company’s estimated annual effective tax rate for the three and six months ended June 30, 2024 differed from the statutory rate primarily due to changes in the valuation allowance.
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X |
- DefinitionThe entire disclosure for income tax.
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
SUBSEQUENT EVENTS The Company has completed an evaluation of all subsequent events through August 14, 2024 to ensure that these consolidated financial statements include appropriate disclosure of events both recognized in the consolidated financial statements and events which occurred but were not recognized in the consolidated financial statements. The Company has concluded the below are subsequent events. On July 1, 2024 the Company through its subsidiary Hoozu completed the acquisition of 26 Talent, in connection with the Company’s strategic expansion efforts in Asia-Pacific (APAC) region. 26 Talent is a talent management agency. Consideration for the acquisition consisted of cash of $150,000 and contingent consideration in the form of an earn-out. As of the date of this report, an estimate of the fair value of contingent consideration associated with the acquisition was not readily determinable.
On July 24, 2024 the Company completed the acquisition of Reiman Media and Capital, LLC. Reiman Media and Capital, LLC specializes in sports and entertainment. Consideration for the acquisition consisted of cash of $150,000, common stock of $25,000, and contingent consideration in the form of an earn-out. As of the date of this report, an estimate of the fair value of contingent consideration associated with the acquisition was not readily determinable.
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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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v3.24.2.u1
Company and Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Nature of Business |
Nature of Business IZEA Worldwide, Inc. (together with its wholly-owned subsidiaries, “IZEA” or the “Company”) is a Nevada corporation that was founded in February 2006 under the name PayPerPost, Inc. and became a public company in May 2011. In January 2015, IZEA purchased all of the outstanding shares of capital stock of Ebyline, Inc. (“Ebyline”). In March 2016, the Company formed IZEA Canada, Inc., a wholly-owned subsidiary, incorporated in Ontario, Canada, to operate as a sales and support office for IZEA’s Canadian customers. In July 2016, IZEA purchased all the outstanding shares of capital stock of ZenContent, Inc. (“ZenContent”) and in July 2018, a subsidiary of the Company merged with TapInfluence, Inc. (“TapInfluence”). The ZenContent legal entity was dissolved in December 2017, and Ebyline and TapInfluence were merged into IZEA and the legal entities were dissolved in December 2019 and December 2020, respectively. IZEA purchased all of the outstanding shares of capital stock of Hoozu Holdings, Ltd in December 2023, and completed an asset acquisition from Zuberance, Inc. in December 2023. The Company helps power the creator economy, by enabling individuals to monetize their content, creativity and influence through global brands and marketers. IZEA compensates these creators for producing unique content, such as long and short-form text, videos, photos, status updates, and illustrations for marketers or distributing such content on behalf of marketers through their websites, blogs, and social media channels. The Company also provides value through managing custom content workflow, creator search and targeting, bidding, analytics, and payment processing. While the majority of the marketers engage the Company to perform these services (the “Managed Services”) on their behalf, they may also access IZEA’s marketplaces to engage creators for influencer marketing campaigns or to produce custom content on a self-service basis by licensing the Company’s technology. Basis of Presentation The accompanying consolidated balance sheet as of June 30, 2024, the consolidated statements of operations for the three and six months ended June 30, 2024 and 2023, the consolidated statements of comprehensive loss for the three and six months ended June 30, 2024 and 2023, the consolidated statements of stockholders' equity for the three and six months ended June 30, 2024 and 2023, and the consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited but include all adjustments that are, in the opinion of management, necessary for a fair presentation of its financial position at such dates and its results of operations and cash flows for the periods then ended in conformity with generally accepted accounting principles in the United States ("GAAP"). The consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but, in accordance with the rules and regulations of the SEC, does not include all of the information and notes required by GAAP for complete financial statements. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of results that may be expected for the entire fiscal year. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2023, included in the Company's Annual Report on Form 10-K filed with the SEC on April 1, 2024.
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Principles of Consolidation |
Principles of Consolidation The consolidated financial statements include the accounts of IZEA Worldwide, Inc. and its wholly-owned subsidiaries, subsequent to the subsidiaries’ individual acquisition, merger, or formation dates, as applicable. All significant intercompany balances and transactions have been eliminated in consolidation.
|
Use of Estimates |
Use of Estimates The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Cash and Cash Equivalents |
Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less from the date of purchase to be cash equivalents. Deposits made to Company bank accounts are insured by the FDIC up to a maximum amount of $250,000. The CDIC insures deposits made to the Company’s bank accounts in Canada up to CAD 100,000. The Australian Financial Claims Scheme insures deposits made to the Company’s accounts in Australia up to AUD $250,000. Deposit balances exceeding this limit were approximately $43.6 million and $36.7 million as of June 30, 2024 and 2023, respectively.
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Investment in Debt Securities |
Investment in Debt Securities Our investments in debt securities are carried at either amortized cost or fair value. The cost basis is determined by the specific identification method. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading debt securities as well as realized gains and losses on available-for-sale debt securities are included in net income. Unrealized gains and losses, net of tax, on available-for-sale debt securities are included in our consolidated balance sheet as a component of accumulated other comprehensive income (loss).
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Accounts Receivable |
Accounts Receivable and Concentration of Credit Risk The Company’s accounts receivable balance consists of trade receivables, contract assets, and a reserve for doubtful accounts. Trade receivables are customer obligations due under normal trade terms. Contract assets represent amounts owed for work that has been performed but not yet billed. The Company had net trade receivables of $5.6 million, including $5.6 million of accounts receivable and contract assets of $54,217 on June 30, 2024. The Company had net trade receivables of $5.0 million, including $4.9 million of accounts receivable and contract assets of $83,697 at December 31, 2023. Management determines the collectability of accounts by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, and current economic conditions. An account is deemed delinquent when the customer has not paid an amount due by its associated due date. If a portion of the account balance is deemed uncollectible, the Company will either write off the amount owed or provide a reserve based on its best estimate of the uncollectible portion of the account. We assess collectability risk both generally and by specific aged invoices. Our loss history informs a general reserve percentage, which we apply to all invoices less than 90 days from the invoice due date, currently 1.1% of the outstanding balance. The general reserve, which we update periodically, recognizes that some invoices will likely become a collection risk. When an invoice ages 90 days past its due date, we consider each invoice to determine a reserve for collectability based on our prior history and recent communications with the customer, to determine a reserve amount. Generally, our reserve for such aged invoices will approach 100% of the invoice amount. The Company had a reserve for doubtful accounts of $205,000 as of June 30, 2024, and $155,000 as of June 30, 2023. Management believes that this estimate is reasonable, but there can be no assurance that the estimate will not change due to a change in economic conditions or business conditions within the industry, the individual customers, or the Company. Any adjustments to this account are reflected in the consolidated statements of operations as a general and administrative expense. The Company did not recognize any bad debt expense in the three and six months ended June 30, 2024 and recognized $50,000 in the twelve months ended December 31, 2023.
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Concentration of Credit Risk |
Concentrations of credit risk with respect to accounts receivable have been typically limited because a large number of geographically diverse customers make up the Company’s customer base, thus spreading the trade credit risk. The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. The Company performs credit evaluations of its customers but generally does not require collateral to support accounts receivable. The Company had one customer that accounted for more than 10% of total accounts receivable at June 30, 2024 and one customer that accounted for more than 10% of total accounts receivable at December 31, 2023. The Company had two customers each that accounted for more than 10% of its revenue during the six months ended June 30, 2024 and one customer that accounted for more than 10% of its revenue during the six months ended June 30, 2023.
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Property and Equipment |
Property and Equipment Property and equipment are recorded at cost, or if acquired in a business combination, at the acquisition date fair value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: | | | | | | Computer Equipment | 3 years | Office Equipment | 3 - 10 years | Furniture and Fixtures | 5 - 10 years |
The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal, with resulting gains or losses included in general and administrative expense in the consolidated statements of operations.
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Goodwill |
Goodwill Goodwill represents the excess of the consideration transferred for an acquired business over the fair value of the underlying identifiable net assets. The Company has goodwill in connection with its acquisitions of Ebyline, ZenContent, TapInfluence, and Hoozu. Goodwill is not amortized but instead, it is tested for impairment at least annually. In the event that management determines that the value of goodwill has become impaired, the Company will record a charge in an amount equal to the excess of the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit during the fiscal quarter in which the determination is made. Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment level, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available, (ii) engage in business activities, and (iii) whether a segment manager regularly reviews the component’s operating results. Prior to the acquisition of Hoozu on December 1, 2023, IZEA had one business operating segment with one reporting unit for purposes of goodwill impairment testing. Hoozu is being treated as a second, separate reporting unit for goodwill impairment testing. The Company performs its annual impairment tests of goodwill as of October 1 each year, or more frequently if certain indicators are present. As described in Note 5, there were no impairment charges associated with the Company’s goodwill in the three and six months ended June 30, 2024 and 2023, respectively.
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Intangible Assets |
Intangible Assets The Company acquired the majority of its intangible assets through its acquisitions of Ebyline, ZenContent, TapInfluence, and Hoozu. The Company amortizes identifiable intangible assets over periods of 12 to 60 months. See Note 5 for further details. The Company accounts for its digital assets held as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other. The Company maintains ownership of and control over its digital assets and may use third-party custodial services to secure them. The digital assets are initially recorded at cost and are subsequently evaluated for any changes in the fair market value. The Company did not recognize any impairment of digital assets during the three and six months ended June 30, 2024, and 2023. In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost bases for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company has opted to adopt this guidance early. A cumulative effect adjustment to retained earnings was recognized as of January 1, 2023 for $7,632. This adjustment brings the carrying value in line with the fair market value as of December 31, 2022. Adjustments have been recognized for all quarterly reporting periods for 2023 as of December 31, 2023 to restate the carrying value at the end of each period for the Company’s digital assets, as described in Note 5. The Company reviews long-lived assets, including software development costs and other intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset's carrying amount to determine if there has been an impairment, calculated as the difference between the asset’s fair value and the carrying value. Estimates of future undiscounted cash flows are based on expected growth rates for the business, anticipated future economic conditions, and estimates of residual values. Fair values take into consideration management estimates of risk-adjusted discount rates, which are believed to be consistent with assumptions that marketplace participants would use in their estimates of fair value. The Company did not recognize any impairment charges associated with the Company’s acquired intangible assets in the three and six months ended June 30, 2024 and 2023.
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Software Development Costs |
Software Development Costs In accordance with Accounting Standards Codification (“ASC”) 350-40, Internal Use Software, the Company capitalizes certain internal-use software development costs associated with creating and enhancing internally developed software related to its platforms. Software development activities generally consist of three stages (i) the research and planning stage, (ii) the application and development stage, and (iii) the post-implementation stage. Costs incurred in the research and planning stage and in the post-implementation stage of software development, or other maintenance and development expenses that do not meet the qualification for capitalization, are expensed as incurred. Costs incurred in the application and development stage, including significant enhancements and upgrades, are capitalized. These costs include personnel and related employee benefits expenses for employees or consultants directly associated with and who devote time to software projects and external direct costs of materials obtained in developing the software. The Company also capitalizes certain costs associated with cloud computing arrangements (“CCAs”). These software developments, acquired technology, and CCA costs are amortized on a straight-line basis over the estimated useful life of five years upon the initial release of the software or additional features. The Company reviews the software development costs for impairment when circumstances indicate their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, the Company recognizes an impairment loss for the excess carrying value over the fair value in its consolidated statements of operations. See Note 6 for further details.
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Leases |
Leases Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), established a right-of-use model that requires a lessee to record a right-of-use asset and a right-of-use liability on the balance sheet for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company does not record leases on the balance sheet that have a lease term of 12 months or less at the commencement date.
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Revenue Recognition |
Revenue Recognition The Company generates revenue from four primary sources: (1) revenue from its managed services when a marketer (typically a brand, agency, or partner) pays the Company to provide custom content, influencer marketing, amplification, or other campaign management services (“Managed Services”); (2) revenue from fees charged to software customers on their marketplace spend within the Company's platforms (“Marketplace Spend Fees”); (3) revenue from license and subscription fees charged to access our platforms (“License Fees”); and, (4) revenue derived from other fees such as inactivity fees, early cash-out fees, and other miscellaneous fees charged to users of the Company's platforms (“Other Fees”). The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized based on a five-step model as follows: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) performance obligations are satisfied. The core principle of ASC 606 is that revenue is recognized when the transfer of promised goods or services to customers is made in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are distinct performance obligations. The Company also determines whether it acts as an agent or a principal for each identified performance obligation. The determination of whether the Company acts as principal or agent is highly subjective and requires the Company to evaluate a number of indicators individually and as a whole in order to make its determination. For transactions in which the Company acts as a principal, revenue is reported on a gross basis as the amount paid by the marketer for the purchase of content or sponsorship, promotion, and other related services, and the Company records the amounts it pays to third-party creators as cost of revenue. For transactions in which the Company acts as an agent, revenue is reported on a net basis as the amount the Company charged to the self-service marketer using the Company’s platforms, less the amounts paid to the third-party creators providing the service. The Company maintains separate arrangements with each marketer and content creator either in the form of a master agreement or terms of service, which specify the terms of the relationship and access to its platforms or by statement of work, which specifies the price and the services to be performed, along with other terms. The transaction price is determined based on the fixed fee stated in the statement of work and does not contain variable consideration. Marketers who contract with the Company to manage their advertising campaigns or custom content requests may prepay for services or request credit terms. Payment terms are typically 30 days from the invoice date. The agreement typically provides for either a non-refundable deposit or a cancellation fee if the agreement is canceled by the customer prior to the completion of services. Billings in advance of completed services are recorded as a contract liability until earned. The Company assesses collectability based on several factors, including the creditworthiness of the customer and payment and transaction history. The Company does not typically engage in contracts that are longer than one year. Therefore, the Company does not capitalize costs to obtain its customer contracts as these amounts generally would be recognized over a period of less than one year and are not material. Managed Services Revenue For Managed Services Revenue, the Company enters into an agreement to provide services that may include multiple distinct performance obligations in the form of (i) an integrated marketing campaign to provide influencer marketing services, which may include the provision of blogs, tweets, photos, or videos shared through social network offerings and content promotion, such as click-through advertisements appearing in websites and social media channels, and (ii) custom content items, such as a research or news articles, informational material or videos. Marketers typically purchase influencer marketing services to provide public awareness or advertising buzz regarding the marketer’s brand and purchase custom content for internal and external use. The Company views its obligation to deliver influencer marketing services, including management services, as a single performance obligation that is satisfied over time as the customer receives the benefits from the services. The majority of revenue is recognized using an input method of costs incurred compared to total expected costs to measure the progress towards satisfying the overall performance obligation of the marketing campaign. The Company’s performance obligation in certain contracts with customers may be a stand-ready promise to provide influencer marketing services for an unknown or unspecified quantity of deliverables for a specified term. Under a stand-ready obligation, the Company’s performance obligation is satisfied over time throughout the contract term, and therefore, revenue is recognized straight-line over the life of the contract. The Company may provide one type or a combination of all types of these influencer marketing services on a statement of work for a lump sum fee. When multiple types of performance obligations exist in a contract, the Company allocates revenue to each distinct performance obligation at contract inception based on its relative standalone selling price. These performance obligations are to be provided over a period that generally ranges from one day to one year. The delivery of custom content represents a distinct performance obligation that is satisfied at a point in time when each piece of content is delivered to the customer. Based on the Company’s evaluations, revenue from Managed Services is reported on a gross basis because the Company has the primary obligation to fulfill the performance obligations, and it creates, reviews, and controls the services. The Company takes on the risk of payment to any third-party creators, and it establishes the contract price directly with its customers based on the services requested in the statement of work. Marketplace Spend Fees Revenue For Marketplace Spend Fees Revenue, the self-service customers instruct creators found through the Company’s platforms to provide and/or distribute custom content for an agreed-upon transaction price. The Company’s platforms control the contracting, description of services, acceptance of, and payment for the requested content. This service is used primarily by news agencies or marketers to control the outsourcing of their content and advertising needs. The Company charges the self-service customer the transaction price plus a fee based on the contract. Revenue is recognized when the transaction is completed by the creator and accepted by the marketer or verified as posted by the system. Based on the Company’s evaluations, this revenue is reported on a net basis since the Company is acting as an agent through its platform for the third-party creator to provide the services or content directly to the self-service customer or to post approved content through one or more social media platforms. License Fees Revenue License Fees Revenue is generated by granting customers limited, non-exclusive, non-transferable access to the Company’s technology platforms for an agreed-upon subscription period. Customers access the platforms to manage their influencer marketing campaigns. Fees for subscription or licensing services are recognized straight-line over the term of the service. Other Fees Revenue Other Fees Revenue is generated when fees are charged to the Company’s platform users primarily related to monthly plan fees, which are recognized within the month they relate to.
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Advertising Costs |
Advertising Costs Advertising costs are charged to expense as they are incurred, including payments to content creators to promote the Company. Advertising costs for the three months ended June 30, 2024 and 2023 were approximately $0.9 million and $0.8 million, respectively. Advertising costs charged to operations for the six months ended June 30, 2024, and 2023 were approximately $1.5 million and $1.3 million, respectively. Advertising costs are included in sales and marketing expense in the accompanying consolidated statements of operations.
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Income Taxes |
Income Taxes Deferred income taxes are accounted for using the balance sheet approach, which requires recognition of deferred tax assets and liabilities for the expected future consequences of temporary differences between the financial reporting basis and the tax basis of assets and liabilities. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The Company incurs state franchise tax in ten states, which is included in general and administrative expense in the consolidated statements of operations and comprehensive loss. The Company identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits, and a corresponding liability is established on the balance sheet. The Company has not recognized a liability for uncertain tax positions. If there were an unrecognized tax benefit, the Company would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company’s tax years subject to examination based on the statute of limitations by the IRS is generally three years; however, the IRS may examine records and other evidence from the year the net operating loss was generated when the Company utilizes net operating loss carryforwards in future periods. The Company’s tax years subject to examination by the Canadian Revenue Agency and the Australian Taxation Office is generally four years.
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Fair Value of Financial Instruments |
Fair Value of Financial Instruments The Company’s financial instruments are recorded at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. There are three levels of inputs that may be used to measure fair value: •Level 1 – Valuation based on quoted market prices in active markets for identical assets and liabilities. •Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. •Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. As of June 30, 2024, the Company holds Level 1 and Level 2 financial assets; this is discussed further in Note 3 - Financial Instruments of Notes to the Consolidated Financial Statements.
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Stock-Based Compensation |
Stock-Based Compensation Stock-based compensation cost related to stock options granted under the 2011 Equity Incentive Plan, as amended, (the “2011 Equity Incentive Plan”), and the Inducement Plan (see Note 10) is measured at the grant date, based on the fair value of the award, and is recognized as expense over the employee’s requisite service period on a straight-line basis. The Company estimates the fair value of each option award on the date of grant using a Black-Scholes option-pricing model that uses the assumptions noted in the table below. The Company uses the simplified method to estimate the expected term of employee stock options because it does not believe historical exercise data will provide a reasonable basis for estimating the expected term for the current share options granted. The simplified method assumes that employees will exercise share options evenly between the period when the share options are vested and ending on the date when the options would expire. The Company uses the closing stock price of its common stock on the date of the grant as the associated fair value of its common stock. The Company uses the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life of the award. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. The Company estimates forfeitures when recognizing compensation expense and this estimate of forfeitures is adjusted over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment, which is recognized in the period of change, and a revised amount of unamortized compensation expense to be recognized in future periods. The Company may issue shares of restricted stock or restricted stock units (“RSUs”) that vest over future periods. The value of shares is recorded as the fair value of the stock or units upon the issuance date and is expensed on a straight-line basis over the vesting period. See Note 10 for additional information related to these shares. On November 30, 2023, the IZEA Board of Directors adopted the IZEA Worldwide, Inc. 2023 Inducement Plan (the “Inducement Plan”) to accommodate equity grants to new employees hired by IZEA in connection with acquisition transactions, including the Hoozu acquisition. Under the Inducement Plan, IZEA may grant, subject to certain requirements, RSUs, including performance-based and time-based RSUs, covering up to a total of 1,800,000 shares of IZEA common stock to new employees of IZEA or its subsidiaries. See Note 10 for additional information related to shares issued under both plans. Business Combinations and Asset Acquisitions The Company accounts for business combinations in accordance with Accounting Standards Codification (ASC) Topic 805, “Business Combinations.” The acquisition method of accounting is applied to all business combinations, whereby the identifiable assets acquired, liabilities assumed, and any non-controlling interests in the acquiree are recognized and measured at their fair values as of the acquisition date. Goodwill represents the excess of the purchase price over the fair value of net identifiable assets acquired and liabilities assumed in a business combination. Goodwill is allocated to reporting units, which are expected to benefit from the synergies of the combination and is subject to annual impairment testing. Acquisition-related costs, including advisory, legal, and due diligence fees, are expensed as incurred and are included in general and administrative expenses in the period in which the acquisition occurs. The financial statements include the results of operations and financial position of businesses acquired from their respective acquisition dates. Any adjustments to the preliminary fair values of assets acquired and liabilities assumed, known as measurement period adjustments, are recorded to the period of the adjustment.
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Recently Issued Accounting Pronouncements |
Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements Credit Losses: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. In May 2019, the FASB issued ASU 2019-05, which provides transition relief for entities adopting ASU 2016-13. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt ASU No. 2019-05 in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date of ASU 2016-13. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Effective January 1, 2023, the Company adopted this standard. At present, the exposure to credit losses is considered immaterial to the Company’s financial position. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). Under ASU 2021-08, an acquirer in a business combination must apply ASC 606 principles when recognizing and measuring acquired contract assets and contract liabilities. The provisions of ASU 2021-08 are applicable for the Company for fiscal years and interim periods beginning after December 15, 2022. As of June 30, 2024, the Company has ensured that acquired businesses contract assets and contract liabilities have been accounted for in accordance with ASC 2021-08. Accounting for and Disclosure of Crypto Assets: In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires fair value measurement of certain crypto assets each reporting period with the changes in fair value reflected in net income. The amendments also require disclosures of the name, fair value, units held, and cost bases for each significant crypto asset held and annual reconciliations of crypto asset holdings. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted. The Company has opted to early adopt this guidance. A cumulative-effect adjustment to retained earnings was booked as of January 1, 2023 for $7,632. Interim periods and annual periods for 2022 and 2023 have been presented with the change reflected in fair market value. Expanded disclosures for crypto assets have been added to Note 5 - Intangible Assets. Recently Issued Accounting Pronouncements Not Yet Adopted Segment Reporting: Improvements to Reportable Segment Disclosures: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures. This update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU also requires all annual disclosures currently required by Topic 280 to be included in the interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within the fiscal years beginning after December 15, 2024, with early adoption permitted and requiring retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the timing and impact of adopting the updated provisions. Income Taxes: Improvements to Income Tax Disclosures: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional disclosures of income tax components that affect the rate reconciliation and income taxes paid, broken out by the applicable taxing jurisdictions. The Company expects to adopt this ASU for the annual period beginning on January 1, 2025, and does not expect a material impact on the consolidated financial statements.
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v3.24.2.u1
Company and Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Property, Plant and Equipment |
Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: | | | | | | Computer Equipment | 3 years | Office Equipment | 3 - 10 years | Furniture and Fixtures | 5 - 10 years |
Property and equipment consist of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Furniture and fixtures | $ | 29,848 | | | $ | 29,848 | | Office equipment | 8,506 | | | 8,506 | | Computer equipment | 282,898 | | | 281,950 | | Total | 321,252 | | | 320,304 | | Less accumulated depreciation | (165,417) | | | (114,927) | | Property and equipment, net | $ | 155,835 | | | $ | 205,377 | |
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v3.24.2.u1
Business Acquisitions (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
Schedule of Business Acquisitions, by Acquisition |
The Company accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. | | | | | | | | | | | | | Gross Purchase Consideration | Initial Present and Fair Value | Estimated Remaining Present and Fair Value | | 12/1/2023 | 12/1/2023 | 06/30/2024 | Cash paid at closing | $ | 595,411 | | $ | 595,411 | | — | | Stock issued at closing | 1,746,535 | | 1,746,535 | | — | | First deferred purchase price installment (1) | 114,400 | | — | | — | | Second deferred purchase price installment (1) | 60,600 | | — | | — | | Total estimated consideration | $ | 2,516,946 | | $ | 2,341,946 | | $ | — | |
(1) The Company’s acquisition of Hoozu on December 1, 2023, included four equal contingent cash consideration payments totaling $396,940, with twelve-month measurement periods ending December 31, 2024 and 2025. The contingent payments are based on meeting minimum Revenue and Adjusted Earnings before Taxes and Depreciation thresholds for each measurement period. The contingent payments are hit-or-miss, with the first measurement period payments carrying a make-up provision during the second measurement period. The Company determined the fair value of these contingent payments, using Monte Carlo simulation methods, to be $175,000 at the acquisition date, subject to periodic adjustment until both measurement periods are completed. During the quarter that ended June 30, 2024, the Company determined that based upon the lag behind Hoozu’s revenue and profitability growth, achieving the deferred purchase price targets for both 2024 and 2025 is not probable and accordingly reduced these installment balances to their expected payout value.
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The net purchase price was $18,400 in cash consideration, allocated to the fair value of assets acquired and liabilities assumed, as shown in the following table: | | | | | | | Estimated Fair Value | | 12/31/2023 | Intangibles-customer relationships | $ | 162,725 | | Current liabilities | (58,138) | | Deferred revenue | (86,187) | | Total purchase price | $ | 18,400 |
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v3.24.2.u1
Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Investments, Debt and Equity Securities [Abstract] |
|
Marketable Securities |
The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Adjusted Cost | Unrealized Gains | Unrealized Losses | Fair Value | Cash and Cash Equivalents | Current Marketable Securities (1) | Non-Current Marketable Securities (2) | Cash and cash equivalents | $ | 10,223,685 | | $ | — | | $ | — | | $ | 10,223,685 | | $ | 10,223,685 | | $ | — | | $ | — | | Level 1 (3) | | | | | | | | Commercial paper | 5,199,435 | | — | | (2,309) | | 5,197,126 | | 5,197,126 | | — | | — | | Money market funds | 28,881,055 | | — | | — | | 28,881,055 | | 28,881,055 | | — | | — | | US Treasury securities | 2,014,955 | | — | | (21,572) | | 1,993,383 | | — | | 1,993,383 | | — | | Subtotal | 36,095,445 | | — | | (23,881) | | 36,071,564 | | 34,078,181 | | 1,993,383 | | — | | Level 2 (4) | | | | | | | | Asset back securities | 2,375,823 | | — | | (19,309) | | 2,356,514 | | — | | 1,459,487 | | 897,027 | | Corporate debt securities | 7,890,176 | | 5,275 | | (61,868) | | 7,833,583 | | — | | 7,833,583 | | — | | Subtotal | 10,265,999 | | 5,275 | | (81,177) | | 10,190,097 | | — | | 9,293,070 | | 897,027 | | Total | $ | 56,585,129 | | $ | 5,275 | | $ | (105,058) | | $ | 56,485,346 | | $ | 44,301,866 | | $ | 11,286,453 | | $ | 897,027 | |
(1) Current Marketable Securities have a holding period under one year. (2) Non-Current Marketable Securities have a holding period over one year. The securities held by IZEA Worldwide, Inc. mature between one and five years. (3) Level 1 fair value estimates are based on quoted prices in active markets for identical assets and liabilities. (4) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets and liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities.
|
Fair Value of Investments in Marketable Debt Securities |
The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates: | | | | | | | | | | As of June 30, 2024 | As of December 31, 2023 | Due in 1 year or less | $ | 11,286,453 | | $ | 17,126,057 | | Due in 1 year through 5 years | 897,027 | | 9,618,996 | | Total | $ | 12,183,480 | | $ | 26,745,053 | |
|
Schedule of Accumulated Other Comprehensive Income (Loss) |
The following table presents fair values and net unrealized gains (losses) recorded to OCI, aggregated by investment category: | | | | | | | | | | | | | | | | June 30, 2024 | December 31, 2023 | | Fair Value | Net Unrealized Gain (Loss) | Fair Value | Net Unrealized Gain (Loss) | Cash and cash equivalents | $ | 44,301,866 | | $ | (2,309) | | $ | 37,446,728 | | $ | — | | Government bonds | 1,993,383 | | (21,572) | | 6,939,713 | | (79,840) | | Corporate debt securities | 7,833,583 | | (56,593) | | 16,196,931 | | (124,431) | | Asset backed securities | 2,356,514 | | (19,309) | | 3,608,409 | | (46,320) | | Total | $ | 56,485,346 | | $ | (99,783) | | $ | 64,191,781 | | $ | (250,591) | |
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v3.24.2.u1
Property and Equipment (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: | | | | | | Computer Equipment | 3 years | Office Equipment | 3 - 10 years | Furniture and Fixtures | 5 - 10 years |
Property and equipment consist of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Furniture and fixtures | $ | 29,848 | | | $ | 29,848 | | Office equipment | 8,506 | | | 8,506 | | Computer equipment | 282,898 | | | 281,950 | | Total | 321,252 | | | 320,304 | | Less accumulated depreciation | (165,417) | | | (114,927) | | Property and equipment, net | $ | 155,835 | | | $ | 205,377 | |
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v3.24.2.u1
Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Finite-Lived Intangible Assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | Balance | | Accumulated Amortization | | Net Book Value | | Balance | | Accumulated Amortization | | Net Book Value | | Useful Life in years | Trade names | $ | 668,213 | | | $ | 48,581 | | | $ | 619,632 | | | $ | 668,000 | | | $ | 5,567 | | | $ | 662,433 | | | 10 | Customer lists | | | | | | | | | | | | | | Hoozu | 935,294 | | | 69,010 | | | 866,284 | | | 935,000 | | | 7,791 | | | 927,209 | | | 10 | Zuberance | 162,508 | | | 23,473 | | | 139,035 | | | 162,508 | | | 2,709 | | | 159,799 | | | 5 | Total definite-lived intangible assets | $ | 1,766,015 | | | $ | 141,064 | | | $ | 1,624,951 | | | $ | 1,765,508 | | | $ | 16,067 | | | $ | 1,749,441 | | | |
Software development costs consist of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Software development costs | $ | 5,827,554 | | | $ | 5,390,403 | | Less accumulated amortization | (3,586,117) | | | (3,333,431) | | Software development costs, net | $ | 2,241,437 | | | $ | 2,056,972 | |
|
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination |
Total intangible assets from the Company’s acquisitions and other acquired assets net of accumulated amortization thereon consists of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Hoozu intangible assets | $ | 1,603,507 | | | $ | 1,603,000 | | Zuberance intangible assets | 162,508 | | | 162,508 | | Total | $ | 1,766,015 | | | $ | 1,765,508 | | Less accumulated amortization | (141,064) | | | (16,067) | | Intangible assets, net | $ | 1,624,951 | | | $ | 1,749,441 | |
|
Schedule of Future Amortization Expense |
As of June 30, 2024, future estimated amortization expense related to identifiable assets is set forth in the following schedule: | | | | | | Future Amortization of Intangible Assets | Amount | Remainder of 2024 | 155,325 | | 2025 | 257,032 | | 2026 | 232,877 | | 2027 | 208,721 | | 2028 | 184,566 | | 2029+ | 586,430 | | Total | $ | 1,624,951 | |
As of June 30, 2024, future estimated amortization expense related to software development costs is set forth in the following schedule: | | | | | | | Software Development Amortization Expense | 2024 | 249,961 | | 2025 | 566,654 | | 2026 | 560,906 | | 2027 | 526,871 | | 2028 | 257,843 | | 2029 | 79,202 | | Total | $ | 2,241,437 | |
|
Schedule of Goodwill |
The Company’s goodwill balance changed as follows: | | | | | | | Amount | Balance on December 31, 2022 | $ | 4,016,722 | | Acquisitions during 2023 | 1,265,155 | | Currency translation adjustment | $ | (1,505) | | Balance on December 31, 2023 | $ | 5,280,372 | | | | Currency translation adjustment | 1,516 | | Balance on June 30, 2024 | $ | 5,281,888 | |
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v3.24.2.u1
Software Development Costs (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Finite-Lived Intangible Assets [Line Items] |
|
Schedule of Finite-Lived Intangible Assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | | Balance | | Accumulated Amortization | | Net Book Value | | Balance | | Accumulated Amortization | | Net Book Value | | Useful Life in years | Trade names | $ | 668,213 | | | $ | 48,581 | | | $ | 619,632 | | | $ | 668,000 | | | $ | 5,567 | | | $ | 662,433 | | | 10 | Customer lists | | | | | | | | | | | | | | Hoozu | 935,294 | | | 69,010 | | | 866,284 | | | 935,000 | | | 7,791 | | | 927,209 | | | 10 | Zuberance | 162,508 | | | 23,473 | | | 139,035 | | | 162,508 | | | 2,709 | | | 159,799 | | | 5 | Total definite-lived intangible assets | $ | 1,766,015 | | | $ | 141,064 | | | $ | 1,624,951 | | | $ | 1,765,508 | | | $ | 16,067 | | | $ | 1,749,441 | | | |
Software development costs consist of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Software development costs | $ | 5,827,554 | | | $ | 5,390,403 | | Less accumulated amortization | (3,586,117) | | | (3,333,431) | | Software development costs, net | $ | 2,241,437 | | | $ | 2,056,972 | |
|
Schedule of Future Amortization Expense |
As of June 30, 2024, future estimated amortization expense related to identifiable assets is set forth in the following schedule: | | | | | | Future Amortization of Intangible Assets | Amount | Remainder of 2024 | 155,325 | | 2025 | 257,032 | | 2026 | 232,877 | | 2027 | 208,721 | | 2028 | 184,566 | | 2029+ | 586,430 | | Total | $ | 1,624,951 | |
As of June 30, 2024, future estimated amortization expense related to software development costs is set forth in the following schedule: | | | | | | | Software Development Amortization Expense | 2024 | 249,961 | | 2025 | 566,654 | | 2026 | 560,906 | | 2027 | 526,871 | | 2028 | 257,843 | | 2029 | 79,202 | | Total | $ | 2,241,437 | |
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v3.24.2.u1
Accrued Expenses (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses |
Accrued expenses consist of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Accrued payroll liabilities | $ | 2,469,962 | | | $ | 2,153,617 | | Accrued taxes | 90,773 | | | 253,677 | | Current portion of finance obligation | 59,386 | | | 59,386 | | Accrued other | 541,708 | | | 616,780 | | Total accrued expenses | $ | 3,161,829 | | | $ | 3,083,460 | |
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v3.24.2.u1
Commitment and Contingencies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Defined Contribution Plan Disclosures |
Total expense for employer matching contributions during the three and six months ended June 30, 2024 and 2023 was recorded in the Company’s consolidated statements of operations as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Cost of revenue | | | | | $ | 19,722 | | | $ | 19,643 | | | $ | 42,200 | | | $ | 44,276 | | Sales and marketing | | | | | 17,191 | | | 17,799 | | | 60,230 | | | 33,416 | | General and administrative | | | | | 48,018 | | | 41,875 | | | 92,602 | | | 77,827 | | Total contribution expense | | | | | $ | 84,931 | | | $ | 79,317 | | | $ | 195,032 | | | $ | 155,519 | |
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v3.24.2.u1
Stockholders' Equity (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Nonvested Restricted Stock Shares Activity |
The following table contains summarized information about restricted stock issued during the year ended December 31, 2023 and the six months ended June 30, 2024: | | | | | | | | | | | | Restricted Stock | Common Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Years to Vest | Nonvested at December 31, 2022 | 72 | | $ | 5.36 | | 0.3 | Granted | 131,520 | | 2.28 | | | Vested | (131,592) | | 2.28 | | | Nonvested at December 31, 2023 | — | | $ | — | | 0.0 | Granted | 64,385 | | 2.33 | | | Vested | (64,385) | | 2.33 | | | Nonvested at June 30, 2024 | — | | $ | — | | 0.0 |
|
Schedule of Nonvested Restricted Stock Units Activity |
The following table contains summarized information about restricted stock units during the year ended December 31, 2023 and the six months ended June 30, 2024: | | | | | | | | | | | | Restricted Stock Units | Common Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Years to Vest | Nonvested at December 31, 2022 | 329,070 | | $ | 3.79 | | 2.5 | Granted | 870,191 | | 2.38 | | | Vested | (163,085) | | 3.55 | | | Forfeited | (73,327) | | 3.18 | | | Nonvested at December 31, 2023 | 962,849 | | $ | 2.60 | | 2.5 | Granted | 696,945 | | 2.25 | | | Vested | (151,587) | | 3.03 | | | Forfeited | (88,870) | | 2.28 | | | Nonvested at June 30, 2024 | 1,419,337 | | $ | 2.40 | | 1.2 |
|
Share-based Payment Arrangement, Option, Activity |
A summary of option activity under the 2011 Equity Incentive Plan during the year ended December 31, 2023, and the six months ended June 30, 2024, is presented below: | | | | | | | | | | | | | | | | | | Options Outstanding | Common Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Life (Years) | Outstanding at December 31, 2022 | 415,562 | | | $ | 11.31 | | | 5.3 | Granted | — | | | — | | | | Exercised | (586) | | | 0.96 | | | | Expired | (71,013) | | | 19.99 | | | | Forfeited | (362) | | | 7.75 | | | | Outstanding at December 31, 2023 | 343,601 | | | $ | 9.53 | | | 5.2 | Granted | — | | | — | | | | Exercised | (313) | | | 2.24 | | | | Expired | (458) | | | 6.88 | | | | Forfeited | (51) | | | 6.57 | | | | Outstanding at June 30, 2024 | 342,779 | | | $ | 9.54 | | | 4.7 | | | | | | | Exercisable at June 30, 2024 | 330,658 | | | $ | 9.55 | | | 4.7 |
|
Schedule of Nonvested Share Activity |
A summary of the nonvested stock option activity under the 2011 Equity Incentive Plan during the year ended December 31, 2023, and the six months ended June 30, 2024, is presented below: | | | | | | | | | | | | | | | | | | Nonvested Options | Common Shares | | Weighted Average Grant Date Fair Value | | Weighted Average Remaining Years to Vest | Nonvested at December 31, 2022 | 72,474 | | | $ | 5.80 | | | 1.7 | Granted | — | | | — | | | | Vested | (31,474) | | | 9.53 | | | | Forfeited | (14,627) | | | 19.99 | | | | Nonvested at December 31, 2023 | 26,373 | | | $ | 8.83 | | | 1.1 | Granted | — | | | — | | | | Exercised | — | | | — | | | | Vested | (14,201) | | | 9.55 | | | | Forfeited | (51) | | | 6.57 | | | | Nonvested at June 30, 2024 | 12,121 | | | $ | 9.53 | | | 0.9 | | | | | | |
|
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award |
Total stock-based compensation expense recognized on restricted stock, restricted stock units, stock options, and employee stock purchase plan issuances during the three and six months ended June 30, 2024 and 2023 was recorded in the Company’s consolidated statements of operations as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Cost of revenue | | | | 56,874 | | | $ | 18,085 | | | 108,445 | | | $ | 35,255 | | Sales and marketing | | | | 64,719 | | | 29,743 | | | 121,207 | | | 47,591 | | General and administrative | | | | 273,338 | | | 160,047 | | | 519,468 | | | 320,553 | | Total stock-based compensation | | | | $ | 394,931 | | | $ | 207,875 | | | $ | 749,120 | | | $ | 403,399 | |
|
Comprehensive Income (Loss) |
The activity in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands): | | | | | | | | | | | | | | | | | | | Unrealized Gain (Loss) on Securities Held | Currency Translation Adjustment | Total Accumulated Other Comprehensive Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | | | | (250,591) | | — | | (250,591) | | Other comprehensive income (loss) | | | | | 150,807 | | (12,302) | | 138,505 | | Balance at June 30, 2024 | | | | | $ | (99,784) | | $ | (12,302) | | $ | (112,086) | |
|
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v3.24.2.u1
Loss per Common Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Net loss | | | | | $ | (2,194,828) | | | $ | (1,033,426) | | | $ | (5,460,678) | | | $ | (3,839,765) | | Weighted average shares outstanding - basic and diluted | | | | | 16,437,460 | | | 15,520,700 | | | 16,470,467 | | | 15,551,785 | | Basic and diluted loss per common share | | | | | $ | (0.13) | | | $ | (0.07) | | | $ | (0.33) | | | $ | (0.25) | |
|
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The Company excluded the following weighted average items from the above computation of diluted loss per common share, as their effect would be anti-dilutive: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Stock options | | | | | | 342,779 | | | 400,188 | | | 342,779 | | | 416,195 | | Restricted stock units | | | | | | 1,446,169 | | | 426,467 | | | 1,401,721 | | | 397,303 | | Restricted stock | | | | | | — | | | — | | | — | | | 24 | | Total excluded shares | | | | | | 1,788,948 | | | 826,655 | | | 1,744,500 | | | 813,522 | |
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v3.24.2.u1
Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Disaggregation of Revenue |
The following table illustrates the Company’s revenue by product service type: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Managed Services Revenue | | | | | | $ | 8,850,463 | | | $ | 10,618,381 | | | $ | 15,547,005 | | | $ | 19,121,135 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SaaS Services Revenue | | | | | | 243,353 | | | 70,678 | | | 499,694 | | | 305,646 | | | | | | | | | | | | | | | Total Revenue | | | | | | $ | 9,093,816 | | | $ | 10,689,059 | | | $ | 16,046,699 | | | $ | 19,426,781 | |
The following table provides the Company’s revenues as determined by customer geographic region: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | | | | June 30, 2024 | | June 30, 2023 | | June 30, 2024 | | June 30, 2023 | Revenue from North America | | | | | | $ | 7,537,029 | | | $ | 10,035,693 | | | $ | 13,027,444 | | | $ | 18,171,826 | | Revenue from APAC | | | | | | 445,224 | | | 653,366 | | | 2,139,422 | | | — | | Revenue from Other | | | | | | 1,111,563 | | | — | | | 879,833 | | | 1,254,955 | | Total | | | | | | $ | 9,093,816 | | | $ | 10,689,059 | | | $ | 16,046,699 | | | $ | 19,426,781 | |
|
Schedule of Contract with Customer |
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers reported in the Company’s consolidated balance sheet: | | | | | | | | | | June 30, 2024 | December 31, 2023 | Accounts receivable, net | $ | 5,617,269 | | $ | 5,012,373 | | Contract liabilities (unearned revenue) | 7,176,694 | | 8,891,205 | |
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- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.
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- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.
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v3.24.2.u1
Company and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
CAD ($)
|
Jun. 30, 2024
AUD ($)
|
Dec. 31, 2023
USD ($)
|
Accounting Policies [Abstract] |
|
|
|
|
Cash, uninsured amount |
$ 43,600,000
|
|
|
$ 36,700,000
|
Cash, FDIC insured amount |
$ 250,000
|
|
|
|
Cash, CDIC Insured Amount |
|
$ 100,000
|
|
|
Cash, Australian Financial Claims Scheme Insured Amount |
|
|
$ 250,000
|
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v3.24.2.u1
Company and Summary of Significant Accounting Policies - Accounts Receivable and Concentration of Credit Risk (Details)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Concentration Risk [Line Items] |
|
|
|
|
Accounts receivable, before allowance for credit loss |
|
$ 5,600,000
|
|
$ 5,700,000
|
Unbilled receivables |
|
$ 54,217
|
|
83,697
|
Accounts receivable, less than 90 days from due, percentage |
|
0.011
|
|
|
Allowance for doubtful accounts receivable |
|
$ 205,000
|
$ 155,000
|
|
Bad Debt Expense |
|
|
|
50,000
|
Accounts receivable, net |
|
$ 5,617,269
|
|
5,012,373
|
Accounts Receivable excluding Contract Asset |
|
|
|
$ 4,900,000
|
Accounts Receivable | Customer Concentration Risk | Customer One |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Concentration risk, percentage |
10.00%
|
10.00%
|
|
|
Revenue Benchmark | Customer Concentration Risk | Customer One |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Concentration risk, percentage |
|
|
10.00%
|
|
Revenue Benchmark | Customer Concentration Risk | Customer Two |
|
|
|
|
Concentration Risk [Line Items] |
|
|
|
|
Concentration risk, percentage |
|
10.00%
|
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Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
$ 60,773,833
|
$ 62,501,847
|
$ 65,313,388
|
$ 66,362,657
|
$ 67,833,071
|
$ 70,265,947
|
Accumulated Deficit |
|
|
|
|
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
$ (90,905,472)
|
$ (88,710,644)
|
$ (85,444,794)
|
$ (81,935,199)
|
$ (80,901,773)
|
(78,103,066)
|
Accounting Standards Update 2023-08 |
|
|
|
|
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
|
|
|
|
|
7,632
|
Accounting Standards Update 2023-08 | Accumulated Deficit |
|
|
|
|
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
|
|
|
|
|
$ 7,632
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.2.u1
Business Acquisitions - Additional Information (Details) - USD ($)
|
|
6 Months Ended |
|
|
Dec. 01, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
Goodwill |
|
$ 5,281,888
|
$ 5,280,372
|
$ 4,016,722
|
Total purchase considerations |
|
|
18,400
|
|
Recognized Gain on Contingent Liability at Measurement Date |
|
$ 175,000
|
|
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
|
The net purchase price was $18,400 in cash consideration, allocated to the fair value of assets acquired and liabilities assumed, as shown in the following table: | | | | | | | Estimated Fair Value | | 12/31/2023 | Intangibles-customer relationships | $ | 162,725 | | Current liabilities | (58,138) | | Deferred revenue | (86,187) | | Total purchase price | $ | 18,400 |
|
|
|
Business Acquisitions |
|
BUSINESS ACQUISITIONS Hoozu Holdings, LTD. On December 1, 2023, the Company completed the announced acquisition of Hoozu Holdings, LTD (now Hoozu Holdings Pty Ltd.)(“Hoozu”) from Hoozu investors. Hoozu is a leading Australian influencer marketing company headquartered in Sydney. The company serves a roster of the region’s most innovative brands, including Bunnings, Emma Sleep, Super Cheap Auto, and Ryobi. In addition to its core services, Hoozu’s talent management division, called Huume, represents creators in the Australian market. The net purchase price was approximately $2.5 million, including cash consideration of $0.6 million and 726,210 shares of common stock, valued at approximately $1.7 million at the acquisition date, based on the closing market share price on the acquisition date. Approximately $150,000 of transaction-related costs are separately recorded in general and administrative costs in the accompanying consolidated statement of operations for the year ended December 31, 2023. The Company accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. | | | | | | | | | | | | | Gross Purchase Consideration | Initial Present and Fair Value | Estimated Remaining Present and Fair Value | | 12/1/2023 | 12/1/2023 | 06/30/2024 | Cash paid at closing | $ | 595,411 | | $ | 595,411 | | — | | Stock issued at closing | 1,746,535 | | 1,746,535 | | — | | First deferred purchase price installment (1) | 114,400 | | — | | — | | Second deferred purchase price installment (1) | 60,600 | | — | | — | | Total estimated consideration | $ | 2,516,946 | | $ | 2,341,946 | | $ | — | |
(1) The Company’s acquisition of Hoozu on December 1, 2023, included four equal contingent cash consideration payments totaling $396,940, with twelve-month measurement periods ending December 31, 2024 and 2025. The contingent payments are based on meeting minimum Revenue and Adjusted Earnings before Taxes and Depreciation thresholds for each measurement period. The contingent payments are hit-or-miss, with the first measurement period payments carrying a make-up provision during the second measurement period. The Company determined the fair value of these contingent payments, using Monte Carlo simulation methods, to be $175,000 at the acquisition date, subject to periodic adjustment until both measurement periods are completed. During the quarter that ended June 30, 2024, the Company determined that based upon the lag behind Hoozu’s revenue and profitability growth, achieving the deferred purchase price targets for both 2024 and 2025 is not probable and accordingly reduced these installment balances to their expected payout value. The table below presents the provisional fair values on December 1, 2023, allocated to the assets acquired and liabilities assumed. The purchase accounting and purchase price allocation for Hoozu are complete. The fair values are presented in the following table: | | | | | | | Estimated Approximate Fair Value | | 12/1/2023 | Accounts receivable | $ | 419,336 | | Prepaid expenses | 15,750 | | Property and equipment, net | 9,033 | | Intangible assets | | Tradename | 668,000 | | Customer list | 935,000 | | Goodwill | 1,265,155 | | Deferred tax liability | (400,750) | | Accounts payable | (718,515) | | Current liabilities | (930,655) | | Purchase consideration, excluding cash received | $ | 1,262,354 | | Plus: cash received | 1,254,592 | | Total purchase considerations | $ | 2,516,946 | |
Accounts receivable shown in the table above represent their gross amount, which approximates the fair value, and are expected to be collected in full. The significant fair value estimates included in the provisional allocation of purchase price are discussed below. Other Intangible Assets Other intangible assets with definite lives include acquired customer relationships of $0.9 million and tradename of $0.7 million. The preliminary customer-related intangible assets’ fair value was determined by using the income approach, while the tradename fair value was determined utilizing the relief from the royalty method. Acquired customer relationships and tradename generally have useful lives of 10 years, unless shorter periods are warranted, and are amortized to operating costs on an accelerated basis. Goodwill The excess of consideration for Hoozu over the preliminary net fair value of assets acquired and liabilities assumed resulted in the provisional recognition of $1.3 million of goodwill, which is not deductible for tax purposes. Goodwill is primarily attributable to the assembled workforce and synergies. Contingent Liability Contingent liability purchase price installments, which total $396,940 based on meeting certain revenue and EBITDA milestones for 2024 and 2025, were recorded at their fair value of $175,000 at the acquisition date. The contingent liability value is subject to periodic adjustment until both measurement dates are completed. No adjustment was recorded in December 2023. As of June 30, 2024, the Company reassessed the fair value of the contingent performance-based consideration related to the earnout provision of the acquisition of Hoozu. Based on actual performance to date, and revised projections of Hoozu’s business performance, it was determined that the contingent milestones were no longer probable of being achieved. Consequently, the contingent liability was adjusted to the expected payout value, resulting in a gain of $175,000 recognized as a reduction to general and administrative expense in the consolidated statements of income. This adjustment reflects our updated expectation of future performance and aligns with the requirements of ASC 805. Privatization of Hoozu Holdings, Ltd On March 27, 2024, Hoozu Holdings, Ltd was privatized and restructured to become Hoozu Holdings Pty, Ltd. This change reflects a strategic shift to streamline operations and focus on long-term growth objectives. Zuberance On December 1, 2023, the Company entered into an Asset Purchase Agreement (the “Agreement”) with Zuberance, Inc., a Delaware corporation (“Zuberance”). Zuberance is a pioneering advocate marketing software platform. Zuberance provides marketers with the tools to build white-label communities of their customers and influencers while engaging these communities to serve as advocates for their brand, leading to low-cost content creation. The net purchase price was $18,400 in cash consideration, allocated to the fair value of assets acquired and liabilities assumed, as shown in the following table: | | | | | | | Estimated Fair Value | | 12/31/2023 | Intangibles-customer relationships | $ | 162,725 | | Current liabilities | (58,138) | | Deferred revenue | (86,187) | | Total purchase price | $ | 18,400 |
The customer-related intangible assets’ fair value was determined by using the income approach, has an estimated useful life of 5 years, and will be amortized to operating expenses on an accelerated basis.
|
|
|
Trade names |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Useful Life in years |
|
10 years
|
|
|
Hoozu |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Total estimated consideration |
$ 2,516,946
|
|
|
|
Cash paid at closing |
$ 595,411
|
|
|
|
Stock issued at closing (in shares) |
726,210
|
|
|
|
Stock issued at closing |
$ 1,746,535
|
|
|
|
Transaction costs |
150,000
|
|
|
|
Goodwill |
1,265,155
|
|
|
|
Contingent liability purchase price installments |
396,940
|
|
|
|
Contingent consideration |
|
$ 0
|
|
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
|
The fair values are presented in the following table: | | | | | | | Estimated Approximate Fair Value | | 12/1/2023 | Accounts receivable | $ | 419,336 | | Prepaid expenses | 15,750 | | Property and equipment, net | 9,033 | | Intangible assets | | Tradename | 668,000 | | Customer list | 935,000 | | Goodwill | 1,265,155 | | Deferred tax liability | (400,750) | | Accounts payable | (718,515) | | Current liabilities | (930,655) | | Purchase consideration, excluding cash received | $ | 1,262,354 | | Plus: cash received | 1,254,592 | | Total purchase considerations | $ | 2,516,946 | |
|
|
|
Hoozu | Trade names |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Intangible assets |
$ 668,000
|
|
|
|
Useful Life in years |
10 years
|
|
|
|
Hoozu | Customer lists |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Intangible assets |
$ 935,000
|
|
|
|
Useful Life in years |
10 years
|
10 years
|
|
|
Zuberance |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Intangible assets |
|
|
162,725
|
|
Acquired finite-lived intangible assets, weighted average useful life (years) |
5 years
|
|
|
|
Total purchase considerations |
|
|
$ 18,400
|
|
Zuberance | Customer lists |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Useful Life in years |
|
5 years
|
|
|
X |
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v3.24.2.u1
Business Acquisitions - Schedule of Purchase Consideration (Details) - Hoozu
|
Dec. 01, 2023
USD ($)
payment
|
Jun. 30, 2024
USD ($)
|
Business Acquisition [Line Items] |
|
|
Cash paid at closing |
$ 595,411
|
|
Stock issued at closing |
1,746,535
|
|
Contingent consideration |
|
$ 0
|
Total estimated consideration |
2,516,946
|
|
Total estimated consideration |
$ 2,341,946
|
|
Number of payments | payment |
4
|
|
Contingent liability purchase price installments |
$ 396,940
|
|
First deferred purchase price installment |
|
|
Business Acquisition [Line Items] |
|
|
Contingent consideration |
114,400
|
0
|
Second deferred purchase price installment |
|
|
Business Acquisition [Line Items] |
|
|
Contingent consideration |
$ 60,600
|
$ 0
|
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v3.24.2.u1
Business Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)
|
Dec. 01, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
Goodwill |
|
$ 5,281,888
|
$ 5,280,372
|
$ 4,016,722
|
Deferred tax liability |
$ (400,750)
|
|
|
|
Hoozu |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Accounts receivable |
419,336
|
|
|
|
Prepaid expenses |
15,750
|
|
|
|
Property and equipment, net |
9,033
|
|
|
|
Goodwill |
1,265,155
|
|
|
|
Accounts payable |
(718,515)
|
|
|
|
Current liabilities |
(930,655)
|
|
|
|
Purchase consideration, excluding cash received |
1,262,354
|
|
|
|
Plus: cash received |
1,254,592
|
|
|
|
Total estimated consideration |
2,516,946
|
|
|
|
Hoozu | Trade names |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Intangible assets |
668,000
|
|
|
|
Hoozu | Customer lists |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Intangible assets |
$ 935,000
|
|
|
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v3.24.2.u1
Financial Instruments - Marketable Securities by Significant Investment Category (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Marketable Securities [Line Items] |
|
|
Adjusted Cost |
$ 56,585,129
|
|
Unrealized Gains |
5,275
|
|
Unrealized Losses |
(105,058)
|
|
Fair Value |
56,485,346
|
|
Cash and cash equivalents |
44,301,866
|
$ 37,446,728
|
Current Marketable Securities |
11,286,453
|
17,126,057
|
Non-Current Marketable Securities |
$ 897,027
|
$ 9,618,996
|
Minimum |
|
|
Marketable Securities [Line Items] |
|
|
Securities, term |
1 year
|
|
Maximum |
|
|
Marketable Securities [Line Items] |
|
|
Securities, term |
5 years
|
|
Cash and cash equivalents |
|
|
Marketable Securities [Line Items] |
|
|
Adjusted Cost |
$ 10,223,685
|
|
Fair Value |
10,223,685
|
|
Cash and cash equivalents |
10,223,685
|
|
Level 1 |
|
|
Marketable Securities [Line Items] |
|
|
Adjusted Cost |
36,095,445
|
|
Unrealized Gains |
0
|
|
Unrealized Losses |
(23,881)
|
|
Fair Value |
36,071,564
|
|
Cash and cash equivalents |
34,078,181
|
|
Current Marketable Securities |
1,993,383
|
|
Non-Current Marketable Securities |
0
|
|
Level 1 | Commercial paper |
|
|
Marketable Securities [Line Items] |
|
|
Adjusted Cost |
5,199,435
|
|
Unrealized Gains |
0
|
|
Unrealized Losses |
(2,309)
|
|
Fair Value |
5,197,126
|
|
Cash and cash equivalents |
5,197,126
|
|
Level 1 | Money market funds |
|
|
Marketable Securities [Line Items] |
|
|
Adjusted Cost |
28,881,055
|
|
Unrealized Gains |
0
|
|
Unrealized Losses |
0
|
|
Fair Value |
28,881,055
|
|
Cash and cash equivalents |
28,881,055
|
|
Level 1 | US Treasury securities |
|
|
Marketable Securities [Line Items] |
|
|
Adjusted Cost |
2,014,955
|
|
Unrealized Gains |
0
|
|
Unrealized Losses |
(21,572)
|
|
Fair Value |
1,993,383
|
|
Cash and cash equivalents |
0
|
|
Current Marketable Securities |
1,993,383
|
|
Non-Current Marketable Securities |
0
|
|
Level 2 |
|
|
Marketable Securities [Line Items] |
|
|
Adjusted Cost |
10,265,999
|
|
Unrealized Gains |
5,275
|
|
Unrealized Losses |
(81,177)
|
|
Fair Value |
10,190,097
|
|
Cash and cash equivalents |
0
|
|
Current Marketable Securities |
9,293,070
|
|
Non-Current Marketable Securities |
897,027
|
|
Level 2 | Asset back securities |
|
|
Marketable Securities [Line Items] |
|
|
Adjusted Cost |
2,375,823
|
|
Unrealized Gains |
0
|
|
Unrealized Losses |
(19,309)
|
|
Fair Value |
2,356,514
|
|
Cash and cash equivalents |
0
|
|
Current Marketable Securities |
1,459,487
|
|
Non-Current Marketable Securities |
897,027
|
|
Level 2 | Corporate debt securities |
|
|
Marketable Securities [Line Items] |
|
|
Adjusted Cost |
7,890,176
|
|
Unrealized Gains |
5,275
|
|
Unrealized Losses |
(61,868)
|
|
Fair Value |
7,833,583
|
|
Cash and cash equivalents |
0
|
|
Current Marketable Securities |
7,833,583
|
|
Non-Current Marketable Securities |
$ 0
|
|
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v3.24.2.u1
Financial Instruments - Fair Value of Marketable Debt Securities (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
|
Due in 1 year or less |
$ 11,286,453
|
$ 17,126,057
|
Due in 1 year through 5 years |
897,027
|
9,618,996
|
Total |
$ 12,183,480
|
$ 26,745,053
|
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v3.24.2.u1
Financial Instruments - Fair Value and Net Unrealized Gains (Losses) By Investment in OCI (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Marketable Securities [Line Items] |
|
|
Fair Value |
$ 56,485,346
|
$ 64,191,781
|
Net Unrealized Gain (Loss) |
(99,783)
|
(250,591)
|
Cash and cash equivalents |
|
|
Marketable Securities [Line Items] |
|
|
Fair Value |
44,301,866
|
37,446,728
|
Net Unrealized Gain (Loss) |
(2,309)
|
0
|
US Treasury securities |
|
|
Marketable Securities [Line Items] |
|
|
Fair Value |
1,993,383
|
6,939,713
|
Net Unrealized Gain (Loss) |
(21,572)
|
(79,840)
|
Corporate debt securities |
|
|
Marketable Securities [Line Items] |
|
|
Fair Value |
7,833,583
|
16,196,931
|
Net Unrealized Gain (Loss) |
(56,593)
|
(124,431)
|
Asset back securities |
|
|
Marketable Securities [Line Items] |
|
|
Fair Value |
2,356,514
|
3,608,409
|
Net Unrealized Gain (Loss) |
$ (19,309)
|
$ (46,320)
|
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v3.24.2.u1
Property and Equipment (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
$ 321,252
|
|
$ 321,252
|
|
$ 320,304
|
Less accumulated depreciation |
(165,417)
|
|
(165,417)
|
|
(114,927)
|
Property and equipment, net |
155,835
|
|
155,835
|
|
205,377
|
Depreciation |
|
|
53,258
|
$ 45,946
|
|
Depreciation and Amortization Expense |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Depreciation |
26,701
|
$ 27,160
|
|
|
|
Furniture and fixtures |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
29,848
|
|
29,848
|
|
29,848
|
Office equipment |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
8,506
|
|
8,506
|
|
8,506
|
Computer equipment |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Property and equipment, gross |
$ 282,898
|
|
$ 282,898
|
|
$ 281,950
|
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v3.24.2.u1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 01, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Balance |
$ 1,766,015
|
$ 1,765,508
|
|
Accumulated Amortization |
141,064
|
16,067
|
|
Intangible assets, net |
1,624,951
|
1,749,441
|
|
Hoozu |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Balance |
1,603,507
|
1,603,000
|
|
Zuberance |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Balance |
162,508
|
162,508
|
|
Trade names |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Balance |
668,213
|
668,000
|
|
Accumulated Amortization |
48,581
|
5,567
|
|
Intangible assets, net |
$ 619,632
|
662,433
|
|
Useful Life in years |
10 years
|
|
|
Trade names | Hoozu |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Useful Life in years |
|
|
10 years
|
Customer lists | Hoozu |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Balance |
$ 935,294
|
935,000
|
|
Accumulated Amortization |
69,010
|
7,791
|
|
Intangible assets, net |
$ 866,284
|
927,209
|
|
Useful Life in years |
10 years
|
|
10 years
|
Customer lists | Zuberance |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Balance |
$ 162,508
|
162,508
|
|
Accumulated Amortization |
23,473
|
2,709
|
|
Intangible assets, net |
$ 139,035
|
$ 159,799
|
|
Useful Life in years |
5 years
|
|
|
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v3.24.2.u1
Intangible Assets - Schedule of Intangible Assets Acquired (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Balance |
$ 1,766,015
|
$ 1,765,508
|
Less accumulated amortization |
(141,064)
|
(16,067)
|
Intangible assets, net |
1,624,951
|
1,749,441
|
Hoozu |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Balance |
1,603,507
|
1,603,000
|
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|
|
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|
|
Balance |
$ 162,508
|
$ 162,508
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v3.24.2.u1
Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Remainder of 2024 |
$ 155,325
|
|
2025 |
257,032
|
|
2026 |
232,877
|
|
2027 |
208,721
|
|
2028 |
184,566
|
|
2029+ |
586,430
|
|
Intangible assets, net |
$ 1,624,951
|
$ 1,749,441
|
X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
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v3.24.2.u1
Intangible Assets - Narrative (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Impairment of intangible assets, other than digital |
|
$ 0
|
$ 0
|
|
Digital assets |
$ 243,020
|
243,020
|
|
|
Goodwill impairment |
|
0
|
0
|
|
Intangible assets, net |
1,624,951
|
1,624,951
|
|
$ 1,749,441
|
Gain on Crypto Assets |
|
80,115
|
|
|
Balance |
1,766,015
|
1,766,015
|
|
$ 1,765,508
|
Loss on crypto asset |
(26,044)
|
|
|
|
Bitcoin [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Digital assets |
143,436
|
143,436
|
|
|
Ethereum [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Digital assets |
$ 99,584
|
99,584
|
|
|
Depreciation and Amortization Expense |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Amortization of intangible assets |
|
$ 124,996
|
$ 0
|
|
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v3.24.2.u1
Intangible Assets - Schedule of Goodwill (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Goodwill [Roll Forward] |
|
|
Goodwill, beginning balance |
$ 5,280,372
|
$ 4,016,722
|
Acquisitions, impairments, or other changes |
|
1,265,155
|
Currency translation adjustment |
1,516
|
(1,505)
|
Goodwill, ending balance |
$ 5,281,888
|
$ 5,280,372
|
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v3.24.2.u1
Software Development Costs - Schedule of Software Development Cost (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Research and Development [Abstract] |
|
|
Software development costs |
$ 5,827,554
|
$ 5,390,403
|
Less accumulated amortization |
(3,586,117)
|
(3,333,431)
|
Total |
$ 2,241,437
|
$ 2,056,972
|
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v3.24.2.u1
Software Development Costs - Additional Information (Details)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
platform
|
Dec. 31, 2023
USD ($)
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Number of platforms developed | platform |
|
|
|
2
|
|
Capitalized computer software, additions |
$ 363,474
|
$ 281,009
|
$ 437,152
|
$ 437,877
|
|
Capitalized computer software, gross |
5,827,554
|
|
5,827,554
|
|
$ 5,390,403
|
Capitalized computer software, amortization |
$ 124,381
|
$ 83,272
|
$ 252,686
|
$ 410,748
|
|
Software Development |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Useful Life in years |
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|
|
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|
|
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v3.24.2.u1
Software Development Costs - Schedule of Future Estimated Amortization Expense (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Research and Development [Abstract] |
|
|
2024 |
$ 249,961
|
|
2025 |
566,654
|
|
2026 |
560,906
|
|
2027 |
526,871
|
|
2028 |
257,843
|
|
2029 |
79,202
|
|
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$ 2,241,437
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$ 2,056,972
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Accrued Expenses (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Accrued payroll liabilities |
$ 2,469,962
|
$ 2,153,617
|
Accrued taxes |
90,773
|
253,677
|
Current portion of finance obligation |
59,386
|
59,386
|
Accrued other |
541,708
|
616,780
|
Accrued expenses |
$ 3,161,829
|
$ 3,083,460
|
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Notes Payable - Additional Information (Details) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
|
Imputed interest rate |
7.80%
|
|
|
Payment plan |
3 years
|
|
|
Long-term debt |
$ 93,113
|
|
$ 122,805
|
Long-term debt, current maturities |
59,386
|
|
$ 59,386
|
Interest expense |
$ 4,000
|
$ 3,103
|
|
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Commitments and Contingencies - Retirement Plans (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Other Commitments [Line Items] |
|
|
|
|
Company contribution percentage |
|
|
50.00%
|
|
Percent of employees' gross pay |
|
|
8.00%
|
|
Employers annual vesting percentage |
|
|
20.00%
|
|
Employers matching contribution, service period (in years) |
|
|
2 years
|
|
Total contribution expense |
$ 84,931
|
$ 79,317
|
$ 195,032
|
$ 155,519
|
Cost of revenue |
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
Total contribution expense |
19,722
|
19,643
|
42,200
|
44,276
|
Sales and marketing |
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
Total contribution expense |
17,191
|
17,799
|
60,230
|
33,416
|
General and administrative |
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
Total contribution expense |
$ 48,018
|
$ 41,875
|
$ 92,602
|
$ 77,827
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v3.24.2.u1
Stockholders' Equity - Authorized Shares (Detail) - $ / shares
|
Jun. 30, 2024 |
May 28, 2024 |
Dec. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
Common stock, shares authorized (shares) |
50,000,000
|
|
50,000,000
|
Preferred stock, shares authorized (shares) |
10,000,000
|
|
10,000,000
|
Preferred stock, par value (per share) |
$ 0.0001
|
$ 0.001
|
$ 0.0001
|
Preferred stock, shares issued |
0
|
|
0
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Preferred stock, shares issued |
0
|
|
0
|
Series A Junior Participating Preferred Stock |
|
|
|
Share-Based Payment Arrangement [Abstract] |
|
|
|
Preferred stock, shares issued |
500,000
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Preferred stock, shares issued |
500,000
|
|
|
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v3.24.2.u1
Stockholders' Equity - Share Repurchase (Details) - USD ($)
|
Jun. 30, 2024 |
Mar. 30, 2023 |
Jun. 28, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
Number of shares authorized for repurchase |
|
1,000,000
|
5,000,000
|
Number of shares repurchased during the period |
|
365,855
|
|
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|
$ 1.23
|
|
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$ 1,000,000
|
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Stockholders' Equity - Equity Incentive Plan (Details) - shares
|
Oct. 17, 2023 |
Jun. 30, 2024 |
Oct. 18, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Increase in number of plan shares (in shares) |
1,800,000
|
|
|
Common stock, capital shares reserved for future issuance (shares) |
1,875,000
|
|
3,675,000
|
Incentive compensation for employees and consultants | The Amended and Restated May 2011 Plan |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
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v3.24.2.u1
Stockholders' Equity - Restricted Stock (Details)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Jun. 30, 2023
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|
Jun. 30, 2024
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Dec. 31, 2023
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shares
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|
|
|
|
|
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|
|
5
|
|
5
|
Stock issued for payment of services |
$ 75,000
|
$ 75,009
|
$ 150,006
|
$ 150,009
|
|
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|
|
|
|
|
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|
|
|
|
|
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|
|
64,385
|
|
131,520
|
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$ 75,000
|
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|
|
150,009
|
|
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|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Common stock, fair value | $ / shares |
$ 2.35
|
|
$ 2.35
|
|
|
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$ 0
|
|
$ 0
|
|
|
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|
|
$ 0
|
|
|
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|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
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31,915
|
|
64,385
|
|
|
Stock issued for payment of services |
|
|
|
|
$ 300,015
|
Restricted stock or unit expense |
|
|
$ 150,006
|
|
|
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$ 75,000
|
|
75,000
|
|
|
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|
|
|
|
|
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|
|
|
|
|
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$ 0
|
$ 0
|
$ 0
|
$ 376
|
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Stockholders' Equity - Schedule of Non-Vested Restricted Stock (Details) - Restricted Stock [Member] - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
|
|
Restricted stock units, nonvested beginning of period |
0
|
72
|
|
Restricted stock units, nonvested grants in period |
64,385
|
131,520
|
|
Restricted stock units, nonvested vested in period |
(64,385)
|
(131,592)
|
|
Restricted stock units, nonvested ending of period |
0
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0
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72
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Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] |
|
|
|
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$ 0
|
$ 5.36
|
|
Restricted stock units, nonvested grants in period, weighted average grant date fair value |
2.33
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2.28
|
|
Restricted stock units , nonvested vested in period, weighted average grant date fair value |
2.33
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2.28
|
|
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$ 0
|
$ 0
|
$ 5.36
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0 years
|
0 years
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v3.24.2.u1
Stockholders' Equity - Restricted Stock Units (Details) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Dec. 01, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock issued for payment of services |
|
$ 75,000
|
$ 75,009
|
$ 150,006
|
$ 150,009
|
|
|
Restricted stock units |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, award vesting period (in years) |
3 years
|
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, nonvested |
|
$ 3,335,442
|
|
3,335,442
|
|
|
|
Fair value of common stock issued for future services |
|
|
|
$ 2,930,090
|
|
|
|
Restricted stock units, nonvested weighted average remaining contractual terms |
|
|
|
1 year 2 months 12 days
|
|
2 years 6 months
|
2 years 6 months
|
Equity instruments other than options, granted in period (in shares) |
|
|
|
696,945
|
|
870,191
|
|
Stock options |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Common stock, fair value |
|
$ 2.35
|
|
$ 2.35
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Restricted stock or unit expense |
|
$ 75,000
|
75,009
|
|
150,009
|
|
|
Restricted stock units, nonvested weighted average remaining contractual terms |
|
|
|
0 years
|
|
0 years
|
3 months 18 days
|
Equity instruments other than options, granted in period (in shares) |
|
|
|
64,385
|
|
131,520
|
|
Employees | Restricted stock units |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Restricted stock or unit expense |
|
349,385
|
151,733
|
$ 650,599
|
281,299
|
|
|
Employees | Restricted Stock [Member] |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Restricted stock or unit expense |
|
$ 0
|
$ 0
|
0
|
$ 376
|
|
|
Executive Officer | Restricted stock units | Minimum |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, award vesting period (in years) |
|
|
|
|
12 months
|
|
|
Executive Officer | Restricted stock units | Maximum |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, award vesting period (in years) |
|
|
|
|
48 months
|
|
|
Non Executive Employees [Member] | Restricted stock units |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock issued for payment of services |
|
|
|
$ 1,079,016
|
|
|
|
Equity instruments other than options, granted in period (in shares) |
|
|
|
475,713
|
|
|
|
Non Executive Employees [Member] | Restricted stock units | Minimum |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, award vesting period (in years) |
|
|
|
12 months
|
|
|
|
Non Executive Employees [Member] | Restricted stock units | Maximum |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, award vesting period (in years) |
|
|
|
36 months
|
|
|
|
Executives Additional Incentive | Restricted stock units |
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
Stock issued for payment of services |
|
|
|
$ 516,307
|
|
|
|
Equity instruments other than options, granted in period (in shares) |
|
|
|
221,232
|
|
|
|
X |
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v3.24.2.u1
Stockholders' Equity - Restricted Stock Units Schedule (Details) - Restricted stock units - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
|
|
Restricted stock units, nonvested beginning of period |
962,849
|
329,070
|
|
Restricted stock units, nonvested grants in period |
696,945
|
870,191
|
|
Restricted stock units, nonvested vested in period |
(151,587)
|
(163,085)
|
|
Restricted stock units, nonvested forfeited in period |
(88,870)
|
(73,327)
|
|
Restricted stock units, nonvested ending of period |
1,419,337
|
962,849
|
329,070
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] |
|
|
|
Restricted stock units, nonvested weighted average grant date fair value |
$ 2.60
|
$ 3.79
|
|
Restricted stock units, nonvested grants in period, weighted average grant date fair value |
2.25
|
2.38
|
|
Restricted stock units , nonvested vested in period, weighted average grant date fair value |
3.03
|
3.55
|
|
Restricted stock units, nonvested forfeited in period, weighted average grant date fair value |
2.28
|
3.18
|
|
Restricted stock units, nonvested weighted average grant date fair value |
$ 2.40
|
$ 2.60
|
$ 3.79
|
Restricted stock units, nonvested weighted average remaining contractual terms |
1 year 2 months 12 days
|
2 years 6 months
|
2 years 6 months
|
X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
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v3.24.2.u1
Stockholders' Equity - Stock Options (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Percentage of individual ownership of common stock (percentage) |
|
|
10.00%
|
|
|
|
Common shares, exercised |
|
|
313
|
0
|
|
|
Intrinsic value of options exercised |
|
|
$ 50
|
$ 0
|
|
|
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value |
$ 74,149
|
|
74,149
|
|
|
|
Share-based compensation arrangement by share-based payment award, options, exercisable, intrinsic value |
74,149
|
|
74,149
|
|
|
|
Stock option plan expense |
$ 44,514
|
$ 54,780
|
$ 96,479
|
119,124
|
|
|
May 2011 and August 2011 Equity Incentive Plans |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Fair market value of incentive stock options |
|
|
100.00%
|
|
|
|
Equity Incentive 2011 Plan |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Common shares, exercised |
|
|
313
|
|
586
|
|
Common shares outstanding |
342,779
|
|
342,779
|
|
343,601
|
415,562
|
Weighted average exercise price |
$ 9.54
|
|
$ 9.54
|
|
$ 9.53
|
$ 11.31
|
Common shares expected to vest |
330,658
|
|
330,658
|
|
|
|
Common shares expected to vest weighted average |
$ 9.55
|
|
$ 9.55
|
|
|
|
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized |
$ 93,369
|
|
$ 93,369
|
|
|
|
Weighted average remaining years to vest (in years) |
|
|
10 months 24 days
|
|
1 year 1 month 6 days
|
1 year 8 months 12 days
|
Options, granted |
|
|
0
|
|
0
|
|
Weighted average grant date fair value, granted |
|
|
$ 0
|
|
$ 0
|
|
Common shares, vested |
|
|
(14,201)
|
|
(31,474)
|
|
Weighted average grant date fair value, vested |
|
|
$ 9.55
|
|
$ 9.53
|
|
Common shares, forfeited |
|
|
(51)
|
|
(14,627)
|
|
Weighted average grant date fair value, forfeited |
|
|
$ 6.57
|
|
$ 19.99
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares |
12,121
|
|
12,121
|
|
26,373
|
72,474
|
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price |
$ 9.53
|
|
$ 9.53
|
|
$ 8.83
|
$ 5.80
|
Stock options |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Proceeds from issuance or sale of equity |
|
|
$ 701
|
$ 0
|
|
|
Common stock, fair value |
$ 2.35
|
|
$ 2.35
|
|
|
|
Individual Stock Ownership in Excess of 10 Percent | May 2011 and August 2011 Equity Incentive Plans |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Fair market value of incentive stock options |
|
|
110.00%
|
|
|
|
Total vesting period | Stock options | May 2011 and August 2011 Equity Incentive Plans |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, award vesting period (in years) |
|
|
10 years
|
|
|
|
Twelve Months After Grant Date | May 2011 and August 2011 Equity Incentive Plans |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Percentage of individual ownership of common stock (percentage) |
|
|
25.00%
|
|
|
|
Stock option vesting period from grant date (in years) |
|
|
1 year
|
|
|
|
Monthly in equal installments | Stock options | May 2011 and August 2011 Equity Incentive Plans |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Share-based compensation arrangement by share-based payment award, award vesting period (in years) |
|
|
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|
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v3.24.2.u1
Stockholders' Equity - Schedule of Options Outstanding (Details) - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
|
|
|
Options, exercised |
(313)
|
0
|
|
|
Equity Incentive 2011 Plan |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
|
|
|
Options outstanding, beginning of period |
343,601
|
415,562
|
415,562
|
|
Options, granted |
0
|
|
0
|
|
Options, exercised |
(313)
|
|
(586)
|
|
Options, expired |
(458)
|
|
(71,013)
|
|
Options, forfeited |
(51)
|
|
(362)
|
|
Options outstanding, end of period |
342,779
|
|
343,601
|
415,562
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] |
|
|
|
|
Weighted average exercise price, beginning of period |
$ 9.53
|
$ 11.31
|
$ 11.31
|
|
Weighted average exercise price, granted |
0
|
|
0
|
|
Weighted average exercise price, exercised |
2.24
|
|
0.96
|
|
Weighted average exercise price, expired |
6.88
|
|
19.99
|
|
Weighted average exercise price, forfeited |
6.57
|
|
7.75
|
|
Weighted average exercise price, end of period |
$ 9.54
|
|
$ 9.53
|
$ 11.31
|
Weighted average remaining life (years), outstanding |
4 years 8 months 12 days
|
|
5 years 2 months 12 days
|
5 years 3 months 18 days
|
Common shares expected to vest |
330,658
|
|
|
|
Common shares expected to vest weighted average |
$ 9.55
|
|
|
|
Weighted average remaining useful life exercisable |
4 years 8 months 12 days
|
|
|
|
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- DefinitionNumber of options or other stock instruments for which the right to exercise has lapsed under the terms of the plan agreements.
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Stockholders' Equity - Schedule of Nonvested Stock Option (Details) - Equity Incentive 2011 Plan - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] |
|
|
|
Common shares, nonvested beginning of period |
26,373
|
72,474
|
|
Common shares, granted |
0
|
0
|
|
Common shares, vested |
(14,201)
|
(31,474)
|
|
Common shares, forfeited |
(51)
|
(14,627)
|
|
Common shares, nonvested end of period |
12,121
|
26,373
|
72,474
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] |
|
|
|
Weighted average grant date fair value, nonvested beginning of period |
$ 8.83
|
$ 5.80
|
|
Weighted average grant date fair value, granted |
0
|
0
|
|
Weighted average grant date fair value, vested |
9.55
|
9.53
|
|
Weighted average grant date fair value, forfeited |
6.57
|
19.99
|
|
Weighted average grant date fair value, nonvested end of period |
$ 9.53
|
$ 8.83
|
$ 5.80
|
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10 months 24 days
|
1 year 1 month 6 days
|
1 year 8 months 12 days
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v3.24.2.u1
Stockholders' Equity - Inducement Plan (Details) - Restricted stock units
|
|
6 Months Ended |
12 Months Ended |
|
Dec. 01, 2023
employee
shares
|
Jun. 30, 2024
shares
|
Dec. 31, 2023
shares
|
Nov. 30, 2023
shares
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Equity instruments other than options, granted in period (in shares) |
|
696,945
|
870,191
|
|
Share-based compensation arrangement by share-based payment award, award vesting period (in years) |
3 years
|
|
|
|
Hoozu |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) |
|
|
|
1,800,000
|
Number of employees awarded | employee |
5
|
|
|
|
Equity instruments other than options, granted in period (in shares) |
328,354
|
|
|
|
Zuberance |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Equity instruments other than options, granted in period (in shares) |
10,000
|
|
|
|
All Acquisitions |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Equity instruments other than options, granted in period (in shares) |
|
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|
|
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Stockholders' Equity - Employee Stock Purchase Plan (Details)
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2024
USD ($)
shares
|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2024
USD ($)
h
shares
|
Jun. 30, 2023
USD ($)
shares
|
Oct. 18, 2023
shares
|
Oct. 17, 2023
shares
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Common stock, capital shares reserved for future issuance (shares) |
|
|
|
|
3,675,000
|
1,875,000
|
Share based compensation expense | $ |
$ 394,931
|
$ 207,875
|
$ 749,120
|
$ 403,399
|
|
|
2014 Employee Stock Purchase Plan | Employee Stock |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Common stock, capital shares reserved for future issuance (shares) |
125,000
|
|
125,000
|
|
|
|
Share-based compensation arrangement by share-based payment award, award vesting period (in days) |
|
|
90 days
|
|
|
|
Minimum hour requirement for employees participation in the ESSP (hours) | h |
|
|
20
|
|
|
|
Employee stock ownership plan (ESOP), successive offering period |
|
|
6 months
|
|
|
|
Annual compensation limit percentage, employee stock purchase plan (percentage) |
|
|
10.00%
|
|
|
|
Annual compensation limit, employee stock purchase plan | $ |
|
|
$ 21,250
|
|
|
|
Shares issuance limit per offering period, employee stock purchase plan (in shares) |
|
|
2,000
|
|
|
|
Fair market value of shares available for issuance (percentage) |
|
|
85.00%
|
|
|
|
Value of shares issued | $ |
$ 5,206
|
$ 7,992
|
$ 5,206
|
$ 7,992
|
|
|
Stock purchase plan issuances (shares) |
3,047
|
4,329
|
3,047
|
4,329
|
|
|
Share based compensation expense | $ |
$ 1,031
|
$ 1,361
|
$ 2,041
|
$ 2,599
|
|
|
Number of shares reserved for future issuance |
77,931
|
|
77,931
|
|
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v3.24.2.u1
Stockholders' Equity - Summary Stock-Based Compensation (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation expense |
$ 394,931
|
$ 207,875
|
$ 749,120
|
$ 403,399
|
Cost of revenue |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation expense |
56,874
|
18,085
|
108,445
|
35,255
|
Sales and marketing |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation expense |
64,719
|
29,743
|
121,207
|
47,591
|
General and administrative |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation expense |
$ 273,338
|
$ 160,047
|
$ 519,468
|
$ 320,553
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v3.24.2.u1
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss)(Details) - USD ($)
|
6 Months Ended |
|
|
|
|
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
$ 60,773,833
|
$ 62,501,847
|
$ 65,313,388
|
$ 66,362,657
|
$ 67,833,071
|
$ 70,265,947
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
60,773,833
|
$ 62,501,847
|
65,313,388
|
$ 66,362,657
|
$ 67,833,071
|
$ 70,265,947
|
Accumulated Foreign Currency Adjustment Attributable to Parent |
|
|
|
|
|
|
Share-Based Payment Arrangement [Abstract] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
(12,302)
|
|
0
|
|
|
|
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
(12,302)
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
(12,302)
|
|
0
|
|
|
|
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
(12,302)
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
|
|
|
|
Share-Based Payment Arrangement [Abstract] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
(112,086)
|
|
(250,591)
|
|
|
|
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
138,505
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
(112,086)
|
|
(250,591)
|
|
|
|
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
138,505
|
|
|
|
|
|
AOCI, Gain (Loss), Debt Securities, Available-for-Sale, with Allowance for Credit Loss, Parent |
|
|
|
|
|
|
Share-Based Payment Arrangement [Abstract] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
(99,784)
|
|
(250,591)
|
|
|
|
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
150,807
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Stockholders' Equity Attributable to Parent |
(99,784)
|
|
$ (250,591)
|
|
|
|
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax |
$ 150,807
|
|
|
|
|
|
X |
- DefinitionAmount before tax of reclassification adjustments of other comprehensive income (loss).
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v3.24.2.u1
Loss per Common Share - Schedule of Dilutive Shares (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
|
|
|
Net loss |
$ (2,194,828)
|
$ (1,033,426)
|
$ (5,460,678)
|
$ (3,839,765)
|
Weighted average common shares outstanding - basic (in shares) |
16,437,460
|
15,520,700
|
16,470,467
|
15,551,785
|
Weighted average common shares outstanding - diluted (in shares) |
16,437,460
|
15,520,700
|
16,470,467
|
15,551,785
|
Basic loss per common share (in dollars per share) |
$ (0.13)
|
$ (0.07)
|
$ (0.33)
|
$ (0.25)
|
Diluted loss per common share (in dollars per share) |
$ (0.13)
|
$ (0.07)
|
$ (0.33)
|
$ (0.25)
|
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v3.24.2.u1
Loss per Common Share - Schedule of Anti-Dilutive Shares (Details) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from computation of earnings per share (in shares) |
1,788,948
|
826,655
|
1,744,500
|
813,522
|
Stock options |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from computation of earnings per share (in shares) |
342,779
|
400,188
|
342,779
|
416,195
|
Restricted stock units |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from computation of earnings per share (in shares) |
1,446,169
|
426,467
|
1,401,721
|
397,303
|
Restricted Stock [Member] |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from computation of earnings per share (in shares) |
0
|
0
|
0
|
24
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v3.24.2.u1
Revenue - Disaggregation of Revenue (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
$ 9,093,816
|
$ 10,689,059
|
$ 16,046,699
|
$ 19,426,781
|
Revenue from North America |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
7,537,029
|
10,035,693
|
13,027,444
|
18,171,826
|
Revenue from APAC |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
445,224
|
653,366
|
2,139,422
|
0
|
Revenue from Other |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
1,111,563
|
0
|
879,833
|
1,254,955
|
Managed Services Revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
8,850,463
|
10,618,381
|
15,547,005
|
19,121,135
|
SaaS Services Revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
$ 243,353
|
$ 70,678
|
$ 499,694
|
$ 305,646
|
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|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Revenue |
$ 9,093,816
|
$ 10,689,059
|
$ 16,046,699
|
$ 19,426,781
|
|
Length of contract with customers |
|
|
1 year
|
|
|
Contract liabilities |
7,176,694
|
|
$ 7,176,694
|
|
$ 8,891,205
|
Contract liabilities, revenue recognized |
|
|
$ 7,600,000
|
|
|
Contract length for sales commissions payment |
|
|
1
|
|
|
Performance obligation contract term |
|
|
1 year
|
|
|
Accounts receivable, before allowance for credit loss |
5,600,000
|
|
$ 5,600,000
|
|
$ 5,700,000
|
Accounts Receivable, Noncurrent, Year One, Originated, Current Fiscal Year |
300,000
|
|
300,000
|
|
|
Sponsored Social Revenue |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Revenue |
7,200,000
|
|
13,100,000
|
|
|
Content Revenue |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Revenue |
$ 1,700,000
|
|
$ 2,400,000
|
|
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v3.24.2.u1
Revenue - Contract Balances (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
Accounts receivable, net |
$ 5,617,269
|
$ 5,012,373
|
Contract liabilities (unearned revenue) |
$ 7,176,694
|
$ 8,891,205
|
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- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
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v3.24.2.u1
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