via NewMediaWire –
Paltalk, Inc.
(“Paltalk,”
the “Company,” “we,”
“our” or “us”)
(Nasdaq:
PALT), a communications software innovator that
powers multimedia social applications, today announced financial
and operational results for the second quarter ended June 30, 2023.
Key Financial Highlights for
Second Quarter
Ended June 30,
2023 Compared to Prior
Year Period
- Revenue increased 12% to $3.0 million
- Subscription revenue increased over 12% to $2.9 million
- Advertising revenue decreased 15% to $0.1 million
- Net income was $0.1 million compared to a net loss of $1.1
million, a change of 112%
- Adjusted EBITDA loss was $14,945 compared to Adjusted EBITDA
loss of $0.9 million
Key Financial Highlights for Six
Months Ended June
30,
2023 Compared to Prior
Year Period
- Revenue decreased slightly by 1% to $5.5 million
- Subscription revenue remained relatively unchanged at $5.4
million
- Advertising revenue decreased over 20% to $129,360
- Net loss decreased almost 68% to $0.6 million compared to a net
loss of $1.9 million
- Adjusted EBITDA loss decreased over 50% to $0.7 million
compared to Adjusted EBITDA loss of $1.4 million
- Deferred revenue increased 18% to $2.2 million as of June 30,
2023
- The Company had $13.7 million in cash and no long-term debt on
its balance sheet as of June 30, 2023
Near Term Business Objectives
- Leveraging our recently completed integration of the ManyCam
product into our Paltalk product through upselling initiatives
- Further optimizing marketing spend to effectively realize a
positive return on our investment
- Developing a user-friendly version of ManyCam that will be
optimized for both consumer and enterprise applications
- Continuing to implement several enhancements to our live video
chat applications as well as the integration of card and board
games and other features focused on retention and monetization,
which collectively are intended to increase user engagement and
revenue opportunities
- Continuing to explore strategic opportunities, including, but
not limited to, potential mergers or acquisitions of other assets
or entities that are synergistic to our businesses
- Continuing to develop our consumer application platform
strategy by seeking potential partnerships with large third-party
communities to whom we could promote a co-branded version of our
video chat products and potentially share in the incremental
revenues generated by these partner communities
- Continuing to defend our intellectual property
Management Commentary
Jason Katz, Chairman and CEO of Paltalk, commented, “We are very
pleased with our return to revenue growth and profitability in the
second quarter. All of our attention and efforts to optimize our
platforms and streamline our costs have paid off and
improved our foundation. Our infrastructure is capable of
supporting additional business, so if we continue to expand
revenue, we are confident that it would result in
increased profitability. We believe that this business
scalability, along with the $13.7 million in cash on our balance
sheet at quarter’s end, puts us in an excellent position.”
Katz concluded, “We have already met one of our key objectives
for 2023 with our return to increased revenue.
Additionally, as we surpassed the one-year anniversary of our
asset acquisition of ManyCam, and with the successful
integration of ManyCam into Paltalk and our team’s effort
in developing a new and easier version, we expect the one-year
annual auto renewals of existing ManyCam subscriptions to help
contribute to growth in subscription revenue in future
periods. While our trial against Cisco was pushed back to an
expected trial date late in the fourth quarter of 2023, the
Court recently denied Cisco’s motion for summary
judgement, and we look forward to continuing to defend our
intellectual property.”
Patent Litigation
On July 23, 2021, a wholly owned subsidiary of the Company,
Paltalk Holdings, Inc., filed a patent infringement lawsuit against
WebEx Communications, Inc., Cisco WebEx LLC, and Cisco Systems,
Inc. (collectively, “Cisco”), in the U.S. District Court for the
Western District of Texas (the “Court”). The Company alleges that
certain of Cisco’s products have infringed U.S. Patent No.
6,683,858, and that the Company is entitled to damages.
A Markman hearing took place on February 24, 2022. On September
7, 2022, the United States Patent Office issued a reexamination of
U.S. Patent No. 6,683,858, and on January 19, 2023, the
Examiner issued an Ex
Parte Reexamination Certificate, ending the
reexamination and confirming the patentability of claims 1-10 of
U.S. Patent No. 6,683,858. On June 29, 2023, the Court held a
pretrial conference with the parties and denied Cisco’s motion for
summary judgement. The trial is expected to be scheduled for late
in the fourth quarter of this year.
Financial Results
for Three Months Ended
June
30,
2023
- Revenue for the three months ended June 30, 2023 increased by
11.8% to $3.0 million, compared to $2.6 million for the three
months ended June 30, 2022. The increase in revenue was primarily
attributed to an increase in virtual goods revenue and new
subscribers as well as a full year of sales from ManyCam. These
increases were partially offset by a decrease in advertising
revenue of 15.2%;
- Loss from operations for the three months ended June 30, 2023
decreased by 74.4%, or $0.8 million, to a loss of $0.3 million,
compared to a loss of $1.1 million for the three months ended June
30, 2022. The decrease in loss from operations was attributed to
increased revenue for the three months ended June 30, 2023;
- Net income for the three months ended June 30, 2023 increased
112.0% to $0.1 million, compared to a net loss of $1.1 million the
three months ended June 30, 2022. The increase in net income was
due to the increase in subscription revenue, the reduction of
operating expenses, and $0.3 million of other income recognized in
connection with the Company’s recording of a refundable employee
retention tax credit; and
- Adjusted EBITDA loss for the three months ended June 30, 2023
decreased by 98.4%, to an Adjusted EBITDA loss of $14,945, compared
to Adjusted EBITDA loss of $0.9 million for the three months ended
June 30, 2022.
Financial Results for Six Months Ended
June 30, 2023
- Revenue for the six months ended June 30, 2023 decreased by
0.9% to $5.5 million, compared to $5.6 million for the six months
ended June 30, 2022. The decline in revenue was attributed to a
slight decrease in subscription revenue;
- Loss from operations for the six months ended June 30, 2023
decreased by 34.0%, or $0.6 million, to a loss of $1.2 million,
compared to a loss of $1.8 million for the six months ended June
30, 2022. The decrease in loss from operations was primarily
attributable to reduced operating expenses in connection with the
implementation of operating efficiencies;
- Net loss for the six months ended June 30, 2023 decreased by
67.7%, or $1.3 million, to $0.6 million, compared to a net loss of
$1.9 million for the six months ended June 30, 2022. The decrease
in net loss was attributed to decreases in operating expenses as
well as an increase in other income in connection with the
Company’s recording of a refundable employee retention tax
credit;
- Adjusted EBITDA loss for the six months ended June 30, 2023
decreased by 52.4%, or $0.7 million, to an Adjusted EBITDA loss of
$0.7 million, compared to Adjusted EBITDA loss of $1.4 million for
the six months ended June 30, 2022;
- Cash and cash equivalents totaled $13.7 million at June 30,
2023, a decrease of $1.0 million compared to $14.7 million at
December 31, 2022; and
- The Company had no long-term debt on its balance sheet at June
30, 2023.
Key Financial and Operating Metrics from
Operations: (in thousands, except for
percentages)
|
Three Months
Ended |
|
|
|
|
|
June 30,
(unaudited) |
|
Change |
|
|
2023 |
|
|
|
2022 |
|
|
$ |
|
% |
Subscription revenue |
$ |
2,885 |
|
|
$ |
2,561 |
|
|
$ |
324 |
|
|
12.7 |
% |
Advertising revenue |
$ |
71 |
|
|
$ |
84 |
|
|
($ |
13 |
) |
|
-15.5 |
% |
Technology service revenue |
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
0.0 |
% |
Total
revenues |
$ |
2,956 |
|
|
$ |
2,645 |
|
|
$ |
311 |
|
|
11.8 |
% |
Loss from
operations |
($ |
278 |
) |
|
($ |
1,084 |
) |
|
$ |
806 |
|
|
74.4 |
% |
Net
loss |
$ |
136 |
|
|
($ |
1,129 |
) |
|
$ |
1,264 |
|
|
112.0 |
% |
Net cash
used in operating activities |
($ |
279 |
) |
|
($ |
411 |
) |
|
$ |
132 |
|
|
32.1 |
% |
Adjusted
EBITDA (a non-GAAP measure) |
($ |
15 |
) |
|
($ |
909 |
) |
|
$ |
894 |
|
|
98.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended |
|
|
|
|
|
June 30,
(unaudited) |
|
Change |
|
|
2023 |
|
|
|
2022 |
|
|
$ |
|
% |
Subscription revenue |
$ |
5,391 |
|
|
$ |
5,407 |
|
|
($ |
16 |
) |
|
-0.2 |
% |
Advertising revenue |
$ |
129 |
|
|
$ |
164 |
|
|
($ |
35 |
) |
|
-21.3 |
% |
Technology service revenue |
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
0.0 |
% |
Total
revenues |
$ |
5,520 |
|
|
$ |
5,571 |
|
|
($ |
51 |
) |
|
0.9 |
% |
Loss from
operations |
($ |
1,187 |
) |
|
($ |
1,797 |
) |
|
$ |
594 |
|
|
34.0 |
% |
Net
loss |
($ |
603 |
) |
|
($ |
1,868 |
) |
|
$ |
1,350 |
|
|
67.7 |
% |
Net cash
used in operating activities |
($ |
997 |
) |
|
($ |
1,644 |
) |
|
$ |
562 |
|
|
34.2 |
% |
Adjusted
EBITDA (a non-GAAP measure) |
($ |
663 |
) |
|
($ |
1,393 |
) |
|
$ |
730 |
|
|
52.4 |
% |
ABOUT PALTALK, INC.
(Nasdaq:
PALT)
Paltalk, Inc. is a communications software innovator that powers
multimedia social applications. Our product portfolio includes
Paltalk and Camfrog, which together host a large collection of
video-based communities. Our other products include ManyCam,
Tinychat and Vumber. The Company has an over 20-year history of
technology innovation and holds 10 patents. For more information,
please visit: http://www.paltalk.com.
To be added to our news distribution list, please
visit: http://www.paltalk.com/investor-alerts/.
FORWARD-LOOKING
STATEMENTS:
This press release contains "forward-looking statements." Such
statements may be preceded by the words "intends," "may," "will,"
"plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential," or similar
words. Forward-looking statements are not guarantees of
future performance, are based on certain assumptions and are
subject to various known and unknown risks and uncertainties, many
of which are beyond the Company's control, and cannot be predicted
or quantified and consequently, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, without
limitation, any economic recession and the overall inflationary
environment on our results of operations and our business; our
ability to effectively market and generate revenue from our
applications; our ability to generate and maintain active users and
to effectively monetize our user base; our ability to improve,
market and promote the ManyCam software; the Company’s ability to
retain the listing of its common stock on The Nasdaq Capital
Market; our ability to release new applications or improve upon or
add features to existing applications on schedule or at all; risks
and uncertainties related to our increasing focus on the use of new
and novel technologies to enhance our applications, and our ability
to timely complete development of applications using new
technologies; our ability to effectively compete with existing
competitors and new market entrants; our ability to effectively
secure new software development and licensing customers; our
ability to protect our intellectual property rights; the use
of the internet and privacy and protection of user data; our
ability to consummate favorable acquisitions and effectively
integrate any companies or properties that we acquire; and our
ability to manage our partnerships and strategic alliances. More
detailed information about the Company and the risk factors that
may affect the realization of forward-looking statements is set
forth in the Company's filings with the Securities and Exchange
Commission ("SEC"), including the Company's most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors
and security holders are urged to read these documents free of
charge on the SEC's website at www.sec.gov.
All forward-looking statements speak only as of the date on
which they are made. The Company undertakes no obligation to update
any forward-looking statement or statements to reflect events or
circumstances after the date on which such statement was made,
except to the extent required by applicable securities laws.
Investor
Contacts:IR@paltalk.comClearThinknyc@clearthink.capital917-658-7878
PALTALK,
INC.RECONCILIATION
OF GAAP TO
NON-GAAP RESULTS
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, (Unaudited) |
|
|
June 30, (Unaudited) |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Reconciliation of net income (loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
135,629 |
|
|
$ |
(1,128,706 |
) |
|
$ |
(602,669 |
) |
|
$ |
(1,867,651 |
) |
Interest (income) expense, net |
|
|
(171,341 |
) |
|
|
1,595 |
|
|
|
(292,508 |
) |
|
|
3,457 |
|
Other (income) expense |
|
|
(343,045 |
) |
|
|
38,772 |
|
|
|
(343,045 |
) |
|
|
46,658 |
|
Income tax expense |
|
|
101,059 |
|
|
|
4,753 |
|
|
|
51,505 |
|
|
|
20,784 |
|
Impairment loss on digital tokens |
|
|
-- |
|
|
|
7,262 |
|
|
|
|
|
|
|
7,262 |
|
Depreciation and amortization expense |
|
|
205,583 |
|
|
|
108,176 |
|
|
|
411,167 |
|
|
|
184,440 |
|
Stock-based compensation expense |
|
|
57,170 |
|
|
|
59,149 |
|
|
|
112,311 |
|
|
|
211,620 |
|
Reported Adjusted EBITDA |
|
$ |
(14,945 |
) |
|
$ |
(908,999 |
) |
|
$ |
(663,239 |
) |
|
$ |
(1,393,430 |
) |
Non-GAAP Financial Measures and Key MetricsThe
Company has provided in this release Adjusted EBITDA, a non-GAAP
financial measure, to supplement the consolidated financial
statements, which are prepared in accordance with generally
accepted accounting principles in the United States ("GAAP").
Adjusted EBITDA is defined as net income (loss) adjusted to exclude
interest (income) expense, net, other (income) expense, income
taxes (benefit) expense, impairment loss on digital tokens,
depreciation and amortization expense, and stock-based compensation
expense.
Management uses Adjusted EBITDA internally in analyzing the
Company’s financial results to assess operational performance and
to determine the Company’s future capital requirements. The
presentation of this financial information is not intended to be
considered in isolation or as a substitute for the financial
information prepared in accordance with GAAP. The Company believes
that both management and investors benefit from referring to
Adjusted EBITDA in assessing its performance and when planning,
forecasting and analyzing future periods. The Company believes
Adjusted EBITDA is useful to investors and others to understand and
evaluate the Company’s operating results and it allows for a more
meaningful comparison between the Company’s performance and that of
competitors. Our use of Adjusted EBITDA has limitations as an
analytical tool, and you should not consider this performance
measure in isolation from or as a substitute for analysis of our
results as reported under GAAP. Some of these limitations are that
AdjustedEBITDA does not reflect, among other things: interest
(income) expense, net, income tax (benefit) expense, depreciation
and amortization expense, other (income) expense, net, and
stock-based compensation. Other companies, including companies in
our industry, may calculate Adjusted EBITDA differently, which
reduces its usefulness as a comparative measure.
Because of these limitations, you should consider Adjusted
EBITDA along with other financial performance measures, including
total revenues, subscription revenue, deferred revenue, net income
(loss), cash and cash equivalents, restricted cash, net cash used
in operating activities and our financial results presented in
accordance with GAAP.
PALTALK, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
June
30, |
|
|
December 31, |
|
|
|
2023 (Unaudited) |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
13,650,942 |
|
|
$ |
14,739,933 |
|
Accounts
receivable, net of allowances of $3,648 as of March 31, 2023 and
December 31, 2022 |
|
|
126,654 |
|
|
|
122,297 |
|
Employee
retention tax credit receivable, net |
|
|
246,629 |
|
|
|
|
|
Prepaid
expense and other current assets |
|
|
789,099 |
|
|
|
543,199 |
|
Total
current assets |
|
|
14,813,324 |
|
|
|
15,405,429 |
|
Operating
lease right-of-use asset |
|
|
118,330 |
|
|
|
159,181 |
|
Goodwill |
|
|
6,326,250 |
|
|
|
6,326,250 |
|
Intangible assets, net |
|
|
3,321,227 |
|
|
|
3,526,811 |
|
Other
assets |
|
|
13,937 |
|
|
|
13,937 |
|
Total assets |
|
$ |
24,387,485 |
|
|
$ |
25,431,608 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
679,082 |
|
|
$ |
1,013,637 |
|
Accrued
expenses and other current liabilities |
|
|
211,225 |
|
|
|
225,193 |
|
Operating
lease liabilities, current portion |
|
|
83,367 |
|
|
|
82,176 |
|
Contingent Consideration |
|
|
|
|
|
|
85,000 |
|
Deferred
subscription revenue |
|
|
2,169,454 |
|
|
|
2,257,452 |
|
Total
current liabilities |
|
|
3,143,128 |
|
|
|
3,663,458 |
|
Operating
lease liabilities, non-current portion |
|
|
34,963 |
|
|
|
77,005 |
|
Deferred
tax liability |
|
|
732,723 |
|
|
|
716,903 |
|
Total liabilities |
|
|
3,910,814 |
|
|
|
4,457,366 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common
stock, $0.001 par value, 25,000,000 shares authorized, 9,864,120
shares issued and 9,222,157 and 9,227,349 shares outstanding as of
March 31, 2023 and December 31, 2022, respectively |
|
|
9,864 |
|
|
|
9,864 |
|
Treasury
stock, 641,963 and 636,771 shares outstanding as of March 31, 2023
and December 31, 2022, respectively |
|
|
(1,199,337 |
) |
|
|
(1,192,124 |
) |
Additional paid-in capital |
|
|
36,086,046 |
|
|
|
35,973,735 |
|
Accumulated deficit |
|
|
(14,419,902 |
) |
|
|
(13,817,233 |
) |
Total stockholders’ equity |
|
|
20,476,671 |
|
|
|
20,974,242 |
|
Total liabilities and stockholders’ equity |
|
$ |
24,387,485 |
|
|
$ |
25,431,608 |
|
|
|
|
|
|
|
|
|
|
PALTALK, INC.CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
Three Months
Ended |
|
Three Months
Ended |
|
June 30, |
June 30, |
|
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Subscription revenue |
|
$ |
2,884,989 |
|
|
$ |
2,560,706 |
|
$ |
5,390,659 |
|
|
$ |
5,407,045 |
|
Advertising revenue |
|
|
71,013 |
|
|
|
83,762 |
|
|
129,360 |
|
|
|
164,124 |
|
Total revenues |
|
|
2,956,002 |
|
|
|
2,644,468 |
|
|
5,520,019 |
|
|
|
5,571,169 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
774,028 |
|
|
|
661,548 |
|
|
1,576,503 |
|
|
|
1,313,644 |
|
Sales and marketing expense |
|
|
220,512 |
|
|
|
484,133 |
|
|
475,380 |
|
|
|
895,615 |
895,615 |
Product development expense |
|
|
1,163,640 |
|
|
|
1,521,764 |
|
|
2,412,222 |
|
|
|
3,051,905 |
|
General and administrative expense |
|
|
1,075,520 |
|
|
|
1,053,347 |
|
|
2,242,631 |
|
|
|
2,099,495 |
|
Impairment loss on digital tokens |
|
|
|
|
|
|
7,262 |
|
|
|
|
|
|
7,262 |
|
Total costs and expenses |
|
|
3,233,700 |
|
|
|
3,728,054 |
|
|
6,706,736 |
|
|
|
7,367,921 |
|
Loss from operations |
|
|
(277,698 |
) |
|
|
(1,083,586 |
) |
|
(1,186,717 |
) |
|
|
(1,796,752 |
) |
Interest income (expense), net |
|
|
171,341 |
|
|
|
(1,595 |
) |
|
292,508 |
|
|
|
(3,457 |
) |
Other expense |
|
|
343,045 |
|
|
|
(38,772 |
) |
|
343,045 |
|
|
|
(46,658 |
) |
Loss from operations before provision for income taxes |
|
|
236,688 |
|
|
|
(1,123,953 |
) |
|
(551,164 |
) |
|
|
(1,846,867 |
) |
Income tax benefit (expense) |
|
|
(101,059 |
) |
|
|
(4,753 |
) |
|
(51,505 |
) |
|
|
(20,784 |
) |
Net loss |
|
$ |
135,629 |
|
|
$ |
(1,128,706 |
) |
$ |
(602,669 |
) |
|
$ |
(1,867,651 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
(0.12 |
) |
$ |
(0.07 |
) |
|
$ |
(0.19 |
) |
Diluted |
|
$ |
0.01 |
|
|
$ |
(0.12 |
) |
$ |
(0.07 |
) |
|
$ |
(0.19 |
) |
Weighted average number of shares of common stock used in
calculating net loss per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,222,256 |
|
|
|
9,771,608 |
|
|
9,222,256 |
|
|
|
9,801,715 |
|
Diluted |
|
|
9,222,256 |
|
|
|
9,771,608 |
|
|
9,222,256 |
|
|
|
9,801,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PALTALK, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)
|
|
Six Months
Ended |
|
June 30, |
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net
loss |
|
$ |
(602,669 |
) |
|
$ |
(,1867,651 |
) |
Adjustments to reconcile net loss from operations to net cash used
in operating activities: |
|
|
|
|
|
|
|
|
Depreciation of property and equipment |
|
|
- |
|
|
|
51,918 |
|
Amortization of intangible assets |
|
|
411,167 |
|
|
|
135,522 |
|
Amortization of operating lease right-of-use assets |
|
|
40,851 |
|
|
|
39,924 |
|
Impairment loss on digital tokens |
|
|
- |
|
|
|
7,262 |
|
Deferred
tax expense |
|
|
15,820 |
|
|
|
- |
|
Stock-based compensation |
|
|
112,311 |
|
|
|
211,620 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(4,357 |
) |
|
|
46657 |
|
Operating
lease liability |
|
|
(40,851 |
) |
|
|
(39,924 |
) |
Prepaid
expense and other current assets |
|
|
(245,900 |
) |
|
|
(120,686 |
) |
Accounts
payable, accrued expenses and other current liabilities |
|
|
(381,523 |
) |
|
|
(29,932 |
) |
Employee
retention tax credit receivable, net |
|
|
(213,629 |
) |
|
|
- |
|
Deferred
subscription revenue |
|
|
(87,998 |
) |
|
|
(75,644 |
) |
Net cash used in operating activities |
|
|
(996,778 |
) |
|
|
(1,643,934 |
) |
Cash flows from investing activities
activities: |
|
|
|
|
|
|
|
|
Acquisition of ManyCam assets |
|
|
- |
|
|
|
(2,700,000 |
) |
Acquisition related costs of ManyCam assets |
|
|
- |
|
|
|
(228,928 |
) |
Payment of contingent consideration |
|
|
(85,000 |
) |
|
|
- |
|
Net cash used in investing activities |
|
|
(85,000 |
) |
|
|
(2,928,928 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Purchase of treasury stock |
|
|
(7,213 |
) |
|
|
(213,180 |
) |
Net cash used in financing activities |
|
|
(7,213 |
) |
|
|
(213,180 |
) |
Net decrease in cash and cash equivalents |
|
|
(1,088,991 |
) |
|
|
(4,786,042 |
) |
Balance of cash and cash equivalents at beginning of period |
|
|
14,739,933 |
|
|
|
21,636,860 |
|
Balance of cash and cash equivalents at end of period |
|
$ |
13,650,942 |
|
|
$ |
16,850,818 |
|
Supplemental disclosure of cash flow information: Non-cash
investing and financing activities: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
512 |
|
|
|
- |
|
Taxes |
|
$ |
18,551 |
|
|
$ |
- |
|
Write-off of property and equipment |
|
$ |
- |
|
|
$ |
1,475,649 |
|
Deferred tax liability associated with the acquisition of ManyCam
assets |
|
$ |
|
|
|
$ |
806,493 |
|
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