NEW YORK, Aug. 20, 2018 /PRNewswire/ -- Jerrick Media Holdings, Inc., (OTCQB: JMDA) (the "Company" or "Jerrick"), a technology company and the creators of Vocal, today reported financial results for its second fiscal quarter 2018.
Key Financial Results
- Revenues complete with receivables were $33,193, including $9,170 of receivables.
- Revenues grew over 100% in second quarter 2018 compared to $16,249 generated in first quarter 2018.
- Diversification of Vocal-generated revenue streams remained consistent through the first of 2018.
- Revenues for third quarter 2018 are estimated to be between $40,000 - $65,000.
- Revenues are expected to be in excess of between $70,000 - $150,000 for fourth quarter 2018.
- Operating expenses for the first half of 2018 averaged $481,000 monthly.
The Company expects to revert back to normalized operational expenses of less than $425,000 monthly on a go-forward basis, primarily due to cost savings related to technology. Technology development is expected to represent greater than 35% of monthly expenses, in line with previous quarters. Jerrick and its development partner, Sydney-based Thinkmill, continue material discussions regarding the broad application of Jerrick's platform Vocal on an enterprise basis, as well as potential strategic partnerships or joint ventures involving white labeling Vocal's underlying proprietary technology.
Key Operational Metrics
- Management continues work toward uplisting to the NASDAQ Capital Market before the end of third quarter 2019.
- Management expects headcount to remain near current levels through the uplisting.
"Content creators and consumers are driven by both quality and efficiency. The content creator seeks qualitative tools on a platform that saves time and adds value. The content consumer seeks qualitative and engaging experiences, that are worth investing the time it takes to absorb them," said Jerrick CEO Jeremy Frommer.
- The Vocal platform reached over 300,000 registered accounts.
- Vocal moderation, consisting of algorithmically assisted human curation, reviewed 230,000 submissions since January of 2017.
- In August 2018, Jerrick's Vocal platform added two new community sites to its portfolio: Styled, a community dedicated to fashion and Marriage, which focuses on weddings and wedding planning.
- With these additions, Vocal's network now amounts to a total of 34 genre-specific communities owned and operated by Jerrick.
"Jerrick's Vocal platform is the future of long form publishing in a social media environment," commented Frommer. "Traditional media, focused on delivering disruptive content, has forgotten that their platform's technology must be disruptive as well."
More details related to these financial results can be found on sec.gov on the Company's Form 10-Q filed on August 20, 2018.
Jerrick is a holding company that develops technology-based solutions designed to solve for challenges that have resulted from disruption and evolution within the broad media and content generation environment. Its flagship product Vocal is a long-form, digital publishing platform focused on supporting content creators with content management tools that are embedded within digital communities. Vocal is architected to enable targeted marketing of branded content and e-commerce opportunities embedded within long-form content. Vocal's community sites are managed by a dedicated team, whose primary focus is on creating healthy communities and identifying monetization opportunities for them.
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SOURCE Jerrick Media Holdings, Inc.