NEW YORK, May 15, 2019 /PRNewswire/ -- Jerrick Media Holdings, Inc., (OTCQB: JMDA) (the "Company" or "Jerrick"), a technology company and the creator of Vocal, today reported financial results for the first quarter ending March 31, 2019.
Key Financial Highlights:
- First quarter 2019 revenues were $34,334, as compared to $16,249 in revenues in the first quarter of fiscal year 2018.
- First quarter sales activity generated a backlog of $31,300 in branded content revenues for second quarter 2019. This is the Company's first material backlog.
- The Company is in the process of completing $65,000 in revenues minimally for the first half of fiscal year 2019, representing 81% of the total revenues reported for fiscal year 2018. The Company expects the delta to expand rapidly over the second half of fiscal year 2019. The volume of new insertion orders increased on a monthly basis during the quarter, and is expected to continue to increase, in addition to recurring revenue opportunities from the Company's existing clients.
- In first quarter 2019, the Company commenced a Tender Offer to facilitate the exchange of a series of its Warrants for shares of the Company's Common Stock, the primary goal of which was to strengthen the Company's capital structure. The Offer was successfully completed on April 12, 2019, with approximately 91% of the eligible warrants exchanged.
- Direct operating expenses in the first quarter were $1,357,928, net of $381,400 applied to outstanding payables. Total quarterly operating expenses were $1,739,328. For comparison purposes, direct operating expenses were $1,104,826 for the same period in fiscal year 2018, net of $235,000 applied to outstanding payables. Total operating expenses for first quarter 2018 were $1,339,826.
- Operating expenses after payables averaged $453,000 monthly. In second quarter 2019, operating expenses, net of payable offsets, are tracking under $400,000 monthly, implying approximately $1,200,000 direct operating expenses for the quarter.
"The progress Jerrick has achieved in enhancing its balance sheet has enabled the Company to raise capital at continually increasing valuations," commented Jerrick CEO Jeremy Frommer. "In the few years since we launched our Vocal platform, we have attracted hundreds of thousands of content creators. These content creators have generated nearly forty million page views annually in Vocal's expanding network of communities. Most importantly, we have been true to one of the Company's core goals: Jerrick built the Vocal platform to provide storytelling tools for creators to get discovered and be rewarded for their content while growing their individual audiences."
Key Operational Highlights:
- Justin Maury, previously Head of Product, was named President of the Company.
- Implemented design and development plan for Maven technology.
- Continued development of e-commerce platform technologies including What to Buy and After Hours.
- Released Jerrick's rebranded corporate site: https://jerrick.media/.
- Released 2019 Investor Presentation.
- The Company has officially targeted Tuesday, June 4th as the hard launch of Vocal's creator subscription based model.
Frommer continued, "Jerrick has a portfolio approach to revenue opportunities. Our team combines business process and technology efficiencies to improve, scale and identify those opportunities. Jerrick's technology can access a significant total addressable market with internal resources while at the same time enabling acquisitions of external sales groups, agencies and brand assets."
More details related to these financial results can be found on sec.gov on the Company's Form 10-Q filed on May 15, 2019.
Jerrick is a holding company that develops technology-based solutions. Its flagship product Vocal is a long-form, digital publishing platform focused on supporting content creators by providing them with publishing tools and monetization features 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 safe communities and identifying monetization opportunities within them.
For more information please review Jerrick's Investor Presentation: https://jerrickmedia.docsend.com/view/6pdcppw
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SOURCE Jerrick Media Holdings, Inc.