TheStreet.com, Inc. Reports First Quarter 2010 Results
Advertising Revenue Up 20% Year-over-Year
Premium Services Revenue Shows First Year-over-Year Growth in Six Quarters
on Continued Solid Growth of Bookings
Aggregate Subscription Services and RateWatch Bookings Highest Since First
Quarter of 2008; up 18% Year-over-Year
NEW YORK, May 5, 2010 – TheStreet.com, Inc. (Nasdaq: TSCM; http://www.thestreet.com), a leading digital financial media company, today reported financial results for the first quarter of 2010.
“Our results for the first quarter underscore the strong growth and momentum of our core businesses,” said Daryl Otte, the Company’s Chief Executive Officer. “Aggregate bookings for our subscription services and RateWatch businesses grew for the sixth consecutive quarter, rising 18% year-over-year and resulting in the best quarter of bookings since the first quarter of 2008. Bookings are the precursor to premium services revenue, and the growth of bookings in recent quarters has led us to report our first year-over-year growth in premium services revenue since the third quarter of 2008. This achievement is all the more gratifying since our premium services revenue in the prior period had an additional $0.5 million of revenue received as a result of the now-ended global research legal settlement.
“Since early last year, we have been placing intense focus on expanding the scale and profitability of our premium services businesses. We are glad these efforts already have been yielding strong results and we look forward to continuing our focus on this area.
“We also are pleased to report a 20% increase in advertising revenue – which excludes the revenue from a divested marketing services business – as compared to the prior year period, although we’d note that the first quarter of 2009 was a particularly difficult quarter for that business in light of the severe dislocation of the economy at the time. Our sites, already one of the top networks in our content vertical, have been taking a greater share of mind of our audience, as demonstrated by the fact that our rankings within our peer set(1), as measured by comScore, Inc., have been strengthening. Of the top 15 sites in comScore’s Business/Finance – News/Research category, based upon average monthly total unique visitors during the first quarter of 2010, our network of sites ranked 9th in terms of average daily visitors, total pages viewed, total visits and total minutes spent on site; 7th in terms of average minutes per visit; 8th in terms of average visits per visitor and 12th in terms of total unique visitors. Most of those rankings are one spot higher than we last reported.
“We continue our focus on growing our quality traffic, both to increase our advertising revenue and to provide additional inventory for cost-effective marketing of our premium services products. We expect to benefit from the ongoing secular shift of advertising dollars towards digital media, as well as to benefit from any cyclical strengthening of the advertising market.
“Our Adjusted EBITDA(2) for the first quarter of 2010, $0.6 million, compares favorably to the prior year period, which was $(1.1) million inclusive of our former Promotions.com subsidiary, which we divested in December 2009, and $(0.1) million excluding the impact of Promotions.com.
“Our balance of cash and cash equivalents, restricted cash and marketable securities at March 31, 2010 remained a healthy $81.7 million. This reflects a small decline from December 31, 2009, as the $1.4 million spent on dividends, capital expenditures and treasury stock as a result of stock withholding in connection with vesting of employee restricted stock units, exceeded the $0.5 million cash we generated from operations. We anticipate generating positive free cash flow throughout the year.
“We feel that the key to our success is that we are a leading and distinctive voice among financial media organizations, producing a rich well of proprietary content that we effectively monetize: every month, we produce over 2,500 articles and 400 videos by a team of 95 authors working both in our newsroom and through a well-developed network of active investing practitioners. This high quality, unique content allows us to attract high-value subscribers and an affluent and engaged audience, which in turn attracts advertisers seeking to connect with this coveted audience. We feel these great assets, the momentum in our businesses, and our strong balance sheet, position us well for continued success and opportunity,” Mr. Otte concluded.
Financial Highlights of First Quarter 2010
Note – the 2009 results discussed below are as reported in the Form 10-Q/A for the quarter ended March 31, 2009, with certain immaterial revisions to correct for certain items
The Company recorded revenue of $13.5 million in the first quarter of 2010, flat as compared to the first quarter of 2009. Premium services revenue increased 2%, to $9.7 million, as compared to the prior year period. The Company’s advertising revenue, which excludes the Company’s former Promotions.com subsidiary (which subsidiary the Company sold in December 2009, as previously disclosed) increased 20%, to $3.8 million, as compared to the first quarter of 2009. These increases were offset by the absence of revenue in the first quarter of 2010 from Promotions.com.
Operating expenses in the first quarter of 2010 were $15.1 million, a reduction of 65% as compared to $43.4 million in the prior year period. Operating expenses in the prior year period included restructuring and other charges of $2.0 million and asset impairment charges of $24.1 million; the current period did not include any such charges. The Company had a net loss of $(1.4) million in the first quarter of 2010, as compared to a net loss of $(46.0) million in the prior year period. The prior year period net loss included a $16.5 million provision for income taxes; the current period did not include such a provision. The Company reported basic and diluted net loss per share attributable to common stockholders of $(0.05) and $(0.05), respectively, in the first quarter of 2010, as compared with $(1.51) and $(1.51), respectively, in the prior year period. Adjusted EBITDA for the first quarter of 2010 was $0.6 million, as compared to $(1.1) million for the prior year period.
As previously disclosed, the Company sold its Promotions.com subsidiary in December 2009. Excluding the impact of Promotions.com from 2009 results, the Company’s operating results for
the first quarter of 2010 as compared to the prior year period were: (i) revenue of $13.5 million, an increase of 7% from $12.7 million in the first quarter of 2009; (ii) operating expenses of $15.1 million, a reduction of 64% as compared to $41.5 million in the prior year period (as noted above, operating expenses in the first quarter of 2009 included restructuring and other charges of $2.0 million and asset impairment charges of $24.1 million); (iii) net loss of $(1.4) million, as compared to a net loss of $(44.9) million in the first quarter of 2009 (as noted above, net loss in the first quarter of 2009 included a provision for income taxes of $16.5 million); and (iv) Adjusted EBITDA of $0.6 million, as compared to $(0.1) million in the prior year period.
TheStreet.com will conduct a conference call Wednesday, May 5, 2010, at 4:30 p.m. EDT to discuss these preliminary results. To participate in the call, dial (866) 770-7129 (domestic) or (617) 213-8067 (international). The passcode for the call is 13839355.
To access the Web cast of the call please visit:
http://www.thestreet.com/investor-relations/index.html?detailInclude=IROL-IRhome
(Due to its length, this URL may need to be copied/pasted into your Internet browser’s address field. Remove the extra space if one exists.)
About TheStreet.com
TheStreet.com is a leading digital financial media company. The Company’s network includes the following properties: TheStreet, RealMoney, Stockpickr, BankingMyWay, MainStreet and Rate-Watch. For more information and to get stock quotes and business news, visit http://www.thestreet.com.
(1) Our peer set per comScore, Inc., an independent web measurement company, are the sites in comScore’s Business/Finance – News/Research category. comScore reported three-month average numbers for the first quarter of 2010 for 187 web properties in this category.
(2) To supplement the Company’s financial statements presented in accordance with generally accepted accounting principles (“GAAP”), TheStreet.com, Inc. uses non-GAAP measures of certain components of financial performance, including “EBITDA”, “Adjusted EBITDA” and “free cash flow.” EBITDA is adjusted from results based on GAAP to exclude interest, income taxes, depreciation and amortization. This non-GAAP measure is provided to enhance investors’ overall understanding of the Company’s current financial performance and its prospects for the future. Specifically, the Company believes that the non-GAAP EBITDA results are an important indicator of the operational strength of the Company’s business and provide an indication of the Company’s ability to service debt and fund capital expenditures. EBITDA eliminates the uneven effect of considerable amounts of noncash depreciation of tangible assets and amortization of certain intangible assets that were recognized in business combinations. Adjusted EBITDA further eliminates the impact of noncash stock compensation and impairment expenses, restructuring charges and other non-standard one-time charges. A limitation of these measures, however, is that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the Company’s businesses. Management evaluates the investments in such tangible and intangible assets through other financial measures,
such as capital expenditure budgets and investment spending levels. “Free cash flow” means net income (loss) plus non-cash expenses less changes in working capital and capital expenditures. The Company believes that this non-GAAP financial measure is an important indicator of the Company's financial results because it gives investors a view of the Company's ability to generate cash.
The above information with respect to Promotions.com is presented as a non-GAAP measure for illustrative purposes regarding the disposition of the Company’s Promotions.com subsidiary and is not meant to represent a reflection of the operating activities of the Promotions.com subsidiary as if it was on a fully stand-alone basis. Promotions.com was a legal subsidiary of the Company whose activities were part of the combined results of the Company. Historically, Promotions.com was not considered an operating segment and management did not measure and maintain certain separate discrete financial information for Promotions.com, including cash flows for its activities.
The above measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP measure included in this press release has been reconciled to the nearest GAAP measure.
All statements contained in this press release other than statements of historical facts are deemed forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, including those described in the Company’s filings with the Securities and Exchange Commission, that could cause actual results to differ materially from those reflected in the forward-looking statements. All forward-looking statements contained herein are made as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results or occurrences. The Company disclaims any obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise.
Source: TheStreet.com, Inc.
CONTACT: TheStreet.com, Inc.
Gregory Barton
Phone: 212-321-5484
Email: IR@thestreet.com
| THESTREET.COM, INC. | |
| CONSOLIDATED STATEMENTS OF OPERATIONS | |
| (unaudited) | |
| | | For the Three Months Ended | |
| | | March 31, | |
| | | 2010 | | | 2009 | |
| Net revenue: | | | | | | |
| Premium services | | $ | 9,694,582 | | | $ | 9,507,441 | |
| Marketing services | | | 3,805,775 | | | | 3,993,022 | |
| Total net revenue | | | 13,500,357 | | | | 13,500,463 | |
| | | | | | | | | |
| Operating expense: | | | | | | | | |
| Cost of services | | | 6,369,662 | | | | 8,245,710 | |
| Sales and marketing | | | 3,245,557 | | | | 2,976,907 | |
| General and administrative | | | 4,436,275 | | | | 4,541,678 | |
| Depreciation and amortization | | | 1,044,433 | | | | 1,470,737 | |
| Impairment charges | | | - | | | | 24,137,069 | |
| Restructuring and other charges | | | - | | | | 1,984,529 | |
| Total operating expense | | | 15,095,927 | | | | 43,356,630 | |
| Operating loss | | | (1,595,570 | ) | | | (29,856,167 | ) |
| Net interest income | | | 176,595 | | | | 230,137 | |
| Other income | | | 20,374 | | | | 153,677 | |
| Loss from continuing operations before | | | | | | | | |
| income taxes | | | (1,398,601 | ) | | | (29,472,353 | ) |
| Provision for Income taxes | | | - | | | | (16,515,077 | ) |
| Loss from continuing operations | | | (1,398,601 | ) | | | (45,987,430 | ) |
| Discontinued operations: | | | | | | | | |
| (Loss) income from discontinued operations | | | (18,943 | ) | | | 925 | |
| Net loss | | | (1,417,544 | ) | | | (45,986,505 | ) |
| Preferred stock cash dividends | | | 96,424 | | | | 96,424 | |
| Net loss attributable to common stockholders | | $ | (1,513,968 | ) | | $ | (46,082,929 | ) |
| | | | | | | | | |
| Basic net (loss) income per share: | | | | | | | | |
| Loss from continuing operations | | $ | (0.05 | ) | | $ | (1.51 | ) |
| (Loss) income from discontinued operations | | | (0.00 | ) | | | 0.00 | |
| Preferred stock dividends | | | (0.00 | ) | | | (0.00 | ) |
| Net loss attributable to common stockholders | | $ | (0.05 | ) | | $ | (1.51 | ) |
| | | | | | | | | |
| Diluted net (loss) income per share: | | | | | | | | |
| Loss from continuing operations | | $ | (0.05 | ) | | $ | (1.51 | ) |
| (Loss) income from discontinued operations | | | (0.00 | ) | | | 0.00 | |
| Preferred stock dividends | | | (0.00 | ) | | | (0.00 | ) |
| Net loss attributable to common stockholders | | $ | (0.05 | ) | | $ | (1.51 | ) |
| | | | | | | | | |
| Weighted average basic shares outstanding | | | 31,496,139 | | | | 30,495,300 | |
| Weighted average diluted shares outstanding | | | 31,496,139 | | | | 30,495,300 | |
| | | | | | | | | |
| THESTREET.COM, INC. | |
| CONSOLIDATED BALANCE SHEETS | |
| | | | | | | |
| ASSETS | | | | | | |
| | | March 31, 2010 | | | December 31, 2009 | |
| | | (unaudited) | | | (audited) | |
| Current Assets: | | | | | | |
| Cash and cash equivalents | | $ | 28,235,568 | | | $ | 60,542,494 | |
| Marketable securities | | | 14,411,320 | | | | 2,812,400 | |
| Accounts receivable, net of allowance for doubtful | | | | | | | | |
| accounts of $230,454 at March 31, 2010 and $276,668 at | | | | | |
| December 31, 2009 | | | 4,608,700 | | | | 5,963,209 | |
| Other receivables | | | 2,787,079 | | | | 2,774,898 | |
| Prepaid expenses and other current assets | | | 1,765,715 | | | | 1,691,038 | |
| Total current assets | | | 51,808,382 | | | | 73,784,039 | |
| | | | | | | | | |
| Property and equipment, net of accumulated depreciation | | | | | | | | |
| and amortization of $13,617,005 at March 31, 2010 | | | | | | | | |
| and $13,263,460 at December 31, 2009 | | | 7,211,893 | | | | 7,493,020 | |
| Marketable securities | | | 37,312,425 | | | | 17,515,687 | |
| Long term investment | | | 555,000 | | | | 555,000 | |
| Other assets | | | 163,577 | | | | 167,477 | |
| Goodwill | | | 24,286,616 | | | | 24,286,616 | |
| Other intangibles, net | | | 7,851,368 | | | | 8,210,105 | |
| Restricted cash | | | 1,702,079 | | | | 1,702,079 | |
| Total assets | | $ | 130,891,340 | | | $ | 133,714,023 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| Current Liabilities: | | | | | | | | |
| Accounts payable | | $ | 2,110,635 | | | $ | 2,164,809 | |
| Accrued expenses | | | 4,704,753 | | | | 7,894,136 | |
| Deferred revenue | | | 18,826,107 | | | | 17,306,737 | |
| Other current liabilities | | | 130,041 | | | | 132,682 | |
| Liabilities of discontinued operations | | | 223,478 | | | | 223,165 | |
| Total current liabilities | | | 25,995,014 | | | | 27,721,529 | |
| Deferred tax liability | | | 288,000 | | | | 288,000 | |
| Other liabilities | | | 1,588,873 | | | | 1,230,591 | |
| Total liabilities | | | 27,871,887 | | | | 29,240,120 | |
| | | | | | | | | |
| Stockholders' Equity: | | | | | | | | |
| Preferred stock; $0.01 par value; 10,000,000 shares | | | | | | | | |
| authorized; 5,500 shares issued and outstanding at | | | | | | | | |
| March 31, 2010 and December 31, 2009; | | | | | | | | |
| the aggregate liquidation preference totals $55,000,000 | | | | | |
| as of March 31, 2010 and December 31, 2009 | | | 55 | | | | 55 | |
| Common stock; $0.01 par value; 100,000,000 shares | | | | | | | | |
| authorized; 37,652,035 shares issued and 31,548,827 | | | | | | | | |
| shares outstanding at March 31, 2010, and 37,246,362 | | | | | | | | |
| shares issued and 31,164,628 shares outstanding at | | | | | | | | |
| December 31, 2009 | | | 376,520 | | | | 372,464 | |
| Additional paid-in capital | | | 271,702,340 | | | | 271,715,956 | |
| Accumulated other comprehensive income | | | 371,335 | | | | 344,372 | |
| Treasury stock at cost; 6,103,208 shares at March 31, 2010 | | | | | |
| and 6,081,734 shares at December 31, 2009 | | | (10,466,261 | ) | | | (10,411,952 | ) |
| Accumulated deficit | | | (158,964,536 | ) | | | (157,546,992 | ) |
| Total stockholders' equity | | | 103,019,453 | | | | 104,473,903 | |
| | | | | | | | | |
| Total liabilities and stockholders' equity | | $ | 130,891,340 | | | $ | 133,714,023 | |
| | | | | | | | | |
| THESTREET.COM, INC. | |
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |
| (unaudited) | |
| | | For the Three Months Ended March 31, | |
| | | 2010 | | | 2009 | |
| Cash Flows from Operating Activities: | | | | | | |
| Net loss | | $ | (1,417,544 | ) | | $ | (45,986,505 | ) |
| Loss (income) from discontinued operations | | | 18,943 | | | | (925 | ) |
| Loss from continuing operations | | | (1,398,601 | ) | | | (45,987,430 | ) |
| Adjustments to reconcile loss from continuing operations | | | | | |
| to net cash provided by operating activities: | | | | | | | | |
| Stock-based compensation expense | | | 591,191 | | | | 1,243,613 | |
| Provision for doubtful accounts | | | (41,295 | ) | | | 72,858 | |
| Depreciation and amortization | | | 1,044,433 | | | | 1,470,737 | |
| Valuation allowance on deferred taxes | | | - | | | | 16,404,790 | |
| Impairment charges | | | - | | | | 24,137,069 | |
| Restructuring and other charges | | | - | | | | 428,868 | |
| Deferred rent | | | 343,913 | | | | 352,320 | |
| Gain on disposal of equipment | | | (20,600 | ) | | | - | |
| Changes in operating assets and liabilities: | | | | | | | | |
| Accounts receivable | | | 1,395,804 | | | | 3,935,057 | |
| Other receivables | | | 8,619 | | | | 112,375 | |
| Prepaid expenses and other current assets | | | (74,679 | ) | | | (26,789 | ) |
| Other assets | | | - | | | | (14,821 | ) |
| Accounts payable | | | (54,174 | ) | | | 650,508 | |
| Accrued expenses | | | (2,856,383 | ) | | | 1,600,411 | |
| Deferred revenue | | | 1,519,370 | | | | 809,280 | |
| Other current liabilities | | | (3,439 | ) | | | 165,628 | |
| Other liabilities | | | 15,167 | | | | (15,877 | ) |
| Net cash provided by continuing operations | | | 469,326 | | | | 5,338,597 | |
| Net cash used in discontinued operations | | | (18,630 | ) | | | (2,576 | ) |
| Net cash provided by operating activities | | | 450,696 | | | | 5,336,021 | |
| | | | | | | | | |
| Cash Flows from Investing Activities: | | | | | | | | |
| Purchase of marketable securities | | | (35,800,533 | ) | | | (11,491,614 | ) |
| Sale of marketable securities | | | 4,431,838 | | | | - | |
| Capital expenditures | | | (423,367 | ) | | | (647,948 | ) |
| Proceeds from the sale of fixed assets | | | 22,500 | | | | - | |
| Net cash used in investing activities | | | (31,769,562 | ) | | | (12,139,562 | ) |
| | | | | | | | | |
| Cash Flows from Financing Activities: | | | | | | | | |
| Cash dividends paid on common stock | | | (837,327 | ) | | | (787,271 | ) |
| Cash dividends paid on preferred stock | | | (96,424 | ) | | | (96,424 | ) |
| Purchase of treasury stock | | | (54,309 | ) | | | (230,287 | ) |
| Net cash used in financing activities | | | (988,060 | ) | | | (1,113,982 | ) |
| Net decrease in cash and cash equivalents | | | (32,306,926 | ) | | | (7,917,523 | ) |
| Cash and cash equivalents, beginning of period | | | 60,542,494 | | | | 72,441,294 | |
| Cash and cash equivalents, end of period | | $ | 28,235,568 | | | $ | 64,523,771 | |
| | | | | | | | | |
| Supplemental disclosures of cash flow information: | | | | | |
| | | | | | | | | |
| Cash payments made for interest | | $ | 1,478 | | | $ | 2,446 | |
| Cash payments made for income taxes | | $ | - | | | $ | 146,658 | |
| | | | | | | | | |
| THESTREET.COM, INC. | |
| CONSOLIDATED STATEMENTS OF OPERATIONS | |
| (unaudited) | |
| | | | | | | | | | | | | |
| | | For the Three Months Ended March 31, | | | | | | | |
| | | 2010 | | | 2009 | | | Promotions.com | | | Pro Forma | |
| Revenue: | | | | | | | | | | | | |
| Premium services | | $ | 9,694,582 | | | $ | 9,507,441 | | | $ | 99 | | | $ | 9,507,342 | |
| Marketing services | | | 3,805,775 | | | | 3,993,022 | | | | 829,197 | | | | 3,163,825 | |
| Total net revenue | | | 13,500,357 | | | | 13,500,463 | | | | 829,296 | | | | 12,671,167 | |
| | | | | | | | | | | | | | | | | |
| Operating expense: | | | | | | | | | | | | | | | | |
| Cost of services | | | 6,369,662 | | | | 8,245,710 | | | | 968,492 | | | | 7,277,218 | |
| Sales and marketing | | | 3,245,557 | | | | 2,976,907 | | | | 239,634 | | | | 2,737,273 | |
| General and administrative | | | 4,436,275 | | | | 4,541,678 | | | | 677,202 | | | | 3,864,476 | |
| Depreciation and amortization | | | 1,044,433 | | | | 1,470,737 | | | | - | | | | 1,470,737 | |
| Asset impairments | | | - | | | | 24,137,069 | | | | - | | | | 24,137,069 | |
| Restructuring and other charges | | | - | | | | 1,984,529 | | | | - | | | | 1,984,529 | |
| Total operating expense | | | 15,095,927 | | | | 43,356,630 | | | | 1,885,328 | | | | 41,471,302 | |
| Operating loss | | | (1,595,570 | ) | | | (29,856,167 | ) | | | (1,056,032 | ) | | | (28,800,135 | ) |
| Net interest income | | | 176,595 | | | | 230,137 | | | | - | | | | 230,137 | |
| Other income | | | 20,374 | | | | 153,677 | | | | - | | | | 153,677 | |
| Loss from continuing operations before income taxes | | | (1,398,601 | ) | | | (29,472,353 | ) | | | (1,056,032 | ) | | | (28,416,321 | ) |
| Provision for Income taxes | | | - | | | | (16,515,077 | ) | | | - | | | | (16,515,077 | ) |
| Loss from continuing operations | | | (1,398,601 | ) | | | (45,987,430 | ) | | | (1,056,032 | ) | | | (44,931,398 | ) |
| Discontinued operations: | | | | | | | | | | | | | | | | |
| (Loss) Income from discontinued operations | | | (18,943 | ) | | | 925 | | | | - | | | | 925 | |
| Net loss | | | (1,417,544 | ) | | | (45,986,505 | ) | | | (1,056,032 | ) | | | (44,930,473 | ) |
| Preferred stock cash dividends | | | 96,424 | | | | 96,424 | | | | - | | | | 96,424 | |
| Net loss attributable to common stockholders | | $ | (1,513,968 | ) | | $ | (46,082,929 | ) | | $ | (1,056,032 | ) | | $ | (45,026,897 | ) |
| | | | | | | | | | | | | | | | | |
| Net loss | | $ | (1,417,544 | ) | | $ | (45,986,505 | ) | | $ | (1,056,032 | ) | | $ | (44,930,473 | ) |
| Net interest income | | | (176,595 | ) | | | (230,137 | ) | | | - | | | | (230,137 | ) |
| Provision for Income taxes | | | - | | | | 16,404,790 | | | | - | | | | 16,404,790 | |
| Depreciation and amortization | | | 1,044,433 | | | | 1,470,737 | | | | - | | | | 1,470,737 | |
| EBITDA | | | (549,706 | ) | | | (28,341,115 | ) | | | (1,056,032 | ) | | | (27,285,083 | ) |
| Noncash compensation | | | 591,191 | | | | 1,243,613 | | | | 4,986 | | | | 1,238,627 | |
| Asset impairments | | | - | | | | 24,137,069 | | | | - | | | | 24,137,069 | |
| Restructuring and other charges | | | - | | | | 1,984,529 | | | | - | | | | 1,984,529 | |
| Other income | | | (20,374 | ) | | | (153,677 | ) | | | - | | | | (153,677 | ) |
| One-time transaction costs | | | 544,911 | | | | - | | | | - | | | | - | |
| Adjusted EBITDA | | $ | 566,022 | | | $ | (1,129,581 | ) | | $ | (1,051,046 | ) | | $ | (78,535 | ) |
| | | | | | | | | | | | | | | | | |
