LOS ANGELES, Aug. 14, 2017 /PRNewswire/ -- SRAX (Nasdaq:
SRAX), an advertising technology company providing the tools to
automate digital marketers and content owners' campaigns across
digital channels, reported total revenue of $6.0 million,
operating loss of $9,000, GAAP net
loss of $737,700 and positive Adjusted EBITDA of $221,400
for the second quarter 2017.
"The second quarter reflected the benefits of the cost
management efforts implemented at the end of the first quarter,
with improved operating and Adjusted EBITDA results," stated SRAX's
CEO and Chairman Christopher
Miglino. "The leaner infrastructure we now have in place,
together with targeted higher gross margin revenue and new product
verticals, we believe will generate positive Adjusted EBITDA for
the second half of 2017."
Second Quarter 2017 Financial Results:
- Revenue was $6.0 million,
compared to $9.2 million in the
second quarter of 2016. This reflects the intentional decrease in
revenue from a significant legacy, lower-margin customer partially
offset by an increase in revenue from SRAX buy-side and sell-side
clients as well as continuing growth in SRAXmd.
- Gross profit was $3.3 million,
compared to $3.0 million in the
second quarter of 2016. Gross margin was 56%, compared to 32% in
the second quarter of 2016, reflecting the benefit from reduced
low-margin revenue from the company's significant legacy
customer.
- Operating expenses were $3.3
million, compared to $4.1
million in the second quarter of 2016, which included a
$670,000 impairment of goodwill
charge.
- Other expense of $728,700
represents the net impact of financing and associated transactions
in the second quarter.
- Operating loss was $9,000,
improving compared to operating loss of $1.1
million in the second quarter of 2016, reflecting the
strategic focus of the company on higher gross margin revenue and
more efficient sales operations.
- Net loss was $737,700, compared
to the net income of $1.9 million in
the second quarter of 2016, which included a $3.7 million write-off of a contingent
consideration.
- Adjusted EBITDA was $221,400,
compared to an Adjusted EBITDA loss of $4,900 in the second quarter of 2016.
Adjusted EBITDA is defined as earnings before interest, taxes,
depreciation and amortization, and certain additional one-time
expenses. It is not intended to represent a measure of performance
in accordance with accounting principles generally accepted
in the United States (GAAP). A detailed description and
reconciliation of EBITDA and management's reasons for using this
measure is set forth at the end of this press release.
In April, SRAX entered into definitive securities purchase
agreements for the purchase and sale of 5,000,000 principal amount
of 12.5% secured convertible debentures and five-year Series A
warrants representing the right to acquire up to 833,337 shares of
the company's Class A common stock. As of May 3rd, SRAX received net proceeds of
approximately $4.5 million from the
financings. Of this amount, $2.5
million was used to satisfy the put obligation of the Series
B warrants issued to investors in the company's January 2017 offering.
Updated 2017 Guidance:
- As a result of management's strategic focus on higher gross
margin revenue, total revenue guidance has been adjusted to
approximately $36 million,
approximately flat with 2016.
- Management expects 2017 gross margin to range between 47% and
55%, compared to 35% in 2016.
- Management expects 2017 operations to range between
$(200,000) and $2.7 million, compared
to an operating loss of $4.8 million
in 2016.
- Management reiterates 2017 Adjusted EBITDA guidance to be
between $2 million and
$5 million, up at least $3 million from an Adjusted EBITDA loss of
$1.1 million in 2016
Other Recent Corporate Highlights:
- Launched a new SRAX Social tool for digital marketers and
content owners to create posts and promote them beyond their
Facebook Page communities. The tool is the first of many planned
monetization opportunities to be developed and integrated into the
SRAX Social platform.
- Released a new guide: People-Based Advertising: How to Get
Bigger Results by Targeting the Most Precise Audience. The guide is
available to download by signing up at here.
- Unveiled the company's new "SRAX" branding, designed to reflect
the breadth and depth of the company's tools offered to digital
marketers and content owners.
Conference Call & Slide Presentation
Management
will review the results on a conference call with a live question
and answer session tomorrow, August 15,
2017, at 4:30 p.m. ET. To
access the call, please use passcode 2967856:
- If calling from the United
States or Canada, please
dial (888) 503-8169 to access the live call and (844) 512-2921 for
the replay available until August 22,
2017.
- If calling internationally, please dial (719) 325-2144 to
access the live call and
(412) 317-6671 for the replay.
- The call will be webcast over the internet and accessible at
the Company's website at http://srax.com/investors/ for at least 90
days. The webcast show the slides associated with the
conference call. Investors may also download the slides from
the website.
About SRAX
SRAX (NASDAQ: SRAX) is an advertising technology company
providing the tools to automate digital marketers and content
owners' campaigns across digital channels. SRAX's tools amplify
performance and maximize profits for brands in the healthcare, CPG,
automotive, wellness and lifestyle verticals through an omnichannel
approach that integrates all aspects of the marketing experience
into one platform. The company's machine-learning technology
identifies brands' core consumers and their characteristics
discovering new and measurable opportunities to target, reach and
monetize audiences driving online and offline sales lift. For more
information on how SRAX delivers a digital competitive advantage to
surpass today's marketing challenges, visit www.srax.com.
Safe Harbor Statement
This press release contains
certain forward-looking statements that are based upon current
expectations and involve certain risks and uncertainties within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Words or expressions such as "anticipate," "plan," "will,"
"intend," "believe" or "expect'" or variations of such words and
similar expressions are intended to identify such forward-looking
statements. These forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties, and
other factors, some of which are beyond our control and difficult
to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements,
including, without limitation, statements made with respect to
expectations of our ability to increase our revenues, satisfy our
obligations as they become due, report profitable operations and
other risks and uncertainties, all as set forth in our Annual
Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities
and Exchange Commission. All forward-looking statements involve
significant risks and uncertainties that could cause actual results
to differ materially from those in the forward-looking statements,
many of which are generally outside the control of Social Reality
and are difficult to predict. Social Reality undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contact Information:
Kirsten Chapman
LHA (Investor Relations)
+1 415 433 3777
srax@lhai.com
SOCIAL REALITY,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
June
30,
|
|
|
December
31,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
396,560
|
|
|
$
|
1,048,762
|
|
Accounts receivable,
net
|
|
|
7,597,427
|
|
|
|
8,411,019
|
|
Prepaid
expenses
|
|
|
324,060
|
|
|
|
332,503
|
|
Other current
assets
|
|
|
898
|
|
|
|
6,488
|
|
Total current
assets
|
|
|
8,318,945
|
|
|
|
9,798,772
|
|
Property and
equipment, net
|
|
|
63,545
|
|
|
|
55,492
|
|
Goodwill
|
|
|
15,644,957
|
|
|
|
15,644,957
|
|
Intangibles assets,
net
|
|
|
940,613
|
|
|
|
1,365,241
|
|
Other
assets
|
|
|
39,135
|
|
|
|
34,659
|
|
Total
assets
|
|
$
|
25,007,195
|
|
|
$
|
26,899,121
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
12,097,107
|
|
|
$
|
13,156,083
|
|
Note payable, net of
unamortized costs
|
|
|
—
|
|
|
|
3,418,788
|
|
Unearned
revenue
|
|
|
135,032
|
|
|
|
—
|
|
Put warrant
liability
|
|
|
338,414
|
|
|
|
—
|
|
Debenture warrant
liability
|
|
|
723,036
|
|
|
|
—
|
|
Debenture conversion
liability
|
|
|
689,942
|
|
|
|
—
|
|
Put
liability
|
|
|
1,500,000
|
|
|
|
1,500,000
|
|
Total current
liabilities
|
|
|
15,483,531
|
|
|
|
18,074,871
|
|
Secured convertible
debentures, net
|
|
|
1,811,446
|
|
|
|
—
|
|
Total
liabilities
|
|
|
17,294,977
|
|
|
|
18,074,871
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 13)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock,
authorized 50,000,000 shares, $0.001 par value, no shares issued or
outstanding at June 30, 2017 and December 31, 2016,
respectively
|
|
|
—
|
|
|
|
—
|
|
Class A common stock,
authorized 250,000,000 shares, $0.001 par value, 8,025,017 and
6,951,077 shares issued and outstanding at June 30, 2017 and
December 31, 2016, respectively
|
|
|
8,025
|
|
|
|
6,951
|
|
Class B common stock,
authorized 9,000,000 shares, $0.001 par value, no shares issued or
outstanding at June 30, 2017 and December 31, 2016,
respectively
|
|
|
—
|
|
|
|
—
|
|
Common stock to be
issued
|
|
|
—
|
|
|
|
678,000
|
|
Additional paid in
capital
|
|
|
24,858,241
|
|
|
|
22,529,303
|
|
Accumulated
deficit
|
|
|
(17,154,048)
|
|
|
|
(14,390,004)
|
|
Total stockholders'
equity
|
|
|
7,712,218
|
|
|
|
8,824,250
|
|
Total liabilities and
stockholders' equity
|
|
$
|
25,007,195
|
|
|
$
|
26,899,121
|
|
SOCIAL REALITY,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND SIX
MONTHS ENDED JUNE 30, 2017 AND 2016
(Unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
|
Six Months
Ended
June
30,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
5,979,688
|
|
|
$
|
9,249,411
|
|
|
$
|
11,305,852
|
|
|
$
|
14,718,746
|
|
Cost of
revenue
|
|
|
2,644,208
|
|
|
|
6,262,808
|
|
|
|
5,923,327
|
|
|
|
9,443,370
|
|
Gross
profit
|
|
|
3,335,480
|
|
|
|
2,986,603
|
|
|
|
5,382,525
|
|
|
|
5,275,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General, selling and
administrative expense
|
|
|
3,344,445
|
|
|
|
3,425,590
|
|
|
|
7,754,252
|
|
|
|
7,230,691
|
|
Write-off of
non-compete agreement
|
|
|
—
|
|
|
|
—
|
|
|
|
468,751
|
|
|
|
—
|
|
Restructuring
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
377,961
|
|
|
|
—
|
|
Impairment of
goodwill
|
|
|
—
|
|
|
|
670,000
|
|
|
|
—
|
|
|
|
670,000
|
|
Total operating
expense, net
|
|
|
3,344,445
|
|
|
|
4,095,590
|
|
|
|
8,600,964
|
|
|
|
7,900,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(8,965)
|
|
|
|
(1,108,987)
|
|
|
|
(3,218,439)
|
|
|
|
(2,625,315)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(197,267)
|
|
|
|
(434,420)
|
|
|
|
(330,573)
|
|
|
|
(858,251)
|
|
Amortization of debt
issuance costs
|
|
|
(187,568)
|
|
|
|
(271,747)
|
|
|
|
(765,708)
|
|
|
|
(566,604)
|
|
Total interest
expense
|
|
|
(384,835)
|
|
|
|
(706,167)
|
|
|
|
(1,096,281)
|
|
|
|
(1,424,855)
|
|
Loss on repurchase of
Series B warrants
|
|
|
(2,053,975)
|
|
|
|
—
|
|
|
|
(2,053,975)
|
|
|
|
—
|
|
Loss on repricing of
Series A warrants
|
|
|
(99,820)
|
|
|
|
—
|
|
|
|
(99,820)
|
|
|
|
—
|
|
Accretion of put
warrants
|
|
|
459,162
|
|
|
|
—
|
|
|
|
2,353,725
|
|
|
|
—
|
|
Accretion of debenture
discount and warrants
|
|
|
1,350,746
|
|
|
|
—
|
|
|
|
1,350,746
|
|
|
|
—
|
|
Accretion of put
liability
|
|
|
—
|
|
|
|
(16,057)
|
|
|
|
—
|
|
|
|
(63,718)
|
|
Accretion of
contingent consideration
|
|
|
—
|
|
|
|
(40,083)
|
|
|
|
—
|
|
|
|
(159,061)
|
|
Write-off of
contingent consideration
|
|
|
—
|
|
|
|
3,744,496
|
|
|
|
—
|
|
|
|
3,744,496
|
|
Total other income
(expense)
|
|
|
(728,722)
|
|
|
|
2,982,189
|
|
|
|
454,395
|
|
|
|
2,096,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before
provision for income taxes
|
|
|
(737,687)
|
|
|
|
1,873,202
|
|
|
|
(2,764,044)
|
|
|
|
(528,453)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(737,687)
|
|
|
$
|
1,873,202
|
|
|
$
|
(2,764,044)
|
|
|
$
|
(528,453)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share, basic
|
|
$
|
(0.09)
|
|
|
$
|
0.31
|
|
|
$
|
(0.35)
|
|
|
$
|
(0.09)
|
|
Net (loss) income per
share, diluted
|
|
$
|
(0.09)
|
|
|
$
|
0.29
|
|
|
$
|
(0.35)
|
|
|
$
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding, basic
|
|
|
8,025,017
|
|
|
|
5,986,494
|
|
|
|
7,954,294
|
|
|
|
5,951,445
|
|
Weighted average
shares outstanding, diluted
|
|
|
8,025,017
|
|
|
|
6,538,205
|
|
|
|
7,954,294
|
|
|
|
5,951,445
|
|
SOCIAL REALITY,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTH PERIOD
ENDED JUNE 30, 2017 AND 2016
(Unaudited)
|
|
|
|
Six Month Period
Ended
June
30,
|
|
|
|
2017
|
|
|
2016
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net loss
|
|
$
|
(2,764,044)
|
|
|
$
|
(528,453)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Amortization of stock
based prepaid fees
|
|
|
—
|
|
|
|
317,226
|
|
Stock based
compensation
|
|
|
621,327
|
|
|
|
459,556
|
|
Amortization of debt
issuance costs
|
|
|
612,168
|
|
|
|
566,604
|
|
Loss on repurchase of
Series B warrants
|
|
|
2,053,975
|
|
|
|
—
|
|
Loss on repricing of
Series A warrants
|
|
|
99,820
|
|
|
|
—
|
|
Accretion of put
warrants
|
|
|
(2,353,725)
|
|
|
|
—
|
|
Accretion of debenture
discount and warrants
|
|
|
(1,350,746)
|
|
|
|
—
|
|
Amortization of debt
discount
|
|
|
153,540
|
|
|
|
—
|
|
PIK interest expense
accrued to principal
|
|
|
—
|
|
|
|
241,449
|
|
Impairment of
goodwill
|
|
|
—
|
|
|
|
670,000
|
|
Write-off of
non-compete agreement
|
|
|
468,751
|
|
|
|
—
|
|
Write-off of
contingent consideration
|
|
|
—
|
|
|
|
(3,744,496)
|
|
Accretion of
contingent consideration
|
|
|
—
|
|
|
|
159,061
|
|
Accretion of put
liability
|
|
|
—
|
|
|
|
63,718
|
|
Provision for bad
debts
|
|
|
(21,433)
|
|
|
|
77,235
|
|
Depreciation
expense
|
|
|
6,182
|
|
|
|
13,319
|
|
Amortization of
intangibles
|
|
|
226,205
|
|
|
|
179,765
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
835,025
|
|
|
|
(1,779,039)
|
|
Prepaid
expenses
|
|
|
8,443
|
|
|
|
(13,396)
|
|
Other
assets
|
|
|
1,115
|
|
|
|
29,603
|
|
Accounts payable and
accrued expenses
|
|
|
(1,058,976)
|
|
|
|
3,199,816
|
|
Unearned
revenue
|
|
|
135,032
|
|
|
|
43,747
|
|
Net cash used in
operating activities
|
|
|
(2,327,341)
|
|
|
|
(44,285)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Purchase of
equipment
|
|
|
(14,235)
|
|
|
|
(4,816)
|
|
Development of
software
|
|
|
(270,328)
|
|
|
|
—
|
|
Net cash used in
investing activities
|
|
|
(284,563)
|
|
|
|
(4,816)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Proceeds from the
issuance of common stock, net
|
|
|
3,820,001
|
|
|
|
500,000
|
|
Proceeds from notes
payable
|
|
|
—
|
|
|
|
2,100,000
|
|
Proceeds from secured
convertible debentures, net
|
|
|
2,136,629
|
|
|
|
—
|
|
Repayments of note
payable and PIK interest
|
|
|
(3,996,928)
|
|
|
|
(1,367,265)
|
|
Payment of contingent
consideration
|
|
|
—
|
|
|
|
(1,600,000)
|
|
Net cash provided by
(used in) financing activities
|
|
|
1,959,702
|
|
|
|
(367,265)
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
|
|
(652,202)
|
|
|
|
(416,366)
|
|
Cash and cash
equivalents, beginning of period
|
|
|
1,048,762
|
|
|
|
1,091,186
|
|
Cash and cash
equivalents, end of period
|
|
$
|
396,560
|
|
|
$
|
674,820
|
|
SOCIAL REALITY,
INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONTINUED) SIX MONTH PERIOD ENDED JUNE 30, 2017 AND
2016 (Unaudited)
|
|
|
|
Six Month Period
Ended
June
30,
|
|
|
|
2017
|
|
|
2016
|
|
Supplemental
schedule of cash flow information
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
649,199
|
|
|
$
|
606,956
|
|
Cash paid for
taxes
|
|
$
|
—
|
|
|
$
|
20,000
|
|
|
|
|
|
|
|
|
|
|
Supplemental
schedule of noncash financing activities
|
|
|
|
|
|
|
|
|
Initial derivative
liability on issuance of put warrants
|
|
$
|
3,038,344
|
|
|
$
|
—
|
|
Issuance of placement
agent warrants
|
|
$
|
249,028
|
|
|
$
|
—
|
|
Common stock issued
for vested grants
|
|
$
|
52
|
|
|
$
|
—
|
|
Issuance of common
stock to be issued
|
|
$
|
100
|
|
|
$
|
—
|
|
Common stock issued
for the payment of contingent consideration
|
|
$
|
—
|
|
|
$
|
2,400,000
|
|
Initial derivative and
warrant liability accounted as debt discount on convertible
debenture
|
|
$
|
2,763,723
|
|
|
$
|
—
|
|
Repurchase of series B
warrants directly paid by debenture holder on behalf of the
Company
|
|
$
|
2,500,000
|
|
|
$
|
—
|
|
SOCIAL REALITY, INC.
NON-GAAP TO
GAAP RECONCILIATION
Use of Non-GAAP Measure – Adjusted EBITDA
SRAX's management evaluates and makes operating decisions using
various financial metrics. In addition to the company's GAAP
results, management also considers the non-GAAP measure of Adjusted
EBITDA. Adjusted EBITDA is defined as income from operations before
depreciation and amortization expenses, stock-based compensation
and one time financing and transaction expense. Management
believes that this non-GAAP measure provides useful information
about Social Reality's operating results. The tables below provide
a reconciliation of this non-GAAP financial measure with the most
directly comparable GAAP financial measure. This non-GAAP
measure should be considered a supplement to, and not a substitute
for, or superior to, financial measures calculated in accordance
with GAAP.
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net loss
|
|
$
|
(737,687)
|
|
$
|
1,873,202
|
|
$
|
(2,764,044)
|
|
$
|
(528,453)
|
|
plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity based
compensation
|
|
|
108,885
|
|
|
340,320
|
|
|
621,327
|
|
|
776,782
|
|
Accretion of put
warrants
|
|
|
(459,162)
|
|
|
—
|
|
|
(2,353,725)
|
|
|
—
|
|
Accretion of debenture
discount and warrants
|
|
|
(1,350,746)
|
|
|
—
|
|
|
(1,350,746)
|
|
|
—
|
|
Accretion of put
liability
|
|
|
—
|
|
|
16,057
|
|
|
—
|
|
|
63,718
|
|
Accretion of
contingent consideration
|
|
|
—
|
|
|
40,083
|
|
|
—
|
|
|
159,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on repurchase of
Series B warrants
|
|
|
2,053,975
|
|
|
—
|
|
|
2,053,975
|
|
|
—
|
|
Loss on repricing of
Series A warrants
|
|
|
99,820
|
|
|
—
|
|
|
99,820
|
|
|
—
|
|
Restructuring
costs
|
|
|
—
|
|
|
—
|
|
|
377,961
|
|
|
—
|
|
Write-off of
non-compete agreement
|
|
|
—
|
|
|
—
|
|
|
468,751
|
|
|
—
|
|
Write-off of
contingent consideration
|
|
|
—
|
|
|
(3,744,496)
|
|
|
—
|
|
|
(3,744,496)
|
|
Impairment of
goodwill
|
|
|
—
|
|
|
670,000
|
|
|
—
|
|
|
670,000
|
|
Interest
expense
|
|
|
384,835
|
|
|
706,167
|
|
|
1,096,281
|
|
|
1,424,855
|
|
Depreciation and
amortization
|
|
|
121,433
|
|
|
93,724
|
|
|
232,387
|
|
|
193,084
|
|
Adjusted
EBITDA
|
|
$
|
221,353
|
|
$
|
(4,943)
|
|
$
|
(1,518,013)
|
|
$
|
(985,449)
|
|
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SOURCE Social Reality, Inc.