TUCSON, Ariz., March 11, 2021 /PRNewswire/ -- AudioEye,
Inc. (NASDAQ: AEYE), an industry-leading software solution
provider delivering website accessibility compliance to businesses
of all sizes, reported financial results for the fourth quarter and
full year ended December 31,
2020.
AudioEye Interim CEO David Moradi
said, "We increased revenue 90% year over year to a record
$20.5M for 2020 and ended the year
with record MRR of about $1.9M and
approximately 32,000 customers. We also expanded our gross margins
to 73% in the fourth quarter from 66% in the prior year,
underscoring our ability to create leverage in our operations as
more customers come online. We have also bolstered our balance
sheet by raising over $14M in cash
through our ATM program. It is our expectation to generate revenue
for the year of $30M - $32M and to turn cash flow positive."
"Operationally, we have continued to strengthen our senior
leadership team by hiring Rob
Ulveling as Chief Business Officer, who comes to us from
Pinterest, and Zach Okun, formerly
of Facebook as Chief Product Officer. We remain excited about the
market dynamics of the digital accessibility industry as a whole.
We have continued to invest in our differentiated, category-leading
platform to ensure that it is not only highly scalable, but that it
remains the most robust and transparent solution available. The
special combination of terrific market dynamics along with our
superior technology and extraordinary team makes us confident that
we will continue to grow both MRR and customer count as we further
expand margins."
Fourth Quarter 2020 Financial Results
- Total revenue increased 57% to a record $5.6M from $3.6M in
the same prior year period.
- Monthly Recurring Revenue (MRR) as of December 31, 2020 increased 54% to a record
$1.9M from $1.2M as of December 31,
2019.
- Gross profit increased to a record $4.1M (73% of total revenue) from $2.4M (66% of total revenue) in the same prior
year period. The 74% increase in gross profit was primarily due to
increased efficiencies as the Company continues to improve and
expand the level of automation.
- Total operating expenses increased 84% to $7.1M from $3.9M in
the same prior year period. A primary driver of the increase was
non-cash equity-based compensation costs of $2.1M in Q4 compared to $0.2M in the prior year quarter.
- Net loss available to common stockholders was $3.0M, or $(0.30)
per share, compared to $1.4M, or
$(0.16) per share, in the same prior
year period.
- Non-GAAP net loss improved to $0.9M, or $(0.09)
per share, compared to the same prior year period of $1.3M, or $(0.14)
per share. The non-GAAP earnings and EPS reflects adjustment
primarily for stock-based compensation as well as interest expense
primarily related to debt issuance.
- At quarter-end, the Company had $9.1M in cash, compared to $2.0M on December 31,
2019.
Full Year 2020 Financial Results
- Total revenue increased 90% to a record $20.5M from $10.8M
in 2019.
- Gross profit increased 128% to $14.5M (71% of total revenue) from $6.4M (59% of total revenue) in 2019.
- Total operating expenses increased 53% to $21.6M from $14.2M
in 2019. The increase in total operating expenses was primarily due
to increases in sales and marketing expenses and higher non-cash
equity compensation costs.
- Net loss available to common stockholders was $7.2M, or $(0.77)
per share, compared to $7.8M, or
$(0.97) per share, in 2019.
- Non-GAAP net loss improved to $2.6M, or $(0.28)
per share, compared to $6.6M, or
$(0.81) per share, in 2019.
- The non-GAAP earnings and EPS reflects adjustment primarily for
stock-based compensation, severance expenses and interest expense,
which mainly includes expense related to debt issuance.
Operational Updates
- Continued to grow client roster with approximately 32,000
customers as of December 31, 2020
representing growth of 370% over the end of 2019.
- Strengthened the Company's leadership by adding Rob Ulveling and Zach
Okun to the team.
- Sachin Barot, CFO, will be
leaving the Company to pursue other business opportunities. Mr.
Barot's employment agreement expires on May
15, 2021 and he will be transitioning out of the Company
accordingly.
- In February, the Company announced its next generation platform
to further enhance scalability and transparency for clients. The
platform uses advanced artificial intelligence and human assisted
technology by certified remediation and subject matter
experts.
- As of March 5, 2021, the Company
has raised over $14M in cash from the
ATM program announced on February 12,
2021.
Financial Outlook
The Company is reiterating its previously stated full-year revenue
guidance range of $30M to
$32M. Subject to ongoing economic
conditions, management expects the Company to grow MRR, increase
gross margins and turn cash flow positive in 2021. The Company
remains confident in its long-term growth prospects as well as the
opportunities in the digital accessibility industry.
Conference Call Information
AudioEye management will hold a conference call today, March 11, 2021 at 4:30
p.m. Eastern time (1:30 p.m. Pacific
time) to discuss these results.
AudioEye management will host the call, followed by a
question-and-answer period.
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. Please call the conference telephone number 5-10
minutes prior to the start time. An operator will register your
name and organization. If you have any difficulty connecting with
the conference call, please contact Gateway Investor Relations at
(949) 574-3860.
The conference call will also be webcast live and available for
replay, which will be accessible via the investor
relations section of the company's website. The audio
recording will remain available via the investor relations section
of the company's website for 90 days.
A telephonic replay of the conference call will also be
available after 7:30 p.m. Eastern
time on the same day through March
18, 2021.
Toll-free replay number: (844) 512-2921
International replay number: (412) 317-6671
Replay ID: 13715260
About AudioEye
AudioEye is an industry-leading digital accessibility
platform delivering trusted ADA and WCAG accessibility compliance
at scale. Through patented technology, subject matter expertise and
proprietary processes, AudioEye is eradicating all barriers to
digital access, helping content creators get accessible, and
supporting them with ongoing advisory and automated upkeep. Trusted
by the FCC, ADP, SSA, Samsung, and more, AudioEye helps everyone
identify and resolve issues of accessibility and enhance user
experiences, automating digital accessibility for the widest
audiences. AudioEye stands out among its competitors because it
delivers a transparent and human-in-the loop machine learning
accessibility remediations without fundamental changes to website
architecture. The Company also provides source code audits,
browser-based tools, and continuous accessibility monitoring. Join
our movement at www.audioeye.com.
Forward-Looking Statements
Any statements in this press release about AudioEye's
expectations, beliefs, plans, objectives, prospects, financial
condition, assumptions or future events or performance are not
historical facts and are "forward-looking statements" as that term
is defined under the federal securities laws. Forward-looking
statements are often, but not always, made through the use of words
or phrases such as "believe", "anticipate", "should", "intend",
"plan", "will", "expects", "estimates", "projects", "positioned",
"strategy", "outlook" and similar words. You should read the
statements that contain these types of words carefully. Such
forward-looking statements contained herein include, but are not
limited to, statements regarding anticipated contributions from new
sales channels, long-term growth prospects, opportunities in the
digital accessibility industry, our revenue range guidance, and our
expectation that we will grow MRR, increase gross margins and turn
cash flow positive in 2021. These statements are subject to a
number of risks, uncertainties and other factors that could cause
actual results to differ materially from what is expressed or
implied in such forward-looking statements, including the
variability of AudioEye's revenue and financial performance; risks
associated with our new platform and sales channels; product
development and technological changes; the acceptance of AudioEye's
products in the marketplace by existing and potential future
customers; competition; general economic conditions; and
uncertainties regarding the impact on our business and the overall
economy from the coronavirus (COVID-19) outbreak. These and other
risks are described more fully in AudioEye's filings with the
Securities and Exchange Commission (the "SEC"), including
AudioEye's Annual Report on Form 10-K for the year ended
December 31, 2019 filed with the SEC
on March 30, 2020 and in subsequent
filings with the SEC. There may be events in the future that
AudioEye is not able to predict accurately or over which AudioEye
has no control. Forward-looking statements reflect management's
view as of the date of this press release, and AudioEye urges you
not to place undue reliance on these forward-looking statements.
AudioEye does not undertake any obligation to update such
forward-looking statements to reflect events or uncertainties after
the date hereof. Due to rounding, numbers presented
throughout this document may not add up precisely to the totals
provided and percentages may not precisely reflect the absolute
figures.
About Key Operating Metrics
We consider monthly recurring revenue ("MRR") as a key operating
metric and a key indicator of our overall business. We also use MRR
as (i) one of the primary methods for planning and forecasting
overall expectations and for evaluating, on at least a quarterly
and annual basis, actual results against such expectations; and
(ii) as a performance metric for certain executive stock-based
compensation awards.
We define MRR as the sum of (i) for our enterprise sales
channel, the total of the average monthly recurring fee amount
under each active paid contract at the date of determination, plus
(ii) for our partner and marketplace channel, the recognized
recurring monthly fee amount for all paying customers at the date
of determination, in each case, assuming no changes to the
subscription and without taking into account any usage above the
subscription or recurring revenue base, if any, that may be
applicable to such subscription. This determination includes both
annual and monthly contracts for recurring products. Some of our
contracts are cancelable, which may impact future MRR. MRR excludes
revenue from our PDF remediation services and Mobile App report
business.
Use of Non-GAAP Financial Measures
From time to time, we review adjusted financial measures that
assist us in comparing our operating performance consistently over
time, as such measures remove the impact of certain items, as
applicable, such as our capital structure (primarily interest
charges), items outside the control of the management team (taxes),
and expenses that do not relate to our core operations, including
transaction-related expenses (such as professional and advisory
services) and other costs that are expected to be non-recurring,
such as severance related to strategic shift. In order to provide
investors with greater insight and allow for a more comprehensive
understanding of the information used in our financial and
operational decision-making, the Company has supplemented the
information presented on a GAAP basis in this press release with
the following non-GAAP financial measures: Non-GAAP earnings (loss)
and Non-GAAP earnings (loss) per diluted share.
These non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation or as a
substitute for analysis of Company results as reported under GAAP.
The Company compensates for such limitations by relying primarily
on our GAAP results and using non-GAAP financial measures only as
supplemental data. We also provide a reconciliation of non-GAAP to
GAAP measures used. Investors are encouraged to carefully review
this reconciliation. In addition, because these non-GAAP measures
are not measures of financial performance under GAAP and are
susceptible to varying calculations, these measures, as defined by
us, may differ from and may not be comparable to similarly titled
measures used by other companies.
We define: (i) Non-GAAP earnings (loss) as net income
(loss), less non-cash valuation adjustments to liabilities, plus
interest expense, plus stock-based compensation expense and plus
certain severance expense; and (ii) Non-GAAP earnings (loss)
per diluted share as net income (loss) per diluted common share,
less non-cash valuation adjustments to liabilities, plus interest
expense, plus stock-based compensation expense and plus certain
severance expense, each on a per share basis. Non-GAAP earnings per
diluted share would include incremental shares in the share count
that are considered anti-dilutive in a GAAP net loss position.
However, no incremental shares apply when there is a Non-GAAP loss
per diluted share, as is the case for the periods presented in this
press release.
Non-GAAP earnings (loss) and Non-GAAP earnings (loss) per
diluted share are used to facilitate a comparison of our operating
performance on a consistent basis from period to period and provide
for a more complete understanding of factors and trends affecting
our business than GAAP measures alone. All of the items adjusted in
the Non-GAAP earnings (loss) to net loss and the related per share
calculations are either recurring non-cash items, or items
that management does not consider in assessing our on-going
operating performance. In the case of the non-cash items, such as
stock-based compensation expense and valuation adjustments to
assets and liabilities, management believes that investors may find
it useful to assess our comparative operating performance because
the measures without such items are expected to be less susceptible
to variances in actual performance resulting from expenses that do
not relate to our core operations and are more reflective of other
factors that affect operating performance. In the case of items
that do not relate to our core operations, management believes that
investors may find it useful to assess our operating performance if
the measures are presented without these items because their
financial impact does not reflect ongoing operating
performance.
Non-GAAP earnings (loss) is not a measure of liquidity under
GAAP, or otherwise, and is not an alternative to cash flow from
continuing operating activities, despite the advantages regarding
the use and analysis of these measures as mentioned above. Non-GAAP
earnings (loss) and Non-GAAP earnings (loss) per diluted share, as
disclosed in this press release, have limitations as analytical
tools, and you should not consider these measures in isolation or
as a substitute for analysis of our results as reported under GAAP;
nor are these measures intended to be measures of liquidity or free
cash flow for our discretionary use.
To properly and prudently evaluate our business, we encourage
readers to review the GAAP financial statements included elsewhere
in this press release, and not rely on any single financial measure
to evaluate our business. Reconciliations of Non-GAAP earnings
(loss) to net loss, the most directly comparable GAAP-based
measure, as well as Non-GAAP earnings (loss) per diluted share to
net loss per diluted share, the most directly comparable GAAP-based
measure, are included in this press release. We strongly urge
readers to review these reconciliations, along with the
consolidated financial statements included elsewhere in this press
release.
We manage customers through two primary channels, Enterprise
and Partner and Marketplace. Enterprise channel consists of our
larger customers and organizations, including those with
non-platform custom websites, who generally engage directly with
AudioEye sales personnel for custom pricing and solutions. This
channel also includes federal, state and local government agencies.
The Partner and Marketplace channel consists of our CMS partners,
platform & agency partners, authorized resellers and our
marketplace. This channel serves small and medium sized businesses
who are on a partner or reseller's web-hosting platform or who
purchase an AudioEye solution from our marketplace.
Corporate Contact:
AudioEye, Inc.
Dr. Carr Bettis, Executive
Chairman
cbettis@audioeye.com
Investor Contact:
Matt Glover or Tom Colton
AEYE@gatewayir.com
(949) 574-3860
-Financial Tables to Follow-
AUDIOEYE,
INC.
|
STATEMENTS OF
OPERATIONS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Year ended
December 31,
|
|
(in thousands,
except per share data)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Revenue
|
|
$
|
5,590
|
|
|
$
|
3,567
|
|
|
$
|
20,475
|
|
|
$
|
10,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
1,483
|
|
|
|
1,213
|
|
|
|
5,961
|
|
|
|
4,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
4,107
|
|
|
|
2,354
|
|
|
|
14,514
|
|
|
|
6,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
2,921
|
|
|
|
1,451
|
|
|
|
8,472
|
|
|
|
5,708
|
|
Research and
development
|
|
|
430
|
|
|
|
194
|
|
|
|
1,230
|
|
|
|
636
|
|
General and
administrative
|
|
|
3,759
|
|
|
|
2,209
|
|
|
|
11,945
|
|
|
|
7,833
|
|
Total operating
expenses
|
|
|
7,110
|
|
|
|
3,854
|
|
|
|
21,647
|
|
|
|
14,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(3,003)
|
|
|
|
(1,500)
|
|
|
|
(7,133)
|
|
|
|
(7,818)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
-
|
|
|
|
12
|
|
|
|
-
|
|
|
|
12
|
|
Change in fair value
of warrant liability
|
|
|
-
|
|
|
|
99
|
|
|
|
120
|
|
|
|
99
|
|
Interest
expense
|
|
|
(4)
|
|
|
|
(37)
|
|
|
|
(145)
|
|
|
|
(76)
|
|
Total other income
(expense)
|
|
|
(4)
|
|
|
|
74
|
|
|
|
(25)
|
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(3,007)
|
|
|
|
(1,426)
|
|
|
|
(7,158)
|
|
|
|
(7,783)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Series A
Convertible Preferred Stock
|
|
|
(12)
|
|
|
|
(13)
|
|
|
|
(51)
|
|
|
|
(52)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to
common stockholders
|
|
$
|
(3,019)
|
|
|
$
|
(1,439)
|
|
|
$
|
(7,209)
|
|
|
$
|
(7,835)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share-basic and diluted
|
|
$
|
(0.30)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.77)
|
|
|
$
|
(0.97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding-basic and diluted
|
|
|
10,045
|
|
|
|
8,877
|
|
|
|
9,313
|
|
|
|
8,107
|
|
|
|
AUDIOEYE,
INC.
BALANCE
SHEETS
DECEMBER 31, 2020
AND 2019
|
|
|
|
|
|
|
December
31,
|
|
(in thousands,
except per share data)
|
|
2020
|
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
9,095
|
|
|
$
|
1,972
|
|
Accounts receivable,
net of allowance for doubtful accounts of $79 and $63,
respectively
|
|
|
5,096
|
|
|
|
2,958
|
|
Unbilled
receivables
|
|
|
-
|
|
|
|
160
|
|
Deferred costs, short
term
|
|
|
152
|
|
|
|
183
|
|
Debt issuance costs,
net
|
|
|
-
|
|
|
|
137
|
|
Prepaid expenses and
other current assets
|
|
|
288
|
|
|
|
198
|
|
Total current
assets
|
|
|
14,631
|
|
|
|
5,608
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net of accumulated depreciation of $209 and $124,
respectively
|
|
|
91
|
|
|
|
156
|
|
Right of use
assets
|
|
|
617
|
|
|
|
827
|
|
Deferred costs, long
term
|
|
|
77
|
|
|
|
145
|
|
Intangible assets,
net of accumulated amortization of $4,328 and $3,710,
respectively
|
|
|
2,137
|
|
|
|
1,715
|
|
Goodwill
|
|
|
701
|
|
|
|
701
|
|
Total
assets
|
|
$
|
18,254
|
|
|
$
|
9,152
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
|
$
|
2,190
|
|
|
$
|
973
|
|
Finance lease
liabilities
|
|
|
49
|
|
|
|
52
|
|
Operating lease
liabilities
|
|
|
229
|
|
|
|
209
|
|
Warrant
liability
|
|
|
-
|
|
|
|
120
|
|
Deferred
revenue
|
|
|
6,328
|
|
|
|
5,372
|
|
Term loan, short
term
|
|
|
219
|
|
|
|
-
|
|
Total current
liabilities
|
|
|
9,015
|
|
|
|
6,726
|
|
|
|
|
|
|
|
|
|
|
Long term
liabilities:
|
|
|
|
|
|
|
|
|
Finance lease
liabilities
|
|
|
12
|
|
|
|
52
|
|
Operating lease
liabilities
|
|
|
427
|
|
|
|
655
|
|
Deferred
revenue
|
|
|
83
|
|
|
|
153
|
|
Term loan, long
term
|
|
|
1,083
|
|
|
|
-
|
|
Total
liabilities
|
|
|
10,620
|
|
|
|
7,586
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.00001 par value, 10,000 shares authorized
|
|
|
|
|
|
|
|
|
Series A Convertible
Preferred stock, $0.00001 par value, 200 shares authorized, 90 and
105 shares issued and outstanding as of December 31, 2020 and 2019,
respectively
|
|
|
1
|
|
|
|
1
|
|
Common stock,
$0.00001 par value, 50,000 shares authorized, 10,130 and 8,877
shares issued and outstanding as of December 31, 2020 and 2019,
respectively
|
|
|
1
|
|
|
|
1
|
|
Additional paid-in
capital
|
|
|
64,716
|
|
|
|
51,490
|
|
Accumulated
deficit
|
|
|
(57,084)
|
|
|
|
(49,926)
|
|
Total stockholders'
equity
|
|
|
7,634
|
|
|
|
1,566
|
|
Total liabilities and
stockholders' equity
|
|
$
|
18,254
|
|
|
$
|
9,152
|
|
|
|
AUDIOEYE,
INC.
|
RECONCILIATIONS OF
GAAP to NON-GAAP FINANCIAL MEASURES (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
Year ended
December 31,
|
|
(in thousands,
except per share data)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Non-GAAP Earnings
(Loss) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
(GAAP)
|
|
$
|
(3,007)
|
|
|
$
|
(1,426)
|
|
|
$
|
(7,158)
|
|
|
$
|
(7,783)
|
|
Non-cash valuation
adjustments to liabilities
|
|
|
-
|
|
|
|
(99)
|
|
|
|
(120)
|
|
|
|
(99)
|
|
Interest
expense
|
|
|
4
|
|
|
|
37
|
|
|
|
145
|
|
|
|
76
|
|
Stock-based
compensation expense
|
|
|
2,134
|
|
|
|
219
|
|
|
|
4,138
|
|
|
|
1,216
|
|
Severance expense
(1)
|
|
|
-
|
|
|
|
-
|
|
|
|
360
|
|
|
|
-
|
|
Non-GAAP
loss
|
|
$
|
(869)
|
|
|
$
|
(1,269)
|
|
|
$
|
(2,635)
|
|
|
$
|
(6,590)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings
(Loss) per Diluted Share Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share (GAAP) — diluted
|
|
$
|
(0.30)
|
|
|
$
|
(0.16)
|
|
|
$
|
(0.77)
|
|
|
$
|
(0.97)
|
|
Non-cash valuation
adjustments to liabilities
|
|
|
-
|
|
|
|
(0.01)
|
|
|
|
(0.01)
|
|
|
|
(0.01)
|
|
Interest
expense
|
|
|
-
|
|
|
|
-
|
|
|
|
0.02
|
|
|
|
0.01
|
|
Stock-based
compensation expense
|
|
|
0.21
|
|
|
|
0.03
|
|
|
|
0.44
|
|
|
|
0.16
|
|
Severance expense
(1)
|
|
|
-
|
|
|
|
-
|
|
|
|
0.04
|
|
|
|
-
|
|
Non-GAAP loss
per diluted share (2)
|
|
$
|
(0.09)
|
|
|
$
|
(0.14)
|
|
|
$
|
(0.28)
|
|
|
$
|
(0.81)
|
|
Diluted weighted
average shares (3)
|
|
|
10,045
|
|
|
|
8,877
|
|
|
|
9,313
|
|
|
|
8,107
|
|
|
|
|
|
(1)
|
Represents severance
expense associated with the move of our technology center to
Portland, Oregon, and is exclusive of accrued vacation paid upon
termination of employment.
|
|
(2)
|
Non-GAAP earnings per
adjusted diluted share for our common stock is computed using the
more dilutive of the two-class method or the if-converted
method.
|
|
(3)
|
The number of diluted
weighted average shares used for this calculation is the same as
the weighted average common shares outstanding share count when the
Company reports a GAAP and non-GAAP net loss.
|
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SOURCE AudioEye, Inc.