TUCSON, Ariz., Nov. 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 third
quarter ended September 30, 2021.
AudioEye Interim CEO David Moradi
said, "AudioEye had another strong quarter as we grew revenue
across all channels and increased MRR while achieving high logo and
dollar retention. Gross margins remain healthy in the mid-70s, up
substantially from prior years."
"We recently launched Issue Reporting, which allows us to offer
a comprehensive accessibility solution for a fraction of the price
of traditional approaches. Customers can now quickly sort
accessibility issues by type and severity to view those fixed
automatically and those requiring additional attention. We are
receiving the payoff from the hard work and investments we are
making in R&D, which further enhances our value proposition to
customers."
Third Quarter 2021 Financial Results
- Total revenue increased approximately 17% to a record
$6.2M from $5.3M in the same prior year period.
- Monthly Recurring Revenue (MRR) as of September 30, 2021 increased 24% to $2.1M from $1.7M as
of September 30, 2020.
- Gross profit increased to a record $4.6M (74.7% of total revenue) from $3.8M (71.0% of total revenue) in the same prior
year period. The increase in gross profit was primarily due to
continued recurring revenue growth and continued improvement in
automation in product offerings.
- Total operating expenses increased 72% to $9.3M from $5.4M in
the same prior year period. The increase in operating expenses was
due primarily to increases in research and development and sales
and marketing expenses as the Company continues investment to build
a best-in-class product and support scalable and profitable
long-term growth.
- Net loss available to common stockholders was $4.7M, or $(0.41)
per share, compared to $1.1M, or
$(0.12) per share, in the same prior
year period. The greater net loss was primarily due to the increase
in operating expenses discussed above.
- Non-GAAP net loss in Q3 of 2021 was $2.8M, or $(0.24)
per share, compared to the same prior year period of $0.2M, or $(0.02)
per share. The non-GAAP net loss and EPS performance reflects
adjustments primarily for stock-based compensation expense and
interest expense.
- At quarter-end, the Company had $22.0M in cash, compared to $9.1M on December 31,
2020.
Other Updates
- Promoted three executives to facilitate further growth and
scale. Chris Hundley was promoted
from CTO to President, Dominic
Varacelli from President to COO and Mase Gray from Chief
Architect to CTO.
- Continued to grow client roster to approximately 80,000
customers as of September 30, 2021,
representing an increase of approximately 270% over September 30, 2020.
- The Company recently released Issue Reporting to help companies
continuously detect, track and monitor accessibility issues on
their websites. Customers can now quickly sort accessibility issues
by type and severity.
- In October, the Company announced the AudioEye A11iance
Community that brings people with disabilities to the forefront of
the product development and quality assurance processes.
- Dominic Varacalli, COO, co-led a
discussion on the contributions of technology in digital
accessibility, alongside Anil Lewis, the Director of Advocacy and
Policy for the National Federation of the Blind (NFB) at
M-Enabling, an event hosted by Mike
Paciello, a prominent accessibility advocate and founder of
WebABLE.
- Selected by HubSpot as the digital accessibility provider for
its second annual INBOUND event, which was held virtually for the
second year in a row. Zach Okun
presented alongside disability rights activist Judith Heumann in a discussion titled
"Inclusivity is Not Exclusive." Additionally, AudioEye's
Accessibility Evangelist Alisa Smith
presented on "Designing Inclusive Digital Content."
Financial Outlook
The Company expects revenue to be
between $6.3 and $6.5 million in the fourth quarter representing
15% year over year growth at the midpoint.
Conference Call Information
AudioEye management will hold a conference call today, November 11, 2021 at 4:30
p.m. Eastern time (1:30 p.m. Pacific
time) to discuss these results.
AudioEye management will host the conference call, followed by a
question and answer period.
Date: Thursday, November 11,
2021
Time: 4:30 p.m. Eastern time
(1:30 p.m. Pacific time)
U.S. dial-in number: 1-877-407-9208
International number: 1-201-493-6784
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
1-949-574-3860.
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 November
18, 2021.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13724699
About AudioEye
AudioEye is an industry-leading
digital accessibility platform delivering ADA and WCAG compliance
at scale. By combining easy-to-use technology and subject matter
expertise, AudioEye helps companies and content creators solve
every aspect of web accessibility--from finding and resolving
issues to navigating legal compliance, to ongoing monitoring and
upkeep. Trusted by the FCC, ADP, SSA, Samsung, and others, AudioEye
delivers automated remediations and continuous monitoring for
accessibility issues without making fundamental changes to website
architecture, source code, or browser-based tools. Join us on our
mission to eradicate barriers to digital access,
visit 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", "confident", "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 and MRR guidance, and
our expectation of investments in marketing and sales. 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; inherent
uncertainties and costs associated with litigation; 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, 2020 filed
with the SEC on March 11, 2021 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 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.
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 and other costs that are expected to be non-recurring. 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, plus loss
on impairment of long-lived assets, plus loss on disposal of
property and equipment, plus severance related to strategic shift,
and less gain on loan forgiveness; 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, plus loss on impairment of long-lived assets, plus loss on
disposal of property and equipment, plus severance related to
strategic shift, and less gain on loan forgiveness, 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, including loss on impairments and
disposals, 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.
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
AUDIOEYE, INC.
|
STATEMENTS OF
OPERATIONS
|
(unaudited)
|
|
|
|
Three months
ended
September 30,
|
|
|
Nine months
ended
September 30,
|
|
(in thousands,
except per share data)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenue
|
|
$
|
6,202
|
|
|
$
|
5,341
|
|
|
$
|
18,011
|
|
|
$
|
14,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
1,567
|
|
|
|
1,551
|
|
|
|
4,432
|
|
|
|
4,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
4,635
|
|
|
|
3,790
|
|
|
|
13,579
|
|
|
|
10,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
4,504
|
|
|
|
2,028
|
|
|
|
10,638
|
|
|
|
5,551
|
|
Research and
development
|
|
|
1,611
|
|
|
|
203
|
|
|
|
3,950
|
|
|
|
801
|
|
General and
administrative
|
|
|
3,175
|
|
|
|
3,197
|
|
|
|
9,502
|
|
|
|
8,185
|
|
Total operating
expenses
|
|
|
9,290
|
|
|
|
5,428
|
|
|
|
24,090
|
|
|
|
14,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(4,655)
|
|
|
|
(1,638)
|
|
|
|
(10,511)
|
|
|
|
(4,130)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair
value of warrant liability
|
|
|
—
|
|
|
|
593
|
|
|
|
—
|
|
|
|
120
|
|
Gain on loan
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
1,316
|
|
|
|
—
|
|
Interest
expense
|
|
|
(2)
|
|
|
|
(35)
|
|
|
|
(11)
|
|
|
|
(141)
|
|
Total other
income (expense)
|
|
|
(2)
|
|
|
|
558
|
|
|
|
1,305
|
|
|
|
(21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(4,657)
|
|
|
|
(1,080)
|
|
|
|
(9,206)
|
|
|
|
(4,151)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Series A
Convertible Preferred Stock
|
|
|
—
|
|
|
|
(13)
|
|
|
|
(69)
|
|
|
|
(39)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to
common stockholders
|
|
$
|
(4,657)
|
|
|
$
|
(1,093)
|
|
|
$
|
(9,275)
|
|
|
$
|
(4,190)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share-basic and diluted
|
|
$
|
(0.41)
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.85)
|
|
|
$
|
(0.46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding-basic and diluted
|
|
|
11,329
|
|
|
|
9,385
|
|
|
|
10,929
|
|
|
|
9,067
|
|
AUDIOEYE, INC.
|
BALANCE
SHEETS
|
(unaudited)
|
|
|
|
September 30,
|
|
|
December 31,
|
|
(in thousands,
except per share data)
|
|
2021
|
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
21,953
|
|
|
$
|
9,095
|
|
Accounts
receivable, net of allowance for doubtful accounts of $195 and $79,
respectively
|
|
|
3,798
|
|
|
|
5,096
|
|
Deferred costs,
short term
|
|
|
120
|
|
|
|
152
|
|
Prepaid
expenses and other current assets
|
|
|
594
|
|
|
|
288
|
|
Total current
assets
|
|
|
26,465
|
|
|
|
14,631
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net of accumulated depreciation of $187 and $209,
respectively
|
|
|
173
|
|
|
|
91
|
|
Right of use
assets
|
|
|
452
|
|
|
|
617
|
|
Deferred costs, long
term
|
|
|
49
|
|
|
|
77
|
|
Intangible assets,
net of accumulated amortization of $5,211 and $4,328,
respectively
|
|
|
2,524
|
|
|
|
2,137
|
|
Goodwill
|
|
|
701
|
|
|
|
701
|
|
Total
assets
|
|
$
|
30,364
|
|
|
$
|
18,254
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses
|
|
$
|
3,131
|
|
|
$
|
2,190
|
|
Finance lease
liabilities
|
|
|
62
|
|
|
|
49
|
|
Operating lease
liabilities
|
|
|
246
|
|
|
|
229
|
|
Deferred
revenue
|
|
|
6,075
|
|
|
|
6,328
|
|
Term loan,
short term
|
|
|
—
|
|
|
|
219
|
|
Total current
liabilities
|
|
|
9,514
|
|
|
|
9,015
|
|
|
|
|
|
|
|
|
|
|
Long term
liabilities:
|
|
|
|
|
|
|
|
|
Finance lease
liabilities
|
|
|
57
|
|
|
|
12
|
|
Operating lease
liabilities
|
|
|
240
|
|
|
|
427
|
|
Deferred
revenue
|
|
|
20
|
|
|
|
83
|
|
Term loan, long
term
|
|
|
—
|
|
|
|
1,083
|
|
Total liabilities
|
|
|
9,831
|
|
|
|
10,620
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred
stock, $0.00001 par value, 10,000 shares authorized
|
|
|
|
|
|
|
|
|
Series A
Convertible Preferred Stock, $0.00001 par value, 200 shares
designated, zero and 90 shares issued and outstanding as of
September 30, 2021 and December 31, 2020, respectively
|
|
|
—
|
|
|
|
1
|
|
Common stock,
$0.00001 par value, 50,000 shares authorized, 11,352 and 10,130
shares issued and outstanding as of September 30, 2021 and December
31, 2020, respectively
|
|
|
1
|
|
|
|
1
|
|
Additional
paid-in capital
|
|
|
86,822
|
|
|
|
64,716
|
|
Accumulated
deficit
|
|
|
(66,290)
|
|
|
|
(57,084)
|
|
Total
stockholders' equity
|
|
|
20,533
|
|
|
|
7,634
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
30,364
|
|
|
$
|
18,254
|
|
AUDIOEYE,
INC.
|
RECONCILIATIONS OF
GAAP to NON-GAAP FINANCIAL MEASURES
|
(unaudited)
|
|
|
|
Three months
ended
September 30,
|
|
|
Nine months
ended
September 30,
|
|
(in thousands,
except per share data)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Non-GAAP Earnings
(Loss) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
(GAAP)
|
|
$
|
(4,657)
|
|
|
$
|
(1,080)
|
|
|
$
|
(9,206)
|
|
|
$
|
(4,151)
|
|
Non-cash
valuation adjustments to liabilities
|
|
|
—
|
|
|
|
(593)
|
|
|
|
—
|
|
|
|
(120)
|
|
Interest
expense
|
|
|
2
|
|
|
|
35
|
|
|
|
11
|
|
|
|
141
|
|
Stock-based
compensation expense
|
|
|
1,881
|
|
|
|
1,089
|
|
|
|
5,425
|
|
|
|
2,004
|
|
Severance
(1)
|
|
|
—
|
|
|
|
360
|
|
|
|
—
|
|
|
|
360
|
|
Loss on
impairment of long-lived assets
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
—
|
|
Loss on
disposal of property and equipment
|
|
|
—
|
|
|
|
—
|
|
|
|
12
|
|
|
|
—
|
|
Gain on loan
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,316)
|
|
|
|
—
|
|
Non-GAAP
loss
|
|
$
|
(2,774)
|
|
|
$
|
(189)
|
|
|
$
|
(5,064)
|
|
|
$
|
(1,766)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings
(Loss) per Diluted Share Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share (GAAP) — diluted
|
|
$
|
(0.41)
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.85)
|
|
|
$
|
(0.46)
|
|
Non-cash
valuation adjustments to liabilities
|
|
|
—
|
|
|
|
(0.06)
|
|
|
|
—
|
|
|
|
(0.01)
|
|
Interest
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
Stock-based
compensation expense
|
|
|
0.17
|
|
|
|
0.12
|
|
|
|
0.50
|
|
|
|
0.22
|
|
Severance
(1)
|
|
|
—
|
|
|
|
0.04
|
|
|
|
—
|
|
|
|
0.04
|
|
Loss on
impairment of long-lived assets
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Loss on
disposal of property and equipment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Gain on loan
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.12)
|
|
|
|
—
|
|
Non-GAAP loss per
diluted share (2)
|
|
$
|
(0.24)
|
|
|
$
|
(0.02)
|
|
|
$
|
(0.47)
|
|
|
$
|
(0.19)
|
|
Diluted weighted
average shares (3)
|
|
|
11,329
|
|
|
|
9,385
|
|
|
|
10,929
|
|
|
|
9,067
|
|
|
|
(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.
|
View original content to download
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SOURCE AudioEye, Inc.