Twenty-Seventh Consecutive Period of Record
Revenue
TUCSON,
Ariz., Nov. 10, 2022 /PRNewswire/ -- AudioEye,
Inc. (NASDAQ: AEYE) (the "Company"), an industry-leading SaaS
accessibility platform delivering website accessibility compliance
to businesses of all sizes, reported financial results for the
third quarter ended September 30,
2022.
"In the quarter, AudioEye increased revenue 24% year over year
while producing non-GAAP profitability and an improved GAAP net
loss," said AudioEye CEO David
Moradi. "We were able to drive our operating costs down
while substantially increasing revenue despite economic uncertainty
and cost pressures faced by many businesses."
Third Quarter 2022 Financial Results
- Total revenue increased approximately 24% to a record
$7.7M from $6.2M in the same prior year period. Both the
Partner and Marketplace and the Enterprise channels contributed to
revenue growth.
- Annual Recurring Revenue (ARR) as of September 30, 2022, increased 19% to $29.3M from $24.6M
as of September 30, 2021.
- Gross profit increased to a record $5.8M, or 75.0% of total revenue, from
$4.6M, or 74.7% of total revenue, in
the prior year period. The increase in gross profit was primarily
due to revenue growth and continued improvement in the automation
of our product offerings.
- Total operating expenses decreased 13% to $8.1M from $9.3M in
the same prior year period. The decrease in operating expenses was
due primarily to efficiencies gained in sales and marketing,
partially offset by costs related to the addition of the Bureau of
Internet Accessibility in March
2022.
- Net loss available to common stockholders was $2.3M, or $(0.20)
per share, compared to $4.7M, or
$(0.41) per share, in the same prior
year period. The decrease in net loss was the result of
efficiencies gained in sales and marketing and revenue growth.
- AudioEye generated Non-GAAP profit in the quarter of
$0.1M, or $0.01 per share, compared to a net loss of
$1.9M, or $(0.17) per share, in the same prior year period.
The non-GAAP earnings and EPS performance reflect adjustments
primarily for non-cash stock-based compensation expense,
depreciation and amortization expense and non-recurring items.
- On September 30, 2022, the
Company had $7.8M in cash compared to
$9.3M on June
30, 2022. The cash change was in line with expectations and
included $0.4M for stock repurchase
and $0.6M related to non-recurring
litigation items.
Other Updates
- AudioEye completed the final migrations from our legacy
platform in Q3 2022 and retired the previous system. The new
platform provides additional features and functionality including
issue reporting, free of additional charge.
- On June 2, 2022, the Company
announced a $3 million stock
repurchase program. As of September 30,
2022, we have repurchased approximately $756,000 in shares under this program.
- As of September 30, 2022,
AudioEye had approximately 81,000 customers, up 5,000 sequentially
and 1,000 year over year. Customer count increase was driven by
both Enterprise and the Partner and Marketplace channel.
- In October 2022, AudioEye and
AccessiBe agreed to a global settlement of all pending legal
disputes, which includes mutual covenants not to sue, and will move
forward with their businesses. We expect our future non-recurring
litigation expense to decrease substantially as a result.
- In October 2022, Senator
Tammy Duckworth and Representative
John Sarbanes introduced the
Websites and Software Applications Accessibility Act in
the United States Senate and House
of Representatives. The Websites and Software Applications
Accessibility Act would require entities currently covered by
the ADA, as well as commercial providers, to maintain websites and
software applications that are accessible for Americans with
disabilities.
Financial Outlook
The Company expects revenue to equal
between $7.7 and $7.9 million in the fourth quarter of 2022,
representing 20% year-over-year growth at the midpoint.
Conference Call Information
AudioEye management will
hold a conference call today, November 10,
2022, at 4:30 p.m. Eastern
time (1:30 p.m. Pacific time)
to discuss these results, followed by a question-and-answer
period.
Date: Thursday, November 10,
2022
Time: 4:30 p.m. Eastern time
(1:30 p.m. Pacific time)
U.S. dial-in number: 844-826-3033
International number: 412-317-5185
Access code: 10172972
Webcast: 3Q22 Webcast Link
Please call the conference telephone number 5-10 minutes prior
to the start time. If you have any difficulty connecting with the
conference call, please contact MZ Group at 561-489-5315.
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
24, 2022.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay passcode: 10172972
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, Samsung, Tommy Hilfiger,
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 or regarding the stock repurchase program 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 the
source of funds to be used to repurchase any shares under the
program, future cash flows of the Company, anticipated
contributions from new sales channels, long-term growth prospects,
opportunities in the digital accessibility industry, our revenue
and ARR 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, sales channels and offerings; 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. 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.
About Key Operating Metrics
We consider annual
recurring revenue ("ARR") as a key operating metric and a key
indicator of our overall business. We also use ARR as 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.
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 ARR as the sum of (i) for our Enterprise channel, the
total of the annual recurring fee amount under each active paid
contract at the date of determination, plus (ii) for our Partner
and Marketplace channel, the recognized monthly fee amount for all
paying customers at the date of determination, in each case,
assuming no changes to the subscription, multiplied by 12. This
determination includes both annual and monthly contracts for
recurring products. Some of our contracts are cancelable, which may
impact future ARR. ARR excludes revenue from our PDF remediation
services business and Mobile App report business and other report
delivery services.
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- and
litigation-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 financial statements 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),
plus interest expense, plus depreciation and amortization expense,
plus stock-based compensation expense, plus non-cash valuation
adjustment to contingent consideration, plus certain litigation
expense, plus certain acquisition expense, plus loss on impairment
of long-lived assets, plus loss on disposal of long-lived assets,
and less gain on loan forgiveness; and (ii) Non-GAAP earnings
(loss) per diluted share as net income (loss) per diluted common
share, plus interest expense, plus depreciation and amortization
expense, plus stock-based compensation expense, plus non-cash
valuation adjustment to contingent consideration, plus certain
litigation expense, plus certain acquisition expense, plus loss on
impairment of long-lived assets, plus loss on disposal of
long-lived assets, 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 some of 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 in this
press release, and not rely on any single financial measure to
evaluate our business. We strongly urge readers to review the
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, which are included
in this press release.
Investor Contact:
Brian M.
Prenoveau, CFA
AEYE@mzgroup.us
(561) 374-0177
AUDIOEYE, INC. STATEMENTS OF
OPERATIONS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
September 30,
|
|
|
Nine months
ended
September 30,
|
|
(in thousands,
except per share data)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Revenue
|
|
$
|
7,700
|
|
|
$
|
6,202
|
|
|
$
|
22,175
|
|
|
$
|
18,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
1,923
|
|
|
|
1,567
|
|
|
|
5,474
|
|
|
|
4,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
5,777
|
|
|
|
4,635
|
|
|
|
16,701
|
|
|
|
13,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
3,351
|
|
|
|
4,504
|
|
|
|
10,502
|
|
|
|
10,638
|
|
Research and
development
|
|
|
1,542
|
|
|
|
1,611
|
|
|
|
4,477
|
|
|
|
3,950
|
|
General and
administrative
|
|
|
3,166
|
|
|
|
3,175
|
|
|
|
10,227
|
|
|
|
9,502
|
|
Total operating
expenses
|
|
|
8,059
|
|
|
|
9,290
|
|
|
|
25,206
|
|
|
|
24,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(2,282)
|
|
|
|
(4,655)
|
|
|
|
(8,505)
|
|
|
|
(10,511)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on loan
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,316
|
|
Interest
expense
|
|
|
(1)
|
|
|
|
(2)
|
|
|
|
(4)
|
|
|
|
(11)
|
|
Total other
income (expense)
|
|
|
(1)
|
|
|
|
(2)
|
|
|
|
(4)
|
|
|
|
1,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(2,283)
|
|
|
|
(4,657)
|
|
|
|
(8,509)
|
|
|
|
(9,206)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Series A
Convertible Preferred Stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(69)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to
common stockholders
|
|
$
|
(2,283)
|
|
|
$
|
(4,657)
|
|
|
$
|
(8,509)
|
|
|
$
|
(9,275)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share-basic and diluted
|
|
$
|
(0.20)
|
|
|
$
|
(0.41)
|
|
|
$
|
(0.74)
|
|
|
$
|
(0.85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding-basic and diluted
|
|
|
11,458
|
|
|
|
11,329
|
|
|
|
11,464
|
|
|
|
10,929
|
|
AUDIOEYE, INC. BALANCE
SHEETS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
(in thousands,
except per share data)
|
|
2022
|
|
|
2021
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
7,823
|
|
|
$
|
18,966
|
|
Accounts
receivable, net of allowance for doubtful accounts of $365 and
$157, respectively
|
|
|
5,057
|
|
|
|
5,311
|
|
Deferred costs,
short term
|
|
|
61
|
|
|
|
103
|
|
Prepaid expenses
and other current assets
|
|
|
854
|
|
|
|
451
|
|
Total current
assets
|
|
|
13,795
|
|
|
|
24,831
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net of accumulated depreciation of $242 and $210,
respectively
|
|
|
178
|
|
|
|
196
|
|
Right of use
assets
|
|
|
1,288
|
|
|
|
834
|
|
Deferred costs,
long term
|
|
|
15
|
|
|
|
34
|
|
Intangible
assets, net of accumulated amortization of $5,492 and $5,285,
respectively
|
|
|
6,227
|
|
|
|
2,622
|
|
Goodwill
|
|
|
4,001
|
|
|
|
701
|
|
Other
|
|
|
93
|
|
|
|
95
|
|
Total assets
|
|
$
|
25,597
|
|
|
$
|
29,313
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
and accrued expenses
|
|
$
|
2,452
|
|
|
$
|
3,542
|
|
Finance lease
liabilities
|
|
|
43
|
|
|
|
57
|
|
Operating lease
liabilities
|
|
|
483
|
|
|
|
415
|
|
Deferred
revenue
|
|
|
7,434
|
|
|
|
7,068
|
|
Contingent
consideration
|
|
|
939
|
|
|
|
134
|
|
Total current
liabilities
|
|
|
11,351
|
|
|
|
11,216
|
|
|
|
|
|
|
|
|
|
|
Long term
liabilities:
|
|
|
|
|
|
|
|
|
Finance lease
liabilities
|
|
|
14
|
|
|
|
45
|
|
Operating lease
liabilities
|
|
|
865
|
|
|
|
450
|
|
Deferred
revenue
|
|
|
5
|
|
|
|
5
|
|
Contingent
consideration, long term
|
|
|
1,828
|
|
|
|
—
|
|
Total
liabilities
|
|
|
14,063
|
|
|
|
11,716
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.00001 par value, 10,000 shares authorized
|
|
|
|
|
|
|
|
|
Common stock,
$0.00001 par value, 50,000 shares authorized, 11,493 and 11,435
shares issued and outstanding as of September 30, 2022 and December
31, 2021, respectively
|
|
|
1
|
|
|
|
1
|
|
Additional
paid-in capital
|
|
|
92,091
|
|
|
|
88,889
|
|
Accumulated
deficit
|
|
|
(80,558)
|
|
|
|
(71,293)
|
|
Total
stockholders' equity
|
|
|
11,534
|
|
|
|
17,597
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity
|
|
$
|
25,597
|
|
|
$
|
29,313
|
|
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)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Non-GAAP Earnings
(Loss) Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
(GAAP)
|
|
$
|
(2,283)
|
|
|
$
|
(4,657)
|
|
|
$
|
(8,509)
|
|
|
$
|
(9,206)
|
|
Non-cash
valuation adjustment to contingent consideration
|
|
|
24
|
|
|
|
—
|
|
|
|
182
|
|
|
|
—
|
|
Interest
expense
|
|
|
1
|
|
|
|
2
|
|
|
|
4
|
|
|
|
11
|
|
Stock-based
compensation expense
|
|
|
1,308
|
|
|
|
1,881
|
|
|
|
3,494
|
|
|
|
5,425
|
|
Acquisition
expense (1)
|
|
|
7
|
|
|
|
—
|
|
|
|
247
|
|
|
|
—
|
|
Litigation
expense (2)
|
|
|
449
|
|
|
|
470
|
|
|
|
1,810
|
|
|
|
1,064
|
|
Depreciation and
amortization
|
|
|
598
|
|
|
|
357
|
|
|
|
1,607
|
|
|
|
957
|
|
Loss on
impairment of long-lived assets
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
Loss on disposal
of long-lived assets
|
|
|
43
|
|
|
|
—
|
|
|
|
50
|
|
|
|
12
|
|
Gain on loan
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,316)
|
|
Non-GAAP
earnings (loss)
|
|
$
|
147
|
|
|
$
|
(1,947)
|
|
|
$
|
(1,115)
|
|
|
$
|
(3,043)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings
(Loss) per Diluted Share Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share (GAAP) — diluted
|
|
$
|
(0.20)
|
|
|
$
|
(0.41)
|
|
|
$
|
(0.74)
|
|
|
$
|
(0.85)
|
|
Non-cash
valuation adjustment to contingent consideration
|
|
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
Interest
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based
compensation expense
|
|
|
0.11
|
|
|
|
0.17
|
|
|
|
0.30
|
|
|
|
0.50
|
|
Acquisition
expense (1)
|
|
|
—
|
|
|
|
—
|
|
|
|
0.02
|
|
|
|
—
|
|
Litigation
expense (2)
|
|
|
0.04
|
|
|
|
0.04
|
|
|
|
0.16
|
|
|
|
0.10
|
|
Depreciation and
amortization
|
|
|
0.05
|
|
|
|
0.03
|
|
|
|
0.14
|
|
|
|
0.09
|
|
Loss on
impairment of long-lived assets
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Loss on disposal
of long-lived assets
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Gain on loan
forgiveness
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.12)
|
|
Non-GAAP earnings
(loss) per diluted share (3)
|
|
$
|
0.01
|
|
|
$
|
(0.17)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.28)
|
|
Diluted weighted
average shares (GAAP)
|
|
|
11,458
|
|
|
|
11,329
|
|
|
|
11,464
|
|
|
|
10,929
|
|
Includable
incremental shares (Non-GAAP) (3)
|
|
|
760
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Adjusted diluted shares
(Non-GAAP) (4)
|
|
|
12,218
|
|
|
|
11,329
|
|
|
|
11,464
|
|
|
|
10,929
|
|
|
|
|
|
(1)
|
Represents legal and
accounting fees associated with the BOIA acquisition.
|
|
(2)
|
Represents legal
expenses related primarily to patent litigation pursued by the
Company.
|
|
(3)
|
Non-GAAP earnings per
adjusted diluted share for our common stock is computed using the
treasury stock method.
|
|
(4)
|
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.