Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 12, 2025

PODCASTONE, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-41795		35-2503373
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

345 North Maple Drive, Suite 295

Beverly Hills, CA 90210

(Address of principal executive offices) (Zip Code)

(310) 858-0888

(Registrant’s telephone number, including area code)

n/a

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, $0.00001 par value per share		PODC		The NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 12, 2025, PodcastOne, Inc. (the “Company”) issued a press release announcing its operating and financial highlights and results for the third quarter and nine months ended December 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1.

The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

On February 5, 2025, the Company issued a press release announcing that it plans to hold a conference call and audio webcast to provide a business update and discuss its operating and financial results for the third quarter ended December 31, 2024 on February 12, 2025. A copy of the press release is attached hereto as Exhibit 99.2.

The information included herein and in Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number		Description
99.1*		Press release, dated February 12, 2025.
99.2*		Press release, dated February 5, 2025.
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PODCASTONE, INC.

Dated: February 12, 2025	By:	/s/ Aaron Sullivan
	Name:	Aaron Sullivan
	Title:	Chief Financial Officer

Exhibit 99.1

PodcastOne (NASDAQ: PODC) Reports Q3 Fiscal 2025 Financial Results; Revenue Increases 22% YoY to $12.7 Million, Fiscal 2025
Nine-Month Revenue Hits Record $38.0 Million

Company Expands Content Slate and Audience Reach While Strengthening Monetization
Capabilities Through Strategic Partnership with Amazon’s ART19

LOS ANGELES, CA, February 12, 2025 -- PodcastOne (NASDAQ: PODC), a leading publisher and podcast sales network, has reported its financial results for the fiscal third quarter ended December 31, 2024 (“Q3 Fiscal 2025”).

Key Highlights:

●

Revenue increased 22% to $12.7 million

●

Ranked as one of the Top 10 U.S. Podcast Publishers with a U.S. unique monthly audience of 5.2 million and 16.2 million U.S. downloads & streams as of January 2025

●

Established strategic partnership with Amazon’s ART19 for hosting services, driving growth for shows and delivering results for advertisers

●

Expanded programming slate to 196 shows and surpassed 3.9 billion network downloads

●

Expanded the A&E relationship with the launch of Ancient Aliens, a podcast adaptation of The History Channel’s hit show

●

Reaffirmed guidance for Fiscal 2025 revenues to increase at least 17% to at least a record $51.0 million; driving expected positive Adjusted EBITDA*

Management Commentary

“The recent migration and partnership with Amazon’s ART19 hosting platform marks a major evolution for PodcastOne that enhances operational efficiencies while strengthening our monetization capabilities and audience engagement”, said Kit Gray, President and Co-Founder of PodcastOne. “This strategic move positions us to better serve advertisers and maximize the value of our content across our growing network.”

Mr. Gray continued, “PodcastOne remains committed to delivering premium content while expanding our host and advertiser relationships. To date, we have grown our programming slate to 196 shows and surpassed 3.9 billion network downloads through key expansion deals, including our collaboration with A&E’s The History Channel, and the renewal of flagship podcasts hosted by Adam Carolla, Brendan Schaub, and Kaitlyn Bristowe. Looking ahead, we are focused on leveraging our leadership position in podcasting to drive sustainable growth through organic expansion, acquisitions, and strategic initiatives, creating long term value for our creators, partners, and shareholders.”

Fiscal Third Quarter 2025 Financial Results

Revenue in Q3 Fiscal 2025 increased 22% to $12.7 million, compared to $10.4 million in the same prior year quarter.

Operating Loss in Q3 Fiscal 2025 was $1.6 million, compared to an operating loss of $2.6 million in the prior year quarter.

Net loss in Q3 Fiscal 2025 was $1.6 million, or $(0.06) per basic and diluted share, compared to a net loss of $2.6 million, or $(0.11) per basic and diluted share, in the prior year quarter.

Adjusted EBITDA* in Q3 Fiscal 2025 was $(0.7) million, compared to Adjusted EBIDTA* of $(0.4) million in the prior year quarter.

Fiscal 2025 Guidance

PodcastOne reaffirms its guidance for Fiscal 2025 revenues of at least a record $51.0 million, representing an increase of at least 17% when compared to revenues of $43.3 million in Fiscal 2024. PodcastOne expects positive Adjusted EBIDTA* in Fiscal 2025.

Fiscal Third Quarter 2025 Earnings Conference Call

Management will host an investor conference call at 11:30 a.m. Eastern time / 8:30 a.m. Pacific time, on Wednesday, February 12, 2025, to discuss PodcastOne’s Q3 Fiscal 2025 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:

Date:	Wednesday, February 12, 2025
Time:	11:30 a.m. EST
U.S./International Dial-in:	(800) 715-9871 / +1 (646) 307-1963
Conference ID:	7454038
Webcast:	PODC Fiscal Third Quarter 2025 Earnings Call

Please join at least five minutes before the start of the call to ensure timely participation.

A playback of the call will be available through Wednesday, February 19, 2025. To listen, please call (800) 770-2030 within the United States and Canada, using replay pin number 7454038#. A webcast replay will also be available using the webcast link above or by visiting PodcastOne’s investor relations page at www.ir.podcastone.com.

About PodcastOne

PodcastOne (NASDAQ: PODC) is a leading podcast platform that provides creators and advertisers with a comprehensive 360-degree solution in sales, marketing, public relations, production, and distribution. PodcastOne has surpassed 3.9 billion total downloads with a community of 200 top podcasters, including Adam Carolla, Kaitlyn Bristowe, Jordan Harbinger, LadyGang, A&E’s Cold Case Files, and Varnamtown. PodcastOne has built a distribution network reaching over 1 billion monthly impressions across all channels, including YouTube, Spotify, Apple Podcasts, and iHeartRadio. PodcastOne is also the parent company of PodcastOne Pro which offers fully customizable production packages for brands, professionals, or hobbyists. For more information, visit www.podcastone.com and follow us on Facebook, Instagram, YouTube, and X at @podcastone.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: LiveOne’s reliance on its largest OEM customer for a substantial percentage of its revenue; LiveOne’s and PodcastOne’s ability to consummate any proposed financing, acquisition, special dividend, merger, distribution or transaction, including the spin-out of LiveOne’s pay-per-view business, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne’s ability to continue as a going concern; PodcastOne’s ability to attract, maintain and increase the number of its listeners; PodcastOne identifying, acquiring, securing and developing content; LiveOne’s intent to repurchase shares of its and/or PodcastOne’s common stock from time to time under LiveOne’s announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; LiveOne’s ability to maintain compliance with certain financial and other covenants; PodcastOne successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; uncertain and unfavorable outcomes in legal proceedings and/or PodcastOne’s or LiveOne’s ability to pay any amounts due in connection with any such legal proceedings; LiveOne’s ability to extend and/or refinance its indebtedness and/or repay its indebtedness when due; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of PodcastOne, LiveOne and/or LiveOne’s other subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in PodcastOne’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 1, 2024, Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024, filed with the SEC on November 14, 2024, and in PodcastOne’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and PodcastOne disclaims any obligation to update these statements, except as may be required by law. PodcastOne intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

Use of Non-GAAP Financial Measures*

To supplement our consolidated financial statements, which are prepared and presented in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), we present Contribution Margin (Loss) and Adjusted Earnings Before Interest Tax Depreciation and Amortization (“Adjusted EBITDA”), which are non-GAAP financial measures, as measures of our performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, or superior to, operating loss and or net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to net cash provided by operating activities or any other measures of our cash flows or liquidity.

We use Contribution Margin (Loss) and Adjusted EBITDA to evaluate the performance of our operating segment. We believe that information about these non-GAAP financial measures assists investors by allowing them to evaluate changes in the operating results of our business separate from non-operational factors that affect operating income (loss) and net income (loss), thus providing insights into both operations and the other factors that affect reported results. Adjusted EBITDA is not calculated or presented in accordance with GAAP. A limitation of the use of Adjusted EBITDA as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, Adjusted EBITDA should be considered in addition to, and not as a substitute for operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, Adjusted EBITDA as presented herein may not be comparable to similarly titled measures of other companies.

Contribution Margin (Loss) is defined as Revenue less Cost of Sales. Adjusted EBITDA is defined as earnings before interest, other (income) expense, income tax expense, depreciation and amortization and before (a) non-cash GAAP purchase accounting adjustments for certain deferred revenue and costs, (b) legal, accounting and other professional fees directly attributable to acquisition activity, (c) employee severance payments and third party professional fees directly attributable to acquisition or corporate realignment activities, (d) certain non-recurring expenses associated with legal settlements or reserves for legal settlements in the period that pertain to historical matters that existed at acquired companies prior to their purchase date and a one-time minimum guarantee to effectively terminate a live events distribution agreement post COVID-19, and (e) certain stock-based compensation expense. Management does not consider these costs to be indicative of our core operating results.

With respect to projected full fiscal year 2025 Adjusted EBITDA, a quantitative reconciliation is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to purchase accounting adjustments, acquisition-related charges and legal settlement reserves excluded from Adjusted EBITDA. We expect that the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

For more information on these non-GAAP financial measures, please see the tables entitled “Reconciliation of Non-GAAP Measure to GAAP Measure” included at the end of this release.

PodcastOne IR Contact:

Chris Donovan
MZ Group
(914) 352-5853
PODC@mzgroup.us

PodcastOne Press Contact:

(310) 246-4600
Susan@Guttmanpr.com

Financial Information

The tables below present financial results for the three and nine months ended December 31, 2024 and 2023.

PodcastOne, Inc.
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share amounts)

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2024			2023			2024			2023

Revenue:	$	12,710		$	10,442		$	38,022		$	31,595

Operating expenses:
Cost of sales		11,983			9,387			34,834			26,666
Sales and marketing		894			732			2,618			3,433
Product development		9			15			40			70
General and administrative		1,281			2,601			4,130			4,736
Impairment of intangible assets		-			-			176			-
Amortization of intangible assets		125			307			830			523
Total operating expenses		14,292			13,042			42,628			35,428
Loss from operations		(1,582	)		(2,600	)		(4,606	)		(3,833	)

Other income (expense):
Interest expense, net		-			-			-			(2,247	)
Change in fair value of bifurcated embedded derivative		-			-			-			(7,603	)
Total other expense, net		-			-			-			(9,850	)

Loss before provision (benefit) for income taxes		(1,582	)		(2,600	)		(4,606	)		(13,683	)

Provision (benefit) for income taxes		1			-			12			-
Net loss	$	(1,583	)	$	(2,600	)	$	(4,618	)	$	(13,683	)

Net loss per share – basic and diluted	$	(0.06	)	$	(0.11	)	$	(0.19	)	$	(0.64	)
Weighted average common shares – basic and diluted		24,535,258			23,072,179			24,133,630			21,252,375

PodcastOne, Inc.
Consolidated Balance Sheets (Unaudited)
(In thousands)

	December 31,			March 31,
	2024			2024

Assets
Current Assets
Cash and cash equivalents	$	572		$	1,445
Accounts receivable, net		5,826			6,023
Prepaid expense and other current assets		237			1,105
Total Current Assets		6,635			8,573
Property and equipment, net		269			309
Goodwill		12,041			12,041
Intangible assets, net		1,373			3,145
Related party receivable		315			57
Total Assets	$	20,633		$	24,125

Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	$	4,826		$	7,383
Related party payable		797			315
Total Current Liabilities		5,623			7,698
Other long term liabilities		-			86
Total Liabilities		5,623			7,784

Commitments and Contingencies

Stockholders’ Equity
Common stock, $0.00001 par value; 100,000,000 shares authorized; 24,846,839 and 23,608,049 shares issued and outstanding as of December 31, 2024 and March 31, 2024, respectively		-			-
Additional paid in capital		49,239			45,952
Accumulated deficit		(34,229	)		(29,611	)
Total stockholders’ equity		15,010			16,341
Total Liabilities and Stockholders’ Equity	$	20,633		$	24,125

PodcastOne, Inc.
Reconciliation of Non-GAAP Measure to GAAP Measure
Adjusted EBITDA* Reconciliation (Unaudited)
(In thousands)

								Non-
								Recurring
	Net			Depreciation				Acquisition and		Other		(Benefit)
	Income			and		Stock-Based		Realignment		(Income)		Provision		Adjusted
	(Loss)			Amortization		Compensation		Costs (1)		Expense(2)		for Taxes		EBITDA*
Three Months Ended December 31, 2024
Total	$	(1,583	)	$	188	$	718	$	6	$	-	$	1	$	(670	)

Three Months Ended December 31, 2023
Total	$	(2,600	)	$	372	$	1,786	$	86	$	-	$	-	$	(356	)

Nine Months Ended December 31, 2024
Total	$	(4,618	)	$	1,201	$	1,972	$	44	$	-	$	12	$	(1,389	)

Nine Months Ended December 31, 2023
Total	$	(13,683	)	$	710	$	2,724	$	804	$	9,850	$	-	$	405

(1)

Non-Recurring Acquisition and Realignment Costs include non-cash GAAP purchase accounting adjustments for certain deferred revenue and costs, legal, accounting and other professional fees directly attributable to acquisition activity, employee severance payments and third party professional fees directly attributable to acquisition or corporate realignment activities, and certain non-recurring expenses associated with legal settlements or reserves for legal settlements in the period that pertain to historical matters that existed at acquired companies prior to their purchase date.

(2)

Other (Income) Expense above primarily includes interest expense, net and change in fair value of derivative liabilities. These are included in the statement of operations in other income (expense) and are an add back to net loss above in the reconciliation of Adjusted EBITDA* to loss.

See the definition of Adjusted EBITDA under “Use of Non-GAAP Financial Measures” within this release.

PodcastOne, Inc.
Reconciliation of Non-GAAP Measure to GAAP Measure

Contribution Margin* Reconciliation (Unaudited)
(In thousands)

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2024			2023			2024			2023

Revenue:	$	12,710		$	10,442		$	38,022		$	31,595
Less:
Cost of sales		(11,983	)		(9,387	)		(34,834	)		(26,666	)
Amortization of developed technology		(57	)		(58	)		(178	)		(112	)
Gross Profit		670			997			3,010			4,817

Add back amortization of developed technology:		57			58			178			112
Contribution Margin*	$	727		$	1,055		$	3,188		$	4,929

See the definition of Contribution Margin under “Use of Non-GAAP Financial Measures” within this release.

Exhibit 99.2

PodcastOne (PODC) to Host Third Quarter Fiscal Year 2025 Financial Results Conference Call on
Wednesday, February 12, 2025, at 11:30 a.m. Eastern Standard Time

LOS ANGELES, Feb. 05, 2025 -- PodcastOne (NASDAQ: PODC), a leading publisher and podcast sales network plans to announce its operating and financial results for its third quarter fiscal year 2025 ended December 31, 2024, on Wednesday, February 12, 2025.

PodcastOne President, Kit Gray, and Chief Financial Officer, Aaron Sullivan will host the conference call, followed by a question-and-answer session.

To access the call, please use the following information:

Third Quarter Fiscal Year 2025 Earnings Conference Call

Date:	Wednesday, February 12, 2025
Time:	11:30 a.m. Eastern Time (8:30 a.m. Pacific Time)
Webcast Link:	PODC 3Q25 Earnings Conference Call
Dial-in:	+1 (800) 715-9871
International Dial-in:	+1 (646) 307-1963
Conference Code:	7454038

A telephone replay will be available commencing approximately three hours after the call and will remain available through Wednesday, 26th February 2025, by dialing +1(800) 770-2030 from the U.S., or +1(609) 800-9909 from international locations, and entering replay pin number: 7454038#. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company’s website here.

About PodcastOne

PodcastOne (NASDAQ: PODC) is a leading podcast platform that provides creators and advertisers with a full 360-degree solution in sales, marketing, public relations, production and distribution. PodcastOne has over 3.5 billion total downloads with a community of 200 top podcasters, including Adam Carolla, Kaitlyn Bristowe, Jordan Harbinger, LadyGang, A&E’s Cold Case Files, and Varnamtown. PodcastOne has built a distribution network reaching over 1 billion listeners a month across all channels, including its majority shareholder, LiveOne (NASDAQ: LVO), as well as Spotify, Apple Podcasts, iHeartRadio, Samsung and over 150 shows exclusively available in Tesla vehicles. PodcastOne is also the parent company of LaunchpadOne, an innovative self-serve platform developed to launch, host, distribute and monetize independent user-generated podcasts. For more information, visit www.podcastone.com and follow us on Facebook, Instagram, YouTube and X at @podcastone.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: LiveOne’s reliance on its largest OEM customer for a substantial percentage of its revenue; LiveOne’s and PodcastOne’s ability to consummate any proposed financing, acquisition, merger, distribution or other transaction, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne’s ability to continue as a going concern; PodcastOne’s ability to attract, maintain and increase the number of its listeners; PodcastOne identifying, acquiring, securing and developing content; LiveOne’s intent to repurchase shares of its and/or PodcastOne’s common stock from time to time under LiveOne’s announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; LiveOne’s ability to maintain compliance with certain financial and other covenants; PodcastOne successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; LiveOne’s ability to extend and/or refinance its indebtedness and/or repay its indebtedness when due; uncertain and unfavorable outcomes in legal proceedings and/or LiveOne’s ability to pay any amounts due in connection with any such legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of PodcastOne, LiveOne and/or LiveOne’s other subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in PodcastOne’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 1, 2024, PodcastOne’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024, filed with the SEC on November 14, 2024, and in PodcastOne’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and PodcastOne disclaims any obligation to update these statements, except as may be required by law. PodcastOne intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

IR Contact:

Chris Donovan
914-352-5853
PODC@mzgroup.us

Press Contact:

310.246.4600
Susan@Guttmanpr.com

Cover	Feb. 12, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 12, 2025
Entity File Number	001-41795
Entity Registrant Name	PODCASTONE, INC.
Entity Central Index Key	0001940177
Entity Tax Identification Number	35-2503373
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	345 North Maple Drive
Entity Address, Address Line Two	Suite 295
Entity Address, City or Town	Beverly Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90210
City Area Code	(310)
Local Phone Number	858-0888
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.00001 par value per share
Trading Symbol	PODC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false