-- via NewMediaWire – Troika Media Group, Inc. (Nasdaq: TRKA)
("Troika" or "Company"), a brand consultancy and marketing
innovations company that provides integrated branding and marketing
solutions for global brands, today announced financial results for
its second quarter of fiscal year 2022 ended December 31, 2021.
Second Quarter and Year-to-Date Financial and
Operational Highlights
- Revenue increased 57.1% to $6.99 million in Q2 2022, compared
to the prior year quarter
- Adjusted EBITDA was $(1.95) million in Q2 2022, compared $0.8
million to the prior year quarter
- Revenue increased 78.76% to $15.34 million for the first six
months of FY 2022
- Accelerating expansion in fast growing gaming and Esports
market
- Business mix and client spend shifting to faster growth areas:
Experiential, Consumer and Technology
- New client growth accelerating
- Demand for client services across brands continues momentum in
Q3 2022 with pipeline growing
Growth in Client Activity First Half FY
2022
Troika has made significant progress in deepening existing
relationships and winning new accounts. First half 2022 was another
strong period for significant expanded assignments with existing
clients including: LA Rams, SoFi, UFC, ESPN, HBO, Yahoo, Netflix,
Victoria's Secret, CNN, Riot Games, Ubisoft, Big Ten Network,
Pac-12 Networks, Bobbi Brown Cosmetics and Coca-Cola. New client
wins included: CNBC, PointsBet, Viacom, San Diego Wave FC, Unimas,
ESL, VSPN, Greenpark Sports, LASEC Super Bowl Host Committee, F 45
Fitness, La Mer, Coffee Bean and Wilson Sporting Goods.
Management Commentary
“Our second-quarter performance closes out a strong first half
of the fiscal year with robust organic revenue growth of 57%,” said
Robert Machinist, Troika’s Chairman and CEO. “We have now
reported revenue growth in excess of 78% for the first six months
of fiscal year 2022 as compared to the same period in 2021, and
with the actions we have taken over the last two years, we are even
better positioned for growth. Our formula for success firmly
resides with the efforts of our people across Troika, working
together to deliver the best client outcomes in a rapidly evolving
market. During the second quarter, all of Troika’s business
units generated significant new client mandates and we hired
aggressively to stay ahead of strong revenue growth year-to-date.
We believe our staffing has been optimized to successfully service
our expected revenue growth for the remainder of fiscal year 2022.
Based on our performance year-to-date, we are optimistic about the
outlook for the second half of 2022 and expect to continue to build
on our strong client demand, clear strategic direction and improved
financial performance to enhance value creation for our
shareholders.”
Machinist added, “We believe the demand for digital marketing
transformation, involving the sales, marketing and information
technology functions in client organizations, will accelerate. We
continue to review significant new growth opportunities that would
create a stronger organization during the remainder of fiscal year
2022 across all practices in order to help our clients grow their
brands and build their businesses.”
Q 2 Fiscal 2022 Summary Results (GAAP)
Revenues for the three months ended December 31, 2021 and 2020
were $6.99 million and $4.45 million, respectively, an increase of
approximately $2.54 million or 57.1%. This increase is primarily
due to Troika Design recognizing $1.6 million in additional revenue
in comparison to the prior period as a result of the generation of
new business and increased new business from the UK and US
subsidiaries of Mission-Media Holdings Limited.
Operating costs for the three months ended December 31, 2021 and
2020 were $7.49 million and $4.52 respectively, an increase of
$2.97 or 65.8%. The primary driver of this increase was an increase
of $2.53 million in cost of personnel to service new business
wins.
The Company recognized a $1.7 million reduction in gains from
the extinguishment of stimulus loans in other expenses in the three
months ending December 31, 2021 as compared to the three months
ending December 31, 2020. The loans were awarded as a
result of the pandemic and the funds were recognized in the prior
period as expensed.
Net loss for the three months ended December 31, 2021 increased
to $4.11 million from $623,000 for the three months ended December
31, 2020.
Q2 Fiscal 2022 Summary Results
(Non-GAAP)*
|
|
Three Months EndedDecember 31, |
Un-Audited |
|
2021 |
|
|
2020 |
|
|
|
Un-Audited |
|
|
Un-Audited |
|
|
|
|
|
|
|
|
Net Operating Loss |
|
$ |
(4,110,000 |
) |
|
$ |
(623,000 |
) |
|
|
|
|
|
|
|
|
|
* Unrealized gains or
losses - Rent Abatement |
|
|
39,000 |
|
|
|
- |
|
* Non-cash expenses
(Depreciation, amortization of intangibles & amortization of
note payable discount) |
|
|
199,000 |
|
|
|
961,000 |
|
* Interest expense |
|
|
34,000 |
|
|
|
42,000 |
|
* Losses on foreign
exchange |
|
|
10,000 |
|
|
|
- |
|
* Stock-based
compensation non-cash expense |
|
|
1,071,000 |
|
|
|
320,000 |
|
* Acquisition costs |
|
|
517,000 |
|
|
|
- |
|
* Consulting services
(non-recurring) |
|
|
204,000 |
|
|
|
- |
|
* Software implementation
(non-recurring) |
|
|
45,000 |
|
|
|
- |
|
* Legal costs |
|
|
44,000 |
|
|
|
105,000 |
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
(1,947,000 |
) |
|
$ |
805,000 |
|
* Please refer to "Non-GAAP
Financial Measures" below for a description of these measures
Definitions
Free Cash Flow is defined as net cash provided by (used in)
operating activities, reduced by purchases of property and
equipment.
Common shares outstanding plus shares underlying stock-based
awards includes common shares outstanding, restricted stock units,
restricted stock awards, warrants and outstanding stock
options.
Adjusted EBITDA is defined as net income (loss), excluding
interest income; interest expense; other income (expense) net;
income tax benefit (expense); depreciation and amortization;
stock-based compensation expense and other payroll related tax
expense; and certain other non-cash or non-recurring items
impacting net income (loss) from time to time.
Note: For adjustments and additional information regarding the
non-GAAP financial measures and other items discussed, please see
“Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP
Financial Measures.”
About Troika Group
Troika Media Group is an end-to-end brand
solutions company that creates both near-term and long-term value
for global brands in entertainment, sports and consumer products.
Applying emerging technology, data science, and world-class
creative, Troika Media Group helps brands deepen engagement with
audiences and fans throughout the consumer journey and builds brand
equity. Clients include Apple, Hulu, Riot Games, Belvedere Vodka,
Unilever, UFC, Peloton, CNN, HBO, ESPN, Wynn Resorts and Casinos,
Tiffany & Co., IMAX, Netflix, Sony, Yahoo and Coca-Cola. For
more information, visit www.troikamediagroup.com
Forward-Looking Statements
Certain statements in this press release that
are not historical facts are forward-looking statements that
reflect management's current expectations, assumptions, and
estimates of future performance and economic conditions, and
involve risks and uncertainties that could cause actual results to
differ materially from those anticipated by the statements made
herein. Forward-looking statements are generally identifiable by
the use of forward-looking terminology such as "believe,"
"expects," "may," "looks to," "will," "should," "plan," "intend,"
"on condition," "target," "see," "potential," "estimates,"
"preliminary," or "anticipates" or the negative thereof or
comparable terminology, or by discussion of strategy or goals or
other future events, circumstances, or effects. Moreover,
forward-looking statements in this release include, but are not
limited to, the impact of the current COVID-19 pandemic, which may
limit access to the Company's facilities, customers, management,
support staff, and professional advisors, and to develop and
deliver advanced voice and data communications systems, demand for
the Company's products and services, economic conditions in the
U.S. and worldwide, and the Company's ability to recruit and retain
management, technical, and sales personnel. Further information
relating to factors that may impact the Company's results and
forward-looking statements are disclosed in the Company's filings
with the SEC. The forward-looking statements contained in this
press release are made as of the date of this press release, and
the Company disclaims any intention or obligation, other than
imposed by law, to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use certain
non-GAAP financial measures, as described below, to understand and
evaluate our core operating performance. These non-GAAP financial
measures, which may be different than similarly titled measures
used by other companies, are presented to enhance investors’
overall understanding of our financial performance and should not
be considered a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP.
We use the non-GAAP financial measure of Free Cash Flow, which
is defined as net cash provided by (used in) operating activities,
reduced by purchases of property and equipment. We believe Free
Cash Flow is an important liquidity measure of the cash that is
available, after capital expenditures, for operational expenses and
investment in our business and is a key financial indicator used by
management. Free Cash Flow is useful to investors as a liquidity
measure because it measures our ability to generate or use cash.
Once our business needs and obligations are met, cash can be used
to maintain a strong balance sheet and invest in future growth.
We use the non-GAAP financial measure of Adjusted EBITDA, which
is defined as net income (loss); excluding interest income;
interest expense; other income (expense), net; income tax benefit
(expense); depreciation and amortization; stock-based compensation
expense and other payroll related tax expense; and certain other
non-cash or non-recurring items impacting net income (loss) from
time to time. We believe that Adjusted EBITDA helps identify
underlying trends in our business that could otherwise be masked by
the effect of the expenses that we exclude in Adjusted EBITDA.
We use the non-GAAP financial measure of non-GAAP net loss,
which is defined as net income (loss); excluding amortization of
intangible assets; stock-based compensation expense and other
payroll related tax expense; certain other non-cash or
non-recurring items impacting net income (loss) from time to time;
and related income tax adjustments. Non-GAAP net loss and weighted
average diluted shares are then used to calculate non-GAAP diluted
net loss per share. Similar to Adjusted EBITDA, we believe these
measures help identify underlying trends in our business that could
otherwise be masked by the effect of the expenses we exclude in the
measure.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and future prospects, and
allow for greater transparency with respect to key metrics used by
our management for financial and operational decision-making. We
are presenting these non-GAAP measures to assist investors in
seeing our financial performance through the eyes of management,
and because we believe that these measures provide an additional
tool for investors to use in comparing our core financial
performance over multiple periods with other companies in our
industry.
|
Troika Media Group, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
December 31, |
|
|
June 30, |
|
ASSETS |
|
2021 |
|
|
2021 |
|
Current assets: |
|
(Unaudited) |
|
|
|
|
Cash and cash equivalents |
|
$ |
5,982,000 |
|
|
$ |
12,066,000 |
|
Accounts receivable, net |
|
|
1,241,000 |
|
|
|
1,327,000 |
|
Prepaid expenses |
|
|
232,000 |
|
|
|
670,000 |
|
Other assets – short term portion |
|
|
65,000 |
|
|
|
1,000 |
|
Total current assets |
|
|
7,520,000 |
|
|
|
14,064,000 |
|
|
|
|
|
|
|
|
|
|
Other assets -long term portion |
|
|
629,000 |
|
|
|
626,000 |
|
Property and equipment, net |
|
|
374,000 |
|
|
|
343,000 |
|
Operating lease right-of-use assets |
|
|
6,356,000 |
|
|
|
6,887,000 |
|
Intangible assets, net |
|
|
2,259,000 |
|
|
|
2,603,000 |
|
Goodwill |
|
|
19,368,000 |
|
|
|
19,368,000 |
|
Total assets |
|
$ |
36,506,000 |
|
|
$ |
43,891,000 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
6,549,000 |
|
|
$ |
8,363,000 |
|
Convertible notes payable |
|
|
50,000 |
|
|
|
50,000 |
|
Note payable - related party - short term portion |
|
|
150,000 |
|
|
|
200,000 |
|
Due to related parties |
|
|
7,000 |
|
|
|
41,000 |
|
Contract liabilities |
|
|
5,826,000 |
|
|
|
5,973,000 |
|
Operating lease liability - short term portion |
|
|
3,109,000 |
|
|
|
3,344,000 |
|
Derivative liabilities |
|
|
1,000 |
|
|
|
13,000 |
|
Taxes payable |
|
|
58,000 |
|
|
|
62,000 |
|
Stimulus loan programs- short term portion |
|
|
19,000 |
|
|
|
22,000 |
|
Total current liabilities |
|
|
15,769,000 |
|
|
|
18,068,000 |
|
|
|
|
|
|
|
|
|
|
Long term liabilities: |
|
|
|
|
|
|
|
|
Operating lease liability - long term portion |
|
|
5,341,000 |
|
|
|
5,835,000 |
|
Stimulus loan programs - long term portion |
|
|
418,000 |
|
|
|
547,000 |
|
Rental deposits |
|
|
119,000 |
|
|
|
119,000 |
|
Other long-term liabilities |
|
|
140,000 |
|
|
|
477,000 |
|
Liabilities of discontinued operations - long term portion |
|
|
107,000 |
|
|
|
107,000 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
21,894,000 |
|
|
|
25,153,000 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value: 15,000,000 shares authorized |
|
|
|
|
|
|
|
|
Series A Preferred Stock ($0.01 par value: 5,000,000 shares
authorized, 720,000 shares issued and outstanding as of December
31, 2021 and June 30, 2021) |
|
|
7,000 |
|
|
|
7,000 |
|
Common stock, ($0.001 par value: 300,000,000 shares authorized;
43,659,616 and 39,496,588 shares issued and outstanding as of
December 31, 2021 and June 30, 2021, respectively) |
|
|
44,000 |
|
|
|
40,000 |
|
Additional paid-in-capital |
|
|
208,085,000 |
|
|
|
204,788,000 |
|
Stock payable |
|
|
- |
|
|
|
1,210,000 |
|
Accumulated deficit |
|
|
(193,138,000 |
) |
|
|
(186,889,000 |
) |
Other Comprehensive Loss |
|
|
(386,000 |
) |
|
|
(418,000 |
) |
Total stockholders’ equity |
|
|
14,612,000 |
|
|
|
18,738,000 |
|
Total liabilities and stockholders’ equity |
|
$ |
36,506,000 |
|
|
$ |
43,891,000 |
|
|
|
|
|
|
|
|
|
|
|
Troika Media Group, Inc. and Subsidiaries |
Condensed Consolidated Statements of Operations and
Comprehensive Loss |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember 31, |
|
|
Six Months EndedDecember 31, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project revenues, net |
|
$ |
6,994,000 |
|
|
$ |
4,451,000 |
|
|
$ |
15,343,000 |
|
|
$ |
8,583,000 |
|
Cost of revenues |
|
|
3,583,000 |
|
|
|
2,139,000 |
|
|
|
8,420,000 |
|
|
|
4,419,000 |
|
Gross profit |
|
|
3,411,000 |
|
|
|
2,312,000 |
|
|
|
6,923,000 |
|
|
|
4,164,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
6,994,000 |
|
|
|
3,601,000 |
|
|
|
13,229,000 |
|
|
|
8,051,000 |
|
Professional fees |
|
|
300,000 |
|
|
|
350,000 |
|
|
|
868,000 |
|
|
|
1,138,000 |
|
Depreciation expense |
|
|
28,000 |
|
|
|
30,000 |
|
|
|
58,000 |
|
|
|
61,000 |
|
Amortization expense of intangibles |
|
|
171,000 |
|
|
|
539,000 |
|
|
|
343,000 |
|
|
|
1,079,000 |
|
Total operating expenses |
|
|
7,493,000 |
|
|
|
4,520,000 |
|
|
|
14,498,000 |
|
|
|
10,329,000 |
|
Loss from operations |
|
|
(4,082,000 |
) |
|
|
(2,208,000 |
) |
|
|
(7,575,000 |
) |
|
|
(6,165,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from government grants |
|
|
- |
|
|
|
1,704,000 |
|
|
|
262,000 |
|
|
|
1,704,000 |
|
Amortization expense of note payable discount |
|
|
- |
|
|
|
(392,000 |
) |
|
|
- |
|
|
|
(409,000 |
) |
Interest expense |
|
|
(34,000 |
) |
|
|
(42,000 |
) |
|
|
(47,000 |
) |
|
|
(46,000 |
) |
Foreign exchange gain |
|
|
(10,000 |
) |
|
|
10,000 |
|
|
|
(26,000 |
) |
|
|
(37,000 |
) |
Gain on early termination of operating lease |
|
|
- |
|
|
|
- |
|
|
|
(3,000 |
) |
|
|
- |
|
Gain on derivative liabilities |
|
|
- |
|
|
|
23,000 |
|
|
|
12,000 |
|
|
|
- |
|
Other income |
|
|
73,000 |
|
|
|
129,000 |
|
|
|
1,185,000 |
|
|
|
256,000 |
|
Other expenses |
|
|
- |
|
|
|
153,000 |
|
|
|
- |
|
|
|
153,000 |
|
Total other income (expense) |
|
|
29,000 |
|
|
|
1,585,000 |
|
|
|
1,383,000 |
|
|
|
1,621,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing
operations before income tax |
|
|
(4,053,000 |
) |
|
|
(623,000 |
) |
|
|
(6,192,000 |
) |
|
|
(4,544,000 |
) |
Provision for income tax |
|
|
(57,000 |
) |
|
|
- |
|
|
|
(57,000 |
) |
|
|
- |
|
Net loss attributable to
common stockholders |
|
$ |
(4,110,000 |
) |
|
$ |
(623,000 |
) |
|
$ |
(6,249,000 |
) |
|
$ |
(4,544,000 |
) |
Foreign currency translation
adjustment |
|
|
1,000 |
|
|
|
(406,000 |
) |
|
|
32,000 |
|
|
|
(499,000 |
) |
Comprehensive loss |
|
$ |
(4,109,000 |
) |
|
$ |
(1,029,000 |
) |
|
$ |
(6,217,000 |
) |
|
$ |
(5,043,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to common stockholders |
|
$ |
(0.09 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic
shares |
|
|
43,600,019 |
|
|
|
17,687,179 |
|
|
|
42,517,201 |
|
|
|
17,589,581 |
|
|
|
Troika Media Group, Inc. and Subsidiaries |
|
Condensed Consolidated Statements of Cash
Flows |
|
(Unaudited) |
|
|
|
|
|
|
|
Six Months EndedDecember 31, |
|
|
|
2021 |
|
|
2020 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net loss |
|
$ |
(6,249,000 |
) |
|
$ |
(4,544,000 |
) |
|
|
|
Depreciation |
|
|
58,000 |
|
|
|
61,000 |
|
Amortization of intangibles |
|
|
343,000 |
|
|
|
1,079,000 |
|
Amortization of discount on convertible note payables |
|
|
- |
|
|
|
409,000 |
|
Stock-based compensation on options |
|
|
213,000 |
|
|
|
429,000 |
|
Stock-based compensation on warrants |
|
|
124,000 |
|
|
|
455,000 |
|
Stock-based compensation relating to Redeem acquisition |
|
|
1,610,000 |
|
|
|
7,000 |
|
Issuance of common stock related to employees |
|
|
104,000 |
|
|
|
- |
|
Issuance of common stock to contractors for services |
|
|
40,000 |
|
|
|
- |
|
Gain on early termination of operating lease |
|
|
3,000 |
|
|
|
- |
|
Loss on derivative liabilities |
|
|
(12,000 |
) |
|
|
- |
|
Income from government grants |
|
|
- |
|
|
|
(1,704,000 |
) |
(Recovery) and provision for bad debt |
|
|
(67,000 |
) |
|
|
(136,000 |
) |
Change in operating assets and
liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
153,000 |
|
|
|
(1,622,000 |
) |
Prepaid expenses |
|
|
438,000 |
|
|
|
(3,000 |
) |
Accounts payable and accrued expenses |
|
|
(1,814,000 |
) |
|
|
1,709,000 |
|
Other assets |
|
|
(67,000 |
) |
|
|
15,000 |
|
Operating lease liability |
|
|
(201,000 |
) |
|
|
586,000 |
|
Due to related parties |
|
|
(34,000 |
) |
|
|
- |
|
Other long-term liabilities |
|
|
(337,000 |
) |
|
|
- |
|
Taxes payable |
|
|
(4,000 |
) |
|
|
- |
|
Contract liabilities relating to revenue |
|
|
123,000 |
|
|
|
3,570,000 |
|
Contract liabilities to government grants |
|
|
(402,000 |
) |
|
|
(1,704,000 |
) |
Net cash used in operating activities |
|
|
(5,978,000 |
) |
|
|
(1,393,000 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase of fixed assets |
|
|
(93,000 |
) |
|
|
(19,000 |
) |
Net cash used in investing activities |
|
|
(93,000 |
) |
|
|
(19,000 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from stimulus loan programs |
|
|
- |
|
|
|
565,000 |
|
Payments to note payable of related party |
|
|
(50,000 |
) |
|
|
- |
|
Proceeds from convertible note payable |
|
|
- |
|
|
|
500,000 |
|
Net cash provided by financing activities |
|
|
(50,000 |
) |
|
|
1,065,000 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate on
cash |
|
|
37,000 |
|
|
|
(287,000 |
) |
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS |
|
$ |
(6,084,000 |
) |
|
$ |
(634,000 |
) |
CASH AND CASH EQUIVALENTS —
beginning of period |
|
|
12,066,000 |
|
|
|
1,706,000 |
|
CASH AND CASH EQUIVALENTS —
end of period |
|
$ |
5,982,000 |
|
|
$ |
1,072,000 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
- |
|
|
$ |
- |
|
Interest expense |
|
$ |
3,000 |
|
|
$ |
- |
|
Noncash investing and
financing activities: |
|
|
|
|
|
|
|
|
Beneficial conversion features on convertible promissory notes |
|
$ |
- |
|
|
$ |
144,000 |
|
Record derivative liability on convertible notes |
|
$ |
- |
|
|
$ |
98,000 |
|
Warrants granted for convertible promissory note |
|
$ |
- |
|
|
$ |
12,000 |
|
Shares to be issued for convertible promissory note |
|
$ |
- |
|
|
$ |
156,000 |
|
Issuance of common stock related to stock payable |
|
$ |
- |
|
|
$ |
1,300,000 |
|
Issuance of common stock related to stock payable |
|
$ |
104,000 |
|
|
$ |
- |
|
Issuance of common stock to contractors for services |
|
$ |
40,000 |
|
|
$ |
- |
|
Conversion of convertible note payable |
|
$ |
- |
|
|
$ |
1,400,000 |
|
Right-of-use assets acquired through adoption of ASC 842 |
|
$ |
- |
|
|
$ |
8,931,000 |
|
Right-of-use assets acquired through operating leases |
|
$ |
467,000 |
|
|
$ |
2,398,000 |
|
Contact:Investor
RelationsTraDigital IRKevin
McGrath+1-646-418-7002kevin@tradigitalir.com
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