AiAdvertising Reports Nine Months Ended September 30, 2024 Financial Results
Increased Revenues by
Third Quarter Highlights and Beyond
Announced a six-figure targeting campaign for De-dollarize News, a digital news and media platform, a property of GSI Exchange, a leading national coin and precious metals company specializing in wholesale trading, the establishment of a gold IRA or silver IRA for individual buyers, as well as direct sales to the general public.
Operationally we continued to focus on improving efficiencies across the organization, including efforts to reduce costs across all expense categories, while managing more clients and increased revenue. To help lead these efforts, we appointed Douglas Beck as our new CFO. Douglas is a senior level finance executive with over 30 years of hands-on experience and an established record with public and private companies for strategic and financial planning, business development, mergers and acquisitions, and public equity markets.
Looking ahead, we believe we are positioned for growth as we deliver value to new and existing customers. Strengthened by our new CFO, we are moving to the next phase as a company and executing on the company’s strategic and financial priorities, including a national exchange uplisting. We continue to expect FY 2024 revenue to be in the
Nine Months September 30, 2024 Financial Results
Revenues for the nine months ended September 30, 2024 were
Gross profit margin increased by
Net loss for the nine months ended September 30, 2024 and 2023 was
Deferred revenues and customer deposits as of September 30, 2024 were
The table below summarizes the revenues for the nine months ended September 30, 2024 and 2023:
|
|
Nine Months Ended |
||||||
|
|
September 30,
|
|
September 30,
|
||||
Creative design |
|
$ |
1,315,929 |
|
|
$ |
1,059,863 |
|
Development |
|
|
- |
|
|
|
28,000 |
|
Digital marketing |
|
|
4,617,169 |
|
|
|
4,384,918 |
|
Platform license fees |
|
|
630,853 |
|
|
|
385,548 |
|
Total |
|
$ |
6,563,951 |
|
|
$ |
5,858,329 |
|
About AiAdvertising
AiAdvertising is an AI-powered solutions leader employing the industry’s most scientifically advanced, patent-pending AI targeting process. Transforming marketing and customer experiences, allowing marketers to personify client data and scientifically target their ideal customers with hyper-personalized campaigns. By harnessing artificial intelligence (AI) and machine learning (ML), we empower brands to easily target, predict, create, scale, measure campaign performance and reduce waste. Our clients gain the intelligence they need to prove advertising’s impact on the bottom line. This means more engaging, higher-impact campaigns that drive conversions and results. For more information about the Company, please visit www.AiAdvertising.com or our LinkedIn or X pages.
Forward-Looking Statements
This press release may contain "forward-looking statements." Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are included in our filings with the Securities and Exchange Commission, including the "Risk Factors" section of our annual report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise, except as may be required under applicable law.
AIADVERTISING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
September 30,
|
|
December 31,
|
||||
|
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
630 |
|
|
$ |
110,899 |
|
Accounts receivable, net |
|
|
981,914 |
|
|
|
517,344 |
|
Prepaid and other current Assets |
|
|
102,711 |
|
|
|
58,982 |
|
Total current assets |
|
|
1,085,255 |
|
|
|
687,225 |
|
|
|
|
|
|
||||
Property and equipment, net |
|
|
52,792 |
|
|
|
72,948 |
|
Right-of-use asset |
|
|
116,910 |
|
|
|
147,480 |
|
|
|
|
|
|
||||
Other assets |
|
|
|
|
||||
Security deposits |
|
|
10,369 |
|
|
|
8,939 |
|
Goodwill and other intangible asset, net |
|
|
- |
|
|
|
20,202 |
|
Total other assets |
|
|
10,369 |
|
|
|
29,141 |
|
TOTAL ASSETS |
|
|
1,265,326 |
|
|
|
936,794 |
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT |
|
|
|
|
||||
|
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
1,581,094 |
|
|
$ |
1,567,751 |
|
Accrued expenses |
|
|
229,964 |
|
|
|
46,430 |
|
Operating lease liability |
|
|
37,393 |
|
|
|
33,572 |
|
Deferred revenue and customer deposit |
|
|
1,119,001 |
|
|
|
533,386 |
|
Total current liabilities |
|
|
2,967,452 |
|
|
|
2,181,139 |
|
|
|
|
|
|
||||
Operating lease obligation, net of current portion |
|
|
85,516 |
|
|
|
113,907 |
|
|
|
|
|
|
||||
Total liabilities |
|
|
3,052,968 |
|
|
|
2,295,046 |
|
Commitment and Contingencies |
|
|
|
|
||||
Shareholders’ deficit |
|
|
|
|
||||
Preferred stock, |
|
|
|
|
||||
Series A Preferred stock; |
|
|
- |
|
|
|
- |
|
Series B Preferred stock; |
|
|
18 |
|
|
|
18 |
|
Series C Preferred stock; |
|
|
14 |
|
|
|
14 |
|
Series D Preferred stock; |
|
|
86 |
|
|
|
86 |
|
Series E Preferred stock; |
|
|
10 |
|
|
|
10 |
|
Series F Preferred stock; |
|
|
- |
|
|
|
- |
|
Series G Preferred stock; |
|
|
3 |
|
|
|
3 |
|
Series H Preferred stock; |
|
|
- |
|
|
|
- |
|
Series I Preferred stock; |
|
|
2,273 |
|
|
|
2,273 |
|
Series J Preferred stock; |
|
|
- |
|
|
|
- |
|
Series K Preferred stock; |
|
|
- |
|
|
|
- |
|
Common stock, |
|
|
1,344,238 |
|
|
|
1,334,415 |
|
Additional paid-in capital |
|
|
58,237,559 |
|
|
|
56,865,961 |
|
Common stock payable, consisting of 5,000,000 shares valued at |
|
|
564,000 |
|
|
|
564,000 |
|
Preferred stock payable, consisting of 892,857 shares of Series I Preferred stock valued at |
|
|
2,500,000 |
|
|
|
- |
|
|
|
|
|
|
||||
Accumulated deficit |
|
|
(64,435,843 |
) |
|
|
(60,125,032 |
) |
|
|
|
|
|
||||
Total shareholders’ deficit |
|
|
(1,787,642 |
) |
|
|
(1,358,252 |
) |
TOTAL LIABILITIES AND SHAREHOLDERS DEFICIT |
|
$ |
1,265,326 |
|
|
$ |
936,794 |
|
AIADVERTISING, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
||||||||
|
|
Nine Months Ended
|
||||||
|
|
2024 |
|
2023 |
||||
|
|
|
|
|
||||
Revenues |
|
$ |
6,563,951 |
|
|
$ |
5,858,329 |
|
|
|
|
|
|
|
|
||
Cost of revenues |
|
|
6,112,604 |
|
|
|
5,608,404 |
|
Gross profit |
|
|
451,347 |
|
|
|
249,925 |
|
|
|
|
|
|
|
|
||
Operating expenses |
|
|
|
|
|
|
||
Sales, general, and administrative expenses |
|
|
4,738,477 |
|
|
|
4,992,607 |
|
Impairment on intangible asset |
|
|
20,202 |
|
|
|
|
|
Total operating expenses |
|
|
4,758,679 |
|
|
|
4,992,607 |
|
|
|
|
|
|
|
|
||
Loss from operations |
|
|
(4,307,332 |
) |
|
|
(4,742,682 |
) |
Other income (expense) |
|
|
|
|
|
|
||
Other income (expense) |
|
|
(3,479 |
) |
|
|
- |
|
Employee retention credit |
|
|
- |
|
|
|
435,026 |
|
Total other income (expense) |
|
|
(3,479 |
) |
|
|
435,026 |
|
Loss from operations before income taxes |
|
|
(4,310,811 |
) |
|
|
(4,307,656 |
) |
|
|
|
|
|
|
|
||
Provision for income taxes |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
||
Net loss |
|
|
(4,310,811 |
) |
|
|
(4,307,656 |
) |
|
|
|
|
|
|
|
||
Dividends on preferred stock |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
||
Net loss attributable to common shareholders |
|
$ |
(4,310,811 |
) |
|
$ |
(4,307,656 |
) |
|
|
|
|
|
|
|
||
Net loss per share, basic and diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
||
Weighted-average common shares outstanding, basic and diluted |
|
|
1,345,682,415 |
|
|
|
1,281,214,213 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241212571048/en/
Investor Contact:
Larry Holub/Chris Tyson
312-261-6412
AIAD@mzgroup.us
www.mzgroup.us
Source: AiAdvertising, Inc.