Recruiter.com Group, Inc. Announces Third Quarter 2023 Financial Results

Rhea-AI Summary

Recruiter.com Group, Inc. (NASDAQ:RCRT)(NASDAQ:RCRTW) announced its Q3 2023 financial results, reporting a significant 82% reduction in net loss compared to the previous year. The company also made progress on strategic transactions, including the sale of its healthcare staffing business to Futuris and expansion into financial technology through an acquisition from GoLogiq. Q3 revenue totaled $183,722, reflecting ongoing strategic shifts, while gross profit was ($68,169), primarily due to lower total revenue. Operating expenses decreased to $2.03 million, and the net loss for Q3 2023 was $1.03 million, demonstrating improvement. The company had $296 thousand in cash and cash equivalents, accounts receivable, and current assets from discontinued operations at quarter-end. Strategic developments included divestiture of the healthcare staffing business, acquisition of GoLogiq assets, and the sale of Recruiter.com IP to Job Mobz. The company is also in negotiations with debt holders.

Positive

• 82% reduction in net loss compared to the previous year
• Progress on strategic transactions with Futuris, GoLogiq, and Job Mobz
• Focused cost control efforts and streamlining of operations
• Improvement in net loss for Q3 2023
• Acquisition of GoLogiq assets expected to pivot the company to a Fintech focus

Negative

• None.

• Achieves Significant Reduction in Net Loss through Cost Management
• Continues Progress toward Proposed Strategic Transactions with GoLogiq and Job Mobz

NEW YORK, NY / ACCESSWIRE / November 20, 2023 / Recruiter.com Group, Inc. (NASDAQ:RCRT)(NASDAQ:RCRTW) ("Recruiter.com" or the "Company"), a provider of on-demand recruiting solutions, today announced its financial results for the third quarter ended September 30, 2023.

Miles Jennings, CEO of Recruiter.com, commented on the quarter, "Q3 2023 was a period of profound transition and strategic reorganization for our company. Despite facing a challenging landscape, we have made strides in aligning our operations with high-margin technology solutions. Our focused efforts on streamlining operations have led to an 82% reduction in net loss compared to the previous year period."

"We also continued progress on our strategic transactions, closing on the sale of our healthcare staffing business to Futuris, and making progress toward the sale of certain intellectual property to Job Mobz and expanding into financial technology ("Fintech") through an acquisition from GoLogiq. This quarter reflects our ongoing commitment to evolving our business model and building back value for our shareholders."

Third Quarter 2023 Financial Highlights (Full Results in Tables Below)

• Revenue: Revenue for the third quarter totaled $183,722, excluding $1.09 million from discontinued operations, compared to $5.78 million in the third quarter of 2022. This decline primarily reflected the Company's ongoing strategic shifts, including the transfer of Recruiter On Demand revenue clients to Job Mobz and market challenges.
• Gross Profit: Gross profit (loss) for the third quarter was ($68,169), excluding $277,578 from discontinued operations, compared to gross profit of $1.89 million in the third quarter of 2022. The decrease was due to lower total revenue following strategic realignments.
• Total Operating Expenses: Operating expenses for the third quarter were $2.03 million, compared to operating expenses of $7.60 million in the third quarter of 2022. This decrease was due primarily to focused cost control efforts and the streamlining of operations.
• Net Loss: Net loss for the third quarter was $1.03 million, including $276,529 of net income from discontinued operations, demonstrating an improvement compared to a net loss of $5.63 million in the third quarter of 2022. The reduced net loss for Q3 2023 reflected the effective implementation of cost-saving measures and strategic realignments.
• Liquidity and Capital Resources: On September 30, 2023, Recruiter.com had $296 thousand in cash and cash equivalents, accounts receivable, net, of $71,615, and current assets from discontinued operations of $2.04 million. There were 1,433,903 common shares outstanding at quarter-end.

Strategic Developments

Recruiter.com's third quarter was characterized by key strategic decisions and a continued focus on technology-driven solutions.

• Divestiture of Healthcare Staffing Business to Futuris: Completing this transaction allows Recruiter.com to concentrate further on strategic transactions and AI-centric solutions.
• Acquisition of GoLogiq Assets: The proposed acquisition of select assets of GoLogiq is expected to pivot the company to a Fintech focus while spinning out recruiting and AI-related assets.
• Sale of Recruiter.com IP to Job Mobz: This strategic move is expected to strengthen the Company's balance sheet.
• Ongoing Negotiations with Debt Holders: As set forth in the Company's recent Form 8-K that was filed on November 9, the Company is in default on certain debt obligations. The Company continues negotiating with its debt holders as part of its financial strategy.

Looking Forward

Jennings concluded, "While we recognize the challenges presented by the substantial decrease in revenue and debt negotiations, we are encouraged by the improvement in our net loss and the effective cost-control measures implemented. Our focus remains now on stabilizing and growing high-margin, technology-led revenue streams while moving to complete our strategic transactions with GoLogiq and Job Mobz. As we navigate these changes, we are optimistic about the future and are committed to driving success for the Company and our shareholders."

About Recruiter.com Group, Inc.

Recruiter.com is an on-demand recruiting platform providing flexible talent acquisition solutions that scale from startups to the Fortune 100. With an on-tap network of thousands of recruiting professionals and recruitment marketing automation, Recruiter.com helps businesses solve today's complex hiring challenges.

For investor information, visit https://investors.recruiter.com

Please follow social media channels for additional updates:

• LinkedIn Recruiter Network Group: https://www.linkedin.com/groups/42370/
• LinkedIn Company Page: https://www.linkedin.com/company/1240434
• Twitter Company Page: https://twitter.com/recruiterdotcom
• Facebook Company Page: https://www.facebook.com/RecruiterDotCom

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "predict," "forecast," "believe," "may," "estimate," "continue," "anticipates," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the accuracy of the Recruiter Index® survey, the economic environment, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2022. [With respect to the proposed GoLogiq transaction, factors that may cause actual future events to differ materially from the excepted results include, but are not limited to: (i) the risk that the merger between Recruiter.com and GoLogiq SPV (or similarly formed subsidiary to effectuate the transaction) may not be completed in a timely manner or at all, which may adversely affect the price of the securities of Recruiter.com, (ii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Agreement by the stockholders of Recruiter.com and GoLogiq's, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Agreement, (iv) the receipt of an unsolicited offer from another party for an alternative transaction that could interfere with the Merger, (v) the effect of the announcement or pendency of the transaction on GoLogiq's business relationships, performance, and business generally, (vi) the inability to recognize the anticipated benefits of the Merger, which may be affected by, among other things, competition and the ability of the post-Merger company to grow and manage growth profitability and retain its key employees, (vii) costs related to the Merger, (viii) the outcome of any legal proceedings that may be instituted against Recruiter.com and GoLogiq following the announcement of the proposed merger, (ix) the ability to maintain the listing of Recruiter.com's securities on Nasdaq, (x) the ability to implement business plans, forecasts, and other expectations after the completion of the Merger, and identify and realize additional opportunities, (xi) the risk of downturns and the possibility of rapid change in the highly competitive industry in which GoLogiq operates, (xii) the risk that GoLogiq may not sustain profitability, (xiii) the risk that GoLogiq may need to raise additional capital to execute its business plan, which many not be available on acceptable terms or at all, (xiii) the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations, (xiv) the risk of product liability or regulatory lawsuits or proceedings relating to the products and services of GoLogiq, (xv) the risk that GoLogiq is unable to secure or protect its intellectual property, (xvi) the risk that the securities of the post-Merger company will not be approved for listing on Nasdaq or if approved, maintain the listing, and (xvii) other risks and uncertainties indicated in the filings that are made from time to time with the SEC by Recruiter.com (including those under the "Risk Factors" sections therein). The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Recruiter.com and GoLogiq assume no obligation and do not intend, to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.] Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future developments, or otherwise, except as may be required by law.

Company Contact:

Corporate Communications
investors@recruiter.com

-Tables Follow-

Recruiter.com Group, Inc. and Subsidiaries
Consolidated Balance Sheets

		September 30,				December 31,
		2023				2022
ASSETS
Current assets:
Cash		$	296,263			$	946,804
Accounts receivable, net of allowance for doubtful accounts of $1,131,457 and $1,384,186, respectively			71,615				1,965,947
Prepaid expenses and other current assets			256,232				255,548
Current assets from discontinued operations			2,042,519				1,223,869
Total current assets			2,666,629				4,392,168
Property and equipment, net of accumulated depreciation of $35,519 and $17,210, respectively			42,568				61,340
Intangible assets, net			1,623,300				2,578,692
Goodwill			7,101,084				7,101,084
Total assets		$	11,433,581			$	14,133,284
LIABILITIES AND MEMBERS'/STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	1,338,049			$	1,569,814
Accrued expenses			843,659				908,743
Accrued compensation			175,084				410,957
Accrued interest			222,126				81,576
Deferred payroll taxes			2,484				2,484
Other liabilities			17,333				17,333
Contingent consideration for acquisitions			-				-
Loans payable - current portion, net of discount			4,744,885				3,700,855
Refundable deposit on preferred stock purchase			285,000				285,000
Warrant liability			1,200,000				600,000
Deferred revenue			182,523				215,219
Current liabilities associated with discontinued operations			543,698				2,643
Total current liabilities			9,554,841				7,794,624
Loans payable - long term portion			-				1,260,343
Total liabilities			9,554,841				9,054,967
Commitments and contingencies (Note 9)
Members'/Stockholders' Equity
Preferred stock, Series D, $0.0001 par value; 2,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively			-				-
Preferred stock, Series E, $0.0001 par value; 775,000 shares authorized; 86,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively			9				9
Preferred stock, Series F, $0.0001 par value; 200,000 shares authorized; 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively			-				-
Common stock, $0.0001 par value; 6,666,667 shares authorized; 1,433,903 and 1,085,184 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively			143				109
Shares to be issued, 0 and 587,945 shares as of June 30, 2023 and December 31, 2022, respectively			-				4
Additional paid-in capital			76,964,496				74,333,736
Accumulated deficit			(75,085,908	)			(69,255,541	)
Total members'/stockholders' deficit			1,878,740				5,078,317
Total liabilities and members'/stockholders' deficit		$	11,433,581			$	14,133,284
The accompanying notes are an integral part of these financial statements.

Recruiter.com Group, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Three and Nine Months ended September 30, 2022 and 2023
(Unaudited)

		Three Months Ended				Three Months Ended				Nine Months Ended				Nine Months Ended
		September 30,				September 30,				September 30,				September 30,
		2023				2022				2023				2022
REVENUE
Revenue		$	183,722				5,784,424				3,010,870				18,296,826
Cost of revenue		$	251,891				3,899,157				2,163,354				11,331,346
Gross profit (loss)		$	(68,169	)			1,885,267				847,516				6,965,480
			-4	%			-3	%			28	%			38	%
OPERATING EXPENSES
Sales and marketing			85,193				342,622				321,229				619,418
Product development (including related party expense of $0, $8,636, $0, and $25,407 respectively)			84,871				467,605				411,433				1,150,464
Amortization of intangibles			321,963				952,170				955,391				2,877,882
Impairment expense			-				2,129,101				-				2,129,101
General and administrative (including share-based compensation expense of $343,951, $765,743, $1,106,460, and $3,415,670 respectively, and related party expenses of $0, $0, $0, and $19,825 respectively)			1,534,339				3,714,066				5,255,043				12,876,714
Total operating expenses		$	2,026,366				7,605,564				6,943,096				19,653,579
			-				-
LOSS FROM OPERATIONS		$	(2,094,535	)			(5,720,297	)			(6,095,580	)			(12,688,099	)
OTHER INCOME (EXPENSES)
Interest expense			(622,883	)			(208,351	)			(1,784,252	)			(340,257	)
Income from ERC Credit			1,422,773				-				2,177,568
Other income (expense)			(12,566	)			(610	)			(11,262	)			13,917
Initial derivative expense			-				-				-				-
Finance cost			-				-				(327,073	)			-
Gain on settlement of payables			-				-				178,749				-
Gain on assets sale			-				-				-				-
Gain on debt extinguishment			-				-				-				1,205,195
Total other income (expenses)		$	787,324				(208,961	)			233,730				878,855
LOSS BEFORE INCOME TAXES			(1,307,211	)			(5,929,258	)			(5,861,850	)			(11,809,244	)
Provision for income taxes			-				-				-				-
Net loss from continuing operations		$	(1,307,211	)			(5,929,258	)			(5,861,850	)			(11,809,244	)
Net income from discontinued operations			276,529				302,893				535,126				811,781
Net Loss			(1,030,682	)			(5,626,365	)			(5,326,724	)			(10,997,463	)
Deemed dividends			-				(658,266	)			(503,643	)			(658,266	)
Net loss attributable to Common Shareholders		$	(1,030,682	)			(6,284,631	)			(5,830,367	)			(11,655,729	)
Net loss from continuing operations per common share - basic and diluted		$	(0.96	)			(6.65	)			(5.23	)			(12.62	)
Net income from discontinued operations per common share - basic and diluted		$	0.19				0.31				0.42				0.82
Net loss per common share - basic and diluted		$	(0.75	)			(6.35	)			(4.79	)			(11.80	)
Weighted average common shares - basic and diluted			1,367,343				990,076				1,215,995				987,625
The accompanying notes are an integral part of these financial statements.

Recruiter.com Group, Inc. and Subsidiaries
Consolidated Statement of Changes in Stockholders' Equity
For the Three and Nine Months ended September 30, 2023 and 2022
(Unaudited)

		Preferred stock Series D						Preferred stock Series E						Preferred stock Series F						Common stock						Common stock to be issued
		Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Additional Paid in Capital			Accumulated Deficit			Total Stockholders' Equity
Balance as of December 31, 2022			-		$	-			86,000		$	9			-		$	-			1,085,184		$	109			39,196		$	4		$	74,333,736		$	(69,255,541	)	$	5,078,317
Stock based compensation - option			-			-			-			-			-			-			-			-			-			-			390,806			-			390,806
Stock based compensation - RSUs			-			-			-			-			-			-			-			-			-			-			152,143			-			152,143
Anti-dilution adjustment to warrants			-			-			-			-			-			-			-			-			-			-			503,643			(503,643	)		-
Common stock issued for restricted stock units			-			-			-			-			-			-			7,387			1			-			-			(1	)		-			(0	)
Common stock issued upon exercise of warrants			-			-			-			-			-			-			54,768			5			-			-			315,173			-			315,178
Net loss			-			-			-			-			-			-			-			-			-			-			-			(3,315,769	)		(3,315,769	)
Balance as of March 31, 2023			-		$	-			86,000		$	9			-		$	-			1,147,339		$	115			39,196		$	4		$	75,695,500		$	(73,074,953	)	$	2,620,675
Stock based compensation - option			-			-			-			-			-			-			-			-			-			-			219,560			-			219,560
Common stock issued for the exchange of warrants			-			-			-			-			-			-			38,804			4			(39,196	)		(4	)		-			-			-
Net loss			-			-			-			-			-			-			-			-			-			-			-			(980,273	)		(980,273	)
Balance as of June 30, 2023			-		$	-			86,000		$	9			-		$	-			1,186,143		$	119			-		$	-		$	75,915,060		$	(74,055,226	)	$	1,859,962
Stock based compensation - option			-			-			-			-			-			-			-			-			-			-			343,951			-			343,951
Issuance of common stock, net of equity issuance costs of $250,490			-			-			-			-			-			-			130,000			13			-			-			785,496			-			785,509
Recapitalization			-			-			-			-			-			-			-			-			-			-			(80,000	)		-			(80,000	)
Effect of the August 2023 reverse stock split on common stock			-			-			-			-			-			-			25,537			2			-			-			(2	)		-			-
Common stock issued upon exercise of pre-funded warrants			-			-			-			-			-			-			92,223			9			-			-			(9	)		-			-
Net Loss			-			-			-			-			-			-						-			-			-						(1,030,682	)		(1,030,682	)
Balance as of September 30, 2023			-		$	-			86,000		$	9			-		$	-			1,433,904		$	143			-		$	-		$	76,964,496		$	(75,085,908	)	$	1,878,740

		Preferred stock Series D						Preferred stock Series E						Preferred stock Series F						Common stock						Common stock to be issued
		Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Additional Paid in Capital			Accumulated Deficit			Total Stockholders' Equity
Balance as of December 31, 2021			-		$	-			86,000		$	9			-		$	-			971,095		$	97			39,196		$	4		$	66,949,755		$	(50,859,640	)	$	16,090,225
Stock based compensation - Options and Warrants			-			-			-			-			-			-			-			-			-			-			1,397,804			-			1,397,804
Stock based compensation - RSUs			-			-			-			-			-			-			-			-			-			-			268,956			-			268,956
Common stock issued for the exchange of warrants			-			-			-			-			-			-			7,515			1			-			-			152,243			-			152,244
Common stock issued for restricted stock units			-			-			-			-			-			-			7,045			1			-			-			(1	)		-			-
Net loss			-			-			-			-			-			-			-			-			-			-			-			(4,182,338	)		(4,182,338	)
Balance as of March 31, 2022			-		$	-			86,000		$	9			-		$	-			985,655		$	99			39,196		$	4		$	68,768,757		$	(55,041,978	)	$	13,726,891
Stock based compensation - Options and Warrants			-			-			-			-			-			-			-			-			-			-			381,351			-			381,351
Stock based compensation - RSUs			-			-			-			-			-			-			-			-			-			-			237,906			-			237,906
Common stock issued for restricted stock units			-			-			-			-			-			-			4,422			1			-			-			(1	)		-			-
Net loss			-			-			-			-			-			-			-			-			-			-			-			(1,188,760	)	$	(1,188,760	)
Balance as of June 30, 2022			-		$	-			86,000		$	9			-		$	-			990,076		$	100			39,196		$	4		$	69,386,572		$	(56,230,738	)		13,157,388
Stock based compensation - Options			-			-			-			-			-			-			-			-			-			-			765,743			-			765,743
Stock based compensation - RSUs			-			-			-			-			-			-			-			-			-			-			156,866			-			156,866
Anti-dilution adjustment to warrants			-			-			-			-			-			-			-			-			-			-			658,266			(658,266	)		-
Relative fair value of warrants issued with debt			-			-			-			-			-			-			-			-			-			-			1,032,842			-			1,032,842
Net loss			-			-			-			-			-			-			-			-			-			-			-			(5,626,365	)		(5,626,365	)
Balance as of September 30, 2022			-		$	-			86,000		$	9			-		$	-			990,076		$	100			39,196		$	4		$	72,000,289		$	(62,515,369	)	$	9,486,474

Recruiter.com Group, Inc. and Subsidiaries
Condensed Consolidated Statements Of Cash Flows
For the Nine Months ended September 30, 2023 and 2022
(Unaudited)

		Nine months				Nine months
		September 30,				September 30,
		2023				2022
Cash Flows From Operating Activities
Net loss		$	(5,326,724	)		$	(10,997,463	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense			974,164				2,881,967
Bad debt expense			175,463				479,065
Gain on debt extinguishment			-				(1,205,195	)
Gain on assets sale			-
Gain on Settlement of debt			(178,749	)			-
Equity based compensation expense			1,106,460				3,415,670
Warrant modification expense			-				152,244
Anniversary fee on warrant liability			-				-
Amortization of debt discount and debt costs			1,212,006				135,161
Impairment expense			-				2,129,101
Change in fair value of earn-out liability			-				26,604
Factoring discount fee and interest			20,480				150,117
Changes in assets and liabilities:			-				-
Decrease in accounts receivable			(99,801	)			(1,273,012	)
Decrease in accounts receivable - related parties			-				49,033
Decrease in prepaid expenses and other current assets			(684	)			(64,221	)
Increase (decrease) in accounts payable and accrued liabilities			277,632				(146,405	)
Decrease in accounts payable and accrued liabilities - related parties			-				(163,672	)
Deferred payroll taxes			-				-
Increase in other liabilities			-				-
Customer advances			-				-
Decrease in deferred revenue			(32,696	)			(226,208	)
Net cash used in operating activities			(1,872,449	)			(4,657,214	)
Cash Flows From Investing Activities:
Capitalized software development costs			-				(1,325,491	)
Proceeds from sale of internal-use software			-				-
Purchase of property and equipment			-				(73,037	)
Net cash used in investing activities			-				(1,398,528	)
Cash Flows From Financing Activities:
Proceeds from notes			-				2,135,000
Proceeds from ERC advances			450,000				-
Repayment of ERC advances			(450,000	)			-
Issuance of common stock, net of equity issuance costs of $300,490			785,509
Payments of loans			(495,473	)			(1,323,773	)
Proceeds from factoring agreement			871,821				5,613,871
Repayments of factoring agreement			(175,127	)			(2,944,876	)
Purchase of preferred shares pursuant to recapitalization			(80,000	)			-
Debt issuance costs			-				-
Gross proceeds from exercise of warrants			315,178				-
Net cash provided by financing activities			1,221,908				3,480,222
Net decrease in cash			(650,541	)			(2,575,520	)
Cash, beginning of period			946,804				2,584,062
Cash, end of period		$	296,263			$	8,542
Supplemental disclosures of cash flow information:
Cash paid during the period for interest		$	256,552			$	208,351
Cash paid during the period for income taxes		$	-			$	-
Supplemental schedule of non-cash investing and financing activities:
Accounts receivable owed under factoring agreement collected directly by factor		$	1,000,020			$	1,955,289
Purchase price measurement period adjustment to goodwill and accounts receivable		$	-			$	35,644
Debt discount on warrants granted with notes		$	600,000			$	1,032,842
Debt Issuance costs accrued		$	50,000			$	-
Deemed dividends		$	503,643			$	-
Offering costs as a result of modification of warrants to induce exercise		$	10,400			$	-

		Nine months Ended September 30,									Three months Ended September 30,
		2023				2022					2023				2022
Net Income (loss)		$	(5,326,724	)		$	(10,997,463	)	Net Income (loss)		$	(1,030,682	)		$	(6,284,631	)
Interest expense and finance cost, net			1,784,252				340,257		Interest expense and finance cost, net			622,883				208,351
Depreciation & amortization			974,164				2,881,967		Depreciation & amortization			328,221				955,774
EBITDA (loss)			(2,568,308.5	)			(7,775,239	)	EBITDA (loss)			(79,578	)			(5,120,506.0	)
Bad debt expense			175,463				479,065		Bad debt (recovery) expense			(24,537	)			115,363
Gain on Settlement of Payables			(178,749	)			-		Gain on Settlement of Payables			-				-
Restricted Stock Units issued for services			-				424,265		Restricted Stock Units issued for services			-				97,029
Stock-based compensation			1,106,460				3,415,670		Stock-based compensation			343,951.00				1,011,606
Impairment expense			-				2,129,101		Impairment expense			-				2,129,101
Gain on debt extinguishment			-				(1,205,195	)	Gain on debt extinguishment			-				-
Adjusted EBITDA (Loss)		$	(1,465,134	)		$	(2,532,333	)	Adjusted EBITDA (Loss)		$	239,836.0			$	(1,767,407	)

SOURCE: Recruiter.com Group, Inc.

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https://www.accesswire.com/803236/recruitercom-group-inc-announces-third-quarter-2023-financial-results

FAQ

What were Recruiter.com's Q3 2023 financial results?

Recruiter.com reported a significant 82% reduction in net loss compared to the previous year, with Q3 revenue totaling $183,722 and a net loss of $1.03 million.

What were the strategic developments for Recruiter.com in Q3 2023?

Strategic developments included the divestiture of the healthcare staffing business to Futuris, acquisition of GoLogiq assets, and the sale of Recruiter.com IP to Job Mobz.

What is the company's current liquidity and capital resources status?

As of September 30, 2023, Recruiter.com had $296 thousand in cash and cash equivalents, accounts receivable, and current assets from discontinued operations.