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Jerrick Announces Filing of Its Q1 2020 Financial Results
Jerrick Announces Filing of Its Q1 2020 Financial Results.
About this update from Creatd Inc.
[{"type":"text","content":"\n\n\n\nJerrick Announces Filing of Its Q1 2020 Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nJerrick Announces Filing of Its Q1 2020 Financial Results\nPR Newswire\nFORT LEE, N.J., May 18, 2020\n\n\n\nFORT LEE, N.J., May 18, 2020 /PRNewswire/ -- Jerrick Media Holdings, Inc. (OTCQB: JMDA) (the \"Company\" or \"Jerrick\"), a technology company and the parent company of Vocal, announced the filing of its 10-Q for the fiscal quarter ending March 31, 2020.Financial and Operational Highlights\n\n \n \n \n \n \n \n\n \nRevenues for the first quarter totaled $293,142. Additionally, the Company generated over $44,000 in deferred revenues, attributable to the amortization of annual Vocal+ subscription revenue. Revenues this quarter were over 8 times those reported for the same period last year, implying continued growth throughout the year and overall exponential growth for 2020 revenues compared to year-end 2019. OpEx in first quarter 2020 were $2,119,091 as compared to $2,773,445 in 4th quarter 2019, representing a 25% decrease in spending. As anticipated, the acquisition of Seller's Choice in third-quarter 2019 continues to drive earnings, and successfully contributed to over half of the Company's first-quarter revenues. The Seller's Choice acquisition is expected to continue to drive earnings growth in subsequent quarters as further revenue synergies are realized. The Company is exploring future agency targets to add to its Seller's Choice division. In early Q1 2020, the Company introduced creator Challenges, which are themed story contests that incentivize creators with the chance to win cash prizes and other rewards. A global crisis like the 2020 COVID-19 pandemic only further emphasizes how critical a role digital platforms play in society, as government bodies are encouraging social distancing and restricting travel, and employers are widely implementing work-from-home policies. These factors aside, Vocal exists in an environment where the total addressable market (TAM) of the platform was already growing exponentially and, in the current environm...