Business
Jerrick Media Holdings, Inc. Reports Fiscal Year 2018 Financial Results
Jerrick Media Holdings, Inc. Reports Fiscal Year 2018 Financial Results.
About this update from Creatd Inc.
[{"type":"text","content":"\n\n\n\nJerrick Media Holdings, Inc. Reports Fiscal Year 2018 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 Media Holdings, Inc. Reports Fiscal Year 2018 Financial Results\nPR Newswire\nNEW YORK, April 2, 2019\n\n\n\nNEW YORK, April 2, 2019 /PRNewswire/ -- Jerrick Media Holdings, Inc., (OTCQB: JMDA) (the \"Company\" or \"Jerrick\"), a technology company and the creator of Vocal, today announced financial results for its full year ended December 31, 2018. This year was marked by the Company's conversion of substantially all preferred and convertible debt, that was previously outstanding prior to year-end, into equity, as well as the close on $6.2 million of new capital in four separate financings. In addition, continued development of the Company's core technology platform and the upcoming integration of Vocal's creator subscription model have positioned Jerrick to begin generating revenues in the third quarter from a suite of premium tools for creators and brands.\n\n \n \n\n \n\"During 2018, we removed a number of the financial hindrances Jerrick was experiencing, most notably through deleveraging our balance sheet, making further product enhancements and strengthening our management and advisory team, including the appointment of Jerrick's new president, Vocal co-founder and Head of Product Justin Maury,\" commented CEO Jeremy Frommer. \nKey 2018 Business and Financial Highlights:\nTotal liabilities decreased by 64% to $2,699,529. Converted 100% of all previously outstanding convertible debt and preferred stock ($13.9 million) into a total of 72.0 million shares of common shares during Q4 2018. As inducement to convert their debt and preferred stock, investors were issued a total of 26.0 million warrants with an exercise price of $.30. Additional convertible notes in the aggregate principal amount of $1,092,500 were issued through the February 2019 offering, as disclosed in the 8-K filed April 2, 2019. Reduced account payables by 15% to $1,246,207, decreased short-term notes by 38% to approximately $1.27 million (96% of which is he...