Business
Jerrick Media Holdings, Inc. Reports Fiscal Year 2019 First Quarter Results
Jerrick Media Holdings, Inc. Reports Fiscal Year 2019 First Quarter Results.
About this update from Creatd Inc.
[{"type":"text","content":"\n\n\n\nJerrick Media Holdings, Inc. Reports Fiscal Year 2019 First Quarter 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 2019 First Quarter Results\nPR Newswire\nNEW YORK, May 15, 2019\n\n\n\nNEW YORK, May 15, 2019 /PRNewswire/ -- Jerrick Media Holdings, Inc., (OTCQB: JMDA) (the \"Company\" or \"Jerrick\"), a technology company and the creator of Vocal, today reported financial results for the first quarter ending March 31, 2019.\n\n \n \n\n \nKey Financial Highlights:\nFirst quarter 2019 revenues were $34,334, as compared to $16,249 in revenues in the first quarter of fiscal year 2018.First quarter sales activity generated a backlog of $31,300 in branded content revenues for second quarter 2019. This is the Company's first material backlog. The Company is in the process of completing $65,000 in revenues minimally for the first half of fiscal year 2019, representing 81% of the total revenues reported for fiscal year 2018. The Company expects the delta to expand rapidly over the second half of fiscal year 2019. The volume of new insertion orders increased on a monthly basis during the quarter, and is expected to continue to increase, in addition to recurring revenue opportunities from the Company's existing clients.In first quarter 2019, the Company commenced a Tender Offer to facilitate the exchange of a series of its Warrants for shares of the Company's Common Stock, the primary goal of which was to strengthen the Company's capital structure. The Offer was successfully completed on April 12, 2019, with approximately 91% of the eligible warrants exchanged.Direct operating expenses in the first quarter were $1,357,928, net of $381,400 applied to outstanding payables. Total quarterly operating expenses were $1,739,328. For comparison purposes, direct operating expenses were $1,104,826 for the same period in fiscal year 2018, net of $235,000 applied to outstanding payables. Total operating expenses for first quarter 2018 were $1,339,826. Operating expenses after payables averaged $453,000 monthly. In second qu...