Business
Professional Diversity Network, Inc. Announces Financial Results for the Quarter Ended June 30, 2023
CHICAGO, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ:IPDN), (“IPDN” or the “Company”), a global developer and operator of
About this update from Professional Diversity Network, Inc.
[{"type":"text","content":"CHICAGO, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ:IPDN), (“IPDN” or the “Company”), a global developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse individuals, today announced its financial results for the quarter ended June 30, 2023. “Our industry has seen the continued slowing through the second quarter of 2023. We have seen some hiring come back as seasonal industries begin to ramp up and we are poised to take advantage of this. We have created an internal marketing department which is focused on strategic targeting of industries and we have seen some of our new efforts paying off already.” said Adam He, CEO of Professional Diversity Network. “Through the completion of our equity line of credit transaction with Tumim Stone Capital LLC, we are in a solid cash position for the remainder of this year and the foreseeable future, where we are looking to take advantage of our position as one of the leaders in diversity recruiting.” Second Quarter Financial Highlights: Total consolidated revenues for the three months ended June 30, 2023 decreased $0.4 million, or 16 percent, as compared to the same period in the prior year. PDN Network segment revenues decreased $0.3 million or 21 percent compared to revenues during the same period in the prior year. Revenues for the three months ended June 30, 2023 from the NAPW segment decreased approximately $25,000 as compared to the same period in the prior year. Revenues for the three months ended June 30, 2023 from the RemoteMore segment decreased $44,000 in revenues as compared to the same period in the prior year. Basic and diluted net loss per share decreased to $0.14 during the three months ended June 30, 2023 as compared to $0.01 during the three months ended June 30, 2022. On June 30, 2023, cash balances were approximately $2.2 million as compared to $1.2 million on December 31, 2022. Working capital deficit from continuing operations on June 30, 2023, was approximately $0.2 million as compared to $0.2 million on December 31, 2022.In June 2023, the Company entered into a committed equity facility with Tumim Stone Capital LLC (the “Investor”) under which the Company has the right, but not the obligation, to sell up to $12,775,000 of its newly issued s...