Financial Performance - Revenues decreased approximately 2.2% in 2023 compared to 2022, while gross profit margin increased to 85.8% from 60.0%[54] - Operating loss was approximately $10.3 million in 2023, an improvement from an operating loss of approximately $12.6 million in 2022[54] - The accumulated deficit reached $167.4 million by December 31, 2023[54] - The company’s financial results are seasonal, with lower Revenue Per Click (RPC) typically observed in the fourth and first quarters due to decreased demand[74] - Quarterly revenues and operating results have historically varied significantly, influenced by factors such as distribution partner usage and market conditions[75] Customer Concentration and Churn - Three customers accounted for 60.4%, 12.8%, and 5.7% of revenues in 2023, highlighting significant customer concentration risk[55] - The company has experienced churn in its customer base, with some clients from 2021 no longer being served in 2022[55] Cash and Liquidity - As of December 31, 2023, the company had approximately $4.4 million in cash, cash equivalents, and short-term marketable securities[54] - The company has a $5,000,000 line of credit with Hitachi Capital America Corp., which is subject to certain covenants, and as of December 31, 2023, the company was in compliance with these covenants[77] - The company may need to raise additional capital for growth and acquisitions, which could dilute existing shareholders if equity securities are issued[81] Employment and Grants - The company received a grant of $1,750,000 from the State of Arkansas, contingent upon maintaining at least 50 full-time equivalent positions, which was amended to 43 positions as of March 31, 2022[72] - As of December 31, 2023, the company had 43 full-time employees in Arkansas and accrued a contingent liability of $35,000 due to lower than required employment[73] Regulatory and Compliance Risks - The business is subject to regulatory risks, including potential new laws affecting Internet-based commerce and data privacy[69] - The company must maintain compliance with NYSE American listing standards to avoid potential delisting of its common stock[71] Operational Risks - The company relies on direct relationships with advertisers and advertising agencies for revenue generation, which can be terminated at any time[57] - The company has faced a decrease in the number of supply partners and Internet traffic since late April 2020[58] - The company faces various risks that could impact its financial condition, including competition, regulatory changes, and economic conditions[80] Growth Strategy - The company’s ability to attract new distribution partners and maintain existing relationships is critical for revenue stability[80] - Future acquisitions are a key component of the company’s growth strategy, but there are risks associated with identifying, completing, and integrating these acquisitions[79] Shareholder Dilution - The company has 7,010,016 restricted stock units outstanding, which could lead to significant dilution for shareholders upon vesting[78]

[CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION](index=4&type=section&id=CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20INFORMATION) The report contains forward-looking statements subject to various risks and uncertainties that may cause actual results to differ materially - The report contains forward-looking statements subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[12](index=12&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements and should review risk factors in Part II, Item 1A and the Annual Report on Form 10-K[13](index=13&type=chunk) - The Company undertakes no obligation to publicly release revisions to forward-looking statements or report unanticipated events, and these statements speak only as of the report date[14](index=14&type=chunk) - Key risks include declining economic conditions, decreased market demand, customer revenue concentration, seasonality, dependence on advertising suppliers, technological changes, IT infrastructure interruptions, key personnel dependence, regulatory uncertainties, privacy compliance, third-party infringement claims, fraudulent clicks, NYSE American listing standards, stock price impact, dilution, COVID-19 impact, and acquisition integration[16](index=16&type=chunk) [OTHER PERTINENT INFORMATION](index=4&type=section&id=OTHER%20PERTINENT%20INFORMATION) This section defines key company terms and specifies the reporting periods used throughout the financial statements - Terms like 'Inuvo,' 'Company,' 'we,' 'us,' and 'our' refer to Inuvo, Inc. and its subsidiaries[16](index=16&type=chunk) - Specific reporting periods are defined: 'third quarter 2023' (three months ended Sep 30, 2023), 'third quarter 2022' (three months ended Sep 30, 2022), '2022' (fiscal year ended Dec 31, 2022), and '2023' (fiscal year ending Dec 31, 2023)[16](index=16&type=chunk) [PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This part presents the company's unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Financial Statements](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section provides the unaudited consolidated financial statements, including the balance sheets, statements of operations and comprehensive loss, statements of cash flows, and statements of stockholders' equity, along with detailed notes explaining the accounting policies and specific financial items [Consolidated Balance Sheets](index=5&type=section&id=INUVO,%20INC.%20CONSOLIDATED%20BALANCE%20SHEETS) This statement provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at period-end Consolidated Balance Sheet Highlights **Consolidated Balance Sheet Highlights (in USD):** | Item | Sep 30, 2023 | Dec 31, 2022 | Change | % Change | | :--------------------------------- | :----------- | :----------- | :------- | :------- | | Cash and cash equivalents | $6,978,481 | $2,931,415 | $4,047,066 | 138.1% | | Accounts receivable, net | $10,159,727 | $11,119,892 | $(960,165) | -8.6% | | Total current assets | $18,097,245 | $16,379,748 | $1,717,497 | 10.5% | | Total assets | $36,175,654 | $35,557,310 | $618,344 | 1.7% | | Total current liabilities | $16,440,450 | $13,595,786 | $2,844,664 | 20.9% | | Total long-term liabilities | $866,526 | $212,208 | $654,318 | 308.3% | | Total stockholders' equity | $18,868,678 | $21,749,316 | $(2,880,638) | -13.2% | [Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=INUVO,%20INC.%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20LOSS) This statement details the company's revenues, expenses, and net loss over the reporting periods, reflecting operational performance Consolidated Statements of Operations and Comprehensive Loss Highlights **Consolidated Statements of Operations and Comprehensive Loss Highlights (in USD):** | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | YoY Change (3M) | % Change (3M) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | YoY Change (9M) | % Change (9M) | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------- | :-------------- | :-------------------------- | :-------------------------- | :-------------- | :-------------- | | Net revenue | $24,570,588 | $17,072,189 | $7,498,399 | 43.9% | $53,069,433 | $58,332,859 | $(5,263,426) | -9.0% | | Gross profit | $22,295,962 | $10,290,142 | $12,005,820 | 116.7% | $45,235,704 | $33,615,716 | $11,619,988 | 34.6% | | Operating loss | $(1,191,082) | $(3,773,552) | $2,582,470 | -68.4% | $(7,965,537) | $(8,717,342) | $751,805 | -8.6% | | Net loss | $(1,170,980) | $(3,810,562) | $2,639,582 | -69.3% | $(7,988,323) | $(9,129,756) | $1,141,433 | -12.5% | | Basic and diluted net loss per share | $(0.01) | $(0.03) | $0.02 | -66.7% | $(0.06) | $(0.08) | $0.02 | -25.0% | [Consolidated Statements of Cash Flows](index=7&type=section&id=INUVO,%20INC.%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This statement summarizes cash generated and used across operating, investing, and financing activities for the reporting periods Consolidated Statements of Cash Flows Highlights **Consolidated Statements of Cash Flows Highlights (in USD):** | Activity | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change | | :--------------------------------- | :-------------------------- | :-------------------------- | :------- | | Net cash used in operating activities | $(457,716) | $(2,820,344) | $2,362,628 | | Net cash provided by/(used in) investing activities | $1,029,656 | $(1,601,996) | $2,631,652 | | Net cash provided by/(used in) financing activities | $3,475,126 | $(272,742) | $3,747,868 | | Net change – cash | $4,047,066 | $(4,695,082) | $8,742,148 | | Cash and cash equivalent, end of period | $6,978,481 | $5,780,882 | $1,197,599 | [Consolidated Statements of Stockholders' Equity](index=8&type=section&id=INUVO,%20INC.%20CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS'%20EQUITY) This statement outlines changes in the company's equity accounts, including capital raises and accumulated deficit, over the reporting periods - Total stockholders' equity decreased from **$21,749,316** at December 31, 2022, to **$18,868,678** at September 30, 2023[24](index=24&type=chunk) - The accumulated deficit increased from **$(157,057,558)** at December 31, 2022, to **$(165,045,881)** at September 30, 2023, primarily due to net losses[24](index=24&type=chunk) - Additional paid-in capital increased significantly from **$178,771,604** to **$183,776,576**, driven by a capital raise of **$3,665,000** and stock-based compensation[24](index=24&type=chunk) - The company raised **$3,665,000** net of issuance costs from a capital raise of **16,000,000** shares during the nine months ended September 30, 2023[24](index=24&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of accounting policies, significant estimates, and specific financial statement line items [Note 1 – Organization and Business](index=10&type=section&id=Note%201%20%E2%80%93%20Organization%20and%20Business) This note describes Inuvo's business, its AI-driven marketing solutions, and its current financial position and liquidity - Inuvo develops and sells information technology solutions for marketing and advertising, utilizing its proprietary AI-branded IntentKey technology[28](index=28&type=chunk)[29](index=29&type=chunk) - The IntentKey AI predicts and actions audiences based on consumer interest, designed for a privacy-conscious future[29](index=29&type=chunk) - As of September 30, 2023, cash and cash equivalents were approximately **$7.0 million**, with net working capital of **$1.7 million**, and an accumulated deficit of **$165.0 million**[32](index=32&type=chunk) - The company raised **$4.0 million** in gross proceeds from a registered direct offering of **16,000,000** common shares on May 30, 2023[34](index=34&type=chunk) - Three customers accounted for **87.2%** of overall revenue for the three months ended September 30, 2023 (**75.0%**, **10.0%**, and **2.2%**) and **79.8%** for the nine months ended September 30, 2023 (**57.6%**, **15.6%**, and **6.7%**)[41](index=41&type=chunk) [Note 2 – Summary of Significant Accounting Policies](index=13&type=section&id=Note%202%20%E2%80%93%20Summary%20of%20Significant%20Accounting%20Policies) This note details the significant accounting policies and critical estimates used in preparing the consolidated financial statements - The unaudited consolidated financial statements are prepared based on SEC rules permitting reduced disclosure for interim periods and reflect all necessary adjustments for fair presentation[42](index=42&type=chunk) - Management makes estimates and assumptions for financial statements, particularly for allowance for doubtful accounts, capitalized labor, goodwill, purchased intangible asset valuations, and income tax valuation allowance[43](index=43&type=chunk) - Revenue is generated by identifying audiences and presenting advertisements, charged on a cents per thousand (CPM) basis, cost per click (CPC) basis, or as a specific dollar charge[44](index=44&type=chunk) Revenue by Customer Type **Revenue by Customer Type (in USD):** | Customer Type | 3 Months Ended Sep 30, 2023 | % of Total (3M) | 3 Months Ended Sep 30, 2022 | % of Total (3M) | 9 Months Ended Sep 30, 2023 | % of Total (9M) | 9 Months Ended Sep 30, 2022 | % of Total (9M) | | :---------------- | :-------------------------- | :-------------- | :-------------------------- | :-------------- | :-------------------------- | :-------------- | :-------------------------- | :-------------- | | Direct Customers | $2,981,145 | 12.1% | $7,746,866 | 45.4% | $10,207,707 | 19.2% | $30,032,885 | 51.5% | | Indirect Customers | $21,567,138 | 87.8% | $9,310,562 | 54.5% | $42,798,227 | 80.6% | $28,195,887 | 48.3% | | Consulting | $22,305 | 0.1% | $14,761 | 0.1% | $63,499 | 0.2% | $104,087 | 0.2% | | **Total** | **$24,570,588** | **100%** | **$17,072,189** | **100%** | **$53,069,433** | **100%** | **$58,332,859** | **100%** | [Note 3 – Fair Value Measurements](index=16&type=section&id=Note%203%20%E2%80%93%20Fair%20Value%20Measurements) This note describes the methodology for fair value measurements, particularly for financial assets and liabilities - Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants[50](index=50&type=chunk) - Cash equivalents and marketable securities are classified within Level 1 of the fair value hierarchy, using observable inputs from quoted market prices[53](index=53&type=chunk) Investment Assets at Fair Value (Level 1) **Investment Assets at Fair Value (Level 1, in USD):** | Item | As of Sep 30, 2023 | As of Dec 31, 2022 | | :----------------- | :----------------- | :----------------- | | Debt securities | $0 | $936,563 | | Equity securities | $0 | $1,253,027 | | Cash equivalents | $68,474 | $801 | | **Total Investments** | **$68,474** | **$2,190,391** | - The realized loss on securities as of September 30, 2023, was approximately **$510,000**[54](index=54&type=chunk) [Note 4 – Property and Equipment](index=17&type=section&id=Note%204%20%E2%80%93%20Property%20and%20Equipment) This note provides a breakdown of the company's property and equipment, along with related depreciation and amortization expenses Net Carrying Value of Property and Equipment **Net Carrying Value of Property and Equipment (in USD):** | Item | Sep 30, 2023 | Dec 31, 2022 | | :---------------------------------- | :----------- | :----------- | | Furniture and fixtures | $293,152 | $293,152 | | Equipment | $1,287,925 | $1,265,752 | | Capitalized internal use and purchased software | $15,740,652 | $14,503,608 | | Leasehold improvements | $458,885 | $458,885 | | Less: accumulated depreciation and amortization | $(16,098,187) | $(14,852,425) | | **Total** | **$1,682,427** | **$1,668,972** | Depreciation Expense **Depreciation Expense (in USD):** | Period | 2023 | 2022 | | :--------------------------------- | :--------- | :--------- | | Three months ended September 30 | $420,808 | $394,942 | | Nine months ended September 30 | $1,245,762 | $1,124,674 | [Note 5 – Intangible Assets and Goodwill](index=17&type=section&id=Note%205%20%E2%80%93%20Intangible%20Assets%20and%20Goodwill) This note presents the carrying values and amortization schedules for the company's intangible assets and goodwill Intangible Assets and Goodwill (Sep 30, 2023) **Intangible Assets and Goodwill (in USD, as of Sep 30, 2023):** | Item | Carrying Value | Accumulated Amortization and Impairment | Net Carrying Value | Year-to-date Amortization | | :--------------------------------- | :------------- | :-------------------------------------- | :----------------- | :------------------------ | | Customer list, Google | $8,820,000 | $(5,108,250) | $3,711,750 | $330,750 | | Technology | $3,600,000 | $(3,600,000) | $0 | $0 | | Customer list, ReTargeter | $1,931,250 | $(1,609,375) | $321,875 | $289,687 | | Customer list, all other | $1,610,000 | $(1,610,000) | $0 | $0 | | Brand name, ReTargeter | $643,750 | $(536,459) | $107,291 | $96,563 | | Customer relationships | $570,000 | $(190,000) | $380,000 | $21,375 | | Trade names, web properties (indefinite life) | $390,000 | $0 | $390,000 | $0 | | **Total Intangible assets** | **$17,565,000** | **$(12,654,084)** | **$4,910,916** | **$738,375** | | **Goodwill, total** | **$9,853,342** | **$0** | **$9,853,342** | **$0** | Amortization Expense Schedule **Amortization Expense Schedule (in USD):** | Year | Amount | | :----------------------- | :--------- | | 2023 (remainder of year) | $246,125 | | 2024 | $769,917 | | 2025 | $469,500 | | 2026 | $469,500 | | 2027 | $469,500 | | Thereafter | $2,096,374 | | **Total** | **$4,520,916** | [Note 6 – Bank Debt](index=18&type=section&id=Note%206%20%E2%80%93%20Bank%20Debt) This note outlines the terms of the company's credit facility and its outstanding debt balances - On March 1, 2023, Inuvo entered into an Amendment No. 1 to Loan and Security Agreement with Mitsubishi HC Capital America, Inc., providing a **$5,000,000** line of credit commitment[59](index=59&type=chunk) - Borrowing is permitted up to **80%** of eligible accounts receivable (potentially **85%** under certain conditions), with a maximum credit commitment of **$5,000,000**[59](index=59&type=chunk) - Interest is paid monthly at **1.75%** in excess of the Wall Street Journal Prime Rate, and principal and accrued interest are due on demand[59](index=59&type=chunk) - As of September 30, 2023, there were no outstanding balances under the Loan and Security Agreement[59](index=59&type=chunk) [Note 7 – Accrued Expenses and Other Current Liabilities](index=20&type=section&id=Note%207%20%E2%80%93%20Accrued%20Expenses%20and%20Other%20Current%20Liabilities) This note provides a breakdown of accrued expenses and other current liabilities at period-end Accrued Expenses and Other Current Liabilities **Accrued Expenses and Other Current Liabilities (in USD):** | Item | Sep 30, 2023 | Dec 31, 2022 | | :--------------------------------- | :----------- | :----------- | | Accrued marketing costs | $7,054,416 | $3,321,598 | | Accrued payroll and commission liabilities | $1,096,895 | $782,441 | | Accrued expenses and other | $272,229 | $1,044,664 | | Arkansas grant contingency | $10,000 | $10,000 | | Accrued taxes, current portion | $7,224 | $3,755 | | **Total** | **$8,440,764** | **$5,162,458** | [Note 8 – Commitments](index=20&type=section&id=Note%208%20%E2%80%93%20Commitments) This note describes the company's significant contractual commitments, including referral agreements and related warrants - Inuvo has a multi-year agreement with a business development partner for referral and support services, which included a **$1.5 million** advance fee amortized over five years[62](index=62&type=chunk) - A warrant exercisable into **300,000** shares of common stock was granted, vesting over two years upon achieving performance metrics[62](index=62&type=chunk) - An Offset Agreement was entered into on September 26, 2023, to offset commissions due to the partner against approximately **$700,000** in outstanding receivables due to Inuvo, reducing 2023 commission expense by **$67,000**[63](index=63&type=chunk) - Commission expense for the nine months ended September 30, 2023, was approximately **$49,000**, a significant decrease from **$493,000** in the same period of 2022[63](index=63&type=chunk) [Note 9 – Income Taxes](index=20&type=section&id=Note%209%20%E2%80%93%20Income%20Taxes) This note explains the company's income tax position, including deferred tax assets, liabilities, and valuation allowances - The company has no current income tax expense, incurring only minimum state taxes included in operating expenses[64](index=64&type=chunk) - Deferred tax assets total **$41,453,068** as of September 30, 2023[64](index=64&type=chunk) - A valuation allowance of **$40,042,968** has been recorded against deferred tax assets, as their realization is considered unlikely[64](index=64&type=chunk) - Net deferred tax liability is **$107,000**, composed of indefinite-lived intangible assets[64](index=64&type=chunk) [Note 10 – Stock-Based Compensation](index=20&type=section&id=Note%2010%20%E2%80%93%20Stock-Based%20Compensation) This note outlines the company's stock-based compensation plans, related expenses, and RSU activity - The 2017 Equity Compensation Plan (ECP) was amended to increase authorized shares by **15,000,000**, bringing the total to **24,550,000** as of September 30, 2023[66](index=66&type=chunk)[69](index=69&type=chunk) Stock-Based Compensation Expense **Stock-Based Compensation Expense (in USD):** | Period | 2023 | 2022 | | :--------------------------------- | :--------- | :--------- | | Three months ended September 30 | $536,538 | $535,457 | | Nine months ended September 30 | $1,471,683 | $1,890,991 | - Total unrecognized compensation cost at September 30, 2023, was **$2,051,862**, to be recognized over a weighted-average period of approximately three years[67](index=67&type=chunk) RSU Activity (9 Months Ended Sep 30, 2023) **RSU Activity (9 Months Ended Sep 30, 2023):** | Item | Number of Shares | Weighted Average Grant Date Fair Value | | :-------------------------- | :--------------- | :----------------------------------- | | Outstanding, beginning of period | **4,913,339** | **$0.79** | | Granted | **4,070,000** | **$0.31** | | Vested | **(2,073,322)** | **$0.86** | | Cancelled | **(50,001)** | **$0.54** | | **Outstanding, end of period** | **6,860,016** | **$0.49** | [Note 11 – Stockholders' Equity](index=22&type=section&id=Note%2011%20%E2%80%93%20Stockholders'%20Equity) This note provides further details on changes in stockholders' equity, including capital raises and anti-dilutive shares - On May 30, 2023, Inuvo raised **$4.0 million** in gross proceeds from a registered direct offering by selling **16,000,000** shares of common stock[71](index=71&type=chunk) - A seven-year warrant exercisable into **300,000** common shares at **$0.72** per share was granted as part of a referral agreement, vesting in tranches upon performance metrics[72](index=72&type=chunk) - As of September 30, 2023, approximately **193,000** warrant shares have been forfeited due to unmet performance criteria[73](index=73&type=chunk) - Due to net losses for the three-month periods ended September 30, 2023 and 2022, any potential common shares are considered anti-dilutive for earnings per share calculations[74](index=74&type=chunk) [Note 12 – Leases](index=23&type=section&id=Note%2012%20%E2%80%93%20Leases) This note describes the company's operating and finance leases, including right-of-use assets and lease liabilities - Inuvo has operating and finance leases for real estate and equipment, with terms ranging from three to six years, often including renewal or purchase options[75](index=75&type=chunk) Right-of-Use Assets (in USD) **Right-of-Use Assets (in USD):** | Lease Type | Sep 30, 2023 | Dec 31, 2022 | | :------------------------ | :----------- | :----------- | | Operating lease | $882,919 | $310,162 | | Finance lease | $94,266 | $168,750 | | **Total** | **$977,185** | **$478,912** | Operating Lease Liabilities Information (9 Months Ended Sep 30, 2023) **Operating Lease Liabilities Information (9 Months Ended Sep 30, 2023):** | Metric | Value | | :--------------------------------- | :---------- | | Cash paid for operating lease liabilities | **$85,960** | | Weighted-average remaining lease term | **3.88 years** | | Weighted-average discount rate | **10.5 %** | | Total lease liabilities (after imputed interest) | **$887,410** | Finance Lease Liabilities Information (9 Months Ended Sep 30, 2023) **Finance Lease Liabilities Information (9 Months Ended Sep 30, 2023):** | Metric | Value | | :--------------------------------- | :---------- | | Cash paid for finance lease liabilities | **$22,683** | | Weighted-average remaining lease term | **1.47 years** | | Weighted-average discount rate | **6.25 %** | | Total lease liabilities (after imputed interest) | **$87,462** | [Note 13 – Allowance for Doubtful Accounts](index=24&type=section&id=Note%2013%20%E2%80%93%20Allowance%20for%20Doubtful%20Accounts) This note explains the allowance for doubtful accounts, highlighting the impact of extended payment terms from a key customer - The allowance for doubtful accounts increased by **$747,772** to **$2,188,450** as of September 30, 2023, from **$1,440,678** at December 31, 2022[18](index=18&type=chunk)[79](index=79&type=chunk) - The increase is primarily due to extended payment terms from a significant Direct customer, which represented **24.1%** of total 2022 revenue and has payments stretching beyond 120 days[79](index=79&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on Inuvo's financial performance and condition, detailing the company's business model, critical accounting policies, and a comprehensive analysis of its results of operations, liquidity, and cash flows for the periods presented [Company Overview](index=24&type=section&id=Company%20Overview) This section provides an overview of Inuvo's AI-driven marketing solutions, proprietary technology, and intellectual property - Inuvo is a technology company providing AI-driven marketing and advertising solutions, leveraging its patented IntentKey technology[80](index=80&type=chunk)[81](index=81&type=chunk) - The IntentKey AI uses a model of human language to predict and action audiences based on consumer interest, designed for a privacy-conscious future[81](index=81&type=chunk) - Solutions are offered as managed services and software-as-a-service, and the company also develops proprietary digital properties (Bonfire Publishing) for content and market testing[82](index=82&type=chunk) - Inuvo's intellectual property is protected by **19** issued and eight pending patents, creating significant barriers to entry[83](index=83&type=chunk) [Critical Accounting Policies and Estimates](index=24&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights the critical accounting policies and estimates that require significant management judgment - Key accounting estimates include revenue recognition, accounts receivable allowances, capitalized software costs, goodwill, and stock-based compensation[85](index=85&type=chunk) - Management regularly evaluates these estimates and assumptions, but actual results may differ materially[85](index=85&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) This section analyzes the company's net revenue, gross profit, and operating expenses for the reported periods Net Revenue and Gross Profit Performance **Net Revenue and Gross Profit Performance (in USD):** | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | Change (3M) | % Change (3M) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change (9M) | % Change (9M) | | :----------------- | :-------------------------- | :-------------------------- | :---------- | :------------ | :-------------------------- | :-------------------------- | :---------- | :------------ | | Net Revenue | $24,570,588 | $17,072,189 | $7,498,399 | 43.9% | $53,069,433 | $58,332,859 | $(5,263,426) | -9.0% | | Gross Profit | $22,295,962 | $10,290,142 | $12,005,820 | 116.7% | $45,235,704 | $33,615,716 | $11,619,988 | 34.6% | | Gross Margin | 90.7% | 60.3% | 30.4 pp | 50.4% | 85.2% | 57.6% | 27.6 pp | 47.9% | - The increase in three-month revenue was primarily due to an increased focus on Indirect channels and customers, which typically have higher gross margins[87](index=87&type=chunk)[88](index=88&type=chunk) - Year-to-date revenue decreased due to the loss of Direct clients in Q4 2022[87](index=87&type=chunk) Operating Expenses Performance **Operating Expenses Performance (in USD):** | Expense Category | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | Change (3M) | % Change (3M) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | Change (9M) | % Change (9M) | | :----------------------- | :-------------------------- | :-------------------------- | :---------- | :------------ | :-------------------------- | :-------------------------- | :---------- | :------------ | | Marketing costs | $17,625,806 | $8,620,161 | $9,005,645 | 104.5% | $36,769,972 | $26,778,020 | $9,991,952 | 37.3% | | Compensation | $3,525,943 | $3,237,414 | $288,529 | 8.9% | $10,202,200 | $9,611,011 | $591,189 | 6.2% | | General and administrative | $2,335,295 | $2,206,119 | $129,176 | 5.9% | $6,229,069 | $5,944,027 | $285,042 | 4.8% | | **Total Operating expenses** | **$23,487,044** | **$14,063,694** | **$9,423,350** | **67.0%** | **$53,201,241** | **$42,333,058** | **$10,868,183** | **25.7%** | - Marketing costs increased significantly due to higher spending focused on Indirect Customers[89](index=89&type=chunk) - An agreement with an advertising network in September 2023 resulted in extinguishing related liabilities and reversing marketing costs, following invalid advertising clicks identified in Q2 2022[90](index=90&type=chunk) - Financing expense shifted from an expense to income for the three months ended September 30, 2023, due to decreased line of credit utilization and increased bank interest income[93](index=93&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's liquidity, capital resources, and plans to support future operations - As of September 30, 2023, cash and cash equivalents were approximately **$7.0 million**, with net working capital of **$1.7 million**[95](index=95&type=chunk) - The accumulated deficit reached **$165.0 million** through September 30, 2023, due to recurring losses and cash outflows[95](index=95&type=chunk) - Principal liquidity sources are common stock sales and a **$5.0 million** credit facility[96](index=96&type=chunk) - A registered direct offering on May 30, 2023, raised **$4.0 million** in gross proceeds[96](index=96&type=chunk) - Management plans to support future operations through cash from the May 2023 stock sale, future operations, and credit facility borrowings, with the goal of returning to positive cash flow from operations by focusing on the IntentKey product[100](index=100&type=chunk)[101](index=101&type=chunk) [Cash Flows](index=28&type=section&id=Cash%20Flows) This section provides a detailed analysis of cash flows from operating, investing, and financing activities Summary of Cash Flows **Summary of Cash Flows (in USD):** | Activity | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :--------------------------------- | :-------------------------- | :-------------------------- | | Net cash used in operating activities | $(457,716) | $(2,820,344) | | Net cash provided by/(used in) investing activities | $1,029,656 | $(1,601,996) | | Net cash provided by/(used in) financing activities | $3,475,126 | $(272,742) | - Net cash used in operating activities decreased significantly due to a net use of cash of **$3,265,938** from changes in operating assets and liabilities, primarily an increase in accrued liabilities[103](index=103&type=chunk) - Investing activities provided cash, mainly from the sale of marketable securities, a shift from cash usage in the prior year[105](index=105&type=chunk) - Financing activities provided substantial cash, primarily from the capital raise[106](index=106&type=chunk) [Off Balance Sheet Arrangements](index=30&type=section&id=Off%20Balance%20Sheet%20Arrangements) This section confirms the absence of material off-balance sheet arrangements as of the reporting date - As of September 30, 2023, Inuvo has no material off-balance sheet arrangements[109](index=109&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK.) This section states that quantitative and qualitative disclosures about market risk are not applicable to Inuvo, Inc. as it is a smaller reporting company - This item is not applicable to Inuvo, Inc. as it is a smaller reporting company[110](index=110&type=chunk) [Controls and Procedures](index=30&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES.) This section details the company's disclosure controls and procedures, confirming their effectiveness as of September 30, 2023, in providing reasonable assurance that required information is recorded, processed, summarized, and reported timely. It also states that there were no material changes in internal control over financial reporting during the quarter [Evaluation of Disclosure Controls and Procedures](index=30&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) This section evaluates the effectiveness of the company's disclosure controls and procedures as of the reporting period - Disclosure controls and procedures are designed to reasonably assure timely and accurate reporting of information required under the Securities Exchange Act of 1934[111](index=111&type=chunk) - Management concluded that disclosure controls and procedures were effective as of September 30, 2023, providing reasonable assurance for information disclosure[113](index=113&type=chunk) - Control systems provide only reasonable, not absolute, assurance and can be subject to inherent limitations like faulty judgments, errors, or circumvention[112](index=112&type=chunk) [Changes in Internal Control over Financial Reporting](index=30&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) This section reports on any material changes in the company's internal control over financial reporting during the quarter - No material changes in internal control over financial reporting occurred during the quarter ended September 30, 2023[114](index=114&type=chunk) [PART II](index=30&type=section&id=PART%20II) This part addresses legal proceedings, risk factors, equity sales, defaults, and other pertinent information [Legal Proceedings](index=30&type=section&id=Item%201%20-%20LEGAL%20PROCEEDINGS) Inuvo, Inc. reported no legal proceedings for the period - There are no legal proceedings to report[115](index=115&type=chunk) [Risk Factors](index=32&type=section&id=ITEM%201A.%20RISK%20FACTORS-UPDATE) This section updates the risk factors, specifically highlighting the company's significant reliance on three customers for a substantial portion of its revenues. The loss of any of these customers or their failure to pay timely would have a material adverse impact on the business - The company relies heavily on three customers, which accounted for **87.2%** of revenues during the third quarter of 2023 (**75.0%**, **10.0%**, and **2.2%** respectively)[118](index=118&type=chunk) - The amount of revenue from these customers is dependent on factors outside the company's control, including advertising budgets, financial resources, and general economic conditions[118](index=118&type=chunk) - The loss of any of these key customers or their failure to pay timely would have a material adverse impact on Inuvo's business, results of operations, and financial condition[118](index=118&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS.) Inuvo, Inc. reported no unregistered sales of equity securities or use of proceeds for the period - There were no unregistered sales of equity securities or use of proceeds to report[119](index=119&type=chunk) [Defaults upon Senior Securities](index=32&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES.) Inuvo, Inc. reported no defaults upon senior securities for the period - There were no defaults upon senior securities to report[120](index=120&type=chunk) [Mine Safety and Disclosures](index=32&type=section&id=ITEM%204.%20MINE%20SAFETY%20AND%20DISCLOSURES.) This item is not applicable to Inuvo, Inc - This item is not applicable to Inuvo, Inc[121](index=121&type=chunk) [Other Information](index=32&type=section&id=ITEM%205.%20OTHER%20INFORMATION.) Inuvo, Inc. reported no other information for the period - There is no other information to report[122](index=122&type=chunk) [Exhibits](index=33&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed as part of the Form 10-Q, including articles of incorporation, by-laws, Google Services Agreement amendments, and certifications - The report includes various exhibits such as Articles of Incorporation, Amended and Restated By-Laws, Extension Amendments to Google Services Agreement, and certifications from the CEO and CFO[123](index=123&type=chunk) [Signatures](index=34&type=section&id=SIGNATURES) This section contains the required signatures of Inuvo, Inc.'s Chief Executive Officer and Chief Financial Officer, certifying the report's submission on November 13, 2023 - The report is signed by Richard K. Howe, Chief Executive Officer, and Wallace D. Ruiz, Chief Financial Officer, on November 13, 2023[128](index=128&type=chunk)

INUVO. Safe Harbor Statement / Non-Disclosure INUV (NYSE American) Investment Highlights Proven Client Performance The demand for Advertising Technology not dependent on identity and consumer data has fueled the 26% YOY growth in 2022. Balance Sheet Using Generative Artificial Intelligence based on a large language model to redefine how audiences are discovered & actioned for a privacy-first future. | --- | --- | --- | --- | |---------------------------------------------------------------------------------- ...

Inuvo, Inc. (NYSE:INUV) Q2 2023 Earnings Conference Call August 10, 2023 4:15 PM ET Company Participants Natalya Rudman - Investor Relations Richard Howe - Chief Executive Officer Wally Ruiz - Chief Financial Officer Conference Call Participants Jack Vander Aarde - Maxim Group Operator Good afternoon ladies and gentlemen and welcome to the Inuvo, Inc. Second Quarter 2023 Conference Call. At this time, note that all participants are in a listen-only mode. But following the presentation, we will conduct a que ...

[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) This section details Inuvo, Inc.'s unaudited consolidated financial statements for Q2 and the first half of 2023, along with management's discussion and analysis [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Inuvo, Inc.'s unaudited consolidated financial statements as of June 30, 2023, and for the three and six-month periods then ended [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2023, total assets were **$34.3 million**, total liabilities **$14.8 million**, and stockholders' equity **$19.5 million**, with cash increasing to **$5.0 million** Key Balance Sheet Items (as of June 30, 2023 vs. Dec 31, 2022) | Metric | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $5,045,112 | $2,931,415 | | Total Current Assets | $16,669,371 | $16,379,748 | | Total Assets | $34,284,799 | $35,557,310 | | Total Current Liabilities | $14,627,917 | $13,595,786 | | Total Liabilities | $14,782,147 | $13,807,994 | | Total Stockholders' Equity | $19,502,652 | $21,749,316 | [Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q2 2023 net revenue decreased **26.5%** year-over-year to **$16.7 million**, but gross profit rose **6.8%** to **$14.3 million**, resulting in a net loss of **$3.4 million** Q2 2023 vs Q2 2022 Performance | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net Revenue | $16,651,405 | $22,651,305 | | Gross Profit | $14,282,865 | $13,377,716 | | Operating Loss | ($3,339,052) | ($2,837,820) | | Net Loss | ($3,377,238) | ($3,229,927) | | Net Loss Per Share | ($0.03) | ($0.03) | Six Months 2023 vs 2022 Performance | Metric | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net Revenue | $28,498,845 | $41,260,672 | | Gross Profit | $22,939,742 | $23,325,577 | | Operating Loss | ($6,774,455) | ($4,943,786) | | Net Loss | ($6,817,343) | ($5,319,190) | | Net Loss Per Share | ($0.05) | ($0.04) | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2023, operating activities used **$2.8 million**, investing activities provided **$1.5 million**, and financing activities provided **$3.5 million**, leading to a **$2.1 million** cash increase Cash Flow Summary (Six Months Ended June 30) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($2,833,853) | ($2,568,984) | | Net cash provided by (used in) investing activities | $1,452,445 | ($1,355,652) | | Net cash provided by/(used in) financing activities | $3,495,105 | ($178,258) | | Net change in cash | $2,113,697 | ($4,102,894) | [Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity decreased to **$19.5 million** by June 30, 2023, primarily due to a **$6.8 million** net loss, partially offset by a **$3.7 million** capital raise - In Q2 2023, the company executed a capital raise, issuing **16,000,000 shares** for net proceeds of **$3,665,000**[27](index=27&type=chunk) [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the company's business, liquidity, accounting policies, and significant customer concentration, with three customers accounting for **78.6%** of Q2 2023 revenue - Inuvo is a technology company whose solutions, including the proprietary AI branded **IntentKey**, predictively identify and message online audiences for marketing and advertising[31](index=31&type=chunk)[32](index=32&type=chunk) - The company has a history of recurring losses and cash outflows, with an accumulated deficit of **$163.9 million** as of June 30, 2023, relying on equity offerings and debt facilities for liquidity[35](index=35&type=chunk) - In May 2023, the company raised **$4.0 million** in gross proceeds through a registered direct offering of **16,000,000 shares** of common stock[36](index=36&type=chunk) - For Q2 2023, three customers accounted for **78.6% of total revenue** (at **54.0%**, **16.9%**, and **7.7%** respectively), indicating significant customer concentration risk[41](index=41&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the **26.5%** quarterly revenue decline due to a lost customer, improved gross margin to **85.8%**, and liquidity reliance on a recent **$4.0 million** stock sale and credit facility [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Q2 2023 net revenue decreased **26.5%** year-over-year due to a lost customer, while gross margin improved to **85.8%** from a favorable revenue mix, despite rising operating expenses - The decline in revenue for Q2 and the first six months of 2023 was primarily attributable to the **loss of a Direct Customer** in the fourth quarter of 2022[80](index=80&type=chunk) - Gross margin improved significantly in Q2 2023 to **85.8%** from **59.1%** in Q2 2022, due to a change in revenue mix towards higher-margin Indirect Customers[81](index=81&type=chunk) - Marketing costs increased by **9.7%** in Q2 2023 compared to Q2 2022, driven by higher revenue from Indirect Customers which require more traffic acquisition spending[81](index=81&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company had **$5 million** in cash and **$2 million** in net working capital, relying on equity offerings and a credit facility for operations - As of June 30, 2023, the company held approximately **$5 million in cash and cash equivalents** and had net working capital of about **$2 million**[87](index=87&type=chunk) - Principal sources of liquidity are sales of common stock and a credit facility, with the company raising **$4.0 million** in gross proceeds from a stock sale on May 30, 2023[88](index=88&type=chunk) - Management believes the current cash position and credit facility will be sufficient to sustain operations for at least the next twelve months from the filing date[92](index=92&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) As a smaller reporting company, Inuvo is exempt from providing quantitative and qualitative disclosures about market risk - Not applicable to a smaller reporting company[101](index=101&type=chunk) [Item 4. Controls and Procedures](index=22&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes in internal control over financial reporting - As of June 30, 2023, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective**[104](index=104&type=chunk) - There were **no changes in internal control over financial reporting** during the quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[106](index=106&type=chunk) [Part II - Other Information](index=23&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) This section covers other required disclosures, including legal proceedings, updated risk factors, and various corporate exhibits and certifications [Item 1. Legal Proceedings](index=23&type=section&id=Item%201.%20Legal%20Proceedings.) The company reported no material pending legal proceedings during the period - None[108](index=108&type=chunk) [Item 1A. Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors.) This section updates risk factors, emphasizing significant customer concentration, with three customers accounting for **54.0%**, **16.9%**, and **7.7%** of Q2 2023 revenues - The company emphasizes its reliance on three customers for a significant portion of its revenue, which accounted for **54.0%**, **16.9%**, and **7.7% of revenues** in Q2 2023[110](index=110&type=chunk) - The loss of any of these major customers or their failure to pay on time would likely cause a significant decline in revenue and materially harm business operations and financial condition[110](index=110&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=23&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company reported no unregistered sales of equity securities during the period - None[111](index=111&type=chunk) [Item 3. Defaults upon Senior Securities](index=23&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities.) The company reported no defaults upon senior securities during the period - None[112](index=112&type=chunk) [Item 4. Mine Safety and Disclosures](index=23&type=section&id=Item%204.%20Mine%20Safety%20and%20Disclosures.) This item is not applicable to the company's operations - Not applicable[113](index=113&type=chunk) [Item 5. Other Information](index=23&type=section&id=Item%205.%20Other%20Information.) The company reported no other information under this item - None[114](index=114&type=chunk) [Item 6. Exhibits](index=24&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with the report, including corporate documents, service agreements, a securities purchase agreement, and officer certifications - Lists various corporate documents, amendments to service agreements with Google and Yahoo, a securities purchase agreement, and officer certifications required by the Sarbanes-Oxley Act[115](index=115&type=chunk)[116](index=116&type=chunk) [Signatures](index=25&type=section&id=Signatures) The report was duly signed and authorized by the Chief Executive Officer and Chief Financial Officer on August 10, 2023 - The report was signed on **August 10, 2023**, by Richard K. Howe (CEO) and Wallace D. Ruiz (CFO)[120](index=120&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices) (Zip Code) For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________________ to ______________________ Commission file number: 001-32442 Inuvo, Inc. (Exact name of registra ...

Inuvo, Inc. (NYSE:INUV) Q4 2022 Results Conference Call March 9, 2023 4:15 PM ET Company Participants Natalya Rudman - IR Richard Howe - CEO Wally Ruiz - CFO Conference Call Participants Jack Vander Aarde - Maxim Group Operator Greetings, and welcome to the Inuvo, Inc. Fourth Quarter and Full Year 2022 financial results. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________________ Commission file number: 001-32442 INUVO, INC. (Exact name of registrant as specified in its charter) Nevada 87-0450450 ...

Inuvo, Inc. (NYSE:INUV) Q3 2022 Results Conference Call November 15, 2022 10:00 AM ET Company Participants Natalya Rudman - Crescendo Communications Richard Howe - CEO Wallace Ruiz - CFO Conference Call Participants Jack Codera - Maxim Group Operator Good day, ladies and gentlemen, and welcome to the INUVO, Inc. Third Quarter 2022 Financial Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Natalya Rudman. Please go ahead. Natalya Rudman Tha ...

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________________ to ______________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR 500 President Clinton Ave., Suite 300 Little Rock, AR 72201 (Address of principal executive offices) (Zip Code) (501) ...