IZEA Worldwide, Inc. (NASDAQ:IZEA) Q2 2023 Earnings Conference Call August 14, 2023 5:00 PM ET Company Participants Ryan Schram - President and Chief Operating Officer Peter Biere - Chief Financial Officer Ted Murphy - Founder, Chairman and Chief Executive Officer Conference Call Participants Operator Greetings, and welcome to the IZEA Worldwide Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited statements show decreased revenue and a wider net loss for H1 2023 compared to the prior year Consolidated Balance Sheet Highlights (Unaudited) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $31,223,220 | $24,600,960 | | Total current assets | $53,151,514 | $50,366,339 | | Total assets | $79,023,106 | $85,674,890 | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $12,574,969 | $15,346,770 | | Total liabilities | $12,668,081 | $15,408,943 | | Total stockholders' equity | $66,355,025 | $70,265,947 | Consolidated Statements of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $10,689,059 | $12,577,011 | $19,426,781 | $21,467,347 | | Loss from operations | ($1,675,780) | ($442,160) | ($5,052,641) | ($2,893,155) | | Net loss | ($1,033,426) | ($169,890) | ($3,839,765) | ($2,646,133) | | Basic and diluted loss per share | ($0.07) | ($0.01) | ($0.25) | ($0.17) | Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash used for operating activities | ($3,813,842) | ($4,566,772) | | Net cash provided by (used for) investing activities | $11,196,947 | ($59,489,551) | | Net cash used for financing activities | ($760,845) | ($29,902) | | Net increase (decrease) in cash | $6,622,260 | ($64,086,225) | [Notes to the Unaudited Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) Key disclosures include the new IZEA Flex platform, a share repurchase program, and a reverse stock split - The company operates online marketplaces connecting marketers with content creators and launched IZEA Flex in January 2023[28](index=28&type=chunk)[31](index=31&type=chunk) - In June 2023, the company effected a **4-for-1 reverse stock split**, with all share and per-share amounts adjusted accordingly[107](index=107&type=chunk)[109](index=109&type=chunk) - The Board authorized a **$1 million share repurchase program** in March 2023, repurchasing 245,283 shares for $705,403 by June 30, 2023[111](index=111&type=chunk)[112](index=112&type=chunk) Revenue by Service Type (Six Months Ended June 30) | Revenue Type | 2023 | 2022 | | :--- | :--- | :--- | | Managed Services Revenue | $19,121,135 | $20,549,072 | | SaaS Services Revenue | $305,646 | $918,275 | | **Total Revenue** | **$19,426,781** | **$21,467,347** | [Management's Discussion and Analysis of Financial Condition and Results of Operation](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) Revenue and bookings declined due to a large customer's departure, though the company maintains strong liquidity [Results of Operations for the Three Months Ended June 30, 2023 and 2022](index=33&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202023%20and%202022) Q2 2023 revenue fell 15% to $10.7 million, driven by a large customer decline and SaaS platform transition Q2 2023 vs. Q2 2022 Financial Summary | Metric | Q2 2023 | Q2 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $10,689,059 | $12,577,011 | ($1,887,952) | (15)% | | Loss from operations | ($1,675,780) | ($442,160) | ($1,233,620) | 279% | | Net Loss | ($1,033,426) | ($169,890) | ($863,536) | 508% | - Managed Services revenue from the 'core customer' base **grew 6% to $7.2 million**, offset by a **37% decline** from a large, non-recurring customer[165](index=165&type=chunk) - SaaS Services revenue **fell 82%** due to lower licensee counts while transitioning to the new Flex platform[166](index=166&type=chunk)[177](index=177&type=chunk) [Results of Operations for the Six Months Ended June 30, 2023 and 2022](index=36&type=section&id=Results%20of%20Operations%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202023%20and%202022) H1 2023 revenue decreased 10% to $19.4 million, widening the net loss to $3.8 million H1 2023 vs. H1 2022 Financial Summary | Metric | H1 2023 | H1 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $19,426,781 | $21,467,347 | ($2,040,566) | (10)% | | Loss from operations | ($5,052,641) | ($2,893,155) | ($2,159,486) | 75% | | Net Loss | ($3,839,765) | ($2,646,133) | ($1,193,632) | 45% | - Managed Services revenue **decreased by 7% YoY**, primarily due to a decline from one large customer contract set to conclude in 2023[179](index=179&type=chunk) [Key Metrics](index=37&type=section&id=Key%20Metrics) Key metrics like Bookings and Gross Billings declined significantly due to a major customer's departure Managed Services Bookings | Period | 2023 | 2022 | | :--- | :--- | :--- | | Three Months Ended June 30 | $7.3 million | $9.3 million | | Six Months Ended June 30 | $13.4 million | $21.5 million | - Bookings from a large departing customer totaled only **$312,000 in H1 2023**, compared to **$6.2 million in H1 2022**, causing most of the decline[191](index=191&type=chunk) Total Gross Billings | Period | 2023 | 2022 | | :--- | :--- | :--- | | Three Months Ended June 30 | $10.9 million | $13.4 million | | Six Months Ended June 30 | $20.6 million | $22.9 million | [Non-GAAP Financial Measure (Adjusted EBITDA)](index=39&type=section&id=Non-GAAP%20Financial%20Measure) Adjusted EBITDA turned negative in Q2 and H1 2023, declining from positive figures in the prior year Reconciliation of Net Loss to Adjusted EBITDA | Period | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Net loss | ($1,033,426) | ($169,890) | ($3,839,765) | ($2,646,133) | | **Adjusted EBITDA** | **($636,953)** | **$254,351** | **($2,824,944)** | **($1,871,370)** | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds $31.2 million in cash and believes it has sufficient resources for the next twelve months - Cash and cash equivalents were **$31.2 million** as of June 30, 2023, compared to **$24.6 million** as of December 31, 2022[204](index=204&type=chunk) - Net cash used for operating activities was **$3.8 million** for H1 2023, while investing activities provided **$11.2 million**[205](index=205&type=chunk) - Management believes it has **adequate cash and invested resources** to fund its business growth for the next twelve months[206](index=206&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, this disclosure is not required - This disclosure is **not applicable** to smaller reporting companies[210](index=210&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023 - Based on an evaluation as of June 30, 2023, management concluded that the company's **disclosure controls and procedures were effective**[213](index=213&type=chunk)[214](index=214&type=chunk) - There were **no material changes** in internal control over financial reporting during the fiscal quarter ended June 30, 2023[217](index=217&type=chunk) [PART II. OTHER INFORMATION](index=44&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material legal proceedings - As of August 7, 2023, the company is not aware of any legal proceedings that could have a **material adverse effect**[220](index=220&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risk from customer concentration, highlighted by the departure of a major client - A significant portion of gross billings and accounts receivable are attributable to a **small number of customers**, creating dependency[222](index=222&type=chunk) - At June 30, 2023, one customer accounted for **30% of gross billings** for the quarter, and the company is parting ways with this customer[222](index=222&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchasers of Equity Securities](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchasers%20of%20Equity%20Securities) The company repurchased 245,283 shares for approximately $705,403 during Q2 2023 Share Repurchases in Q2 2023 | Period | Total Shares Purchased | Average Price Paid per Share | Dollar Value Available for Repurchase | | :--- | :--- | :--- | :--- | | May 1 - May 31, 2023 | 63,486 | $2.9401 | $813,345 | | June 1 - June 30, 2023 | 181,797 | $2.8534 | $294,597 | [Defaults Upon Senior Securities](index=44&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable - Not applicable[225](index=225&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable - Not applicable[226](index=226&type=chunk) [Other Information](index=45&type=section&id=Item%205.%20Other%20Information) This section is not applicable - Not applicable[227](index=227&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including Sarbanes-Oxley certifications and XBRL financial data - The report includes certifications from the Principal Executive Officer and Principal Financial Officer pursuant to the **Sarbanes-Oxley Act of 2002**[229](index=229&type=chunk) - Financial statements and notes are provided in **XBRL format** as Exhibit 101[229](index=229&type=chunk)

IZEA Worldwide, Inc. (NASDAQ:IZEA) Q1 2023 Earnings Conference Call May 15, 2023 5:00 PM ET Company Participants Ryan Schram - President and Chief Operating Officer Peter Biere - Chief Financial Officer Ted Murphy - Founder, Chairman and Chief Executive Officer Conference Call Participants Jon Hickman - Ladenburg Operator Greetings, and welcome to the IZEA Worldwide First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ Commission File No.: 001-37703 IZEA WORLDWIDE, INC. (Exact name of registrant as specified in its charter) | Nevada | 37- ...

Financial Position and Performance - The consolidated financial statements present fairly the financial position of IZEA Worldwide, Inc. as of December 31, 2022, in conformity with GAAP[240] - The Company reported a comprehensive loss for the year ended December 31, 2022, reflecting ongoing investments in growth and development[240] - Total revenue for the year ended December 31, 2022, was $41,095,937, representing a 37% increase from $30,022,377 in 2021[257] - The company reported a net loss of $4,469,498 for 2022, compared to a net loss of $3,140,621 in 2021, indicating a 43% increase in losses year-over-year[257] - Total assets decreased to $85,674,890 as of December 31, 2022, down from $90,795,072 in 2021, reflecting a decline of approximately 6%[254] - Cash and cash equivalents significantly dropped to $24,600,960 in 2022 from $75,433,295 in 2021, a decrease of about 67%[254] - Total liabilities decreased slightly to $15,408,943 in 2022 from $15,969,937 in 2021, a reduction of approximately 4%[254] - The company’s accumulated deficit increased to $78,103,066 in 2022 from $73,633,568 in 2021, marking a rise of about 6%[263] - Operating cash flow for 2022 was negative at $(3,057,112), compared to $(2,566,999) in 2021, indicating a worsening cash flow situation[267] - The company incurred total costs and expenses of $46,726,798 in 2022, up from $35,380,104 in 2021, representing a 32% increase[257] - Stockholders' equity decreased to $70,265,947 in 2022 from $74,825,135 in 2021, a decline of approximately 6%[254] Revenue Recognition and Sources - Revenue is generated from four primary sources, including Managed Services, Marketplace Spend Fees, License Fees, and Other Fees[300] - The Company applies ASC 606 for revenue recognition, ensuring revenue is recognized when performance obligations are satisfied[301] - Managed Services Revenue includes integrated marketing campaigns and custom content items, with revenue recognized over time based on costs incurred[304] - License Fees Revenue is recognized on a straight-line basis over the subscription period, allowing customers to access the Company's technology platforms[309] - Marketplace Spend Fees Revenue is recognized upon completion of transactions by creators, reported on a net basis as the Company acts as an agent[308] Assets and Liabilities - The Company reported net trade receivables of $5.7 million and contract assets of $39,095 as of December 31, 2022, compared to $7.6 million and $21,926 respectively in 2021[284] - The Company had a reserve for doubtful accounts of $155,000 as of December 31, 2022, consistent with the previous year[285] - Three customers accounted for 64% of total accounts receivable as of December 31, 2022, compared to three customers accounting for 38% in 2021[286] - The Company had $11,247,746 in contract liabilities, slightly down from $11,338,095 in 2021[394] - The company recognized $5,664,727 in accounts receivable as of December 31, 2022, down from $7,599,103 in 2021[394] Impairment and Valuation - Goodwill impairment analysis indicated no impairment as the fair value of the reporting unit exceeded its carrying value[249] - The Company recognized an impairment of $148,310 on digital assets held as indefinite-lived intangible assets in the twelve months ended December 31, 2022[294] - The company recognized an impairment of digital assets amounting to $148,310 in the twelve months ended December 31, 2022, with a fair market value of $64,953 as of the same date[337] - The Company recorded a total of $6,276,422 in intangible assets as of December 31, 2022, with no impairment charges for identifiable intangible assets during the twelve months ended December 31, 2022[334] Investments and Securities - The Company made an initial deposit of $60 million for investment securities as part of a revised investment strategy policy[327] - As of December 31, 2022, the total cash and cash equivalents amounted to $14,583,955, with total marketable securities valued at $70,784,582, reflecting a net unrealized loss of $780,795[330] - The estimated fair value of investments in marketable debt securities totaled $45,402,827, with $16,106,758 due in one year or less and $29,296,069 due in one to five years[331] Stock and Compensation - The Company issued 967,232 restricted stock units valued at $900,380 to non-executive employees during the twelve months ended December 31, 2022[371] - The intrinsic value of non-vested restricted stock on December 31, 2022, was approximately $155[370] - The Company had 1,317,153 non-vested restricted stock units as of December 31, 2022, with a weighted average fair value of $0.95[376] - The exercise price for stock options is set at the fair market value on the grant date, with a term of ten years and typical vesting over four years[377] - Stock-based compensation expense for the twelve months ended December 31, 2022, was $610,772, a decrease from $878,739 in 2021[387] - The company had 1,665,164 options outstanding at December 31, 2022, with a weighted average exercise price of $2.83 per share[381] Future Outlook and Risks - The Company faces risks from adverse economic conditions, customer cancellations, and competition in the industry[13] - Future performance may be affected by the impact of geopolitical events, such as the Ukraine crisis and sanctions against Russia[13] - The successful integration of acquired companies and technologies is essential for enhancing the Company's service portfolio[13] Tax and Regulatory Matters - As of December 31, 2022, the Company had approximately $93.7 million in net operating loss carryforwards for U.S. federal income tax purposes and $95.8 million for state income tax purposes, expiring between 2026 and 2040[398] - The change in the valuation allowance for the twelve months ended December 31, 2022, was an increase of $1.2 million, primarily due to net operating losses generated during the period[398] - The Company has deemed any foreign earnings will be indefinitely reinvested[400] - The Company has not recognized any liability for uncertain tax positions, with minimal state franchise tax incurred[314] Miscellaneous - The Company launched IZEA Flex in January 2023, which includes eight modules for influencer marketing and replaces the previous platform IZEAx[274] - The Creator Marketplace was launched in October 2022, providing tools for creators and marketers to connect, including features like Casting Calls[276] - The Company received a PPP loan of $1,905,100, which was fully forgiven, resulting in a gain of $1,927,220 recorded in other income for the twelve months ended December 31, 2021[347] - Interest expense on financing arrangements decreased to $799 in 2022 from $15,410 in 2021[351] - No subsequent events requiring disclosure were identified through March 31, 2023[401]

IZEA Worldwide Inc (NASDAQ:IZEA) Q4 2022 Earnings Call Transcript March 30, 2023 5:00 PM ET Company Participants Ryan Schram - President, COO and Director Peter Biere - CFO and Treasurer Ted Murphy - Founder, Chairman and CEO Conference Call Participants Jon Hickman - Ladenburg Operator Greetings. Welcome to IZEA Worldwide, Inc. Fourth Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. [Operator Instruction ...

PART I. FINANCIAL INFORMATION This section presents the company's unaudited interim financial information [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents IZEA Worldwide, Inc.'s unaudited consolidated financial statements, detailing assets, liabilities, equity, operations, and cash flows [Unaudited Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Consolidated%20Balance%20Sheets) Presents the company's financial position at specific dates Total Assets and Liabilities | Metric | September 30, 2022 | December 31, 2021 | Change ($) | Change (%) | | :-------------------------- | :------------------- | :------------------ | :--------- | :--------- | | Total Assets | $83,994,430 | $90,795,072 | $(6,800,642) | -7.5% | | Cash and cash equivalents | $20,026,477 | $75,433,295 | $(55,406,818) | -73.5% | | Short term investments | $21,879,305 | — | $21,879,305 | N/A | | Long term investments | $25,106,327 | — | $25,106,327 | N/A | | Total Liabilities | $13,103,240 | $15,969,937 | $(2,866,697) | -18.0% | | Total Stockholders' Equity | $70,891,190 | $74,825,135 | $(3,933,945) | -5.3% | [Unaudited Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Details the company's revenues, expenses, and net loss over specific periods Nine Months Ended September 30, 2022 vs. 2021 | Metric | 2022 | 2021 | Change ($) | Change (%) | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | | Revenue | $32,293,682 | $19,678,991 | $12,614,691 | 64.1% | | Cost of revenue | $18,989,076 | $9,688,870 | $9,300,206 | 96.0% | | Sales and marketing | $7,312,240 | $6,622,128 | $690,112 | 10.4% | | General and administrative | $9,810,102 | $7,865,510 | $1,944,592 | 24.7% | | Loss from operations | $(4,222,592) | $(5,447,423) | $1,224,831 | -22.5% | | Net Loss | $(3,552,365) | $(3,452,134) | $(100,231) | 2.9% | | Basic and diluted net loss per common share | $(0.06) | $(0.06) | $0.00 | 0.0% | [Unaudited Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Outlines changes in the company's equity accounts over specific periods Stockholders' Equity Changes (Nine Months Ended September 30, 2022) | Item | Amount ($) | | :-------------------------------- | :----------- | | Balance, December 31, 2021 | 74,825,135 | | Stock purchase plan & option exercise issuances | 18,727 | | Stock issued for payment of services | 93,742 | | Stock-based compensation | 428,013 | | Shares withheld to cover statutory taxes | (57,467) | | Other comprehensive income (loss) | (864,595) | | Net comprehensive income (loss) | (3,552,365) | | Balance, September 30, 2022 | 70,891,190 | [Unaudited Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash inflows and outflows from operating, investing, and financing activities Cash Flow Summary (Nine Months Ended September 30) | Activity | 2022 ($) | 2021 ($) | Change ($) | | :----------------------------------- | :----------- | :----------- | :----------- | | Net cash used for operating activities | (6,916,555) | (3,652,080) | (3,264,475) | | Net cash used for investing activities | (48,439,579) | (4,088) | (48,435,491) | | Net cash provided by (used for) financing activities | (50,684) | 45,159,174 | (45,209,858) | | Net increase (decrease) in cash and cash equivalents | (55,406,818) | 41,503,006 | (96,909,824) | | Cash and cash equivalents, end of period | 20,026,477 | 74,548,231 | (54,521,754) | [Notes to the Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) Provides detailed explanations of significant accounting policies and financial instrument details [NOTE 1. COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=8&type=section&id=NOTE%201.%20COMPANY%20AND%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Describes the company's operations and its key accounting policies - IZEA operates online marketplaces connecting marketers with content creators, offering 'Managed Services' and self-service platforms (IZEAx, BrandGraph, Shake, The Creator Marketplace, IZEA FLEX)[21](index=21&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - The company adopted an indefinite work-from-home policy due to COVID-19, experiencing no major declines in operating efficiency[26](index=26&type=chunk) - Revenue from Managed Services is recognized on a gross basis, while Marketplace Spend Fees are recognized on a net basis[54](index=54&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - One customer accounted for **33%** of total accounts receivable at **September 30, 2022**[41](index=41&type=chunk) - Recognized impairment of **$141,808** on digital assets (Bitcoin and Ethereum) for the nine months ended **September 30, 2022**[49](index=49&type=chunk)[86](index=86&type=chunk) - Capitalized **$558,599** in software development costs for internal-use software during the nine months ended **September 30, 2022**[88](index=88&type=chunk)[90](index=90&type=chunk) Advertising Costs | Period | 2022 ($) | 2021 ($) | | :-------------------- | :--------- | :--------- | | Three Months Ended Sep 30 | 585,000 | 530,000 | | Nine Months Ended Sep 30 | 1,576,500 | 1,484,000 | - The company is evaluating the impact of ASU 2016-13 (Credit Losses), ASU 2020-06 (Convertible Instruments), and ASU 2021-08 (Contract Assets and Liabilities) which become effective in future fiscal years[74](index=74&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [NOTE 2. PROPERTY AND EQUIPMENT](index=15&type=section&id=NOTE%202.%20PROPERTY%20AND%20EQUIPMENT) Details the company's property and equipment, net of accumulated depreciation Property and Equipment, Net | Date | Amount ($) | | :----------------- | :----------- | | September 30, 2022 | 76,182 | | December 31, 2021 | 155,185 | Depreciation Expense | Period | 2022 ($) | 2021 ($) | | :-------------------- | :--------- | :--------- | | Three Months Ended Sep 30 | 25,672 | 33,072 | | Nine Months Ended Sep 30 | 91,200 | 98,759 | [NOTE 3. INTANGIBLE ASSETS](index=15&type=section&id=NOTE%203.%20INTANGIBLE%20ASSETS) Provides information on the company's intangible assets, including digital assets Intangible Assets, Net | Date | Amount ($) | | :----------------- | :----------- | | September 30, 2022 | 71,455 | | December 31, 2021 | 213,263 | Amortization Expense (Definite-Lived Intangible Assets) | Period | 2022 ($) | 2021 ($) | | :-------------------- | :--------- | :--------- | | Three Months Ended Sep 30 | 0 | 216,667 | | Nine Months Ended Sep 30 | 0 | 505,556 | - Impairment losses on digital assets (Bitcoin and Ethereum) were **$1,081** for Q3 2022 and **$141,808** for YTD 2022. The fair market value of digital assets held as of **September 30, 2022**, was **$71,455**[86](index=86&type=chunk) [NOTE 4. SOFTWARE DEVELOPMENT COSTS](index=16&type=section&id=NOTE%204.%20SOFTWARE%20DEVELOPMENT%20COSTS) Outlines capitalized software development costs and their estimated amortization Software Development Costs, Net | Date | Amount ($) | | :----------------- | :----------- | | September 30, 2022 | 1,264,543 | | December 31, 2021 | 1,019,600 | Capitalized Software Development Costs | Period | 2022 ($) | 2021 ($) | | :-------------------- | :--------- | :--------- | | Three Months Ended Sep 30 | 281,230 | 0 | | Nine Months Ended Sep 30 | 558,599 | 0 | Future Estimated Amortization Expense for Software Development Costs | Year | Amount ($) | | :-------------------- | :----------- | | Remainder of 2022 | 117,851 | | 2023 | 471,405 | | 2024 | 289,484 | | 2025 | 190,639 | | 2026 | 114,477 | | 2027 | 80,687 | | **Total** | **1,264,543** | [NOTE 5. ACCRUED EXPENSES](index=17&type=section&id=NOTE%205.%20ACCURUED%20EXPENSES) Details the company's accrued liabilities, including payroll Total Accrued Expenses | Date | Amount ($) | | :----------------- | :----------- | | September 30, 2022 | 2,045,355 | | December 31, 2021 | 2,502,882 | Accrued Payroll Liabilities | Date | Amount ($) | | :----------------- | :----------- | | September 30, 2022 | 1,787,297 | | December 31, 2021 | 2,251,284 | [NOTE 6. NOTES PAYABLE](index=17&type=section&id=NOTE%206.%20NOTES%20PAYABLE) Provides information on the company's outstanding debt and interest expense Interest Expense | Period | 2022 ($) | 2021 ($) | | :-------------------- | :--------- | :--------- | | Three Months Ended Sep 30 | 814 | 1,558 | | Nine Months Ended Sep 30 | 2,594 | 24,090 | - The Canada Emergency Business Account (CEBA) Loan of **CAD 40,000** (**$29,220 USD**) is due in the **fourth quarter of 2022**, as the company was deemed ineligible for loan forgiveness[96](index=96&type=chunk) - The secured credit facility with Western Alliance Bank was terminated in **April 2021**[97](index=97&type=chunk) [NOTE 7. COMMITMENTS AND CONTINGENCIES](index=18&type=section&id=NOTE%207.%20COMMITMENTS%20AND%20CONTINGENCIES) Describes the company's contractual commitments and potential legal contingencies - The company has no operating or finance leases greater than 12 months in duration as of **September 30, 2022**[98](index=98&type=chunk) 401(k) Employer Matching Contributions | Period | 2022 ($) | 2021 ($) | | :-------------------- | :--------- | :--------- | | Three Months Ended Sep 30 | 77,970 | 45,784 | | Nine Months Ended Sep 30 | 270,035 | 167,312 | - The company is not aware of any legal proceedings or claims that would have a material adverse effect on its business as of **November 14, 2022**[100](index=100&type=chunk) [NOTE 8. STOCKHOLDERS' EQUITY](index=18&type=section&id=NOTE%208.%20STOCKHOLDERS'%20EQUITY) Details changes in stockholders' equity, including stock-based compensation - The **$100 million** ATM Sales Agreement entered into in June 2021 was terminated on September 6, 2022, with no common stock sales made under it[107](index=107&type=chunk)[108](index=108&type=chunk) - As of **September 30, 2022**, **2,916,441 shares** of common stock remained available for issuance under the 2011 Equity Incentive Plan[109](index=109&type=chunk) - The company is shifting its employee compensation strategy towards restricted stock units (RSUs) instead of stock options[125](index=125&type=chunk) Restricted Stock Units (RSUs) Granted (Nine Months Ended September 30, 2022) | Recipient Type | Units Granted | Initial Value ($) | | :------------- | :------------ | :---------------- | | Non-executive employees | **613,351** | **$651,727** | | Executive employees | **318,860** | **$355,404** | **Future Compensation Expense for Non-Vested RSUs (Sep 30, 2022):** **$934,089**, recognized over approximately **2.6 years** Stock Options Activity (Nine Months Ended September 30, 2022) | Item | Shares | | :-------------------- | :------- | | Granted | **125** | | Exercised | **(27,336)** | | Forfeited | **(49,322)** | | Outstanding (Sep 30, 2022) | **1,719,130** | | Exercisable (Sep 30, 2022) | **1,345,643** | **Future Compensation Expense for Non-Vested Stock Options (Sep 30, 2022):** **$589,655**, recognized over approximately **1.92 years** Total Stock-Based Compensation Expense | Period | 2022 ($) | 2021 ($) | | :-------------------- | :--------- | :--------- | | Three Months Ended Sep 30 | 154,115 | 229,039 | | Nine Months Ended Sep 30 | 428,013 | 633,219 | [NOTE 9. LOSS PER COMMON SHARE](index=23&type=section&id=NOTE%209.%20LOSS%20PER%20COMMON%20SHARE) Presents the calculation of basic and diluted loss per common share Loss Per Common Share (Nine Months Ended September 30) | Metric | 2022 | 2021 | | :----------------------------------- | :----- | :----- | | Net Loss | $(3,552,365) | $(3,452,134) | | Weighted average shares outstanding | 62,162,508 | 59,875,142 | | Basic and diluted net loss per common share | $(0.06) | $(0.06) | - A total of **2,467,042 weighted average anti-dilutive shares** (stock options, restricted stock units, restricted stock) were excluded from diluted loss per common share computation for the nine months ended **September 30, 2022**[136](index=136&type=chunk) [NOTE 10. REVENUE](index=24&type=section&id=NOTE%2010.%20REVENUE) Breaks down revenue by product service type and geographic region Revenue by Product Service Type (Nine Months Ended September 30) | Revenue Type | 2022 ($) | % of Total (2022) | 2021 ($) | % of Total (2021) | Change ($) | Change (%) | | :-------------------- | :----------- | :---------------- | :----------- | :---------------- | :----------- | :----------- | | Managed Services Revenue | 31,025,350 | 96.1% | 18,309,295 | 93.0% | 12,716,055 | 69.5% | | Marketplace Spend Fees | 122,243 | 0.4% | 256,308 | 1.3% | (134,065) | -52.3% | | License Fees | 1,030,718 | 3.2% | 1,082,734 | 5.5% | (52,016) | -4.8% | | Other Fees | 115,371 | 0.4% | 30,654 | 0.2% | 84,717 | 276.4% | | **Total Revenue** | **32,293,682** | **100.0%** | **19,678,991** | **100.0%** | **12,614,691** | **64.1%** | Revenue by Country of Domicile (Nine Months Ended September 30) | Country | 2022 ($) | 2021 ($) | | :------------ | :----------- | :----------- | | United States | 31,914,735 | 19,098,638 | | Canada | 378,947 | 580,353 | | **Total** | **32,293,682** | **19,678,991** | - One customer accounted for **33%** of total accounts receivable at **September 30, 2022**[41](index=41&type=chunk) Contract Balances | Item | September 30, 2022 ($) | December 31, 2021 ($) | | :-------------------------- | :--------------------- | :-------------------- | | Accounts receivable, net | 8,643,509 | 7,599,103 | | Contract liabilities (unearned revenue) | 9,236,220 | 11,338,095 | [NOTE 11. FINANCIAL INSTRUMENTS](index=25&type=section&id=NOTE%2011.%20FINANCIAL%20INSTRUMENTS) Details the company's investment strategy and marketable securities - The company initiated a revised investment strategy in April 2022, depositing **$60 million** into marketable securities[143](index=143&type=chunk) Marketable Debt Securities by Maturity (As of September 30, 2022) | Maturity | Fair Value ($) | | :-------------------- | :----------- | | Due in 1 year or less | 21,879,305 | | Due in 1 year through 5 years | 25,106,327 | | **Total** | **46,985,632** | - Net unrealized losses on marketable securities totaled **$(864,595)** as of **September 30, 2022**[146](index=146&type=chunk) - Realized gains (net of losses) on securities held were **$2,501** for the nine months ended **September 30, 2022**[146](index=146&type=chunk) [NOTE 12. SUBSEQUENT EVENTS](index=26&type=section&id=NOTE%2012.%20SUBSEQUENT%20EVENTS) Reports on events occurring after the balance sheet date - No subsequent events requiring disclosure were identified through **November 14, 2022**[147](index=147&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, liquidity, and capital resources, highlighting revenue growth, increased expenses, and cash decrease due to investments [Cautionary Note Regarding Forward-Looking Information](index=26&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Information) Warns about risks and uncertainties associated with forward-looking statements - The report contains forward-looking statements subject to inherent risks and uncertainties, including the impact of COVID-19, customer cancellations, funding needs, Nasdaq listing requirements, internal control weaknesses, and competition[148](index=148&type=chunk)[151](index=151&type=chunk) - The company assumes no obligation to update any forward-looking statements, except as required by law[150](index=150&type=chunk) [Company Overview](index=27&type=section&id=Company%20Overview) Provides a general description of the company's business and operations - IZEA operates online marketplaces connecting marketers with content creators, offering influencer marketing and custom content services[151](index=151&type=chunk)[152](index=152&type=chunk) - Key platforms include IZEAx, BrandGraph, Shake, and the newly launched 'The Creator Marketplace' (replacing Shake and IZEAx as primary platform), complemented by 'IZEA Flex' workflow tool[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) - The company has adopted an indefinite work-from-home policy due to COVID-19, without major declines in operating efficiency[158](index=158&type=chunk) [Key Components of Results of Operations](index=28&type=section&id=Key%20Components%20of%20Results%20of%20Operations) Explains the primary drivers of the company's financial performance - Revenue is primarily from Managed Services (gross basis) and SaaS Services (Marketplace Spend Fees on a net basis; License Fees and Other Fees on a gross basis)[161](index=161&type=chunk)[162](index=162&type=chunk) - Cost of revenue includes direct costs to third-party creators for Managed Services and internal costs for campaign fulfillment and SaaS support[163](index=163&type=chunk) - General and Administrative expenses include payroll, professional services, technology and development costs, and asset impairments[165](index=165&type=chunk) [Results of Operations for the Three Months Ended September 30, 2022 and 2021](index=30&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20September%2030%2C%202022%20and%202021) Compares financial performance for the three-month periods Financial Performance (Three Months Ended September 30) | Metric | 2022 ($) | 2021 ($) | Change ($) | Change (%) | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | | Revenue | 10,826,335 | 7,734,374 | 3,091,961 | 40.0% | | Cost of revenue | 6,597,430 | 4,022,395 | 2,575,035 | 64.0% | | Sales and marketing | 2,502,128 | 2,240,936 | 261,192 | 11.7% | | General and administrative | 2,928,679 | 2,670,785 | 257,894 | 9.7% | | Depreciation and amortization | 127,535 | 220,453 | (92,918) | -42.1% | | Loss from operations | (1,329,437) | (1,420,195) | 90,758 | -6.4% | | Other income, net | 424,019 | 20,961 | 403,058 | 1922.9% | | Net Loss | (906,232) | (1,400,792) | 494,560 | -35.3% | - Managed Services revenue increased by **43.9%** to $10.5 million, with **$3.1 million** of the increase attributed to one large customer[171](index=171&type=chunk)[172](index=172&type=chunk) - SaaS Services revenue decreased by **22.6%**, primarily due to lower Marketplace Spend Fees (**-81.7%**) and License Fees (**-9.7%**), partially offset by increased Other Fees (**+37.1%**)[171](index=171&type=chunk)[179](index=179&type=chunk) - Cost of revenue increased by **64.0%**, primarily due to higher cost deliveries on one large customer contract, representing approximately **30% of current quarter revenues**[174](index=174&type=chunk) - Other income, net, significantly increased by **1,922.9%** due to interest income earned on marketable securities, following an investment strategy commenced in April 2022[180](index=180&type=chunk) [Results of Operations for the Nine Months Ended September 30, 2022 and 2021](index=32&type=section&id=Results%20of%20Operations%20for%20the%20Nine%20Months%20Ended%20September%2030%2C%202022%20and%202021) Compares financial performance for the nine-month periods Financial Performance (Nine Months Ended September 30) | Metric | 2022 ($) | 2021 ($) | Change ($) | Change (%) | | :----------------------------------- | :----------- | :----------- | :----------- | :----------- | | Revenue | 32,293,682 | 19,678,991 | 12,614,691 | 64.1% | | Cost of revenue | 18,989,076 | 9,688,870 | 9,300,206 | 96.0% | | Sales and marketing | 7,312,240 | 6,622,128 | 690,112 | 10.4% | | General and administrative | 9,810,102 | 7,865,510 | 1,944,592 | 24.7% | | Depreciation and amortization | 404,856 | 949,906 | (545,050) | -57.4% | | Loss from operations | (4,222,592) | (5,447,423) | 1,224,831 | -22.5% | | Other income (expense), net | 670,227 | 1,995,289 | (1,325,062) | -66.4% | | Net Loss | (3,552,365) | (3,452,134) | (100,231) | 2.9% | - Managed Services revenue increased by **69.5%**, with over one-third of the increase from a single large customer contract[181](index=181&type=chunk) - SaaS Services revenue declined by **7.4%**, driven by decreases in Marketplace Spend Fees (**-52.3%**) and License Fees (**-4.8%**), partially offset by a significant increase in Other Fees (**+276.4%**) due to a customer deposit forfeiture[187](index=187&type=chunk) - General and administrative expense increased by **24.7%** due to higher payroll, contractor costs, professional services, travel, public company expenses, and software/licenses[184](index=184&type=chunk) - Other income, net, decreased by **66.7%** compared to the prior year, which included income from debt forgiveness. The current year includes **$230,000** in interest income from marketable securities[189](index=189&type=chunk) [Key Metrics](index=34&type=section&id=Key%20Metrics) Presents operational metrics such as bookings and gross billings Managed Services Bookings | Period | 2022 ($) | 2021 ($) | Change ($) | Change (%) | | :-------------------- | :----------- | :----------- | :----------- | :----------- | | Three Months Ended Sep 30 | 8,217,765 | 11,290,569 | (3,072,804) | -27.2% | | Nine Months Ended Sep 30 | 29,683,261 | 28,838,629 | 844,632 | 2.9% | - Managed Services Bookings conversion to revenue has lengthened from a historical **6-month average** to approximately **9 months** due to increasingly larger and more complex sales orders[192](index=192&type=chunk) Total Gross Billings | Period | 2022 ($) | 2021 ($) | Change ($) | Change (%) | | :-------------------- | :----------- | :----------- | :----------- | :----------- | | Three Months Ended Sep 30 | 11,585,371 | 8,724,086 | 2,861,285 | 32.8% | | Nine Months Ended Sep 30 | 34,526,973 | 22,559,807 | 11,967,166 | 53.0% | Gross Billings by Revenue Type (Nine Months Ended September 30) | Revenue Type | 2022 ($) | % of Total (2022) | 2021 ($) | % of Total (2021) | Change ($) | Change (%) | | :-------------------- | :----------- | :---------------- | :----------- | :---------------- | :----------- | :----------- | | Managed Services Gross Billings | 31,025,350 | 89.9% | 18,309,295 | 81.2% | 12,716,055 | 69.5% | | SaaS Services Gross Billings | 3,501,623 | 10.1% | 4,250,512 | 18.8% | (748,889) | -17.6% | [Non-GAAP Financial Measure - Adjusted EBITDA](index=35&type=section&id=Non-GAAP%20Financial%20Measure%20-%20Adjusted%20EBITDA) Reconciles net loss to Adjusted EBITDA, a non-GAAP measure Adjusted EBITDA Reconciliation | Metric | Q3 2022 ($) | Q3 2021 ($) | YTD 2022 ($) | YTD 2021 ($) | | :----------------------------------- | :---------- | :---------- | :----------- | :----------- | | Net loss | (906,232) | (1,400,792) | (3,552,365) | (3,452,134) | | Non-cash stock-based compensation | 154,115 | 229,039 | 428,013 | 633,219 | | Depreciation and amortization | 127,535 | 220,453 | 404,856 | 949,906 | | **Adjusted EBITDA** | **(591,427)** | **(925,930)** | **(2,462,797)** | **(3,683,877)** | | Adjusted EBITDA as a % of Revenue | (5.5)% | (12.0)% | (7.6)% | (18.7)% | - Adjusted EBITDA improved for both the three and nine months ended **September 30, 2022**, reflecting better operating performance despite increased net losses[203](index=203&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the company's cash position, funding, and capital needs - Cash and cash equivalents decreased by **$55.4 million** from **$75.4 million** at December 31, 2021, to **$20.0 million** at **September 30, 2022**, primarily due to investments in marketable securities and operating losses[205](index=205&type=chunk)[206](index=206&type=chunk) - The company terminated its **$100 million** ATM Sales Agreement in September 2022 without any sales[208](index=208&type=chunk) - While the company expects adequate cash for the next twelve months, future business expansion may require additional equity or debt financing[209](index=209&type=chunk) - Softness in bookings during Q3 2022 suggests potential economic impacts on marketing budgets, although demand for influencer marketing services remains[210](index=210&type=chunk) [Critical Accounting Policies and Use of Estimates](index=37&type=section&id=Critical%20Accounting%20Policies%20and%20Use%20of%20Estimates) Highlights significant accounting policies and judgments - There have been no material changes to the company's critical accounting policies as set forth in its Annual Report on Form 10-K for the year ended December 31, 2021[211](index=211&type=chunk) [Recent Accounting Pronouncements](index=37&type=section&id=Recent%20Accounting%20Pronouncements) References information on newly adopted or future accounting standards - Refer to Note 1 for information on additional recent accounting pronouncements[212](index=212&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable to smaller reporting companies - This section is not applicable to smaller reporting companies[213](index=213&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were ineffective due to a material weakness in cost recognition for Managed Services, leading to restatements, with remediation efforts ongoing - Disclosure controls and procedures were not effective as of **September 30, 2022**[218](index=218&type=chunk) - A material weakness was identified in internal control over financial reporting related to the timing of cost recognition for creator content deliveries in Managed Services, which resulted in the restatement of interim financial statements for **Q1, Q2, and Q3 2020**[219](index=219&type=chunk)[220](index=220&type=chunk) - Remediation efforts include identifying additional controls, engaging a third-party technical accounting expert, and utilizing a new Enterprise Resource Planning (ERP) system[221](index=221&type=chunk)[222](index=222&type=chunk) PART II. OTHER INFORMATION This section provides other required information and disclosures [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any legal proceedings or claims expected to materially adversely affect its business - As of **November 14, 2022**, the company is not aware of any legal proceedings or claims that are believed to have a material adverse effect on its business[225](index=225&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) Key risks include potential Nasdaq delisting due to minimum bid price non-compliance and significant customer concentration - The company received a notification on **July 6, 2022**, for non-compliance with the Nasdaq Capital Market's $1.00 minimum bid price rule and has until **January 2, 2023**, to regain compliance, with a possibility of an additional **180-day extension**[227](index=227&type=chunk)[228](index=228&type=chunk) - One customer accounted for **33% of total accounts receivable** at **September 30, 2022**, and two customers accounted for **almost 40% of gross billings** during the three months ended **September 30, 2022**, posing a risk if these customers reduce or cease business[230](index=230&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is not applicable - Not applicable[232](index=232&type=chunk) [Item 3. Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable - Not applicable[233](index=233&type=chunk) [Item 4. Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable - Not applicable[234](index=234&type=chunk) [Item 5. Other Information](index=41&type=section&id=Item%205.%20Other%20Information) This section is not applicable - Not applicable[235](index=235&type=chunk) [Item 6. Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report, including corporate governance documents and certifications - Exhibits include certifications of the Principal Executive Officer and Principal Financial and Accounting Officer (**31.1, 31.2, 32.1, 32.2**) and XBRL formatted financial statements (**101**)[237](index=237&type=chunk) SIGNATURES This section contains the official signatures for the report - The report was signed by Edward H. Murphy, Chairman and Chief Executive Officer, and Peter J. Biere, Chief Financial Officer, on **November 14, 2022**[242](index=242&type=chunk)

IZEA Worldwide, Inc. (NASDAQ:IZEA) Q3 2022 Earnings Conference Call November 10, 2022 5:00 PM ET Company Participants Ryan Schram - President, COO & Director Peter Biere - CFO & Treasurer Edward Murphy - Founder, Chairman & CEO Conference Call Participants Operator Good afternoon, ladies and gentlemen and welcome to IZEA Worldwide, Inc., Third Quarter 2022 Earnings Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator inst ...

IZEA Worldwide, Inc. (NASDAQ:IZEA) Q2 2022 Earnings Conference Call August 15, 2022 5:00 PM ET Company Participants Ryan Schram - President, COO & Director Peter Biere - CFO & Treasurer Edward Murphy - Founder, Chairman & CEO Conference Call Participants Jon Hickman - Ladenburg Thalmann & Co. Operator Greetings. Welcome to IZEA Worldwide, Inc., Second Quarter 2022 Earnings Call. [Operator Instructions]. Please note this call is being recorded. I will now turn the conference over to Ryan Schram, President an ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ Commission File No.: 001-37703 IZEA WORLDWIDE, INC. (Exact name of registrant as specified in its charter) ...