Inuvo(US:INUV)2022-05-12 20:41Financial Performance - For the three months ended March 31, 2022, net revenue was $18,609,367, a 75.3% increase compared to $10,617,809 in the same period of 2021[86] - ValidClick revenue increased by 24% year-over-year, while IntentKey revenue surged by 280%[87] - Cost of revenue for Q1 2022 was $8,661,506, a significant increase of 499.8% from $1,444,059 in Q1 2021[86] - Operating expenses totaled $12,053,827 for Q1 2022, reflecting a 2.4% increase from $11,768,629 in Q1 2021[89] - The company reported a net loss of $2,089,263 for the three months ended March 31, 2022, compared to a net loss of $2,147,268 in the same period of 2021[103] Cash and Working Capital - As of March 31, 2022, the company had approximately $9 million in cash, cash equivalents, and marketable securities, with a net working capital of $11.2 million[95] - Net cash used in operating activities was $3,580,762 for Q1 2022, compared to $2,442,647 in Q1 2021[102] - The company has an accumulated deficit of $146.0 million as of March 31, 2022[95] Strategic Focus - The company plans to focus resources on growing its AI technology, the IntentKey, to achieve positive cash flow from operations[99] Financing Activities - The company raised $8.0 million and $6.25 million in gross proceeds from registered direct offerings in January 2021[96] Off-Balance Sheet Arrangements - As of March 31, 2022, the company has no off-balance sheet arrangements that could materially affect its financial condition or results of operations[107] - The term "off-balance sheet arrangement" refers to transactions or agreements with unconsolidated entities that may involve guarantees or contingent interests[107] - The company does not have any obligations arising from off-balance sheet arrangements that serve as credit or liquidity support[107] Market Classification - The company is classified as a smaller reporting company, thus certain market risk disclosures are not applicable[108]