v3.19.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Net revenue $ 13,789,754 $ 16,806,170 $ 43,302,230 $ 56,315,006
Cost of revenue 4,955,508 6,196,057 17,310,496 21,965,955
Gross profit 8,834,246 10,610,113 25,991,734 34,349,051
Operating expenses        
Marketing costs (traffic acquisition costs or TAC) 6,940,772 8,285,465 20,013,117 25,025,922
Compensation 2,186,252 1,806,111 5,730,297 6,749,280
Selling, general and administrative 2,081,547 1,859,020 6,672,115 5,968,233
Total operating expenses 11,208,571 11,950,596 32,415,529 37,743,435
Operating loss (2,374,325) (1,340,483) (6,423,795) (3,394,384)
Interest expense, net (143,642) (101,167) (511,558) (296,612)
Other income, net 3,305,867 0 3,305,867 0
Income (loss) before taxes 787,900 (1,441,650) (3,629,486) (3,690,996)
Income tax benefit 0 0 0 8,625
Net income (loss) $ 787,900 $ (1,441,650) $ (3,629,486) $ (3,682,371)
Per common share data: Basic and diluted        
Net income (loss) (in usd per share) $ 0.02 $ (0.04) $ (0.10) $ (0.12)
Weighted average shares        
Basic (in shares) 46,218,413 32,316,988 37,079,457 30,540,796
Diluted (in shares) 51,019,631 32,316,988 37,079,457 30,540,796

Source