On Yesterday IZEA Worldwide, Inc. (NASDAQ: IZEA) has shown downward move of -2.10% and ended the last trade at $0.4249. The trading volume was recorded to 562,648 shares as compared to average traded volume of 465,365 shares.
IZEA Worldwide, Inc. (NASDAQ: IZEA), stated its financial and operational results for the first quarter ended March 31, 2019.
Revenue in the first quarter of 2019 increased 23% to $4.8M contrast to $3.9M in the corresponding quarter of 2018. The increase was Because of by revenue growth in our license fees and marketplaces spend, both of which stem from our 2018 acquisition of TapInfluence.
Total costs and expenses in the first quarter of 2019 were $6.5M contrast to $5.8M in the corresponding quarter of 2018. This comparison includes two one-time non-operating items, both of which contribute to the comparative increase. In Q1 2018, we recorded a gain of just over $300 thousand associated with adjusting our accrued acquisition costs to fair value, and in Q1 2019, we recorded a loss of $190 thousand, associated with our 2019 settlement of a portion of our accrued acquisition costs. Not Including these one-time items, our total costs and expenses increased primarily Because of increased depreciation and amortization expense.
Net loss in the first quarter of 2019 was $1.8M or $(0.15) per share, as contrast to a net loss of $2.0M or $(0.35) per share in the corresponding quarter of 2018, based on 12,602,437 and 5,802,099 shares outstanding, respectively.
Adjusted EBITDA (a non-GAAP measure management uses as a proxy for operating cash flow, as defined below) in the first quarter of 2019 was $(874,000) contrast to $(1,850,000) in the corresponding quarter of 2018.
Cash and cash equivalents at March 31, 2019 totaled $2.3M. At the end of the quarter the Company had accessed about $1.3M of its $5.0M credit line.
IZEA completed a $10M public offering on May 10. The net proceeds, after the underwriting discount, but before estimated expenses of the offering payable by IZEA, are $9.4M.