Professional Diversity Network Inc
For the period ended Jun 30, 2024. Filed Aug 13, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 13, 2024
IPDN$1.35-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-15.
0001437749-24-016938
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-13.
0001437749-24-026313
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 108 previous paragraphs and 120 current paragraphs.
76 unchanged; 28 reworded; 11 added; 4 removed; 0 previous and 5 current paragraphs rearranged.
Tables are not compared: 12 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Total revenues for the six months ended June 30, 2024, decreased approximately $379,000, or 10.0 %, to approximately $3,417,000 from approximately $3,796,000 during the same period in the prior year. The decrease was predominantly attributable to a reduction in demand for contracted software development of approximately $388,000, an approximate $29,000 decrease in membership and related service, and an approximate $32,000 decrease in consumer advertising and marketing solutions.
Current report
During the six months ended June 30, 2024, our PDN Network generated approximately $2,267,000 in revenues compared to approximately $2,229,000in revenues during the six months ended June 30, 2023, a increase of approximately $38,000or 1.7%.
Current report
During the six months ended June 30, 2024, NAPW Network revenues generated approximately $236,000, compared to revenues of approximately $265,000during the same period in the prior year, a decrease of approximately $29,000or 10.9%.
Current report
During the six months ended June 30, 2024, RemoteMore revenue was approximately $914,000, compared to revenues of approximately $1,302,000during the same period in the prior year, a decrease of approximately $388,000 or 29.8%. The decrease was predominantly attributable to a reduction in demand for contracted software development.
Current report
Cost of revenues during the six months ended June 30, 2024 was approximately $1,279,000a decrease of approximately $561,000, or 30.5%, from approximately $1,840,000 during the same period of the prior year. The decrease was predominantly due to an approximate $348,000 reduction in contracted software development costs directly related to the decrease in contracted revenue, approximately $43,000 of reduced payroll related costs, and approximately $170,000 of reduced other costs of revenues.
Current report
Sales and marketing expense during the six months ended June 30, 2024 was approximately $1,602,000, a decrease of approximately $335,000 or 17.3%, from $1,937,000 during the same period in the prior year. The decrease was predominantly attributed to approximately $75,000 reduction in third-party computer services, approximately $49,000 of reduced payroll related costs, $166,000 reduction in marketing and marketing related consulting costs, and approximately $45,000 of reduced other purchased services.
Current report
General and administrative expense: General and administrative expenses decreased by approximately $425,000, or 34.2%, to approximately $819,000 during the three months ended June 30, 2024, as compared to approximately $1,244,000 the same period in the prior year. The decrease in expenses was predominantly due to reductions of approximately $88,000 of salaries and related benefit charges, $31,000 in insurance costs, $145,000 in financing costs, $97,000 in legal costs, $30,000 in third-party computer services, and $34,000 in other general and administrative costs.
Current report
For the three months ended June 30, 2024, costs and expenses related to Corporate Overhead decreased by approximately $371,000, or 48.6%, as compared to the same period in the prior year. The decrease is predominantly a result of reduction of $145,000 in financing costs, $114,000 in legal costs, $51,000 in accounting costs, and $61,000 in other corporation expenses.
Current report
For the six months ended June 30, 2024, costs and expenses related to Corporate Overhead decreased by approximately $292,000, or 24.6%, as compared to the same period in the prior year. The decrease is predominantly a result of reduction of $145,000 in financing costs, $126,000 in legal costs, and $52,000 in other corporation expenses. Partially offsetting the decrease were increases in costs of approximately $31,000 related to accounting costs.
Current report
Income Tax Expense (Benefit)
Current report
On June 28, 2024, the Company entered into a stock purchase agreement with Eighty-eight Investment LLC, a Delaware limited liability company wholly owned and controlled by Mr. Xin He, our Chief Executive Officer. This purchase of 1,000,000 shares of our common stock at a price of $0.495 per share provided aggregate proceeds of $495,000.
Removed paragraphs (4)
Previous report
For the three months ended March 31, 2024, costs and expenses related to Corporate Overhead increased by approximately $79,000, or 18.7% percent, as compared to the same period in the prior year. The increase is predominantly a result of share-based compensation costs of approximately $50,000, $31,000 of insurance policy expenses, and $16,000 related to the professional services costs for which there was no comparable transaction in the same period of the prior year. Partially offsetting the increase was a reduction in other charges of approximately $18,000, as compared to the same period in the prior year.
Previous report
Income Tax Benefit
Previous report
Subsequent to the end of the quarter, in April 2024, the Company issued 46,442 shares of its common stock to Tumim Stone Capital, in connection with its committed equity line program, at a price of approximately $1.56 per share for aggregate gross proceeds of $70,168.
Previous report
Subsequent to the end of the quarter, in May 2024, the Company issued 138,226 shares of its common stock to Tumim Stone Capital, in connection with its committed equity line program, at a price of approximately $1.27 per share for aggregate gross proceeds of $169,717.
Reworded paragraphs (28)
Previous wording
This MD&A should be read in conjunction with the accompanying consolidated financial statements and the notes thereto, and the audited consolidated financial statements and notes thereto included in our 2023 Form 10-K.
Current wording
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with the accompanying consolidated financial statements and the notes thereto, and the audited consolidated financial statements and notes thereto included in our 2023 Form 10-K.
Previous wording
Membership Fees and Related Services. We offer paid membership subscriptions through our NAPW Network, a women-only professional networking organization, operated by our wholly-owned subsidiary. Members gain access to networking opportunities through a members-only website at www.iawomen.com and “virtual” events which occur in a webcast setting, as well as through in-person networking local chapters nationwide, additional career and networking events such as the National Networking Summit Series, Power Networking Events and the PDN Network events. NAPW members also receive ancillary (non-networking) benefits such as educational discounts, shopping, and other membership perks. The basic package is the Initiator level, which provides online benefits only. Upgrades to an Innovator membership include the Initiator benefits, as well as membership in local chapters. The most comprehensive level, the Influencer, provides all the aforementioned benefits plus expanded opportunities for marketing and promotion, including the creation and distribution of a press release, which is sent over major newswires. Additionally, all memberships offer educational programs with discounts or at no cost, based on the membership level. NAPW Membership is renewable and fees are payable on an annual or monthly basis, with the first fee payable at the commencement of the membership. We offer to new purchasers of our NAPW memberships the opportunity to purchase a commemorative wall plaque at the time of purchase.
Current wording
Membership Fees and Related Services. We offer paid membership subscriptions through our NAPW Network, a women-only professional networking organization, operated by our wholly-owned subsidiary. Members gain access to networking opportunities through a members-only website at www.iawomen.com and “virtual” events which occur in a webcast setting, as well as through in-person networking local chapters. NAPW members also receive ancillary (non-networking) benefits such as educational discounts, shopping, and other membership perks. The basic package is the Initiator level, which provides online benefits only. Upgrades to an Innovator membership include the Initiator benefits, as well as a mentorship match service and upgraded content. The most comprehensive level, the Influencer, provides all the aforementioned benefits plus expanded opportunities for marketing and promotion, including the creation and distribution of a press release, which is sent over major newswires. Additionally, all memberships offer educational programs with discounts or at no cost, based on the membership level. NAPW Membership is renewable and fees are payable on an annual or monthly basis, with the first fee payable at the commencement of the membership. We offer to new purchasers of our NAPW memberships the opportunity to purchase a commemorative wall plaque at the time of purchase.
Previous wording
Total revenues for the three months ended March 31, 2024, decreased approximately $228,000, or 11.7% percent, to approximately $1,727,000 from approximately $1,955,000 during the same period in the prior year. The decrease was predominantly attributable to a reduction in demand for contracted software development of approximately $213,000, and an approximate $14,000 decrease in consumer advertising and marketing solutions.
Current wording
Total revenues for the three months ended June 30, 2024, decreased approximately $151,000, or 8.2%, to approximately $1,690,000 from approximately $1,841,000 during the same period in the prior year. The decrease was predominantly attributable to a reduction in demand for contracted software development of approximately $175,000, an approximate $27,000 decrease in membership and related service, and an approximate $18,000 decrease in consumer advertising and marketing solutions.
Previous wording
During the three months ended March 31, 2024, our PDN Network generated approximately $1,115,000 in revenues compared to approximately $1,128,000 in revenues during the three months ended March 31, 2023, a decrease of approximately $13,000 or 1.2% percent. The decrease in revenues was predominantly attributable to a reduction in demand for consumer advertising and marketing solutions.
Current wording
During the three months ended June 30, 2024, our PDN Network generated approximately $1,153,000 in revenues compared to approximately $1,102,000 in revenues during the three months ended June 30, 2023, a increase of approximately $51,000 or 4.6%.
Previous wording
During the three months ended March 31, 2024, NAPW Network revenues generated approximately $127,000, compared to revenues of approximately $129,000 during the same period in the prior year, a decrease of approximately $2,000 or 1.6% percent.
Current wording
During the three months ended June 30, 2024, NAPW Network revenues generated approximately $108,000, compared to revenues of approximately $136,000 during the same period in the prior year, a decrease of approximately $28,000 or 20.6%.
Previous wording
During the three months ended March 31, 2024, RemoteMore revenue was approximately $485,000, compared to revenues of approximately $698,000 during the same period in the prior year, a decrease of approximately $213,000, or 30.5% percent. The decrease was predominantly attributable to a reduction in demand for contracted software development.
Current wording
During the three months ended June 30, 2024, RemoteMore revenue was approximately $429,000, compared to revenues of approximately $603,000 during the same period in the prior year, a decrease of approximately $174,000 or 28.8%. The decrease was predominantly attributable to a reduction in demand for contracted software development.
Previous wording
Cost of revenues: Cost of revenues during the three months ended March 31, 2024 was approximately $653,000 a decrease of approximately $421,000, or 39.2% percent, from approximately $1,074,000 during the same period of the prior year. The decrease was predominantly due to an approximate $198,000 reduction in contracted software development costs directly related to the decrease in contracted revenue, approximately $110,000 of reduced third-party computer services, and approximately $66,000 of other costs of revenues.
Current wording
Cost of revenues: Cost of revenues during the three months ended June 30, 2024 was approximately $626,000 a decrease of approximately $140,000, or 18.3%, from approximately $766,000 during the same period of the prior year. The decrease was predominantly due to an approximate $150,000 reduction in contracted software development costs directly related to the decrease in contracted revenue, approximately $6,000 of reduced payroll related costs, and approximately $16,000 increase of other costs of revenues.
Previous wording
Sales and marketing expense: Sales and marketing expense during the three months ended March 31, 2024 was approximately $830,000, an increase of approximately $8,000, or 1.0% percent, from $822,000 during the same period in the prior year. The increase was predominantly attributed to approximately $49,000 of third-party computer services and approximately $15,000 of other purchased services. Partially offsetting the increase were decreases in expenses of approximately $46,000 of other marketing and consulting costs and approximately $8,000 of payroll related costs.
Current wording
Sales and marketing expense: Sales and marketing expense during the three months ended June 30, 2024 was approximately $772,000, a decrease of approximately $344,000, or 30.8%, from $1,116,000 during the same period in the prior year. The decrease was predominantly attributed to approximately $128,000 reduction in third-party computer services, approximately $40,000 of reduced payroll related costs, $120,000 reduction in marketing and marketing related consulting costs, and approximately $56,000 of reduced other purchased services.
Previous wording
General and administrative expense: General and administrative expenses decreased by approximately $58,000, or 5.6% percent, to approximately $995,000 during the three months ended March 31, 2024, as compared to approximately $1,053,000 the same period in the prior year. The decrease in expenses was predominantly due to reductions of approximately $96,000 of salaries and related benefit charges, $31,000 in insurance costs, and $30,000 in legal costs. Partially offsetting the decrease was an increase in discretionary share based compensation of approximately $50,000, and approximately $43,000 in third-party computer services.as compared to the same period in the prior year.
Current wording
General and administrative expenses decreased by approximately $483,000, or 21.0%, to approximately $1,814,000 during the six months ended June 30, 2024, as compared to approximately $2,297,000 during the same period in the prior year. The decrease in expenses was predominantly due to reductions of approximately $184,000 of salaries via the efforts of combining corporate positions and related benefit charges, $62,000 in insurance costs, $145,000 in financing costs, $127,000 in legal costs, and $43,000 in other general and administrative costs. Partially offsetting the decrease was an increase in discretionary share-based compensation of approximately $49,000, and approximately $29,000 in bad debt costs as compared to the same period in the prior year.
Previous wording
Depreciation and amortization expense: Depreciation and amortization expense during the three months ended March 31, 2024 was approximately $52,000, a decrease of approximately $81,000, compared to approximately $133,000 during the same period in the prior year. The decrease was primarily attributable to approximately $92,000 of amortization expense related to Expo Experts intangible assets, for which there were no comparable expenses in the current period, partially offset by amortization expense of approximately $12,000 related to amortization of capitalized technology, as compared to the same period in the prior year.
Current wording
Depreciation and amortization expense: Depreciation and amortization expense during the three months ended June 30, 2024 was approximately $55,000, a decrease of approximately $92,000, compared to approximately $147,000 during the same period in the prior year. The decrease was primarily attributable to approximately $104,000 of amortization expense related to Expo Experts intangible assets, for which there were no comparable expenses in the current period, partially offset by amortization expense of approximately $12,000 related to amortization of capitalized technology, as compared to the same period in the prior year.
Previous wording
For the three months ended March 31, 2024, costs and expenses related to our PDN Network segment decreased by approximately $168,000, or 11.3% percent, as compared to the same period in the prior year. The decrease is primarily a result of reductions of approximately $145,000 related to costs of revenues and $13,000 of general and administrative costs. Partially offsetting the decrease were increases in costs of approximately $70,000 related to sales and marketing costs and $13,000 related to depreciation and amortization.
Current wording
For the three months ended June 30, 2024, costs and expenses related to our PDN Network segment decreased by approximately $366,000, or 23.5%, as compared to the same period in the prior year. The decrease is primarily a result of reductions of approximately $297,000 of sales and marketing costs, $110,000 of general and administrative costs, and $92,000 related to depreciation and amortization. Partially offsetting the decrease were increases in costs of revenues of approximately $133,000.
Previous wording
For the three months ended March 31, 2024, costs and expenses related to the NAPW Network decreased by approximately $198,000, or 52.7% percent, as compared to the same period in the prior year. The decrease is predominantly due to a reduction in payroll related costs of approximately $102,000 as a result of the restructuring of the NAPW business unit in the same period of the prior year and $96,000 of other sales, marketing and general expenses due to increased cost containment.
Current wording
For the three months ended June 30, 2024, costs and expenses related to the NAPW Network decreased by approximately $128,000, or 47.6%, as compared to the same period in the prior year. The decrease is predominantly due to a reduction in payroll related costs of approximately $11,000 as a result of the restructuring of the NAPW business unit in the same period of the prior year and $117,000 of other sales, marketing and general expenses due to increased cost containment.
Previous wording
For the three months ended March 31, 2024, cost and expenses related to RemoteMore decreased by approximately $265,000, or 33.0% percent, as compared to the same period in the prior year, predominantly consisting of decreases in contractor costs of approximately $198,000, and other purchased services of approximately $20,000.
Current wording
For the six months ended June 30, 2024, cost and expenses related to RemoteMore decreased by approximately $399,000, or 26.8%, as compared to the same period in the prior year, predominantly consisting of decreases in contractor costs of approximately $348,000, and other purchased services of approximately $11,000.
Previous wording
During the three months ended March 31, 2024 and 2023, we recorded an income tax expense of approximately $2,000 and an income tax benefit of approximately $11,000, respectively.
Current wording
During the three months ended June 30, 2024 and 2023, we recorded an income tax expense of approximately $4,000 and an income tax expense of approximately $1,000, respectively.
Previous wording
Consolidated Net Loss from Continuing Operations, Net of Tax. As the result of the factors discussed above, during the three months ended March 31, 2024, we incurred a net loss from continuing operations of approximately $807,000, a decrease in the net loss of approximately $302,000, compared to a net loss of approximately $1,109,000 during the three months ended March 31, 2023.
Current wording
Consolidated Net Loss from Continuing Operations, Net of Tax. As the result of the factors discussed above, during the three months ended June 30, 2024, we incurred a net loss from continuing operations of approximately $586,000, a decrease in the net loss of approximately $846,000, compared to a net loss of approximately $1,432,000 during the three months ended June 30, 2023. As the result of the factors discussed above, during the six months ended June 30, 2024, we incurred a net loss from continuing operations of approximately $1,393,000, a decrease in the net loss of approximately $1,148,000, compared to a net loss of approximately $2,541,000 during the six months ended June 30, 2023.
Previous wording
For the three months ended March 31, 2023, loss from discontinued operations was approximately $11,730 consisting of general and administrative expenses. There was no activity for the three months ended March 31, 2024
Current wording
For the six months ended June 30, 2023, loss from discontinued operations was approximately $17,808 consisting of general and administrative expenses. There was no activity in 2024.
Previous wording
Our principal sources of liquidity are our cash and cash equivalents, including cash from operations and net proceeds from the issuances of common stock, if any. As of March 31, 2024, we had cash and cash equivalents of $97,108 compared to cash and cash equivalents of $627,641 at December 31, 2023. We had an accumulated deficit of $100,694,550 at March 31, 2024.
Current wording
Our principal sources of liquidity are our cash and cash equivalents, including cash from operations and net proceeds from the issuances of common stock, if any. As of June 30, 2024, we had cash and cash equivalents of $619,311 compared to cash and cash equivalents of $627,641 at December 31, 2023. We had an accumulated deficit of $101,247,697 at June 30, 2024.
Previous wording
In January 2024, the Company issued 40,217 shares of its common stock to Tumim Stone Capital, in connection with its committed equity line program, at a price of approximately $2.36 per share for aggregate gross proceeds of $95,104.
Current wording
In the first quarter of 2024, the Company issued 40,217 shares of its common stock to Tumim Stone Capital in connection with its committed equity line program, at a price of approximately $2.36 per share, resulting in aggregate gross proceeds of $95,104. In the second quarter of 2024, the Company issued 184,668 shares of its common stock to Tumim Stone Capital in connection with its committed equity line program, at prices between approximately $1.27 to $1.56 per share, resulting in aggregate gross proceeds of $239,885.
Previous wording
Our PDN Network sells recruitment services to employers, generally on a 30-to-90-day period or a one-year contract basis. This revenue is also deferred and recognized over the period of the contract. Our payment terms for PDN Network customers range from 30 to 90 days. We consider the difference between the payment terms and payment receipts a result of transit time for invoice and payment processing and to date have not experienced any liquidity issues as a result of the payments extending past the specified terms. Our NAPW Network collects membership fees generally at the commencement of the membership term or at renewal periods thereafter. The memberships we sell are for one year and we defer recognition of the revenue from membership sales and renewals and recognize it ratably over the twelve-month period. We also offer monthly membership for IAW USA for which we collect a fee on a monthly basis. RemoteMore generates revenue by providing contracted programmers to assist customers with their software solutions through customized software development. Customers are charged for the period the work is performed and payment terms are typically net 10 days.
Current wording
Our PDN Network sells recruitment services to employers, generally on a 30-to-90-day period or a one-year contract basis. This revenue is also deferred and recognized over the period of the contract. Our payment terms for PDN Network customers range from 30 to 90 days. We consider the difference between the payment terms and payment receipts a result of transit time for invoice and payment processing and to date have not experienced any liquidity issues as a result of the payments extending past the specified terms. Our NAPW Network collects membership fees generally at the commencement of the membership term or at renewal periods thereafter. The memberships we sell are for one year and we defer recognition of the revenue from membership sales and renewals and recognize it ratably over the twelve-month period. We also offer monthly membership for IAW for which we collect a fee on a monthly basis. RemoteMore generates revenue by providing contracted programmers to assist customers with their software solutions through customized software development. Customers are charged for the period the work is performed and payment terms are typically net 10 days.
Previous wording
Net cash used in operating activities from continuing operations during the three months ended March 31, 2024, was approximately $543,000. We had a net loss from continuing operations of approximately $807,000 during the three months ended March 31, 2024, which included stock-based compensation expense of approximately $83,000, depreciation and amortization expense of approximately $52,000, allowance for credit losses of approximately $32,000, and noncash lease expense of $23,000. Changes in operating assets and liabilities provided approximately $168,000 of cash during the three months ended March 31, 2024
Current wording
Net cash used in operating activities from continuing operations during the six months ended June 30, 2024, was approximately $768,000. We had a net loss from continuing operations of approximately $1,393,000 during the six months ended June 30, 2024, which included stock-based compensation expense of approximately $110,000, depreciation and amortization expense of approximately $107,000, allowance for credit losses of approximately $36,000, and noncash lease expense of $46,000. Changes in operating assets and liabilities provided approximately $514,000 of cash during the six months ended June 30, 2024
Previous wording
Net cash used in operating activities from continuing operations during the three months ended March 31, 2023, was approximately $394,000. We had a net loss from continuing operations of approximately $1,109,000 during the three months ended March 31, 2023, which included stock-based compensation expense of approximately $33,000, depreciation and amortization expense of approximately $133,000, and noncash lease expense of $23,000which was partially offset by deferred tax benefit of approximately $11,000. Changes in operating assets and liabilities provided approximately$529,000 of cash during the three months ended March 31, 2023.
Current wording
Net cash used in operating activities from continuing operations during the six months ended June 30, 2023, was approximately $878,000. We had a net loss from continuing operations of approximately $2,541,000 during the six months ended June 30, 2023, which included stock-based compensation expense of approximately $63,000, depreciation and amortization expense of approximately $281,000, and noncash lease expense of $46,000 which was partially offset by deferred tax benefit of approximately $10,000. Changes in operating assets and liabilities provided approximately $1,282,000 of cash during the six months ended June 30, 2023.
Previous wording
Net cash used in investing activities during the three months ended March 31, 2024, was approximately $83,000 which consisted of investments in developed technology and computer equipment purchases.
Current wording
Net cash used in investing activities during the six months ended June 30, 2024, was approximately $153,000 which consisted of investments in developed technology and computer equipment purchases.
Previous wording
Net cash used in investing activities during the three months ended March 31, 2023, was approximately $548,000 which consisted of $400,000 related to the acquisition of Expo Experts, $117,000 related to additional investment in RemoteMore, and $32,000 related to investments in developed technology and computer equipment purchase.
Current wording
Net cash used in investing activities from continuing operations during the six months ended June 30, 2023, was approximately $822,000, which consisted of $400,000 related to the acquisition of Expo Experts, $352,000 related to additional investment in RemoteMore, and $70,000 related to investments in developed technology and computer equipment purchases.
Previous wording
Net cash provided in financing activities during the three months ended March 31, 2023 was approximately $700,000 representing the proceeds from the sale of restricted stock.
Current wording
Net cash provided in financing activities during the six months ended June 30, 2024, was approximately $912,000 representing $830,000 in proceeds from the sale of common stock and $82,000 in proceeds from minority partners.
Previous wording
Net cash provided in financing activities during the three months ended March 31, 2024 was approximately $95,000 representing the proceeds from the sale of restricted stock.
Current wording
Net cash provided in financing activities during the six months ended June 30, 2023 was approximately $2,700,000 representing the proceeds from the sale of common stock.
Previous wording
The following table provides a reconciliation of net loss from continuing operations to Adjusted EBITDA for the three months ended March 31, 2024 and 2023, the most directly comparable GAAP measure reported in our consolidated financial statements:
Current wording
The following table provides a reconciliation of net loss from continuing operations to Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023, the most directly comparable GAAP measure reported in our consolidated financial statements:
Previous wording
We are in an alliance with another company to build, host, and manage our job boards and website. This alliance member also sells two of our recruitment services products and bills customers, collects fees, and provides customer services. For the three months ended March 31, 2024 and 2023, we recorded approximately 6% and 10% of our recruitment services revenue from this alliance sales relationship.
Current wording
We are in an alliance with another company to build, host, and manage our job boards and website. This alliance member also sells two of our recruitment services products and bills customers, collects fees, and provides customer services. For the six months ended June 30, 2024 and 2023, we recorded approximately 6% and 10% of our recruitment services revenue from this alliance sales relationship.
Previous wording
We are currently evaluating the impact of the adoption of these standards on our disclosures.
Current wording
The company is currently evaluating the impact of the adoption of these standards on our disclosures.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Depreciation and amortization expense during the six months ended June 30, 2024 was approximately $107,000, a decrease of approximately $173,000, compared to approximately $280,000during the same period in the prior year. The decrease was primarily attributable to approximately $196,000 of amortization expense related to Expo Experts intangible assets, for which there were no comparable expenses in the current period, partially offset by amortization expense of approximately $23,000 related to amortization of capitalized technology, as compared to the same period in the prior year.
Current report — wording carried from elsewhere
For the six months ended June 30, 2024, costs and expenses related to our PDN Network segment decreased by approximately $534,000, or 17.6%, as compared to the same period in the prior year. The decrease is primarily a result of reductions of approximately $1,000 related to costs of revenues, $232,000 of sales and marketing costs, $131,000 of general and administrative costs, and $170,000 related to depreciation and amortization.
Current report — wording carried from elsewhere
For the six months ended June 30, 2024, costs and expenses related to the NAPW Network decreased by approximately $327,000, or 50.7%, as compared to the same period in the prior year. The decrease is predominantly due to a reduction in payroll related costs of approximately $113,000 as a result of the restructuring of the NAPW business unit in the same period of the prior year and $214,000 of other sales, marketing and general expenses due to increased cost containment.
Current report — wording carried from elsewhere
For the three months ended June 30, 2024, cost and expenses related to RemoteMore decreased by approximately $135,000, or 19.7%, as compared to the same period in the prior year, predominantly consisting of decreases in contractor costs of approximately $150,000. Partially offsetting the decrease were increases in costs of approximately $15,000 related to other purchased services.
Current report — wording carried from elsewhere
During the six months ended June 30, 2024 and 2023, we recorded an income tax expense of approximately $6,000and an income tax benefit of approximately $10,000, respectively.