SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15D-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2019
Commission File Number: 000-30540
GIGAMEDIA LIMITED
8F, No.22, Lane 407, Section 2, Tiding Boulevard
Neihu District
Taipei, Taiwan (R.O.C.)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F [ x ]Form 40-F [ ]
(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes [ ]No [ x ]
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b) :82- .)
GIGAMEDIA LIMITED is submitting under cover of Form 6-K:
GigaMedia Announces Fourth-Quarter and the Full Year 2018 Financial Results (attached hereto as Exhibit 99.1)
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
GigaMedia Limited |
|
|
(Registrant) |
|
|
|
|
Date: April 03, 2019 |
By: /s/ HUANG, CHENG-MING |
|
|
(Signature) |
|
|
Name: HUANG, CHENG-MING |
|
|
Title: Chief Executive Officer |
Exhibit 99.1
|
FOR IMMEDIATE RELEASE |
For further information contact: |
|
|
|
|
|
Investor Relations Department |
|
|
Country/City Code 8862 Tel: 2656-8096 |
|
|
IR@gigamedia.com.tw |
GigaMedia Announces Fourth-Quarter and Full Year 2018 Financial Results
TAIPEI, Taiwan, April 03, 2019 – GigaMedia Limited (NASDAQ: GIGM) today announced its unaudited financial results for the fourth quarter and full year of 2018.
Highlights for Year Ended December 31, 2018
Besides continuing our efforts in improving productivity, in formulating GigaMedia’s 2018 business plan, we conducted a comprehensive strategic business review. And it became clear that:
|
l |
Compared to our in-house offerings, the operations of licensed games bear an uncompetitive cost structure where licensing costs and channel costs usually take a huge bite out of earnings, leaving little room for any marketing strategies. |
|
l |
The operations of licensed games are inherently dependent on the licensors and hard to take the initiative, and therefore often slow in responding to a fad, a market trend or even a permanent change in customers’ preference. |
Accordingly, in 2018 GigaMedia moved boldly forward to executing the strategy of optimizing our product portfolio by trimming off or terminating products or services that were below requirements, and introducing license game more selectively. On the other hand, we set in motion consolidating substantial resources for developing our own offerings, into which direct investment was more than $1 million during 2018.
“With the high margin of our in-house products, we are allowed latitude to act proactively for a flexible combination of marketing and promotional means to boost productivities,” stated GigaMedia Limited CEO James Huang, “and for our own offerings, it is all the more essential and valuable to develop long-term customer relationships.”
In 2018, we invested further to enhance CRM system, which will contribute to our operations in building up relationships, saving marketing costs, and creating capacity for providing augmented products and services. The cultivation of a loyal customer base will eventually further boost customer value and create revenues and profits.
-1-
Fourth Quarter and Full Year Overview
|
l |
Consolidated 4Q revenues decreased 2.59% quarter-over-quarter and 20.17% year-over-year. Full year revenues decreased 38.77% to $7.1 million from $11.6 million in 2017. |
|
l |
Income from operations for 4Q was a loss of $1.0 million, representing a loss reduction from $1.5 million in 3Q, mainly due to a decrease in advertising expenses. Full year operating loss, if excluding impairment losses and gain on termination of agreement, was a loss of $4.6 million for 2018, representing a loss increase of $2.4 million from approximately $2.2 million for 2017. |
|
l |
The net asset value was approximately $5.26 per share as of the end of 2018. |
Unaudited Consolidated Financial Results
GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games.
Unaudited consolidated results of GigaMedia are summarized in the table below.
For the Fourth Quarter
|
GIGAMEDIA 4Q18 UNAUDITED CONSOLIDATED FINANCIAL RESULTS |
|
|||||||||||||||||||||||
|
(unaudited, all figures in US$ thousands, except per share amounts) |
|
4Q18 |
|
|
3Q18 |
|
|
Change (%) |
|
|
4Q18 |
|
|
4Q17 |
|
|
Change (%) |
|
||||||
|
Revenues |
|
|
1,619 |
|
|
|
1,662 |
|
|
|
-2.59 |
% |
|
|
1,619 |
|
|
|
2,028 |
|
|
|
-20.17 |
% |
|
Gross Profit |
|
|
880 |
|
|
|
694 |
|
|
|
26.80 |
% |
|
|
880 |
|
|
|
1,007 |
|
|
|
-12.61 |
% |
|
Loss from Operations |
|
|
(1,021 |
) |
|
|
(1,484 |
) |
|
NM |
|
|
|
(1,021 |
) |
|
|
988 |
|
|
NM |
|
||
|
Net Income (Loss) Attributable to GigaMedia |
|
|
(503 |
) |
|
|
(1,083 |
) |
|
NM |
|
|
|
(503 |
) |
|
|
1,070 |
|
|
NM |
|
||
|
Net Income (Loss) Per Share Attributable to GigaMedia, Diluted |
|
|
(0.05 |
) |
|
|
(0.10 |
) |
|
NM |
|
|
|
(0.05 |
) |
|
|
0.10 |
|
|
NM |
|
||
|
EBITDA (A) |
|
|
(806 |
) |
|
|
(1,393 |
) |
|
NM |
|
|
|
(806 |
) |
|
|
(785 |
) |
|
NM |
|
||
|
Cash, Restricted Cash and Cash Equivalents |
|
|
59,826 |
|
|
|
60,439 |
|
|
|
-1.01 |
% |
|
|
59,826 |
|
|
|
64,177 |
|
|
|
-6.78 |
% |
NM= Not Meaningful
|
(A) |
EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.) |
Fourth-Quarter Financial Results
|
• |
Consolidated revenues for the fourth quarter of 2018 slightly decreased by 2.59% quarter-on-quarter from $1.7 million to $1.6 million, and decreased by 20.17% year-over-year. |
|
• |
Consolidated loss from operation of the fourth quarter of 2018 was a loss of $1.0 million, compared to a loss of $ 1.5 million in the last quarter. |
-2-
|
|
• |
Consolidated net income of the fourth quarter of 2018 was a net loss of $0.5 million, with a loss reduction of $0.6 million from a net loss of $1.1 million in the last quarter. |
|
|
• |
Cash, restricted cash and cash equivalents at the end the fourth quarter of 2018 amounted to $59.8 million, which slightly decreased from $60.4 million at the end the third quarter of 2018. |
|
|
• |
Consolidated EBITDA for the fourth quarter of 2018 was a loss of $0.8 million compared to a loss of $1.4 million in the third quarter of 2018. |
Financial Position
GigaMedia maintained its solid financial position. Cash, restricted cash and cash equivalents amounted to $59.8 million, or approximately $5.4 per share, along with zero bank loan and $58.2M of shareholders’ equity, as of December 31, 2018.
For the Full Year 2018
|
GIGAMEDIA FY18UNAUDITED CONSOLIDATED FINANCIAL RESULTS |
|
|||||||||||
|
(unaudited, all figures in US$ thousands, except per share amounts) |
|
FY18 |
|
|
FY17 |
|
|
Change (%) |
|
|||
|
Revenues |
|
|
7,101 |
|
|
|
11,596 |
|
|
|
-38.76 |
% |
|
Gross Profit |
|
|
3,516 |
|
|
|
6,498 |
|
|
|
-45.89 |
% |
|
Loss from Operations |
|
|
(4,823 |
) |
|
|
(490 |
) |
|
NM |
|
|
|
Net Loss Attributable to GigaMedia |
|
|
(3,193 |
) |
|
|
1,086 |
|
|
NM |
|
|
|
Net Loss Per Share Attributable to GigaMedia, Diluted |
|
|
(0.29 |
) |
|
|
0.10 |
|
|
NM |
|
|
|
EBITDA (A) |
|
|
(4,360 |
) |
|
|
(1,099 |
) |
|
NM |
|
|
|
Cash, Restricted Cash and Cash Equivalents |
|
|
59,826 |
|
|
|
64,177 |
|
|
|
-6.78 |
% |
NM= Not Meaningful
|
(A) |
EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.) |
|
|
• |
Consolidated revenues for the year ended December 31, 2018 was $7.1 million, decreased from $11.6 million in the prior year. |
|
• |
Consolidated loss from operations for 2018 was a loss of $4.8 million, compared to a loss of $0.5 million in the last year. The loss increase was mainly due to lower revenues in 2018, as well as a gain of $1.7 million on termination of licensing agreement was recognized in 2017. |
|
• |
Consolidated net Income (loss) for 2018 was a net loss of $3.2 million, compared to a net income of $1.1 million in the prior year. Earnings per share for 2018 was a loss of $0.29 per share, compared to a net income of $0.1 per share for the prior year. |
Business Outlook
The following forward-looking statements reflect GigaMedia's expectations as of April 03, 2019. Given potential changes in economic conditions and consumer spending, the evolving nature of online games, and various other risk factors, including those discussed in the Company's 2017 Annual Report
-3-
on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.
We believe it is critical for us to adopt the strategy of developing in-house offerings and promoting customer relationships. We expect these endeavors will begin contributing to our productivities and profitability in the second half of 2019.
“Meanwhile, we keep seeking strategic investment targets with expertise of AI or big data, in order to strengthen our business and maximize shareholders’ value,” said GigaMedia CEO James Huang, “Such a capacity presents synergies for us in elevating customer experiences and refining our data analytics techniques of extracting value from our vast database.”
Use of Non-GAAP Measures
To supplement GigaMedia's consolidated financial statements presented in accordance with US GAAP, the company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the company's net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.
About the Numbers in This Release
Quarterly results
All quarterly results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.
Q&A
For Q&A regarding the fourth quarter and full year 2018 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw, and the responses will be replied individually.
About GigaMedia
-4-
Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services in Taiwan and Hong Kong. GigaMedia's digital entertainment service business is an innovative leader in Asia with growing capabilities of development, distribution and operation of digital entertainments, as well as platform services for games with a focus on mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.tw.
The statements included above and elsewhere in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the "Business Outlook" section and in quotations from management in this press release) and GigaMedia's strategic and operational plans. These statements are based on management's current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional online games that are appealing to users, our ability to retain existing online game players and attract new players, and our ability to launch online games in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia's Annual Report on Form 20-F filed in April 2018 and its other filings with the United States Securities and Exchange Commission.
# # #
(Tables to follow)
-5-
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three months ended |
|
|
Twelve months ended |
|
||||||||||||||
|
|
|
12/31/2018 |
|
|
09/30/2018 |
|
|
12/31/2017 |
|
|
12/31/2018 |
|
|
12/31/2017 |
|
|||||
|
|
|
unaudited |
|
|
unaudited |
|
|
unaudited |
|
|
unaudited |
|
|
audited |
|
|||||
|
|
|
USD |
|
|
USD |
|
|
USD |
|
|
USD |
|
|
USD |
|
|||||
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital entertainment service revenues |
|
|
1,618,931 |
|
|
|
1,662,324 |
|
|
|
2,027,831 |
|
|
|
7,100,636 |
|
|
|
11,596,221 |
|
|
Other revenues |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
1,618,931 |
|
|
|
1,662,324 |
|
|
|
2,027,831 |
|
|
|
7,100,636 |
|
|
|
11,596,221 |
|
|
Operating costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of digital entertainment service revenues |
|
|
739,324 |
|
|
|
968,442 |
|
|
|
1,020,993 |
|
|
|
3,584,875 |
|
|
|
5,098,495 |
|
|
Cost of other revenues |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
739,324 |
|
|
|
968,442 |
|
|
|
1,020,993 |
|
|
|
3,584,875 |
|
|
|
5,098,495 |
|
|
Gross profit |
|
|
879,607 |
|
|
|
693,882 |
|
|
|
1,006,838 |
|
|
|
3,515,761 |
|
|
|
6,497,726 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development and engineering expenses |
|
|
215,625 |
|
|
|
286,015 |
|
|
|
237,744 |
|
|
|
1,091,445 |
|
|
|
1,072,350 |
|
|
Selling and marketing expenses |
|
|
576,256 |
|
|
|
963,444 |
|
|
|
745,169 |
|
|
|
3,296,636 |
|
|
|
3,992,351 |
|
|
General and administrative expenses |
|
|
860,903 |
|
|
|
923,288 |
|
|
|
741,253 |
|
|
|
3,684,054 |
|
|
|
3,527,799 |
|
|
Impairment losses |
|
|
243,966 |
|
|
|
— |
|
|
|
— |
|
|
|
243,966 |
|
|
|
— |
|
|
Gain on termination of licensing agreement |
|
|
— |
|
|
|
— |
|
|
|
(1,731,592 |
) |
|
|
— |
|
|
|
(1,731,592 |
) |
|
Other |
|
|
3,946 |
|
|
|
5,514 |
|
|
|
26,060 |
|
|
|
22,510 |
|
|
|
126,575 |
|
|
|
|
|
1,900,696 |
|
|
|
2,178,261 |
|
|
|
18,634 |
|
|
|
8,338,611 |
|
|
|
6,987,483 |
|
|
Income (loss) from operations |
|
|
(1,021,089 |
) |
|
|
(1,484,379 |
) |
|
|
988,204 |
|
|
|
(4,822,850 |
) |
|
|
(489,757 |
) |
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
333,338 |
|
|
|
351,262 |
|
|
|
207,775 |
|
|
|
1,302,145 |
|
|
|
602,224 |
|
|
Gain on sales of marketable securities |
|
|
— |
|
|
|
— |
|
|
|
1,618 |
|
|
|
— |
|
|
|
1,618 |
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
(112 |
) |
|
|
— |
|
|
|
(33,544 |
) |
|
Foreign exchange (loss) gain - net |
|
|
129,052 |
|
|
|
49,285 |
|
|
|
(85,955 |
) |
|
|
266,255 |
|
|
|
(551,167 |
) |
|
(Loss) Gain on disposal of property, plant and equipment |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
31 |
|
|
|
962 |
|
|
Equity in net loss on equity method investments |
|
|
— |
|
|
|
— |
|
|
|
(79 |
) |
|
|
— |
|
|
|
(23,761 |
) |
|
Impairment loss on marketable securities and investments |
|
|
— |
|
|
|
— |
|
|
|
(176 |
) |
|
|
— |
|
|
|
(52,651 |
) |
|
Other - net |
|
|
56,162 |
|
|
|
728 |
|
|
|
(1,712,323 |
) |
|
|
61,358 |
|
|
|
(38,702 |
) |
|
|
|
|
518,552 |
|
|
|
401,275 |
|
|
|
(1,589,253 |
) |
|
|
1,629,789 |
|
|
|
(95,021 |
) |
|
(Loss) income before income taxes |
|
|
(502,537 |
) |
|
|
(1,083,104 |
) |
|
|
(601,049 |
) |
|
|
(3,193,061 |
) |
|
|
(584,778 |
) |
|
Income tax benefit (expense) |
|
|
— |
|
|
|
— |
|
|
|
1,671,511 |
|
|
|
— |
|
|
|
1,671,048 |
|
|
Net (loss) income attributable to shareholders of GigaMedia |
|
|
(502,537 |
) |
|
|
(1,083,104 |
) |
|
|
1,070,462 |
|
|
|
(3,193,061 |
) |
|
|
1,086,270 |
|
|
(Loss) earnings per share attributable to GigaMedia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
(0.05 |
) |
|
|
(0.10 |
) |
|
|
0.10 |
|
|
|
(0.29 |
) |
|
|
0.10 |
|
|
Diluted: |
|
|
(0.05 |
) |
|
|
(0.10 |
) |
|
|
0.10 |
|
|
|
(0.29 |
) |
|
|
0.10 |
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,052,235 |
|
|
|
11,052,235 |
|
|
|
11,052,235 |
|
|
|
11,052,235 |
|
|
|
11,052,235 |
|
|
Diluted |
|
|
11,052,235 |
|
|
|
11,052,235 |
|
|
|
11,052,235 |
|
|
|
11,052,235 |
|
|
|
11,052,235 |
|
-6-
CONSOLIDATED BALANCE SHEETS
|
|
|
12/31/2018 |
|
|
09/30/2018 |
|
|
12/31/2017 |
|
|||
|
|
|
unaudited |
|
|
unaudited |
|
|
audited |
|
|||
|
|
|
USD |
|
|
USD |
|
|
USD |
|
|||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
59,307,829 |
|
|
|
59,923,784 |
|
|
|
63,670,458 |
|
|
Accounts receivable - net |
|
|
523,004 |
|
|
|
835,013 |
|
|
|
751,114 |
|
|
Prepaid expenses |
|
|
122,434 |
|
|
|
237,635 |
|
|
|
389,984 |
|
|
Restricted cash |
|
|
517,815 |
|
|
|
514,770 |
|
|
|
506,981 |
|
|
Other receivables |
|
|
2,998 |
|
|
|
316,540 |
|
|
|
67,884 |
|
|
Other current assets |
|
|
120,802 |
|
|
|
129,114 |
|
|
|
124,595 |
|
|
Total current assets |
|
|
60,594,882 |
|
|
|
61,956,856 |
|
|
|
65,511,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant & equipment - net |
|
|
121,585 |
|
|
|
147,600 |
|
|
|
157,730 |
|
|
Intangible assets - net |
|
|
37,726 |
|
|
|
41,109 |
|
|
|
3,409 |
|
|
Prepaid licensing and royalty fees |
|
|
435,156 |
|
|
|
1,097,911 |
|
|
|
458,914 |
|
|
Other assets |
|
|
255,604 |
|
|
|
278,356 |
|
|
|
282,036 |
|
|
Total assets |
|
|
61,444,953 |
|
|
|
63,521,832 |
|
|
|
66,413,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Accounts payable |
|
|
104,030 |
|
|
|
279,485 |
|
|
|
313,557 |
|
|
Accrued compensation |
|
|
170,470 |
|
|
|
606,547 |
|
|
|
548,903 |
|
|
Accrued expenses |
|
|
1,262,707 |
|
|
|
2,066,188 |
|
|
|
2,157,790 |
|
|
Unearned revenue |
|
|
1,369,769 |
|
|
|
1,971,039 |
|
|
|
1,863,308 |
|
|
Other current liabilities |
|
|
366,167 |
|
|
|
196,516 |
|
|
|
163,703 |
|
|
Total current and total liabilities |
|
|
3,273,143 |
|
|
|
5,119,775 |
|
|
|
5,047,261 |
|
|
GigaMedia’s shareholders’ equity |
|
|
58,171,810 |
|
|
|
58,402,057 |
|
|
|
61,365,844 |
|
|
Total liabilities and equity |
|
|
61,444,953 |
|
|
|
63,521,832 |
|
|
|
66,413,105 |
|
-7-
GIGAMEDIA LIMITED
RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS
|
|
|
Three months ended |
|
|
Twelve months ended |
|
||||||||||||||
|
|
|
12/31/2018 |
|
|
9/30/2018 |
|
|
12/31/2017 |
|
|
12/31/2018 |
|
|
12/31/2017 |
|
|||||
|
|
|
unaudited |
|
|
unaudited |
|
|
unaudited |
|
|
unaudited |
|
|
unaudited |
|
|||||
|
|
|
USD |
|
|
USD |
|
|
USD |
|
|
USD |
|
|
USD |
|
|||||
|
Reconciliation of Net Income (Loss) to EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to GigaMedia |
|
|
(502,537 |
) |
|
|
(1,083,104 |
) |
|
|
1,070,462 |
|
|
|
(3,193,061 |
) |
|
|
1,086,270 |
|
|
Depreciation |
|
|
25,301 |
|
|
|
25,318 |
|
|
|
20,886 |
|
|
|
99,635 |
|
|
|
42,424 |
|
|
Amortization |
|
|
4,137 |
|
|
|
16,516 |
|
|
|
3,315 |
|
|
|
36,013 |
|
|
|
12,419 |
|
|
Interest income |
|
|
(333,338 |
) |
|
|
(351,262 |
) |
|
|
(207,775 |
) |
|
|
(1,302,145 |
) |
|
|
(602,224 |
) |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
112 |
|
|
|
— |
|
|
|
33,544 |
|
|
Income tax (benefit) expense |
|
|
— |
|
|
|
— |
|
|
|
(1,671,511 |
) |
|
|
— |
|
|
|
(1,671,048 |
) |
|
EBITDA |
|
|
(806,437 |
) |
|
|
(1,392,532 |
) |
|
|
(784,511 |
) |
|
|
(4,359,558 |
) |
|
|
(1,098,615 |
) |
-8-