Core Highlights: - Net loss increased by 1.72% to $1.02 million in Q2 2024 compared to Q2 2023 - Gross margin was 100% in Q2 2024, an increase of 60.35% from Q2 2023 - Total revenue decreased sharply by 76.82% to $133,101 in Q2 2024 vs Q2 2023
Revenue Breakdown: Q2 2024 revenue breakdown: - Marketplace Solutions: $132,981 (99.9% of total revenue) - Recruiters On Demand: $120 (0.1% of total revenue) All other segments had zero revenue in Q2 2024 The significant revenue decline was mainly due to discontinuing the consulting and staffing services business, as well as the full-time placement and software subscription services.
Management Outlook: - The company focused on completing strategic transactions with Job Mobz and GoLogiq during Q1/Q2 2024 - Marketplace Solutions has become the core product/service, mainly consisting of advertising revenue from the Mediabistro website - Cost cutting initiatives were implemented to reduce operating expenses
Operating Data: Other operating data: - Cash balance decreased to $257,024 as of June 30, 2024 from $1,008,408 as of Dec 31, 2023 - Total assets decreased to $9.77 million as of June 30, 2024 from $10.49 million as of Dec 31, 2023 - Total liabilities decreased to $7.16 million as of June 30, 2024 from $9.56 million as of Dec 31, 2023 - The company recognized a $580,000 gain on extinguishment of debt in Q2 2024 - At the current cash burn rate, the company has enough cash for around 2 more quarters of operations
Operational Risks: Key risks faced: - High customer concentration, with 2 customers accounting for 40% of revenue - Reliance on a related party for software development and maintenance - Loss of ability to use certain licensed software could materially impact operations - Significant debt burden with $3.68 million of loans payable as of June 30, 2024

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