NTWK - NETSOL Technologies Reports Fiscal Second Quarter 2023 Financial Results
- Net Revenue for the Quarter was $12.4 Million; $14.6 Million on a Constant Currency Basis
- Implementing Cost Efficiency Initiatives Projected to Generate Cost Savings of More Than $4 Million and Accelerate Return to Profitability
- Strong Sales Pipeline of Approximately $250 Million
- Recurring Revenue (SaaS and Support) of $6.5 Million; $7.7 Million on a Constant Currency Basis; Expect Fiscal 2023 Annual Recurring Revenue (SaaS and Support) of Approximately $25 Million
- Growing Partnerships with Consultants, System Integrators, and Technology Partners Including Amazon Web Services and a Tier 1 Automotive Company Through Company’s Mobile AI and Machine-Learning Based Solution Otoz
- Announced Plans to Expand North American Presence with Facility in Austin, Texas
- Balance Sheet Remains Strong with $21 Million in Cash and $3.93 per Share in Shareholders’ Equity
CALABASAS, Calif., Feb. 14, 2023 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq: NTWK ), a global business services and enterprise application solutions provider, reported results for the fiscal second quarter ended December 31, 2022.
Fiscal Second Quarter 2023 and Recent Operational Highlights
- Implementing a proactive series of initiatives to reduce costs and drive efficiencies which the Company expects will generate more than $4 million in total savings and accelerate its return to profitability.
- In the process of establishing a support and delivery center in Austin, Texas to accommodate sales and support staff who will facilitate the Company’s growing customer base across the North American region.
- Signed a new multi-million-dollar agreement with a tier 1 automotive company in the U.S. to implement and license the Company’s Otoz mobility solution which will manage back-office operations for vehicle subscriptions.
- Otoz, the Company’s mobile AI and machine-learning based solution, went live with its 37th dealer and now has dealers in 16 states.
- Sales pipeline of $250 million driven by the addition of new prospects who have registered interest in NFS Ascent ® , digital, and legacy solutions across various regions.
- Generated approximately $1.0 million in revenue from change requests received from various customers across multiple regions.
- Achieved ACE partnership status in cloud services domain by partnering with Amazon Web Services (AWS) which is expected to help grow the Company’s cloud services vertical.
- Achieved the first Go-Live milestone for the finance company of a leading Swedish bank by effectively implementing its invoice factoring system.
Fiscal Second Quarter 2023 Financial Results
Total net revenues for the second quarter of fiscal 2023 were $12.4 million, compared with $15.5 million in the prior year period. The decrease in total net revenues was primarily due to the recording of an approximately $3.5 million onetime revenue gain in the second quarter of 2022 as well as a delay in recognition of license revenues. On a constant currency basis, net revenues were $14.6 million. The decrease in revenues on a constant currency basis was driven by a decrease in license fees of $1.9 million, and a decrease in subscription and support revenue of $1.7 million, which was offset by an increase in service revenue of $2.8 million compared to the prior year period.
- Total license fees were $15,900 compared with $1.9 million in the prior year period. Total license fees on a constant currency basis were $16,200.
- Total subscription (SaaS and Cloud) and support revenues were $6.5 million compared with $9.4 million in the prior year period. Total subscription and support revenues on a constant currency basis were $7.7 million. The decrease in total subscription and support revenues for the second quarter of 2023 was primarily due to the recording of approximately $3.5 million as a onetime, cumulative catch-up in the second quarter of 2022 due to an amendment to the Company’s 10-year contract with a major customer.
- Total services revenues were $5.9 million compared with $4.1 million in the prior year period. Total service revenues on a constant currency basis were $6.9 million.
Gross profit for the second quarter of fiscal 2023 decreased to $3.1 million (or 25.4% of net revenues), compared to $7.6 million (or 49.4% of net revenues) in the second quarter of fiscal 2022. On a constant currency basis, gross profit for the second quarter of fiscal 2023 decreased to $3.3 million (or 22.4% of net revenues as measured on a constant currency basis). The decrease in gross profit on a constant currency basis was primarily due to an increase in salaries and consultant costs of $2.8 million, travel costs of $495,000, and depreciation of $158,000 on a constant currency basis compared to the prior year period.
Operating expenses for the second quarter of fiscal 2023 were $6.2 million (or 50.0% of sales) compared to $6.0 million (or 38.7% of sales) for the second quarter of fiscal 2022. On a constant currency basis, operating expenses for the second quarter of fiscal 2023 increased to $7.2 million (or 49.4% of sales on a constant currency basis). The increase in operating expenses was primarily due to increases in selling expenses of $531,000, salaries and wages of $328,000, research and development costs of $358,000, depreciation of $30,000 and professional service fees of $29,000 on a constant currency basis compared to the prior year period.
GAAP net loss attributable to NETSOL for the second quarter of fiscal 2023 totaled $(2.1 million) or $(0.19) per diluted share, compared with GAAP net income of $1.4 million or $0.13 per diluted share in the second quarter of fiscal 2022. On a constant currency basis, GAAP net loss attributable to NETSOL for the second quarter of fiscal 2023 totaled $(2.7 million) or $(0.24) per diluted share. For the second quarter of fiscal 2023, the GAAP net loss attributable to NETSOL included a $657,000 gain on foreign currency exchange transactions and on a constant currency basis a gain of $827,000 which was a decrease from a gain of $901,000 in the prior year period.”
Non-GAAP adjusted EBITDA for the second quarter of fiscal 2023 was a loss of $(1.3 million) or $(0.12) per diluted share, compared with non-GAAP adjusted EBITDA of $2.1 million or $0.19 per diluted share in the second quarter of fiscal 2022 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
At December 31, 2022, cash and cash equivalents were $21.0 million, a decrease from $24.0 million at June 30, 2022. Total NetSol stockholders’ equity at December 31, 2022 was $44.4 million, or $3.93 per share.
Management Commentary
NETSOL Co-Founder, Chairman and Chief Executive Officer Najeeb Ghauri stated, “Our second quarter results fell short of our internal targets as we were impacted by delays in recognizing revenue from a multi-million-dollar contract that we expect to begin realizing in the third quarter of fiscal 2023. That said, we made considerable strategic progress during the quarter and are particularly excited about the opportunity in North America as we continue to see our products gain traction in this region. In the second quarter, our Otoz division signed a new agreement with a tier 1 automotive company in the United States and went live with its 37 th dealer and is now in 16 states across the country. Additionally, we continue to make good progress establishing a new facility in Austin, Texas to accommodate sales and support staff, and we are partnering with consultants and system integrators that will help us to efficiently scale our U.S. operations. The United States is currently the most vibrant market for us and we are strategically investing in our growth in this region. On a global scale, we have a robust sales pipeline currently valued at approximately $250 million. While this is an impressive and active pipeline, we are experiencing a longer than normal sales cycle as we continue to implement our technology across multiple regions.
Mr. Ghauri continued, “We are focused on driving enhanced growth and profitability in the business, and to that end are implementing global cost reduction initiatives to drive efficiency while better aligning resources to our growth opportunities – particularly the U.S. market and SaaS business. We are targeting in excess of $4 million in cost reductions which we expect to implement by the end of fiscal 2023. We are excited and encouraged by the traction that our products are seeing across all of our markets and are optimistic about our strategy and growth prospects as we move through the balance of fiscal 2023.”
Conference Call
NETSOL Technologies management will hold a conference call today (February 14, 2023) at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these financial results. A question and answer session will follow management's presentation.
U.S. dial-in: 877-407-0789
International dial-in: 201-689-8562
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Investor Relations at 818-222-9195.
The conference call will be broadcasted live and available for replay here and via the Investor Relations section of NETSOL’s website .
A telephone replay of the conference call will be available approximately three hours after the call concludes through Tuesday, February 28, 2023.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 13736219
About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent ® – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete finance and leasing lifecycle.
About Otoz
Otoz, a division of NETSOL Technologies, Inc. ( Nasdaq: NTWK ), provides business-to-business, white-label technology solutions for new mobility. The Otoz suite of agile and customizable mobility solutions ranges from car sharing and subscription products to AI-enabled chatbots, allowing businesses to engage consumers and facilitate the complete transaction lifecycle intelligently and digitally. Otoz technologies empower automotive companies and start-ups to launch digital retailing and new mobility models quickly and efficiently. The technology Otoz has developed is cloud-native and supported by artificial intelligence (AI), machine learning (ML), internet of things (IoT) and blockchain. Otoz technology drives utilization, while supporting robust and efficient operations.
Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company's products and services and future operating results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance, as well as the delay in recovery or a prolonged economic downturn that effects our Company, our customers and the world economy. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
Use of Non-GAAP Financial Measures
The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release.
Investor Relations Contact:
IMS Investor Relations
netsol@imsinvestorrelations.com
+1 203-972-9200
NETSOL Technologies, Inc. and Subsidiaries
Schedule 1: Consolidated Balance Sheets
| As of |
| As of |
| ASSETS |
| December 31, 2022 |
| June 30, 2022 |
| Current assets: |
| Cash and cash equivalents |
| $ |
| 20,946,722 |
| $ |
| 23,963,797 |
| Accounts receivable, net of allowance of $163,111 and $166,231 |
| 4,595,675 |
| 8,669,202 |
| Revenues in excess of billings, net of allowance of $49,614 and $136,976 |
| 14,785,593 |
| 14,571,776 |
| Other current assets, net of allowance of $1,243,633 and $1,243,633 |
| 2,748,520 |
| 2,223,361 |
| Total current assets |
| 43,076,510 |
| 49,428,136 |
| Revenues in excess of billings, net - long term |
| 604,358 |
| 853,601 |
| Convertible note receivable - related party, net of allowance of $4,250,000 and $4,250,000 |
| - |
| - |
| Property and equipment, net |
| 8,719,657 |
| 9,382,624 |
| Right of use of assets - operating leases |
| 1,246,778 |
| 969,163 |
| Long term investment |
| 1,064,501 |
| 1,059,368 |
| Other assets |
| 532 |
| 25,546 |
| Intangible assets, net |
| 801,039 |
| 1,587,670 |
| Goodwill |
| 9,302,524 |
| 9,302,524 |
| Total assets |
| $ |
| 64,815,899 |
| $ |
| 72,608,632 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
| Current liabilities: |
| Accounts payable and accrued expenses |
| $ |
| 7,423,248 |
| $ |
| 6,813,541 |
| Current portion of loans and obligations under finance leases |
| 7,386,750 |
| 8,567,145 |
| Current portion of operating lease obligations |
| 499,455 |
| 548,678 |
| Unearned revenue |
| 4,048,768 |
| 4,901,562 |
| Total current liabilities |
| 19,358,221 |
| 20,830,926 |
| Loans and obligations under finance leases; less current maturities |
| 306,945 |
| 476,223 |
| Operating lease obligations; less current maturities |
| 789,621 |
| 447,260 |
| Total liabilities |
| 20,454,787 |
| 21,754,409 |
| Commitments and contingencies |
| Stockholders' equity: |
| Preferred stock, $.01 par value; 500,000 shares authorized; |
| - |
| - |
| Common stock, $.01 par value; 14,500,000 shares authorized; |
| 12,222,985 shares issued and 11,283,954 outstanding as of December 31, 2022 and |
| 12,196,570 shares issued and 11,257,539 outstanding as of June 30, 2022 |
| 122,231 |
| 121,966 |
| Additional paid-in-capital |
| 128,484,714 |
| 128,218,247 |
| Treasury stock (at cost, 939,031 shares |
| as of December 31, 2022 and June 30, 2022) |
| (3,920,856 |
| ) |
| (3,920,856 |
| ) |
| Accumulated deficit |
| (42,366,093 |
| ) |
| (39,652,438 |
| ) |
| Other comprehensive loss |
| (42,011,340 |
| ) |
| (39,363,085 |
| ) |
| Total NetSol stockholders' equity |
| 40,308,656 |
| 45,403,834 |
| Non-controlling interest |
| 4,052,456 |
| 5,450,389 |
| Total stockholders' equity |
| 44,361,112 |
| 50,854,223 |
| Total liabilities and stockholders' equity |
| $ |
| 64,815,899 |
| $ |
| 72,608,632 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
NETSOL Technologies, Inc. and Subsidiaries
Schedule 2: Consolidated Statement of Operations
| For the Three Months |
| For the Six Months |
| Ended December 31, |
| Ended December 31, |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| Net Revenues: |
| License fees |
| $ |
| 15,884 |
| $ |
| 1,955,331 |
| $ |
| 265,844 |
| $ |
| 1,966,047 |
| Subscription and support |
| 6,502,669 |
| 9,374,869 |
| 12,519,503 |
| 15,605,258 |
| Services |
| 5,871,805 |
| 4,142,762 |
| 12,311,130 |
| 11,322,418 |
| Total net revenues |
| 12,390,358 |
| 15,472,962 |
| 25,096,477 |
| 28,893,723 |
| Cost of revenues: |
| Salaries and consultants |
| 6,942,171 |
| 5,661,917 |
| 13,028,906 |
| 11,324,327 |
| Travel |
| 635,298 |
| 282,836 |
| 1,027,643 |
| 496,968 |
| Depreciation and amortization |
| 693,278 |
| 728,868 |
| 1,347,327 |
| 1,494,603 |
| Other |
| 977,148 |
| 1,156,754 |
| 2,298,141 |
| 2,492,215 |
| Total cost of revenues |
| 9,247,895 |
| 7,830,375 |
| 17,702,017 |
| 15,808,113 |
| Gross profit |
| 3,142,463 |
| 7,642,587 |
| 7,394,460 |
| 13,085,610 |
| Operating expenses: |
| Selling and marketing |
| 2,007,462 |
| 1,807,162 |
| 3,769,639 |
| 3,427,155 |
| Depreciation and amortization |
| 198,222 |
| 212,864 |
| 389,176 |
| 427,135 |
| General and administrative |
| 3,510,389 |
| 3,733,303 |
| 7,235,819 |
| 7,706,442 |
| Research and development cost |
| 472,904 |
| 235,390 |
| 942,531 |
| 510,620 |
| Total operating expenses |
| 6,188,977 |
| 5,988,719 |
| 12,337,165 |
| 12,071,352 |
| Loss from operations |
| (3,046,514 |
| ) |
| 1,653,868 |
| (4,942,705 |
| ) |
| 1,014,258 |
| Other income and (expenses) |
| Gain (loss) on sale of assets |
| 5,048 |
| (80,125 |
| ) |
| 28,344 |
| (190,725 |
| ) |
| Interest expense |
| (202,363 |
| ) |
| (90,808 |
| ) |
| (323,973 |
| ) |
| (191,821 |
| ) |
| Interest income |
| 309,906 |
| 316,253 |
| 741,763 |
| 759,386 |
| Gain on foreign currency exchange transactions |
| 657,223 |
| 901,016 |
| 1,972,928 |
| 2,185,164 |
| Share of net loss from equity investment |
| 5,133 |
| (79,818 |
| ) |
| 5,133 |
| (240,783 |
| ) |
| Other income (expense) |
| 89,660 |
| 19,668 |
| 91,980 |
| 22,697 |
| Total other income (expenses) |
| 864,607 |
| 986,186 |
| 2,516,175 |
| 2,343,918 |
| Net income (loss) before income taxes |
| (2,181,907 |
| ) |
| 2,640,054 |
| (2,426,530 |
| ) |
| 3,358,176 |
| Income tax provision |
| (220,056 |
| ) |
| (201,506 |
| ) |
| (413,404 |
| ) |
| (369,133 |
| ) |
| Net income (loss) |
| (2,401,963 |
| ) |
| 2,438,548 |
| (2,839,934 |
| ) |
| 2,989,043 |
| Non-controlling interest |
| 309,037 |
| (1,031,763 |
| ) |
| 126,279 |
| (1,394,289 |
| ) |
| Net income (loss) attributable to NetSol |
| $ |
| (2,092,926 |
| ) |
| $ |
| 1,406,785 |
| $ |
| (2,713,655 |
| ) |
| $ |
| 1,594,754 |
| Net income (loss) per share: |
| Net income (loss) per common share |
| Basic |
| $ |
| (0.19 |
| ) |
| $ |
| 0.13 |
| $ |
| (0.24 |
| ) |
| $ |
| 0.14 |
| Diluted |
| $ |
| (0.19 |
| ) |
| $ |
| 0.13 |
| $ |
| (0.24 |
| ) |
| $ |
| 0.14 |
| Weighted average number of shares outstanding |
| Basic |
| 11,270,199 |
| 11,244,539 |
| 11,263,869 |
| 11,249,372 |
| Diluted |
| 11,270,199 |
| 11,244,539 |
| 11,263,869 |
| 11,249,372 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
NETSOL Technologies, Inc. and Subsidiaries
Schedule 3: Consolidated Statement of Cash Flows
| For the Six Months |
| Ended December 31, |
| 2022 |
| 2021 |
| Cash flows from operating activities: |
| Net income (loss) |
| $ |
| (2,839,934 |
| ) |
| $ |
| 2,989,043 |
| Adjustments to reconcile net income (loss) to net cash |
| provided by (used in) operating activities: |
| Depreciation and amortization |
| 1,736,503 |
| 1,921,738 |
| Provision for bad debts |
| (67,176 |
| ) |
| (33,815 |
| ) |
| Share of net (gain) loss from investment under equity method |
| (5,133 |
| ) |
| 240,783 |
| (Gain) loss on sale of assets |
| (28,344 |
| ) |
| 190,725 |
| Stock based compensation |
| 146,167 |
| 28,292 |
| Changes in operating assets and liabilities: |
| Accounts receivable |
| 3,772,091 |
| (3,243,348 |
| ) |
| Revenues in excess of billing |
| (702,812 |
| ) |
| (4,741,806 |
| ) |
| Other current assets |
| (529,579 |
| ) |
| 304,464 |
| Accounts payable and accrued expenses |
| 904,731 |
| 56,539 |
| Unearned revenue |
| (696,971 |
| ) |
| (749,249 |
| ) |
| Net cash provided by (used in) operating activities |
| 1,689,543 |
| (3,036,634 |
| ) |
| Cash flows from investing activities: |
| Purchases of property and equipment |
| (1,252,325 |
| ) |
| (773,953 |
| ) |
| Sales of property and equipment |
| 70,283 |
| 201,773 |
| Net cash used in investing activities |
| (1,182,042 |
| ) |
| (572,180 |
| ) |
| Cash flows from financing activities: |
| Purchase of treasury stock |
| - |
| (100,106 |
| ) |
| Proceeds from bank loans |
| - |
| 188,272 |
| Payments on finance lease obligations and loans - net |
| (537,180 |
| ) |
| (715,121 |
| ) |
| Net cash used in financing activities |
| (537,180 |
| ) |
| (626,955 |
| ) |
| Effect of exchange rate changes |
| (2,987,396 |
| ) |
| (3,881,870 |
| ) |
| Net decrease in cash and cash equivalents |
| (3,017,075 |
| ) |
| (8,117,639 |
| ) |
| Cash and cash equivalents at beginning of the period |
| 23,963,797 |
| 33,705,154 |
| Cash and cash equivalents at end of period |
| $ |
| 20,946,722 |
| $ |
| 25,587,515 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
NETSOL Technologies, Inc. and Subsidiaries
Schedule 4: Reconciliation to GAAP
| For the Three Months |
| For the Six Months |
| Ended December 31, |
| Ended December 31, |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| Net Income (loss) attributable to NetSol |
| $ |
| (2,092,926 |
| ) |
| $ |
| 1,406,785 |
| $ |
| (2,713,655 |
| ) |
| $ |
| 1,594,754 |
| Non-controlling interest |
| (309,037 |
| ) |
| 1,031,763 |
| (126,279 |
| ) |
| 1,394,289 |
| Income taxes |
| 220,056 |
| 201,506 |
| 413,404 |
| 369,133 |
| Depreciation and amortization |
| 891,500 |
| 941,732 |
| 1,736,503 |
| 1,921,738 |
| Interest expense |
| 202,363 |
| 90,808 |
| 323,973 |
| 191,821 |
| Interest (income) |
| (309,906 |
| ) |
| (316,253 |
| ) |
| (741,763 |
| ) |
| (759,386 |
| ) |
| EBITDA |
| $ |
| (1,397,950 |
| ) |
| $ |
| 3,356,341 |
| $ |
| (1,107,817 |
| ) |
| $ |
| 4,712,349 |
| Add back: |
| Non-cash stock-based compensation |
| 64,333 |
| 25,289 |
| 146,167 |
| 28,292 |
| Adjusted EBITDA, gross |
| $ |
| (1,333,617 |
| ) |
| $ |
| 3,381,630 |
| $ |
| (961,650 |
| ) |
| $ |
| 4,740,641 |
| Less non-controlling interest (a) |
| 7,363 |
| (1,293,037 |
| ) |
| (392,172 |
| ) |
| (1,881,916 |
| ) |
| Adjusted EBITDA, net |
| $ |
| (1,326,254 |
| ) |
| $ |
| 2,088,593 |
| $ |
| (1,353,822 |
| ) |
| $ |
| 2,858,725 |
| Weighted Average number of shares outstanding |
| Basic |
| 11,270,199 |
| 11,244,539 |
| 11,263,869 |
| 11,249,372 |
| Diluted |
| 11,270,199 |
| 11,244,539 |
| 11,263,869 |
| 11,249,372 |
| Basic adjusted EBITDA |
| $ |
| (0.12 |
| ) |
| $ |
| 0.19 |
| $ |
| (0.12 |
| ) |
| $ |
| 0.25 |
| Diluted adjusted EBITDA |
| $ |
| (0.12 |
| ) |
| $ |
| 0.19 |
| $ |
| (0.12 |
| ) |
| $ |
| 0.25 |
| (a)The reconciliation of adjusted EBITDA of non-controlling interest |
| to net income attributable to non-controlling interest is as follows |
| Net Income (loss) attributable to non-controlling interest |
| $ |
| (309,037 |
| ) |
| $ |
| 1,031,763 |
| $ |
| (126,279 |
| ) |
| $ |
| 1,394,289 |
| Income Taxes |
| 68,406 |
| 61,761 |
| 128,316 |
| 114,427 |
| Depreciation and amortization |
| 255,584 |
| 273,822 |
| 493,917 |
| 561,453 |
| Interest expense |
| 62,736 |
| 26,682 |
| 100,132 |
| 56,082 |
| Interest (income) |
| (93,012 |
| ) |
| (101,385 |
| ) |
| (225,501 |
| ) |
| (244,729 |
| ) |
| EBITDA |
| $ |
| (15,323 |
| ) |
| $ |
| 1,292,643 |
| $ |
| 370,585 |
| $ |
| 1,881,522 |
| Add back: |
| Non-cash stock-based compensation |
| 7,960 |
| 394 |
| 21,587 |
| 394 |
| Adjusted EBITDA of non-controlling interest |
| $ |
| (7,363 |
| ) |
| $ |
| 1,293,037 |
| $ |
| 392,172 |
| $ |
| 1,881,916 |