Wed, May 15, 5:02 PM (72 days ago)
Professional Diversity Network, Inc. (PDN) reported a net loss of $807,000 for Q1 2024, a decrease from a $1,109,000 loss in Q1 2023. Revenues fell by 11.7% to $1,727,000, driven by a significant decline in contracted software development revenue. Costs and expenses decreased by 17.9% to $2,530,000, mainly due to lower costs of revenues and depreciation/amortization. The company faced a working capital deficit of $1,753,000 and had cash and cash equivalents of $97,108 as of March 31, 2024. PDN's ability to continue as a going concern is uncertain, dependent on increasing revenues, raising capital, and effective cost management. Future financing efforts include issuing common stock and potential strategic mergers.