Welcome!

Machine Learning Authors: Yeshim Deniz, Pat Romanski, Elizabeth White, Liz McMillan, Rajeev Kozhikkattuthodi

News Feed Item

CrowdGather, Inc. Announces Continued Restructuring and Third Quarter and Nine Month Fiscal 2014 Results

One of the leading networks of forum communities on the Internet, CrowdGather, Inc. (OTCQB:CRWG), today announced financial results for the third quarter ended January 31, 2014.

The Company reported revenues of $446,201 for the three months ended January 31 of fiscal 2014, resulting in $1,283,240 in total revenue for the nine months ended January 31 of fiscal 2014, compared to $508,689 and $1,523,623, respectively, for the same periods in the prior fiscal year. Revenues for the third quarter of fiscal 2014 were 12% lower than the third quarter of fiscal 2013, due primarily to advertising campaigns and ad partners that were non-recurring in the third quarter of fiscal 2014 when compared to the same period in fiscal 2013. The Company consistently attempts to diversify and grow revenues in an attempt to mitigate the volatility of advertising payouts and non-recurring ad campaigns.

“During fiscal 2014, we continued to conduct additional corporate restructuring to reduce costs, and have entered into an agreement to sell some non-core assets to enable our ability to aggressively pursue high growth strategic alternatives that better leverage our users, especially the mobile ones,” said Sanjay Sabnani, CrowdGather’s Chairman and CEO. “The capital raised from the asset sale will enable us to aggressively seek merger or acquisition candidates in the rapidly growing mobile app and social gaming technology sector. Subsequent to the asset sale, we will be retaining more than 90% of our monthly revenue, our monthly page views and our monthly unique users. Additionally, while we pursue strategic alternatives, we will continue to monetize and improve the user experience on our remaining online communities.”

Gross profit was $445,498 and $1,279,915 respectively, for the three months and nine months ended January 31 of fiscal 2014, compared to $482,937 and $1,478,655 for the same periods in the prior fiscal year. On a quarterly basis, gross profit declined by 8%.

Net loss was $338,597 or $.01 per share, and $1,554,329, or $.03 per share, for the third quarter and nine months ended January 31 of fiscal 2014, compared to $682,193, or $.01 per share, and $2,152,619 or $.04 per share, for the same periods of fiscal 2013. Net loss was significantly lower during Q3 fiscal 2014 when compared to the same period in the prior fiscal year primarily due to the effect of the successful corporate restructuring and cost reductions made by the Company.

CrowdGather ended the third quarter of fiscal 2014 with approximately $0.2 million of cash and $14.1 million of shareholders’ equity.

During January 2014, the Company reached over 120 million monthly page views across all properties, and had over 12 million monthly unique visitors according to Google Analytics. The Company continues to prune non-monetizable content and does not anticipate any impact to revenue.

About CrowdGather, Inc.

With its growing portfolio of special interest forums and enthusiast message board communities, CrowdGather (www.crowdgather.com) has created a centralized network to benefit forum members, forum owners, and forum advertisers. CrowdGather provides a highly interactive and informational social network for members, a management and revenue-sharing resource for third-party forum owners, and a largely untapped advertising network for marketers worldwide.

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth and business strategy. Words such as “expects,” “will,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company’s business; general economic, industry and market sector conditions; the ability to generate increased revenues from the Company’s forums; the ability to obtain additional financing to implement the Company's long-term growth strategy; the ability to manage the Company's growth; the ability to develop and market new technologies to respond to rapid technological changes; competitive factors in the market(s) in which the Company operates; and other events, factors and risks disclosed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

CROWDGATHER, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
 
  January 31, 2014  

 

(UNAUDITED)

April 30, 2013

ASSETS
Current assets
Cash $ 202,211 $ 375,512
Accounts receivable 228,558 214,931
Investments 28,570 28,570
Inventory 31,982 33,168
Prepaid expenses and deposits   44,984     50,561  
 
Total current assets 536,305 702,742
 
 

Property and equipment, net of accumulated depreciation of $462,745 and $363,746, respectively

149,948 225,980
 

Intangible assets, net of accumulated amortization of $0 and $45,224, respectively

9,223,327 9,368,103
Goodwill   4,360,176     4,360,176  
 

Total assets

$

14,269,756

$

14,657,001

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
Accounts payable $ 8,000 $ 8,000
Accrued vacation 54,922 63,838
Other accrued liabilities 80,097 69,138
Capital lease obligation, current portion   27,629     115,921  
 
Total current liabilities 170,648 256,897
 
Capital lease obligation, net of current portion - 9,267
 
Stockholders’ equity

Preferred Series B stock, $0.001 par value, 1,000,000 shares authorized, 1,000,000 and 300,000 shares issued and outstanding, respectively

1,000,000 300,000

Common stock, $0.001 par value, 975,000,000 shares authorized, 61,382,708 and 58,372,708 issued and outstanding, respectively

61,513 58,503
Additional paid-in capital 29,630,306 29,070,716
Accumulated deficit (16,571,281 ) (15,016,952 )
Accumulated other comprehensive loss   (21,430 )   (21,430 )
 
Total stockholders’ equity   14,099,108     14,390,837  
 
Total liabilities and stockholders’ equity $ 14,269,756   $ 14,657,001  
 
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2014 AND 2013
(UNAUDITED)
 
  Three Months Ended January 31,   Nine Months Ended January 31,
  2014       2013     2014       2013  
 

Revenue

$

446,201

$

508,689

$ 1,283,240 $ 1,523,623
 
Cost of revenue   703     25,752     3,325     44,968  
 
Gross profit 445,498 482,937 1,279,915 1,478,655
 

Operating expenses

Payroll and related expenses 269,118 482,172 940,282 1,399,369
Stock based compensation 132,000 140,000 562,600 456,000
General and administrative 382,134 540,075 1,185,668 1,767,381
Impairment of intangible assets   -     -     140,026     -  
Total operating expenses   783,252     1,162,247     2,828,576     3,622,750  
 

Loss from operations

(337,754

)

(679,310

)

(1,548,661 ) (2,144,095 )
 
Other income (expense), net   (843 )   (2,883 )   (4,868 )   (7,724 )
 
Net loss before provision for income taxes (338,597 ) (682,193 ) (1,553,529 ) (2,151,819 )
 
Provision for income taxes   0     0     800     800  
 

Net loss

$

(338,597

)

$

(682,193

)

$ (1,554,329 ) $ (2,152,619 )
 

Weighted average shares outstanding - basic and diluted

 

61,101,632

   

58,343,360

   

59,621,777

   

58,308,544

 
 

Net loss per share – basic and diluted

$

(0.01

)

$

(0.01

)

$ (0.03 ) $ (0.04 )

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@CloudExpo Stories
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.