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    AUUD   US05072K1079

AUDDIA INC.

(AUUD)
  Report
Delayed Nasdaq  -  04:00 2022-06-24 pm EDT
0.8687 USD   -6.59%
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AUDDIA INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

05/12/2022 | 04:36pm EDT

The following discussion and analysis should be read in conjunction with the unaudited condensed financial statements and related notes included elsewhere in this Quarterly Report and our audited financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 17, 2022. This discussion and analysis and other parts of this Quarterly Report contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under Part II, Item 1A, "Risk Factors" and elsewhere in this Quarterly Report. You should carefully read the "Risk Factors" section of this Quarterly Report and of our Annual Report on Form 10-K for the year ended December 31, 2021 to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section entitled "Special Note Regarding Forward-Looking Statements."



Overview


We are a technology company that is reinventing how consumers engage with audio through the development of a proprietary AI platform for audio and innovative technologies for podcasts. We are leveraging these technologies to bring to market two industry first Apps, Faidr and Vodacast.

The Faidr app gives consumers the opportunity to listen to any AM/FM radio station with no commercials while personalizing the listening experience through skips, the insertion of on-demand content and the programming of audio routines to customize listening sessions such as a daily commute. The Faidr App represents the first-time consumers can access the local content uniquely provided by radio in the commercial free and personalized manner many consumers have come to demand for media consumption.

We are leveraging our legacy business to bring to market a premium AM/FM radio listening experience through Faidr. The Faidr App is intended to be downloaded by consumers who will pay a subscription fee to listen to any streaming AM/FM radio station without commercials. Advanced features will allow consumers to skip any content heard on the station, request audio content on-demand, and program an audio routine. We believe Faidr represents a significant differentiated audio streaming product that will be the first to come to market since the emergence of popular streaming music apps such as Pandora, Spotify, Apple Music, Amazon Music, etc. We believe that the most significant point of differentiation is that in addition to music, the App is intended to deliver non-music content that includes local sports, news, weather, traffic and the discovery of new music. Radio is the dominant audio platform for local content and new music discovery.

We recently launched the Faidr App to include all major U.S. radio stations on February 15, 2022. We are currently providing consumers a 90-day free trial of the App and expect to start converting users to paying subscribers during the second quarter. We are also continuing to enhance the listening experience for consumers by: 1) advancing the training of our proprietary AI technology primarily around talk stations and 2) exploring additional content choices that will become available in the App during the year.

The Faidr mobile App is available today through the iOS and Android App stores.

We also have developed a podcasting platform called Vodacast. Vodacast provides a unique suite of tools that helps Podcasters create additional digital content for their podcast episodes as well as plan their episodes, build their brand around their Podcast and monetize their content with new monetization channels. One innovative and proprietary part of the Vodacast platform is the availability of tools to create and distribute an interactive digital feed which supplements podcast episode audio with additional digital. These content feeds allow podcasters to tell deeper stories to their listeners while giving podcasters access to digital revenue for the first time. Podcasters will be able to build these interactive feeds using The Vodacast Hub, a content management system that also serves as a tool to plan and manage podcast episodes. The digital feed activates a new digital ad channel that turns every audio ad into a direct-response digital ad, increasing the effectiveness and value of their established audio ad model. The feed also presents a richer listening experience, as any element of a podcast episode can be supplemented with images, videos, text and web links. This feed appears fully synchronized in the Vodacast mobile App, and it also can be hosted and accessed independently (e.g., through any browser), making the content feed universally distributable.







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Vodacast will also introduce a unique and industry first multi-channel, highly flexible set of revenue channels that podcasters can activate in combination to allow listeners to choose how they want to consume and pay for content. "Flex Revenue" allows podcasters to continue to run their standard audio ad model and complement those ads with direct response enabled digital ads in each episode content feed, increasing the value of advertising on any podcast. "Flex Revenue" will also activate subscriptions, on-demand fees for content (e.g., listen without audio ads for a micro payment fee) and direct donations from listeners. Using these channels in combination, podcasters can maximize revenue generation and exercise higher margin monetization models, beyond basic audio advertising.

The Vodacast mobile App is available today through the iOS and Android App stores.

We recently launched marketing campaigns for Vodacast to continue to grow our user base and encourage listeners to download the Vodacast App and listen to all their favorite shows. We are continuing to provide an immersive listening experience through digital feeds and additional content. We are also continuing to recruit podcast hosts to the Platform while we continue to develop and enhance monetization channels within the App.

We have funded our operations with proceeds from the February 2021 IPO and Series A warrants exercise in July 2021. Since inception we have incurred significant operating losses. As of March 31, 2022, we had an accumulated deficit of $66.6 million. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and commercialization of one or more of our Apps. We expect that our expenses and capital requirements will increase substantially in connection with our ongoing activities, particularly if and as we:



   ·  nationally launch our Faidr App and as we continue training our proprietary
      AI technology and make product enhancements;
   ·  continue to develop and expand our technology and functionality to advance
      the Faidr and Vodacast Apps;
   ·  rollout our product on a national basis, which will include increasing our
      sales and marketing costs related to the promotion of our products. Faidr
      promotion will include a combination of a) direct to consumer marketing, b)
      purchasing ads directly from broadcasters, and/or c) participating
      broadcasters to promote without purchasing ads, but sharing a portion of
      subscription proceeds based on listening activity on those stations;
   ·  hire additional business development, product management, operational and
      marketing personnel;
   ·  continue market studies of our products; and
   ·  add operational and general administrative personnel which will support our
      product development programs, commercialization efforts and our transition
      to operating as a public company.



As a result, we may need substantial additional funding to support our continuing operations and pursue our growth strategy. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through the sale of equity, debt financings or other capital sources, which may include collaborations with other companies or other strategic transactions. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms, or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back or discontinue the development and commercialization of one or more of our product candidates.

Because of the numerous risks and uncertainties associated with product development, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations.

As of March 31, 2022, we had cash of approximately $4.4 million, which we believe should fund our operating expenses and capital expenditure requirements through at least December 31, 2022. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See "-Liquidity and capital resources." To finance our operations beyond that point, we will need to raise additional capital, which cannot be assured. If we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may have to significantly delay, scale back or discontinue the development or commercialization of our Apps or other research and development initiatives.







  15





Components of our results of operations



Operating expenses



Direct costs of services


Direct cost of services consists primarily of costs incurred related to our technology and development of our Apps, including hosting and other technology related expenses. Historically, we had higher direct costs of services related to our legacy platform, however, since the termination of our legacy services and platform in August 2020, these costs have been reduced. We expect our direct costs of services to increase in the future as we continue to develop and enhance our technology related to the Faidr and Vodacast Apps.



Sales and marketing


Our sales and marketing expenses consist primarily of salaries and consulting services, related to the sales and promotion performed during the year related to our products. We expect our sales and marketing expenses to increase substantially as we continue to promote the national commercial launch of our Faidr product and look to generate revenue for our products through customer acquisition and retention.



Research and development


Since our inception, we have focused significant resources on our research and development activities related to the software development of our technology. We account for costs incurred in the development of computer software as software research and development costs until the preliminary project stage is completed, management has committed to funding the project, and completion and use of the software for its intended purpose is probable. We cease capitalization of development costs once the software has been substantially completed and is available for its intended use. Software development costs are amortized over a useful life estimated by the Company's management of three years. Costs associated with significant upgrades and enhancements that result in additional functionality are capitalized. Capitalized costs are subject to an ongoing assessment of recoverability based on anticipated future revenues and changes in software technologies. Unamortized capitalized software development costs determined to be in excess of anticipated future net revenues are impaired and expensed during the period of such determination.

We expect to continue to incur substantial research and development expenses and capitalization in the future as we continue to develop and enhance our Faidr and Vodacast Apps.




General and administrative



Our general and administrative expenses consist primarily of salaries and related costs, including payroll taxes, benefits, stock-based compensation, and professional fees related to auditing, tax, general legal services, and consulting services. We expect our general and administrative expenses to continue to increase in the future as we expand our operating activities and prepare for commercialization of our products and support our operations as a public company, including increased expenses related to legal, accounting, insurance, regulatory and tax-related services associated with maintaining compliance with exchange listing and Securities and Exchange Commission requirements, directors and officers liability insurance premiums and investor relations activities.







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Other income and expense



Our other income and expense consist of interest income related to our cash at financial institutions, debt extinguishment related to our PPP loans, interest expense from our line of credit, and a finance charge related to conversion of outstanding debt into shares of common stock related to the February 2021 IPO. We expect our other expense to decrease as we paid off our outstanding balance on our line of credit and will not incur any additional debt conversion charges.



Results of operations


Comparison of the three months ended March 31, 2022 and 2021

The following table summarizes our results of operations:



                                                 Three Months Ended March 31,
                                                                                      Increase/
                                                    2022                2021          (Decrease)
Revenue                                        $             -      $          -     $          -

Operating expenses:
Direct costs of service                                 52,562            57,394           (4,832 )
Sales and marketing                                    357,066           123,458          233,608
Research and development                               148,763            46,997          101,766
General and administrative                           1,017,730           637,708          380,022
Depreciation and amortization                          176,127             2,183          173,944

Total operating expense                              1,752,248           867,740          884,508

Loss from operations                                (1,752,248 )        (867,740 )       (884,508 )
Other income (expense), net:                            (1,010 )      (8,428,758 )      8,427,748

Net loss                                       $    (1,753,258 )    $ (9,296,498 )   $  7,543,240




Revenue


Total revenues were $0 for the three months ended March 31, 2022 and March 31, 2021. We are continuing to develop the new Faidr and Vodacast products to establish new revenue streams and expect to start generating revenue during the third quarter of 2022.







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Direct cost of services



Direct Cost of Services decreased $4,832 or 8.4%, from $57,394 for the three months ended March 31, 2021 compared to $52,562 for the three months ended March 31, 2022. We continue to incur direct cost of services expense related to hosting and other music services related to our Faidr App and expect these costs to increase in the future.



Sales and marketing


Sales and marketing expenses increased by $233,608 or 189.2%, from $123,458 for the three months ended March 31, 2021 to $357,066 for the three months ended March 31, 2022 as we established and hired our internal marketing team during Q4 of 2021 and we significantly increased our promotion expenses during the first quarter of 2022 related to the national launch of our Faidr App and continued promotion and user acquisition for our Vodacast App.



Research and development


Research and development expenses increased by $101,766 or 216.5%, from $46,997 for the three months ended March 31, 2021 to $148,763 for the three months ended March 31, 2022 primarily related to additional staffing on our development team as we continue to advance the Faidr and Vodacast Apps. Our research and development staffing costs were $809,976 and capitalized software expenses of $661,213 for the three months ended March 31, 2022 as compared to staffing costs of $339,072 and capitalized software expenses of $292,075 for the three months ended March 31, 2021. Majority of development time was spent on our Faidr and Vodacast Apps. We started amortizing development expenses associated with Faidr during Q1 2022 and continue to amortize development expense related to Vodacast. We continue to make significant enhancements to both Apps and will continue to incur capitalized costs and additional amortization.



General and administrative


General and administrative expenses increased by $380,022 or 59.6%, from $637,708 for the three months ended March 31, 2021 compared to $1,017,730 for the three months ended March 31, 2022. The increase resulted primarily from increased stock compensation expense related to employee stock options granted in Q3 2021 and Q1 2022. Stock compensation expense was $385,908 and $16,131 for the three months ended March 31, 2022 and 2021, respectively.

Depreciation and amortization

Depreciation and amortization expenses increased by $173,944 or 7,968.1%, from $2,183 for the three months ended March 31, 2021 compared to $176,127 for the three months ended March 31, 2022. The increase is entirely related to amortization of our Faidr and Vodacast Apps, which started amortization during Q1 2022 and Q4 2021, respectively.

Interest expense/Other expense, net

Total interest expense/other expense decreased by $8,427,748, from $8,428,758 for the three months ended March 31, 2021 to $1,010 for the three months ended March 31, 2022. The decrease was mostly related to a finance charge of $8,141,424 to interest expense related to the conversion of outstanding debt into 6.8 million shares of common stock related to the February 2021 IPO. In addition, we paid off and terminated our line of credit during 2021 and no longer are incurring interest related to the line of credit.







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Liquidity and capital resources



Sources of liquidity


We have incurred operating losses since our inception and have an accumulated deficit as a result of ongoing efforts to develop and commercialize our Faidr and Vodacast Apps. As of March 31, 2022 and December 31, 2021 we had cash of $4,361,550 and $6,345,291, respectively. We anticipate that operating losses and net cash used in operating activities will increase over the next 12 months as we continue to develop and market our products, perform commercial trials and work on nationally launching all stations on the Faidr App.

In February 2021, we completed an IPO of 3,991,818 units, at $4.125 per unit, consisting of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $4.54 per share. After deducting underwriters' commissions and expenses, we received net proceeds of approximately $15.2 million. Due to the successful completion of the IPO, all of our existing convertible debt, accrued interest, accrued fees payable to related parties, and promissory notes were converted into shares of common stock.

Following the Company's IPO in February 2021, we paid down the outstanding principal balance on our bank line of credit from $6 million to $2 million. We and the bank agreed to reduce the maximum available balance for the line of credit to $2 million.

In July 2021, certain holders of our publicly traded Series A Warrants exercised approximately 1.1 million warrants for approximately 1.1 million shares of common stock at the cash exercise price of $4.5375 per share and as a result, we received additional cash proceeds of approximately $5.0 million. In addition, we paid the remaining $2.0 million, out of our restricted cash, to pay off and terminate our line of credit.

During the year ended December 31, 2021, we have reduced our bank debt by $6.0 million, paid down a significant percentage of our accounts payable, and eliminated all deferred compensation owed to a related party.



Cash Flow Analysis


Our cash flows from operating activities have historically been significantly impacted by revenues received, our investment in sales and marketing to drive growth, and research and development expenses. Our ability to meet future liquidity needs will be driven by our operating performance and the extent of continued investment in our operations. Failure to generate sufficient revenues and related cash flows could have a material adverse effect on our ability to meet our liquidity needs and achieve our business objectives.

The following table summarizes the statements of cash flows for the three months ended March 31, 2021 and 2020:




                                    Three Months Ended March 31,
                                       2022                2021         % Change
Net cash provided by (used in):
Operating activities              $    (1,229,996 )    $ (1,827,455 )      (32.7% )
Investing activities                     (665,023 )        (302,117 )      120.1%
Financing activities                      (88,722 )      10,174,305       (100.9% )
Change in cash                    $    (1,983,741 )    $  8,044,733       (124.7% )








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Operating activities


Cash used in operating activities for the three months ended March 31, 2022 was $1,229,996, primarily resulting from our net loss of $1,753,258 and change in working capital of $38,773 related to an increase in prepaid expenses, partially offset by non-cash charges of $562,035 related to stock compensation expense and depreciation and amortization. Cash used in operating activities primarily consisted of personnel-related expenditures, payments included costs of operations, and other sales efforts, research and development and administrative costs.

Cash used in operating activities for the three months ended March 31, 2021 was $1,827,455, primarily resulting from our net loss of $9,296,498 and change in working capital of $690,695 primarily related to paying off outstanding accounts payable after our February 2021 IPO. This was partially offset by non-cash charges of $8,159,738 primarily related to a finance charge associated with the debt conversion from our February 2021 IPO. Cash used in operating activities primarily consisted of personnel-related expenditures, payments included costs of operations, and other sales efforts, research and development and administrative costs.




Investing activities



Cash flows used in investing activities for the three months ended March 31, 2022 was $665,023, primarily consisting of capitalization of software development expenses of $661,214.

Cash flows used in investing activities for the three months ended March 31, 2021 was $302,117, primarily consisting of capitalization of software development expenses of $292,075.



Financing activities


Cash flows used in financing activities for the three months ended March 31, 2022 was $88,722 related to cash paid by us related to the net-share settlement of vested restricted stock units during the quarter.

Cash flows provided by financing activities for the three months ended March 31, 2021 was $10,174,305 primarily related to the issuance of common shares for $14,822,459, related to our February 2021 IPO and $267,482 related to proceeds from our PPP Loan, offset by a repayment of our line of credit of $4,000,000 and deferred salary and related party notes payable of $930,636.



Funding Requirements


We historically have incurred significant losses and negative cash flows from operations since our inception and had an accumulated deficit of $66.6 million and $64.8 million as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, we had cash of $4.4 million and $6.3 million, respectively. Our cash is comprised primarily of demand deposit accounts and money market funds. We believe our cash on hand should be sufficient to fund our current operating plans through at least December 31, 2022. We have based these estimates, however, on assumptions that may prove to be wrong, and we could spend our available financial resources much faster than we currently expect and need to raise additional funds sooner than we anticipate. If we are unable to raise capital when needed or on acceptable terms, we would be forced to delay, reduce or eliminate our technology development and commercialization efforts.







  20





We expect our expenses to increase substantially in connection with our ongoing activities, particularly as we continue the development of the Faidr and Vodacast Apps. In addition, we expect to incur additional costs associated with operating as a public company, including significant legal, accounting, investor relations and other expenses. Our future funding requirements will depend on many factors, including, but not limited to:



    ·   the scope, progress, results and costs related to our national launch of
        our Faidr App and obtaining market acceptance
    ·   the ability to attract and retain podcasters to our Vodacast App and
        retaining listeners on the platform
    ·   the costs, timing and ability to continue to develop our technology
    ·   effectively addressing any competing technological and market
        developments
    ·   avoiding and defending against intellectual property infringement,
        misappropriation and other claims




Contractual Obligations



The following table summarizes our contractual obligations not on our Balance Sheet as of March 31, 2022 and the effects that such obligations are expected to have on our liquidity and cash flows in future periods:



                                                 Payments due by period
                                       Less Than         1 - 3           4 - 5         More Than
                         Total          1 Year           Years           Years          5 Years
Operating lease
commitments:
Office lease (1)       $   58,903          58,903             -0-             -0-              -0-
Insurance premiums
(2)                       275,504         275,504             -0-             -0-              -0-
Total operating
lease commitments      $  334,407         334,407             -0-             -0-              -0-



(1) Represents minimum payments due for the lease of office space without

    consideration of additional renewal options
(2) Represents premium payments due related to D&O insurance policy from February
    2022 - February 2023



Off-balance sheet arrangements

We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

Critical Accounting Policies and Estimates

Our condensed financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these condensed financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an ongoing basis, we continually evaluate our estimates and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results may materially differ from these estimates made by management under different assumptions and conditions.

A summary of our critical accounting policies is presented in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended December 31, 2021. There were no material changes to our critical accounting policies during the three months ended March 31, 2022.







  21





Emerging growth company and smaller reporting company status

The Jumpstart Our Business Startups Act of 2012 permits an "emerging growth company" such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. We have elected to not "opt out" of this provision and, as a result, we will adopt new or revised accounting standards at the time private companies adopt the new or revised accounting standard and will do so until such time that we either (i) irrevocably elect to "opt out" of such extended transition period or (ii) no longer qualify as an emerging growth company.

We are also a "smaller reporting company" meaning that the market value of our stock held by non-affiliates is less than $700 million and our annual revenue was less than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our stock held by non-affiliates is less than $250 million or (ii) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2022 0,67 M - -
Net income 2022 -7,26 M - -
Net Debt 2022 - - -
P/E ratio 2022 -1,52x
Yield 2022 -
Capitalization 10,9 M 10,9 M -
Capi. / Sales 2022 16,1x
EV / Sales 2023 0,35x
Nbr of Employees 22
Free-Float 73,0%
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Managers and Directors
Michael J. Lawless Chief Executive Officer, Secretary & Director
Brian Hoff Chief Financial Officer
Jeffrey J. J. Thramann Executive Chairman
Peter Shoebridge Chief Technology Officer
Pablo Calderon Engineering Director
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