|By Marketwired .||
|August 15, 2014 12:00 PM EDT||
SAN FRANCISCO, CA--(Marketwired - August 15, 2014) - EFactor Group Corp. (OTCQB: EFCT) ("EFactor Group Corp." or "the Company"), the owner of a group of entrepreneur-focused service companies and EFactor.com, a niche social network providing content and resources for entrepreneurs worldwide, today announced financial results for the second quarter ended June 30, 2014.
Second Quarter 2014 Highlights and Recent Events
- Membership services revenues continued to increase on a sequential and year-over-year comparison.
- Advertising revenues on EFactor.com reach $30,645, a three-fold sequential increase versus the first quarter of the year and a 100% increase year over year.
- Total number of subscribers on EFactor.com increase 20% to more than 1.2 million.
- In July, EFactor Group Corp. closed four strategic acquisitions to increase support and services to entrepreneurs; HT Skills, Ltd., Member Digital, Inc., Business Growth Systems, Ltd., and GroupCard, BV.
"Now that we have completed our targeted four acquisitions, we will re-focus our attention on building each of our business units and significantly expanding the subscriber base of EFactor.com, which will in turn have a positive impact on the new acquisitions' revenue," began Adriaan Reinders, CEO of EFactor Group Corp. "Each of our acquisitions have been carefully chosen to match our ethos at EFactor which is a focus on; knowledge, business development, cost reduction and funding for entrepreneurs. We were pleased to see an uptick in both our number of subscribers and the services they are buying from EFactor such as mentoring and participation at our live events and will continue to work on increasing these numbers. We have also seen a boost in advertising revenues in the quarter from EFactor.com which helped offset a year-over-year decline in our advisory services at EQ Mentor," Reinders concluded.
EFactor Group Corp. currently generates revenue from four primary sources: (1) member services; (2) advertising; (3) advisory services; and (4) public relations. For the second quarter of the year, combined revenues for the period ended June 30, 2014 was $148,586 compared to $116,545 in the first quarter of the year and $228,175 in the corresponding period a year ago, a sequential increase of 27.5% and decrease of 53.6% year-over-year. Specifically, EQmentor revenues which were $114,343 in the second quarter of 2013 were merely $1,437 in the second quarter of 2014. During the first and second quarter of 2014, EQmentor's service offering was being repositioned for long-term, sustainable growth and a re-launch of their services throughout the second quarter of 2014. EQmentor has reinitiated business relationships with its long-standing clientele, many of which include U.S. blue-chip companies. EQmentor expects to realize these contracts and their revenues in the third and fourth quarter of the year.
Despite the temporary setback in EQmentor's quarterly revenue contribution, EFactor Group's subsidiaries and business lines exceeded expectations. EFactor.com's membership fees were up 16 times year-over-year, adverting sales on EFactor.com totaled approximately $30,654 versus a base of zero in 2013 and public relations revenues from EFactor Group Corp.'s MCC International totaled $106,254. EFactor Group Corp's operating subsidiaries are built around EFactor's social network of entrepreneurs who are subscribers to EFactor.com.
EFactor.com is the Company's flagship operating subsidiary and is one of the leading niche social networks designed to service entrepreneurs with valuable and cost-saving business tools, content, on-line and live events hosted by well-known business leaders, funding strategies, and an active social network of more than 1.3 million entrepreneur-subscribers. In the second quarter of the year, EFactor added 200,000 new subscribers to EFactor.com and an additional 100,000 in July alone. EFactor.com's live events such as Pitch-It-In-Person have hosted more than 483 participants through the first two quarters of the year and is poised to grow this number in the second half of 2014. Events are scheduled on a regular basis in cities worldwide for EFactor.com members.
EFactor continues with the marketing of its unique EScore™ system which is designed to measure entrepreneurial process and begin preparing entrepreneurs for raising capital. EScore™ members can benchmark their skill level and progress in five distinct business categories; Finance, Technology, Sales & Marketing, Leadership and last but not least -- Social Value. Through a unique set of questions and tasks, members can not only achieve a score but continue to measure it as they gain experience or bring in valuable members to their team. In addition, EFactor will help each entrepreneur build a strong business based on the information provided through the EScore™ system and unique matching that takes place which helps entrepreneurs build and strengthen a business plan.
Operating expenses for the three months ended June 30, 2014 were $1,085,702 compared to $1,000,029 for the three months ended June 30, 2013. These increases were primarily due to additional depreciation and amortization of the Company's website of $59,228 in 2014 and loss on extinguishment of debt of $32,778.
Interest expense increased to $475,215 for the three month period ended June 30, 2014, compared to $141,041 for the three month period ended June 30, 2013. Interest expenses includes non-cash amortization of $391,318 for share issuance expense to satisfy debtholder enhancements as part of the consideration for entering into these investments. The Company expects to repay or convert into common stock the majority of its outstanding notes subject to the raising further capital and increasing revenues over the course of the next 18 months.
Net loss increased to $1,428,503 from $912,865, for the three month period ended June 30, 2014. The increase in net loss compared to the prior year period is primarily a result of the increase in operating expenses of $85,595 and the increase in interest expense and amortization of debt discount of $334,204, as described above. A component of the increase in operating costs is caused by the need to continue to attract top-notch personnel, which increases our payroll costs.
For the Six Months Ended June 30, 2014
Revenues for the six month period ended June 30, 2014 was $265,131 versus $426,937 for the six month period in 2013. The decrease was directly attributed to revenues from EQmentor which were $250,906 in 2013 versus $2,874 in 2014. As mentioned above, EQmentor has enhanced its service offering, market position, and Website services to more properly market to its blue-chip clientele. The Company expects sales from EQmentor to rebound in the second half of the year.
Offsetting the decline in revenues from EQmentor, revenues from EFactor.com membership services increased 72.4% to $17,969, EFactor.com advertising revenues are up 100% from a base of zero to $42,524, and MCC's public relations revenues are up 30.5% to $198,353 for the six month period ended June 30, 2014.
The Company had $126,326 in cash at June 30, 2014. Accounts receivable were $80,334 and notes receivable were $150,250 on June 30, 2014.
EFactor strengthened its offering to its subscriber base by acquiring four additional operating business to support and serve its customers and to direct EFactor.com subscribers to its portfolio of entrepreneur-focused, operating companies. On a proforma basis, combined revenue contribution to EFactor Group Corp. from the acquisitions are estimated at approximately $6.0 million on a 12-month basis. EFactor Group Corp. acquired;
- HT Skills, Ltd. - an European-based provider of high-quality apprenticeships and work-based vocational learning, and is also an experienced welfare-to-work job-broker.
- Member Digital, Inc. - a firm that helps entrepreneurs build their business through two distinct member-centric service offerings. They are; SubHub -- a leading solution for building and managing paid subscription and membership websites, and MemberCore -- an easy-to-build database and CRM for organizations and associations to manage and record member data.
- Business Growth Systems, Ltd. - a training and education company that conducts more than 20 seminars each month in different cities around the United Kingdom. The training provided helps entrepreneurs to grow sales, increase profits and manage time more effectively.
- GroupCard, B.V. - a marketing and communication firm founded in 2010 with the goal of helping local sporting clubs and associations create additional revenue streams. Leveraging strong connections and following between local sporting clubs and the sponsors who support such teams, GroupCard encourages fan spending and loyalty of select and participating sponsors.
Second Quarter Earnings Conference Call
DATE: Monday, August 18, 2014
TIME: U.S. 9:00 a.m. ET
DIAL IN: U.S. 1-877-407-0784
CONFERENCE ID: 13589079
A replay of the call will be available beginning two hours after the call through midnight August 25, 2014 by telephone at +1-877-870-5176 (US Domestic) or +1-858-384-5517 (International). The conference ID number is 13589079. This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this http://public.viavid.com/index.php?id=110600 or at ViaVid's website at http://www.viavid.com, where the webcast can be accessed through August 18, 2015.
About EFactor Group Corp.
EFactor Group Corp. (OTCQB: EFCT) has at its core EFactor.com, a niche social network for entrepreneurs. EFactor.com provides its members with the people, tools, marketing and expertise to succeed and make real, trustworthy and lasting connections. At the core of the network lies a strong algorithm that allows members to not only connect with a lot of people, but with the right people. In addition, EFactor.com provides knowledge, facilitates preparing for funding and resources to reduce business costs, delivered through a mix of online social networking and offline domestic and international events.
EFactor.com has over one million members in 222 territories across 240 industries. It is incorporated in Nevada and headquartered in San Francisco. For more information, visit http://www.efactor.com
EFactor Group Corp. also has various subsidiary service organizations including a UK communications and public relations agency and a company that delivers matching software for mentees to get matched to the perfect mentor. For more information about EFactor Group Corp. please visit, http://efactorgroup.com/
The EFactor.com Value - The Entrepreneurs Wingman
EFactor.com is a social network designed to support you as your business grows, along every step of your journey. We'll be there to congratulate you every time you win and will coach and inspire you whenever you feel frustrated by setbacks. You can count on us to connect you with the right people for you and your company and offer you the resources and talent that will help you succeed. We are highly motivated everyday people who genuinely care about our team and customers. We cheer each other on and have each other's back. We get to see our ideas come to life every single day. We're entrepreneurs, contributing our expertise to the community.
See our Company Video here: http://ir.efactorgroup.com/videos/view/4/efactor-video
Safe Harbor: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of EFactor Corp., to be materially different from the statements made herein.
- FINANCIAL TABLES -
EFACTOR GROUP CORP. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) June 30, December 31, 2014 2013 ------------ ------------ ASSETS CURRENT ASSETS: Cash $ 126,326 $ 43,377 Accounts receivable, net of allowance for doubtful accounts of $6,318 80,334 75,071 Notes receivable 150,250 - Other current assets 8,986 8,878 ------------ ------------ Total current assets 365,896 127,326 ------------ ------------ Property, website and equipment, net of accumulated depreciation of $1,293,676 and $1,102,939 474,817 461,499 Goodwill 3,646,994 3,646,994 Deferred Financing Costs 219,594 347,764 ------------ ------------ TOTAL ASSETS $ 4,707,301 $ 4,583,583 ============ ============ LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Accounts payable $ 1,461,498 $ 1,085,122 Accounts payable - related party 735,709 657,806 Accrued expenses 946,672 882,758 Operating line of Credit 1,110,005 1,110,005 Deferred revenue 68,730 71,836 Current portion of note payable - third parties, net of discount 277,131 318,711 Current portion of convertible note payable - third parties, net of discount 1,221,442 650,762 Current portion of note payable - related parties, net of discount 288,678 285,860 ------------ ------------ Total current liabilities 6,109,865 5,062,860 Other Long-term obligations 116,587 155,895 Non-current portion of convertible note payable - third parties net of discount 10,294 13,598 ------------ ------------ Total Non-Current Liabilities 126,881 169,493 ------------ ------------ TOTAL LIABILITIES 6,236,746 5,232,353 ------------ ------------ Commitments and contingencies - - STOCKHOLDERS' DEFICIT Preferred stock, $0.001 par value, 20,000,000 shares authorized, 2,500,000 issued and outstanding as of June 30, 2014 and December 31, 2013 respectively. $ 2,500 $ 2,500 Common stock, $0.001 par value, 175,000,000 shares authorized, 64,556,120 and 59,573,174 issued and outstanding at June 30, 2014 and December 31, 2013 respectively. 64,556 59,573 Accumulated other comprehensive income (29,943) (5,244) Additional paid-in capital 21,455,815 16,978,361 Accumulated deficit (23,022,373) (17,683,960) ------------ ------------ Total stockholders' deficit (1,529,445) (648,770) ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 4,707,301 $ 4,583,583 ============ ============
EFACTOR GROUP CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) Three Months Ended Six Months Ended June 30, June 30, ------------------------ ------------------------ 2014 2013 2014 2013 ----------- ----------- ----------- ----------- Net revenues $ 148,586 $ 228,175 $ 265,131 $ 416,937 Operating expenses Cost of revenue 46,549 27,921 77,755 58,356 Sales and marketing 64,081 62,883 119,407 168,508 General and administrative 882,988 991,361 3,169,520 1,824,400 Depreciation and amortization 59,228 2,693 114,866 181,088 (Gain) loss on forgiveness/settlement of liabilities 32,778 (84,829) 32,778 (84,829) ----------- ----------- ----------- ----------- Total operating expenses 1,085,624 1,000,029 3,514,326 2,147,523 Loss from operations (937,038) (771,854) (3,249,195) (1,730,586) Other income (expense): Interest expense (475,215) (141,011) (1,463,149) (309,397) Loss on conversion of debt - (49,926) Derivative loss (16,250) - (576,143) - Other income (expense) - - - - ----------- ----------- ----------- ----------- Total other income (expense), net (491,465) (141,011) (2,089,218) (309,397) ----------- ----------- ----------- ----------- Net loss $(1,428,503) $ (912,865) $(5,338,413) $(2,039,983) ----------- ----------- ----------- ----------- Other comprehensive gain (loss): Gain (loss) on foreign exchange (4,720) 4,590 (24,699) 9,131 ----------- ----------- ----------- ----------- Comprehensive gain (loss) $(1,433,223) $ (908,275) $(5,363,112) $(2,030,852) =========== =========== =========== =========== Basic and diluted net loss per common share $ (0.02) $ (0.03) $ (0.08) $ (0.06) =========== =========== =========== =========== Weighted average shares used in completing basic and diluted net loss per common share 63,334,907 36,381,882 62,853,156 36,381,882 =========== =========== =========== ===========
EFACTOR GROUP CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) For the six months ended June 30, 2014 2013 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(5,338,413) $(2,039,983) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 114,866 181,088 Stock option expense 67,869 186,620 Amortization of debt discount 1,331,004 250,883 Stock compensation expense 1,355,598 329,631 (Gain) loss on forgiveness/settlement of liabilities 32,778 (84,829) Loss on conversion of debt 49,926 - Derivative loss 576,143 - Changes in operating assets and liabilities: Accounts receivables (5,263) (76,323) Other current assets (150,358) 664 Accounts payable 416,376 223,857 Accounts payable - related party 118,642 - Accrued expenses 77,939 162,662 Accrued expenses - related party - 219,463 Deferred revenue (3,106) 29,610 NET CASH USED IN OPERATING ACTIVITIES: $(1,355,999) $ (616,657) ----------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for acquisition of property, website and equipment (128,184) (225,001) Cash acquired in reverse merger with acquisitions - 24,444 ----------- ----------- Net cash used in investing activities $ (128,184) $ (200,557) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from notes payable 1,143,452 629,208 Proceeds from issuance of shares 478,520 167,002 Repayment of notes payable (30,143) (2,713) ----------- ----------- Net cash provided by financing activities $ 1,591,829 $ 793,497 ----------- ----------- Effect of foreign currency exchange rate on cash (24,699) 9,131 Net increase (decrease) in cash 82,947 (14,586) Cash at beginning of period 43,377 46,870 ----------- ----------- Cash at the end of the period $ 126,326 $ 32,284 =========== =========== Supplemental Disclosure of Cash Flows Information: Cash paid for interest $ 7,298 $ 17,878 =========== =========== Cash paid for income taxes $ 1,600 $ - =========== =========== Non-cash Investing and Financing Activities: Debt discount due to beneficial conversion feature $ 826,032 $ 9,791 =========== =========== Debt discount due to shares issued with debt $ 311,245 $ 175,573 =========== =========== Reclass of accounts payable - related party to debt $ 40,739 $ - =========== =========== Shares issued for conversion of debt and accrued interest $ 737,368 $ 214,000 =========== =========== Shares issued for settlement of accounts payable $ 20,000 $ - =========== ===========
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