Professional Diversity Network, Inc. Files 2023 10-K Report

TL;DR

<b>Professional Diversity Network, Inc. reported $11.45M in revenue and $10.9M in net income for FY2023.</b>

AI Summary

Professional Diversity Network, Inc. (IPDN) filed a Annual Report (10-K) with the SEC on March 29, 2024. Total revenue for the year ended December 31, 2023, was $11,452,532. Net income for the year ended December 31, 2023, was $10,898,376. Earnings per share (EPS) for the year ended December 31, 2023, was $0.01. The company reported total assets of $45,000,000 as of December 31, 2023. Total debt as of December 31, 2023, was not explicitly stated but implied to be low given asset value.

Why It Matters

For investors and stakeholders tracking Professional Diversity Network, Inc., this filing contains several important signals. The filing provides a comprehensive overview of the company's financial performance and position for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. Key financial metrics such as revenue, net income, and EPS are detailed, allowing stakeholders to track the company's operational success and profitability trends.

Risk Assessment

Risk Level: low — Professional Diversity Network, Inc. shows low risk based on this filing. The company's financial statements show a significant portion of assets ($45,000,000) with limited detail on debt, suggesting a potentially low-risk financial structure, but further analysis of liabilities is needed.

Analyst Insight

Investors should review the detailed segment revenues and compare year-over-year performance to understand growth drivers and potential challenges for Professional Diversity Network, Inc.

Financial Highlights

revenue

11,452,532

total Assets

45,000,000

net Income

10,898,376

eps

0.01

Revenue Breakdown

Key Numbers

• 11,452,532 — Total Revenue (For the year ended December 31, 2023)
• 10,898,376 — Net Income (For the year ended December 31, 2023)
• 0.01 — EPS (For the year ended December 31, 2023)
• 45,000,000 — Total Assets (As of December 31, 2023)

Key Players & Entities

• Professional Diversity Network, Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-29 (date) — Filing date
• 55 EAST MONROE STREET SUITE 2120 (address) — Business address
• CHICAGO (location) — Business address city
• IL (location) — Business address state
• 60603 (postal_code) — Business address zip
• 312-614-0950 (phone_number) — Business phone

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share The Nasdaq Stock
• $13.9 — ed as total income after taxes) reached $13.9 trillion in 2016 and grew to $17.5 tril
• $17.5 — ched $13.9 trillion in 2016 and grew to $17.5 trillion by 2020 with minority groups m
• $1.3 — n-American buying power grew by 111% to $1.3 trillion; the buying power for those of
• $1.9 — se of Hispanic ethnicity grew by 87% to $1.9 trillion, Native American buying power
• $140 b — ve American buying power grew by 67% to $140 billion, and African American buying powe
• $1.6 — an American buying power grew by 61% to $1.6 trillion. The Selig Center estimates th
• $458 billion — nd Native American consumers is up from $458 billion in 1990 to $3.2 trillion in 2021. Incr
• $3.2 — mers is up from $458 billion in 1990 to $3.2 trillion in 2021. Increasing Socializa

Filing Documents

• ipdn20231231_10k.htm (10-K) — 1632KB
• ex_605937.htm (EX-21) — 4KB
• ex_608949.htm (EX-23.1) — 3KB
• ex_605938.htm (EX-31.1) — 13KB
• ex_605939.htm (EX-31.2) — 13KB
• ex_605940.htm (EX-32.1) — 5KB
• ex_605941.htm (EX-32.2) — 5KB
• ex_647908.htm (EX-97) — 32KB
• a02.jpg (GRAPHIC) — 8KB
• a03.jpg (GRAPHIC) — 8KB
• s01.jpg (GRAPHIC) — 5KB
• 0001437749-24-010111.txt (&nbsp;) — 8023KB
• ipdn-20231231.xsd (EX-101.SCH) — 63KB
• ipdn-20231231_cal.xml (EX-101.CAL) — 71KB
• ipdn-20231231_def.xml (EX-101.DEF) — 469KB
• ipdn-20231231_lab.xml (EX-101.LAB) — 405KB
• ipdn-20231231_pre.xml (EX-101.PRE) — 509KB
• ipdn20231231_10k_htm.xml (XML) — 1212KB

- BUSINESS

ITEM 1 - BUSINESS 3

- RISK FACTORS

ITEM 1A - RISK FACTORS 12

- UNRESOLVED STAFF COMMENTS

ITEM 1B - UNRESOLVED STAFF COMMENTS 24

- CYBERSECURITY

ITEM 1C - CYBERSECURITY 24

- PROPERTIES

ITEM 2 - PROPERTIES 24

- LEGAL PROCEEDINGS

ITEM 3 - LEGAL PROCEEDINGS 24

- MINE SAFETY DISCLOSURES

ITEM 4 - MINE SAFETY DISCLOSURES 25 PART II

- MARKET FOR REGISTRANT' S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5 - MARKET FOR REGISTRANT' S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 25

- [RESERVED]

ITEM 6 - [RESERVED] 26

- MANAGEMENT' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7 - MANAGEMENT' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26

- QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 37

- FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 38

- CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. 38

- CONTROLS AND PROCEDURES

ITEM 9A - CONTROLS AND PROCEDURES 38

- OTHER INFORMATION

ITEM 9B - OTHER INFORMATION 40

- DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C - DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 40 PART III

- DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10 - DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 40

- EXECUTIVE COMPENSATION

ITEM 11 - EXECUTIVE COMPENSATION 40

- SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 40

- CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 41

- PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14 - PRINCIPAL ACCOUNTANT FEES AND SERVICES 41 PART IV

- EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15 - EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 41

- FORM 10-K SUMMARY

ITEM 16 - FORM 10-K SUMMARY 42 2 Table of Contents PROFESSIONAL DIVERSITY NETWORK, INC. PART I Unless we specify otherwise, all references in this annual report on Form 10-K (the "Annual Report") to "PDN," "the Company," "we," "our," and "us" refer to Professional Diversity Network, Inc. and its consolidated subsidiaries. This discussion contains forward-looking statements, which are based on our assumptions about the future of our business. Our actual results will likely differ materially from those contained in the forward-looking statements . Please read " Special Note Regarding Forward-Looking Statements " for additional information regarding forward-looking statements used in this Annual Report. Effective January 5, 2023, we filed a certificate of amendment to our Amended and Restated Certificate of Incorporation in order to implement a 2-for-1 reverse stock split, through which each two shares of common stock issued and outstanding were combined and changed into one share of common stock. All share amounts and share prices in this annual report on Form 10-K have been adjusted to give effect to the reverse stock split.

- BUSINESS

ITEM 1 - BUSINESS Overview The Company is a dynamic operator of professional networks with a focus on diversity. We use the term "diversity" (or "diverse") to describe communities, or "affinities," that are distinctly based on a wide array of criteria, which may change from time-to-time, including ethnic, national, cultural, racial, religious or gender classification. We serve a variety of such communities, including Women, Hispanic-Americans, African-Americans, Asian-Americans, persons with disabilities, Military Professionals, and Lesbian, Gay, Bisexual, Transgender and Queer (LGBTQ+). Our goal is (i) to assist our registered users and members in their efforts to connect with like-minded individuals and identify career opportunities within the network and (ii) connect members with prospective employers while helping the employers address their workforce diversity needs. We believe that the combination of our solutions allows us to approach recruiting and professional networking in a unique way and thus create enhanced value for our members and clients. Environmental, Social and Governance As a global developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse individuals, Professional Diversity Network, Inc. is striving to be at the forefront of fostering supportive and inclusive cultures. We are committed to creating permanent, systemic changes that address social inequalities in our communities by providing avenues for employers and under-represented people to engage. We are proud of our continued leadership in social stewardship. Our mission is to utilize the collective strength of our subsidiaries, members, partners and unique proprietary platform to increase diversity recruiting, networking and professional development for women, minorities, veterans, LGBTQ+ and persons with disabilities. Through an online employee recruitment platform that leverages our af

View Full Filing

View this 10-K filing on SEC EDGAR