Recruiter.com Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Recruiter.com Group, Inc. filed its 2023 10-K, reporting $7.7M in revenue and a net income of $2.5M.</b>

AI Summary

Recruiter.com Group, Inc. (NIXXW) filed a Annual Report (10-K) with the SEC on April 16, 2024. Recruiter.com Group, Inc. reported total assets of $7,101,084 and total debt of $600,000 for the fiscal year ended December 31, 2023. The company's net income for the fiscal year was $2,530,325. Earnings per share (EPS) for the fiscal year were $0.0001. Revenue for the fiscal year was $7,718,842. The company's operating margin was 13%.

Why It Matters

For investors and stakeholders tracking Recruiter.com Group, 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, including detailed financial statements and risk factors. It outlines key business developments, executive compensation, and future outlook, offering insights into the company's strategic direction and operational status.

Risk Assessment

Risk Level: medium — Recruiter.com Group, Inc. shows moderate risk based on this filing. The company has a history of net losses and significant debt, which could impact its ability to fund operations and future growth.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess the company's financial health and future prospects.

Key Numbers

• 7,718,842 — Revenue (Fiscal year ended December 31, 2023)
• 2,530,325 — Net Income (Fiscal year ended December 31, 2023)
• 0.0001 — EPS (Fiscal year ended December 31, 2023)
• 7,101,084 — Total Assets (As of December 31, 2023)
• 600,000 — Total Debt (As of December 31, 2023)
• 13 — Operating Margin (Fiscal year ended December 31, 2023)

Key Players & Entities

• Recruiter.com Group, Inc. (company) — Filer
• TRULI TECHNOLOGIES, INC. (company) — Former company name
• Truli Media Group, Inc. (company) — Former company name
• SA Recovery Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-16 (date) — Filing date
• 7,101,084 (dollar_amount) — Total assets
• 600,000 (dollar_amount) — Total debt

FAQ

Risk Factors

• Going Concern [high — financial]: The company has experienced recurring losses from operations and has a history of net losses, raising substantial doubt about its ability to continue as a going concern.
• Debt Obligations [medium — financial]: The company has outstanding debt obligations that require significant interest payments and principal repayments, which could strain its financial resources.
• Competition [medium — market]: The staffing and recruiting industry is highly competitive, with numerous players, which could impact the company's market share and profitability.
• Reliance on Key Personnel [medium — operational]: The company's success depends on its ability to attract and retain qualified personnel, and the loss of key employees could adversely affect its business.

Key Financial Figures

• $3 — was approximately $ 2,674,762 based on $3.66, the closing price of the registrant
• $0.0001 — 0 shares of its Common Stock, par value $0.0001 per share, outstanding. DOCUMENTS INCO
• $46.7 billion — ting platform aimed at transforming the $46.7 billion dollar Employment and Recruiting Agency
• $400,000 — censed Products for a purchase price of $400,000 for the duration of the Term, subject t
• $0.01 — ck (the "Warrant") for a price equal to $0.01 per share (the "Exercise Price"). The W
• $5.00 — k of the Company has closed at or above $5.00 for ten consecutive trading days. Furth
• $1,800,000 — Mobz for an aggregate purchase price of $1,800,000, subject to certain adjustments. On Mar
• $250,000 — ceived non-refundable payments totaling $250,000 from Job Mobz in April of 2024, per the
• $80,000 — of Atlantic Energy Solutions, Inc. for $80,000. The transaction is accounted for as a
• $500,000 b — shares of common stock of FTRS equal to $500,000 based on the 30-day Volume Weighted Avera
• $0.0579 — share price of Futuris common stock was $0.0579 per share. As such, the fair value of t
• $551,127 — n received on the closing date would be $551,127. Reverse Stock Split On August 4, 2
• $15.7 — Sites in the US report cites revenue at $15.7B, growing at approximately 8.3% from 20

Filing Documents

• rcrt_10k.htm (10-K) — 1881KB
• rcrt_10kimg1.jpg (GRAPHIC) — 12KB
• 0001654954-24-004693.txt (&nbsp;) — 8454KB
• rcrt-20231231.xsd (EX-101.SCH) — 95KB
• rcrt-20231231_lab.xml (EX-101.LAB) — 499KB
• rcrt-20231231_cal.xml (EX-101.CAL) — 64KB
• rcrt-20231231_pre.xml (EX-101.PRE) — 420KB
• rcrt-20231231_def.xml (EX-101.DEF) — 273KB
• rcrt_10k_htm.xml (XML) — 1251KB

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 27 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6 Reserved 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 43 Item 9A.

Controls and Procedures

Controls and Procedures 43 Item 9B. Other Information 44 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 44 PART III Item 10. Directors, Executive Officers and Corporate Governance 45 Item 11.

Executive Compensation

Executive Compensation 48 Item 12.

Security Ownership of Certain Beneficial Owners, Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners, Management and Related Stockholder Matters 52 Item 13. Certain Relationships, Related Transactions and Director Independence 54 Item 14. Principal Accounting Fees and Services 55 PART IV Item 15. Exhibits, Financial Statement Schedules 56 Exhibit Index 57 Item 16 Form 10-K Summary 59

Signatures

Signatures 60 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Annual Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Annual Report, other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, potential growth or growth prospects, future research and development, sales and marketing and general and administrative expenses, and our objectives for future operations, are forward-looking statements. Words such as "believes," "may," "will," "estimates," "potential," "continues," "anticipates," "intends," "expects," "could," "would," "projects," "plans," "targets," and variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including without limitation, the following: our ability to continue as a going concern; raise additional capital, if needed, to support our operations; the rate and degree of market acceptance of our products and services; our ability to expand our sales organization to address effectively existing and new markets that we intend to target; impact from future regulatory, judicial, and legislative changes or developments in the U.S. and foreign countries; our ability to compete effectively in a competitive industry; our ability to achieve positive cash flow from operations; our ability to continue to meet the Nasdaq Capital Market requirements; our ability to meet our other financial operating objectives; the availability of qualified employees for our business operations; general business and economic conditions; our ability to meet our financial obligations as they become due; positive cash flows and financial viability of our opera

BUSINESS

ITEM 1. BUSINESS Overview Recruiter.com Group, Inc., a Nevada corporation (along with its subsidiaries, "we", "the Company", "us", and "our"), is a holding company that, through its subsidiaries, operates an On Demand recruiting platform aimed at transforming the $46.7 billion dollar Employment and Recruiting Agency industry (Per IBIS World Employment& Recruiting Agencies in the US 2005-2030). The Company offers recruiting related services, including on-demand contract recruiting, job board platforms, recruitment education services, and a candidate marketing software. We have seven operating subsidiaries, Recruiter.com, Inc., Recruiter.com Recruiting Solutions LLC ("Recruiting Solutions"), VocaWorks, Inc. ("VocaWorks"), Recruiter.com Scouted Inc. ("Scouted"), Recruiter.com Upsider Inc. ("Upsider"), Recruiter.com OneWire Inc. ("OneWire"), and Recruiter.com Consulting, LLC ("Recruiter.com Consulting"). Additionally, the Company owns a controlling interest in Atlantic Energy Solutions, Inc., a Colorado company that is traded on the OTC Markets (OTC:AESO). For employers needing talent acquisition services, we place independent recruiters from our network with our clients on a project basis. To round out our offerings, we provide other talent acquisition support services, including job posting, consulting, and staffing. The Company is currently undergoing a strategic transformation, having sold its staffing business in 2023 and planning to sell its Recruiter.com website in 2024. The Company has announced plans to shift its focus, along with its license agreement with GoLogiq, and spin out the recruitment related businesses to Atlantic Energy Solutions, which is currently undergoing a name change to CognoGroup, Inc. There can be no assurance that the Company will be able to complete its planned spin out and strategic transformation. Corporate History We were incorporated in February 2015 as a Delaware corporation. Effective March 31, 2019 (the "Effective Date"

View Full Filing

View this 10-K filing on SEC EDGAR