Rightscorp (OTCQB:RIHT), the leading provider of monetization
services for artists and holders of copyrighted Intellectual
Property (IP), today announced financial results for the full year
2013 and fourth quarter ended December 31, 2013.
Highlights include:
- 236% increase in revenues to $324,016 for the full year ended
December 31, 2013, as compared to $96,565 for the same period in
2012.
- 194% increase in revenues to $155,381 for the fourth quarter of
2013, as compared to $52,739 for the same period in 2012.
- 132% increase in sequential revenues from Q3 of 2013 to Q4 of
2013.
- Revenue growth driven by an increase in copyright
representation and improvements in the Company's proprietary
copyright monetization system.
Rightscorp CEO Christopher Sabec commented, "We are pleased to
report that Rightscorp ended 2013 with a very strong quarter. We
attributed our year-over-year growth to our ability to successfully
represent copyrights against online piracy. Our mission is to
preserve the integrity of copyrighted intellectual property and
help content owners monetize their assets. In a short period of
time, we have been recognized by leading media partners as a
turnkey solution to the problem of online copyright
infringement."
Mr. Sabec continued, "We are pleased that our business model
maintains strong sequential quarterly growth. We expect to maintain
this trend as we continue to increase the number of copyrights that
we represent. Rightscorp's patent pending technology and
proprietary copyright monetization system identifies repeat
infringers and collects payment better than any other solution on
the market. Our success is evidenced by the fact that we have
successfully closed over 60,000 cases of online copyright
infringement to date."
Mr. Sabec closed, "We are currently in talks with the owners of
millions of additional copyrights spanning various industries such
as film, music, books, games, and software and anticipate these to
be foundational catalysts that will aggressively drive our
initiatives for long-term growth. Rightscorp delivers results, a
fact that is being recognized by more and more industry leaders and
media publications."
Fiscal Year 2013 Financial Summary
For the full year 2013 ended December 31, 2013, the Company
generated total revenues of $324,016, up 236% from $96,565 in the
same period in 2012. The year-over-year increase in revenues was
primarily caused by an increase in the number of copyrights the
Company represents for monetization, which grew from 12,000 on
December 31, 2012 to approximately 30,000 on December 31, 2013.
For 2013, operating expenses totaled $2,134,843, an increase of
$963,121 as compared to $1,171,722 for the year ended December 31,
2012. The increase in fees was due to increased fees paid to
copyright holders in the period. General and administrative
expenses were $1,663,921 for the period ended December 31, 2013
compared to $1,028,438 for the year ended December 31, 2012 due to
increased patent costs, travel and other expenses related to
securing financing.
Sales and marketing costs were $275,616 for the period ended
December 31, 2013 compared to $69,614 for the year ended December
31, 2012, an increase of $206,002 due to an increased presence at
industry conferences to meet potential clients. Depreciation and
amortization expenses were $33,438 during the year ended December
31, 2013, an increase of $8,791 as compared to $24,647 for the year
ended December 31, 2012.
As of December 31, 2013 the Company had cash and cash
equivalents of $36,331.
Fourth Quarter Financial Summary
Revenues for its fourth quarter ended December 31, 2013 were
$155,381, up 194% from $52,739 in the same period last year. The
growth in revenues was driven by the Company's ability to increase
the amount of active copyrights ingested in the Rightscorp's
automated system. This directly correlates to the Company's ability
to collect payment for copyright infringement.
Recent Developments
- In January, the Company announced it had accelerated its
process for adding content to its proprietary copyright
monetization system by 400% compared to the rate for the prior
quarter.
- In February, Rightscorp announced that it crossed the threshold
of representing over 1 million copyrights, which included
award-winning films and over 13 tracks on the Billboard Hot 100.
- In March, the Company announced that they had closed more than
60,000 cases of online copyright infringement.
- The Company is looking internationally and retained a top
Canadian law firm to expand the Rightscorp's services into Canada
and additionally has filed for international patents to extend its
copyright infringement monitoring services to Europe, China,
Israel, Japan, Brazil, and India.
About Rightscorp, Inc.
Rightscorp (OTCQB:RIHT) is a leading provider of monetization
services for artists and holders of copyrighted Intellectual
Property (IP). The Company's patent pending digital loss prevention
technology focuses on the infringement of digital content such as
music, movies, software, books and games and ensures that owners
and creators are rightfully paid for their IP. Rightscorp
implements existing laws to solve copyright infringements by
collecting payments from illegal file sharing activities via
notifications sent through Internet Service Providers
(ISPs). The Company's technology identifies copyright
infringers, who are offered a reasonable settlement option when
compared to the legal liability defined in the Digital Millennium
Copyrights Act (DMCA). Based on the fact that 24% of all Internet
traffic is used to distribute copyrighted content without
permission or compensation to the creators, Rightscorp is pursuing
an estimated $2.3 billion opportunity and has monetized major media
titles through relationships with industry leaders.
http://www.rightscorpinc.com/
Safe Harbor Statement
This press release may include forward-looking statements. All
statements other than statements of historical fact included in
this press release, including, without limitation, statements
regarding the Company's anticipated financial position, business
strategy and plans and objectives of management of the Company for
future operations, are forward-looking statements. When used in
this press release, words such as "anticipate," "believe,"
"estimate," "expect," "intend," and similar expressions, as they
relate to the Company or its management, identify forward-looking
statements. Such forward-looking statements are based on the
beliefs of the Company's management as well as assumptions made by
and information currently available to the Company's management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors not
limited to, general economic and business conditions, competitive
factors, changes in business strategy or development plans, the
ability to attract and retain qualified personnel, and changes in
legal and regulatory requirements. Such forward-looking statements
reflect the current views of the Company with respect to future
events and are subject to these and other risks, uncertainties and
assumptions relating to the operations, results of operations,
growth strategy and liquidity of the Company. All subsequent
written and oral forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in
their entirety by this paragraph.
[Financial Tables to Follow]
Rightscorp,
Inc. |
Consolidated Statements of
Operations |
|
|
|
Year Ended |
Year Ended |
|
December 31, |
December 31, |
|
2013 |
2012 |
Revenue |
$324,016 |
$96,565 |
|
|
|
Operating expenses: |
|
|
Copyright holder fees |
161,868 |
49,023 |
General and administrative |
1,663,921 |
1,028,438 |
Sales and marketing |
275,616 |
69,614 |
Depreciation and
amortization |
33,438 |
24,647 |
Total operating expenses |
2,134,843 |
1,171,722 |
|
|
|
Loss from operations |
(1,810,827) |
(1,075,157) |
|
|
|
Other income
(expenses): |
|
|
Interest expense |
(298,077) |
(124,166) |
Debt default |
(185) |
-- |
Debt forgiveness |
66,310 |
-- |
Total non-operating
expenses |
(231,952) |
(124,166) |
|
|
|
Loss from operations before income
taxes |
(2,042,779) |
(1,199,323) |
|
|
|
Provision for income taxes |
-- |
-- |
|
|
|
Net loss |
$(2,042,779) |
$(1,199,323) |
|
|
|
Net loss per share – basic and
diluted |
$(0.05) |
$(0.13) |
|
|
|
Weighted average common shares
– basic and diluted |
38,191,898 |
9,558,321 |
|
Rightscorp,
Inc. |
Consolidated Balance
Sheets |
|
|
|
|
Assets |
December 31, |
December 31, |
|
2013 |
2012 |
Assets |
|
|
Cash |
$36,331 |
$10,049 |
Prepaid expenses |
19,639 |
28,883 |
Other current asset |
-- |
5,698 |
Total Current Assets |
55,970 |
44,630 |
Other Assets |
|
|
Fixed assets, net |
56,453 |
28,851 |
Intangible assets, net |
33,800 |
50,700 |
Total Assets |
$146,223 |
$124,181 |
|
|
|
Liabilities and Stockholders'
Deficit |
|
|
Current Liabilities: |
|
|
Accounts payable and accrued
liabilities |
$928,304 |
$514,874 |
Convertible notes payable, net
of discount of $10,891 and $101,551 |
202,609 |
518,975 |
Total Current
Liabilities |
1,130,913 |
1,033,849 |
Total Liabilities |
1,130,913 |
1,033,849 |
|
|
|
Stockholders' Deficit: |
|
|
Preferred stock, $.001 par
value; 10,000,000 shares authorized; null shares and 3,220,000
shares issued and outstanding, respectively |
-- |
3,220 |
Common stock, $.001 par value;
250,000,000 shares authorized; 68,797,102 and 28,014,392 shares
issued and outstanding, respectively |
68,797 |
28,014 |
Common stock to be issued |
380,000 |
|
Additional paid in capital |
2,807,185 |
1,256,991 |
Accumulated deficit |
(4,240,672) |
(2,197,893) |
Total stockholders'
deficit |
(984,690) |
(909,668) |
Total Liabilities and
Stockholders' Deficit |
$146,223 |
$124,181 |
CONTACT: For further investor and media information contact:
Andrew Haag
Managing Partner
IRTH Communications
rightscorp@irthcommunications.com
1-866-976-4784
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