<SEC-DOCUMENT>0000829323-22-000038.txt : 20220815
<SEC-HEADER>0000829323-22-000038.hdr.sgml : 20220815
<ACCEPTANCE-DATETIME>20220815102917
ACCESSION NUMBER:		0000829323-22-000038
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20220815
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20220815
DATE AS OF CHANGE:		20220815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Inuvo, Inc.
		CENTRAL INDEX KEY:			0000829323
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		IRS NUMBER:				870450450
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32442
		FILM NUMBER:		221163272

	BUSINESS ADDRESS:	
		STREET 1:		500 PRESIDENT CLINTON AVE., STE. 300
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201
		BUSINESS PHONE:		501-205-8508

	MAIL ADDRESS:	
		STREET 1:		500 PRESIDENT CLINTON AVE., STE. 300
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INUVO, INC.
		DATE OF NAME CHANGE:	20090810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOWABUNGA! INC.
		DATE OF NAME CHANGE:	20081106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THINK PARTNERSHIP INC
		DATE OF NAME CHANGE:	20060315
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a8-kxx8x15x22earnings.htm
<DESCRIPTION>8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="i16e67d98c527447fa193495309caba37_1"></div><div style="min-height:36pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div style="-sec-extract:summary;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">UNITED STATES</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Washington, DC 20549</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">FORM 8-K</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">CURRENT REPORT</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date of Report (Date of earliest event reported)&#160;&#160;&#160;&#160;August&#160;15, 2022</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:133%">INUVO, INC.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">(Exact name of registrant as specified in its charter)</font></td></tr></table></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%">Nevada</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%">001-32442</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%">87-0450450</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">(State or other jurisdiction of incorporation)</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">(Commission File Number)</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">(IRS Employer Identification No.)</font></td></tr></table></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:77.884%"><tr><td style="width:1.0%"></td><td style="width:58.982%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.068%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.686%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.864%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">500 President Clinton Ave., Ste. 300</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Little Rock</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">AR</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">72201</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">(Address of principal executive offices)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">(Zip Code)</font></td></tr></table></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:94.551%"><tr><td style="width:1.0%"></td><td style="width:58.222%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.120%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.358%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Registrant's telephone number, including area code</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">501</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">205-8508</font></td></tr></table></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">&#160;(Former name or former address, if changed since last report)</font></td></tr></table></div><div><font><br></font></div><div style="padding-right:-26.4pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below)&#58;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:9.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:88.067%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:9.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:88.067%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:9.995%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.805%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr></table></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:9.995%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.805%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">&#160;Securities registered pursuant to Section 12(b) of the Act&#58;</font></td></tr></table></div><div style="padding-left:40.34pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:83.173%"><tr><td style="width:1.0%"></td><td style="width:34.545%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.626%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.529%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Title of each class</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Trading Symbol</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Name of each exchange on which registered</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Common Stock, $0.001 par value</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">INUV</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">NYSE American</font></td></tr></table></div><div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (17 CFR&#160;&#167;240.12b-2).</font></div><div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Emerging growth company&#160;&#160;&#9744;</font></div><div style="margin-top:10pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;&#9744;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:36pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ITEM 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div style="text-indent:42.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">On August 15, 2022, Inuvo, Inc. issued a press release regarding financial performance for Q2 2022 and held a management conference call to discuss the results and the outlook of the Company. A copy of the earnings release is being furnished herewith as Exhibit 99.1.</font></div><div><font><br></font></div><div style="text-indent:39.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The information in this Current Report on Form8-K under this caption and accompanying exhibits are being furnished under Item 2.02 and shall not be deemed to be &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 (the &#8220;Securities Act&#8221;) or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</font></div><div><font><br></font></div><div style="text-indent:39.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The Company made reference to non-GAAP financial information in the press release and a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the press release.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ITEM 7.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;REGULATION FD DISCLOSURE.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></div><div style="text-align:justify;text-indent:39.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">On August 15, 2022, the Company held a management conference call to discuss the Company's financial results for Q2 2022 financial performance, the outlook of the Company and certain other matters.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:39.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">A copy of the script for the conference call is attached as Exhibit 99.2 and is incorporated by reference into this Current Report on Form 8-K.</font></div><div style="text-align:justify;text-indent:39.6pt"><font><br></font></div><div style="text-indent:39.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The information in this Current Report on Form 8-K and accompanying exhibit is being furnished and shall not be deemed to be &#8220;filed&#8221; for the purposes of Section18 of the Exchange Act, or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ITEM 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:6.955%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:1.955%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.790%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:133%">&#160;</font></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibit No.&#160;&#160;&#160;&#160;Description</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="a991-pr.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline">Press Release for Q2 2022 financial results.</a></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">99.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="a992-2022q2callscriptfinal.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline">Conference Call Script.</a></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%">SIGNATURES</font></td></tr></table></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div style="text-indent:39.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:47.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.778%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.445%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.447%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">&#160;</font></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">INUVO, INC.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Date&#58;&#160;August 15, 2022</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">By&#58;&#160;&#160;</font></td><td colspan="3" style="border-bottom:0.75pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">&#47;s&#47; John B. Pisaris</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">&#160;</font></td><td colspan="9" style="border-top:0.75pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; John B. Pisaris, General Counsel</font></td></tr></table></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:36pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">EXHIBIT INDEX</font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="a991-pr.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline">Press Release for Q2 2022 financial results</a></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">99.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline"><a href="a992-2022q2callscriptfinal.htm" style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%;text-decoration:underline">Conference Call Script.</a></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a991-pr.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="ie5cd115dda0f4911aa71d7e14f872f2d_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><img alt="image_0a.jpg" src="image_0a.jpg" style="height:47px;margin-bottom:5pt;vertical-align:text-bottom;width:120px"></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:16pt;font-weight:700;line-height:100%">Inuvo Revenue Increases 79.3% Year-Over-Year to $22.7 Million for the Second Quarter of 2022</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">Inuvo management to host conference call at 10&#58;00 AM ET today, Monday, August 15, 2022</font></div><div style="text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">LITTLE ROCK, AR, August 15, 2022 (GLOBE NEWSWIRE)</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%"> -- Inuvo, Inc. (NYSE American&#58; INUV), a leading provider of marketing technology, powered by artificial intelligence (AI) that serves brands and agencies, today provided a business update, and announced its financial results for the second quarter ended June 30, 2022.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Richard Howe, CEO of Inuvo, stated, &#8220;We had another exceptionally strong quarter as demonstrated by a 79.3% year-over-year increase in revenue to $22.7 million for the three months ended June 30, 2022.  We also achieved a 77.4% year-over-year increase in revenue to $41.3 million for the six months ended June 30, 2022.   Importantly, we have realized approximately 15% compounded quarterly growth rate over the two-year period between Q2 of 2020 and Q2 of 2022. Both the Search and Social ValidClick and Programmatic IntentKey platforms experienced significant growth in the three and six months ended June 30, 2022.&#8221;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Mr. Howe added, &#8220;We believe the industry we serve is not prepared for the implications of a consumer privacy led future where consumer data is no longer available to facilitate behavioral targeting of advertising. Most of an advertisers&#8217; return on advertising spend is related to the use of 3</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.15pt;font-weight:400;line-height:100%;position:relative;top:-3.85pt;vertical-align:baseline">rd</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%"> party cookies and consumer data. The industry we serve is rapidly changing, and within the next two years, we anticipate cookies will be eliminated on all major platforms including Apple and Google. This poses an immediate threat to existing incumbent advertising technology and data companies. Currently, we estimate that 75% of the media purchase opportunities within the open web either do not have a consumer cookie ID, or that cookie ID does not persist the next day. This disruptive change, already well underway within the industry provides Inuvo a unique opportunity to rapidly capture market share, while incumbents continue to develop and deploy variations on outdated technologies poorly aligned with the future.&#8221; </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Financial Results for the Three and Six Month Ended June 30, 2022</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net revenue for the second quarter ended June 30, 2022 totaled $22.7 million, an increase of 79.3% as compared to $12.6 million for the same period last year.  Net revenue for the six months ended June 30, 2022 totaled $41.3 million, an increase of 77.4%</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">compared to $23.3 million for the same period last year.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">IntentKey programmatic platform revenue for the three months and six months ended June 30, 2022 exceeded the same period last year by 197% and 232%, respectively. ValidClick search and social platform revenue for the three and six months ended June 30, 2022 exceeded the same period last year by 44% and 35%, respectively. Revenue split between IntentKey and ValidClick was roughly 38% versus 62% for the three months ended June 30, 2022, which compares to 23% and 77%, respectively, for the same period last year.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Cost of revenue for the second quarter ended June 30, 2022, totaled $9.3 million as compared to $2.3 million for the same period last year.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Cost of revenue for the six months ended June 30, 2022, totaled $18.0 million as compared to $3.7 million for the same period last year. The increase in the cost of revenue for the three months and six months ended June 30, 2022 as compared to the same period last year was related to the acquisition of new customers and growth of IntentKey as a percentage of revenue.  </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Gross profit for the three and six months ended June 30, 2022 totaled $13.4 million and $23.3 million, respectively as compared to $10.4 million and $19.5 million, respectively, for the same period last year. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Page 1 </font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Gross profit margin for the three and six months ended June 30, 2022 was 59.1% and 56.5%, respectively as compared to 82.1% and 84.1%, respectively, for the same period last year. The IntentKey platform has a lower gross margin than the ValidClick platform but has a greater overall net margin than the ValidClick platform. The gross margin decreased as IntentKey revenue became a greater percentage of net revenue.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Operating expenses for the three months ended June 30, 2022 totaled $16.2 million, an increase of 27.0% as compared to $12.8 million for the same period last year. Operating expenses for the six months ended June 30, 2022 totaled $28.3 million, an increase of 15.2% as compared to $24.5 million for the same period last year. Operating expenses for the three and six months ended June 30, 2022 included a one-time marketing expense of $1.4 million related to fraudulent media purchased from a prominent advertising platform, from whom the Company expects reimbursement. The company has withheld payment of an equivalent amount of payables due to this advertising platform.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Other expense&#47;income for the three and six months ended June 30, 2022 included an expense of approximately $395 thousand and $377 thousand, respectively, from unrealized losses on trading securities.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Other expense&#47;income for the three months ended June 30, 2021 included approximately $25 thousand from unrealized gains on trading securities, and for the six month period ended June 30, 2021, other expense&#47;income included income of approximately $495 thousand due to the reversal of deferred revenue from a one-time contract cancellation.  </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net loss for the second quarter of 2022 totaled $3.2 million, or $0.03 per basic and diluted share, as compared to net loss of $2.4 million, or $0.02 per basic and diluted share, for the same period last year. Net loss for the six months ended June 30, 2022 totaled $5.3 million, or $0.04 per basic and diluted share, as compared to net loss of $4.5 million, or $0.04 per basic and diluted share, for the same period last year. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net loss in the second quarter included $1.3 million non-cash depreciation, amortization, and stock compensation and for the six-month period those same items were $2.7 million. The net loss also includes $1.4 million dollars of expense related to the fraudulent media described above and $395 thousand of marked to market losses of which, by August 12</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:7.15pt;font-weight:400;line-height:100%;position:relative;top:-3.85pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">, had regained approximately $300 thousand. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Adjusted EBITDA was a loss of approximately $142 thousand in the second quarter of 2022, compared to a loss of approximately $965 thousand for the same period last year. Adjusted EBITDA was a loss of approximately $859 thousand for the six months ended June 30, 2022, compared to a loss of approximately $1.8 million for the same period last year.  </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Liquidity and Capital Resources&#58;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">On June 30, 2022, Inuvo had $8.4 million in cash, cash equivalents and marketable securities, $8.9 million of working capital, an unused working capital facility of $5 million and no debt.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">As of June 30, 2022, Inuvo had 119,873,869 common shares issued and outstanding.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Conference Call Details&#58;&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%"><br>Date&#58; Monday, August 15, 2022 </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Time&#58; 10&#58;00 a.m. Eastern Time&#160;<br>Toll-free Dial-in Number&#58; 1-888-394-8218<br>International Dial-in Number&#58; 1-323-701-0225<br>Conference ID&#58; 3117716<br>Webcast Link&#58;&#160;HERE</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">A telephone replay will be available through Monday, August 29, 2022. To access the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, please enter the code 3117716 followed by the # sign. You will then be prompted for your name, company, and phone number. Playback will then automatically begin.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Page 2 </font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">About Inuvo</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Inuvo&#174;, Inc. (NYSE American&#58; INUV) is a market leader in Artificial Intelligence built for advertising. Its IntentKey AI solution is a first-of-its-kind proprietary and patented technology capable of identifying and actioning to the reasons why consumers are interested in products, services, or brands, not who those consumers are. To learn more, visit www.inuvo.com.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Safe Harbor &#47; Forward-Looking Statements</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">This press release contains &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation risks detailed from time to time in our filings with the Securities and Exchange Commission (the &#8220;SEC&#8221;), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading &#34;Risk Factors&#34; in Inuvo, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed on March 17, 2022, our Quarterly Reports on Form 10-Q, and our other filings with the SEC. &#160;Additionally, forward looking statements are subject to certain risks, trends, and uncertainties including the continued impact of Covid-19 on Inuvo&#8217;s business and operations. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this press release. The information, which appears on our websites and our social media platforms is not part of this press release.</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Inuvo Company Contact&#58; </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Wally Ruiz  </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Chief Financial Officer </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Tel (501) 205-8397 </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">wallace.ruiz&#64;inuvo.com</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Investor Relations&#58;</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">David Waldman &#47; Natalya Rudman</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Crescendo Communications, LLC</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Tel&#58; (212) 671-1020</font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">inuv&#64;crescendo-ir.com</font></div><div style="padding-left:144pt;text-indent:36pt"><font><br></font></div><div style="padding-left:144pt;text-indent:36pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">     </font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">(Tables follow)</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Page 3 </font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Page 4 </font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.418%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.491%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.639%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.491%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.789%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.491%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.789%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.792%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">INUVO, INC.</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">(Unaudited)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Six Months Ended</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">June 30</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">June 30</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">June 30</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">June 30</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2021</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net revenue</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$22,651,305</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$12,635,583</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$41,260,672</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$23,253,392</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Cost of revenue</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">9,273,589</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2,264,020</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">17,935,095</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">3,708,079</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Gross profit</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">13,377,716</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">10,371,563</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">23,325,577</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">19,545,313</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Operating expenses</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Marketing costs</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">10,988,409</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">8,213,140</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">18,157,858</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">15,518,924</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Compensation</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">3,215,890</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2,880,217</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">6,373,596</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">5,618,084</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">General and administrative</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2,011,237</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,676,890</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">3,737,909</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">3,401,868</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Total operating expenses</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">16,215,536</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">12,770,247</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">28,269,363</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">24,538,876</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Operating loss</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(2,837,820)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(2,398,684)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(4,943,786)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(4,993,563)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Interest expense (income), net</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">3,070</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(7,991)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2,071</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(30,380)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Other income (loss), net</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(395,177)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">24,548</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(377,475)</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">494,548</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net loss</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(3,229,927)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(2,382,127)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(5,319,190)</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(4,529,395)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Other comprehensive income</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Unrealized loss on marketable securities</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(124,253)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(222,409)</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Comprehensive loss</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(3,354,180)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(2,382,127)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(5,541,599)</font></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(4,529,395)</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:2.5pt double #000000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Earnings per share, basic and diluted</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net loss income</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(0.03)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(0.02)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(0.04)</font></td><td colspan="3" style="border-top:2.5pt double #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(0.04)</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Weighted average shares outstanding</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Basic</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">119,827,944</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">116,497,035</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">118,788,819</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">116,497,035</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Diluted</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">119,827,944</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">116,497,035</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">118,788,819</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">116,497,035</font></td></tr></table></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Page 5 </font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:56.714%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.076%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.868%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.076%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.288%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.078%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font><br></font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">INUVO, INC.</font></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">CONDENSED CONSOLIDATED BALANCE SHEETS</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(Unaudited)</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">June 30</font></td><td colspan="3" rowspan="2" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">December 31</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2022</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Assets</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:18pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Cash and cash equivalent</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$6,373,070</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$10,475,964</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Marketable securities-short term</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2,044,601</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,927,979</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Accounts receivable, net</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">13,094,811</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">9,265,813</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Prepaid expenses and other current assets</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,074,366</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,408,186</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Total current assets</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">22,586,848</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">23,077,942</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Property and equipment, net</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,688,478</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,506,766</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Intangible assets, net of accumulated amortization</font></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">6,141,541</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">6,720,585</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Goodwill</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">9,853,342</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">9,853,342</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Other assets</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2,209,980</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2,838,439</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Total assets</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$42,480,189</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$43,997,074</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:17pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:2.5pt double #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Liabilities and Stockholders&#8217; Equity</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Current liabilities</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:11pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Accounts payable</font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:11pt"><font><br></font></div></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$6,246,536</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$4,844,716</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:11pt"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Accrued expenses and other current liabilities</font></div></td><td colspan="3" style="padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:11pt"><font><br></font></div></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">7,422,403</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">5,817,823</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Total current liabilities</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">13,668,939</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">10,662,539</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Long-term liabilities</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">304,895</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">526,540</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Total stockholders' equity</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">28,506,355</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">32,807,995</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Total liabilities and stockholders' equity</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:2.5pt double #000000;border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$42,480,189</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:2.5pt double #000000;border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$43,997,074</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Page 6 </font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:22.622%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.372%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.717%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.372%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.496%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.372%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.848%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.372%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.372%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.846%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.372%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.496%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.372%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.695%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.381%"></td><td style="width:0.1%"></td></tr><tr><td colspan="21" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="33" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="12" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="18" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Six Months Ended</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">June 30</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">June 30</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">June 30</font></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">June 30</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2022</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2021</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2022</font></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Net loss</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">($3,229,927)</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$(2,382,127)</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$(5,319,190)</font></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">$(4,529,395)</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Interest (Income) Expense</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">($3,070)</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">7,991</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2,071</font></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">30,380</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Depreciation</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">372,939</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">314,106</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">729,732</font></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">619,634</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Amortization</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">270,563</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">537,530</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">627,741</font></td><td colspan="6" style="border-bottom:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,086,730</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">EBITDA</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(2,589,495)</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(1,522,500)</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(3,959,646)</font></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(2,792,651)</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Stock-based compensation</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">684,376</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">557,602</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,355,534</font></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">952,472</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:-11.5pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Non-recurring transactions&#58;</font></div><div style="padding-left:2.75pt;padding-right:-11.5pt;text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Expense of fraudulent media</font></div></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,367,800</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1,367,800</font></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-</font></td></tr><tr><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Unrealized loss on investments</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">395,177</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">377,475</font></td><td colspan="6" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">-</font></td></tr><tr style="height:6pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Adjusted EBITDA</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(142,142)</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(964,898)</font></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(858,837)</font></td><td colspan="6" style="border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(1,840,179)</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Reconciliation of Operating Loss to EBITDA and Adjusted EBITDA&#160;</font><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%"><br></font><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:100%">We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as Net loss plus (i) interest expense, (ii) depreciation, and (iii) amortization. We further define Adjusted EBITDA as EBITDA plus (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.</font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Page 7 </font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a992-2022q2callscriptfinal.htm
<DESCRIPTION>EX-99.2
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="idabd15ee1f4e4b9185a722f9332a3143_1"></div><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Operator Comments&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Good morning, and welcome to the INUVO&#8217;s 2022 Second Quarter Conference Call. Today&#8217;s conference is being recorded. Ms. Natalya Rudman of Crescendo Communications, please go ahead.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%"> </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Natalya Rudman (Investor Relations) Comments&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Thank you, operator, and good morning. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">I&#8217;d like to thank everyone for joining us today for the INUVO second quarter 2022 shareholder update call. Today, INUVO&#8217;s Chief Executive Officer Richard Howe and Chief Financial Officer Wally Ruiz will be your presenters on the call.</font></div><div><font><br></font></div><div><font style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We would also like to remind our shareholders that we anticipate filing our 10Q with the Securities and Exchange Commission today. </font></div><div style="text-align:justify"><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Before we begin, I&#8217;m going to review the Company&#8217;s Safe Harbor statement. The statements in this conference call that are not descriptions of historical facts are forward-looking statements relating to future events and, as such, all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995.  </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">These forward-looking statements are subject to risks and uncertainties and actual results may differ materially.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">When used in this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions as they relate to INUVO, Inc., are, as such, a forward-looking statement.  </font></div><div><font><br></font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Investors are cautioned that all forward-looking statements involve risks and uncertainties which may cause actual results to differ from those anticipated by INUVO at this time. In addition, other risks are more fully described in INUVO's public filings with the US Securities and Exchange Commission, which can be reviewed at www.sec.gov.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events, or circumstances after the date hereof that bear upon forward-looking statements. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">In addition, today's discussion will include references to non-GAAP measures. The Company believes that such information provides an additional measurement and consistent historical comparison of its performance. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is available in today's news release on our website.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">With that, I&#8217;ll now turn the call over to CEO Richard Howe.  </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">&#160;</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Richard Howe (CEO) Comments&#58; </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Thank you, Natalya, and thanks everyone for joining us today. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We had another exceptionally strong quarter where for the three months ended June 30, 2022, we delivered $22.7 million in revenue, which was up 79% year-over-year. Our trailing twelve-month year-over-year growth rate now stands at an impressive 72% and, we have delivered approximately a 15% compounded quarterly growth rate over the last two-year period between Q2 of 2020 and Q2 of 2022.</font></div><div><font><br></font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Inuvo provides digital advertising technology and services across channels. Our ValidClick platform principally serves advertising within the Search and Social channels while the IntentKey principally serves within the Programmatic channels. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Both platforms experienced significant growth in the second quarter, with the IntentKey and ValidClick up roughly 197% and 44% respectively year-over-year. The Social &#38; Search related revenues from ValidClick represented roughly 62% of Revenues while the Programmatic revenues associated with the IntentKey represented 38%. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The Company&#8217;s top three clients accounted for approximately 27.4%, 27.2% and 13.6% of overall revenue respectively. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The second quarter was seasonally higher than is typical. The Q2 and Q3 periods within advertising tend to be difficult to predict. There is variability, year to year in both the timelines associated with advertiser budgets for the year, typically occurring in Q1 and some inconsistency in consumer purchasing behavior because of summer, typically in Q3.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We believe this variability has been compounded this year due to various uncertainties related to the economic environment. This seasonality tends to lead to years where sometimes Q2 is higher than Q3 and sometimes the opposite, sequentially. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Gross margins remained healthy in the second quarter at roughly 59%. Adjusted EBITDA was a loss of roughly $100 thousand. There were extenuating circumstances associated with expenses in the quarter that Wally will discuss in his review of the financials. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The Company&#8217;s core strategy remains a growth-oriented strategy. As we have messaged on previous calls, we believe the industry we serve is not prepared for the implications of a consumer privacy led future where consumer data is no longer available to facilitate </font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">3</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">behavioral targeting of advertising. Most of an advertisers return on advertising spend is related to the use of this data. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Currently, approximately 75% of the media purchase opportunities within the open-web either do not have a consumer cookie ID, or that cookie ID does not persist the next day and as a result is no longer targetable. Google does not need to kill the cookie&#59; the consumer, with VPN and incognito tools and the other browser developers have already done so. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We believe two things are occurring because of this new reality. First, the existing incumbent advertising technology and data companies are convincing their clients to use a variation on the existing consumer-based methods. The industry is referring to this as a first party cookie solution. For those companies, where hundreds of millions, sometimes billions of dollars have been invested in the various technologies and data that support this approach, this is the only way to preserve those investments. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Secondly, and because there is already limited media inventory available to these technologies, these same incumbents are all effectively competing for media placements on a consumer cookie ID pool that is shrinking by the day, which means they are only bidding up the price for each other because of a shrinking cookie supply with constant demand. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Inuvo has no such limitations.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The technical, regulatory and consumer issues facing 1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7.8pt;font-weight:400;line-height:174%;position:relative;top:-4.2pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%"> party solutions suggest that they are challenged from the get-go. Less than 5% of current open-web media purchase opportunities are currently targetable in this 1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7.8pt;font-weight:400;line-height:174%;position:relative;top:-4.2pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%"> party manner. This solution cannot and will not scale and literally uses a technical work around that allows the continued use of a consumer&#8217;s data, something consumers have overwhelmingly told the industry, they no longer desire. </font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">4</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">As a practical matter, this privacy movement has been self-evident in the response from consumers who use an Apple device where they have been asked if they want their applications to track them. The vast majority have voted, no. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Our opportunity is to take market share during this period where the incumbents continue to use outdated technologies ill aligned with the future and therefore why growth is our #1 priority. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We continue to deliver exceptional results for clients within the IntentKey platform where in the second quarter, we performed on average 66% better than our clients KPI&#8217;s. We ran over 80 open-web campaigns in the quarter. We also put out a press release challenge to the industry in the quarter where we offered to compete head-to-head with any company where if Inuvo lost, it would pay the invoice. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%;text-decoration:underline">We had no takers</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">New customer acquisition was a highlight in Q2. We expanded further into the automotive, consumer package goods, financial services, political and tourism verticals. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We hired an experienced sales leader in Q1 and have now organized all of sales and account management under her. We remain active in our recruiting within this group so we can meet the opportunity we see before us. </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">&#160;</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We sponsored a first of its kind conference on artificial intelligence in advertising, which took place in New York City and proved to be a huge success based on the number and variety of industry leaders in attendance. This subject was also top of mind at the Cannes Lions advertising Festival we attended in July. We have increased our marketing spending in support of our growth-oriented focus. </font></div><div><font><br></font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">5</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Product development activity continued across both platforms. Within ValidClick we added new features and tools that enhance automated, analytically based media buying within search and social channels. Scaling campaigns, both in numbers and through automation has been an ongoing focus of the ValidClick platform Engineering. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Within the IntentKey, we launched a new graphical interface to the insights generated by the artificial intelligence that was well received by clients, who can now interact with the information being generated by the AI in real-time.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We also started to commercialize a neural network-based media mix modeling solution, which we expect to make available to clients within the existing reporting dashboard they already use. As the number of media channels has exploded, so too has the challenge to figure out how to optimize media spending across those channels. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">This is not only a highly non-linear problem, but it&#8217;s also another problem being impacted by the cookie because traditional accounting for attribution associated with a channel involves counting the cookies linked to that channel, a method also on its last legs. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">This sophisticated and AI based approach to the media optimization challenge facing the industry will be yet another significant differentiator for Inuvo. Managing multi-media is akin to conducting an orchestra, you want to turn down the horn section when it&#8217;s sounding a little flat. The challenge is how to figure out when and by how much it&#8217;s flat. This is the problem we&#8217;ve figured out. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">I would now like to turn the call over to Wally for a more detailed assessment of our financial performance within the quarter. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Ruiz (CFO) Comments&#58; </font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">6</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Thank you, Rich, and good morning, everyone. I will recap the financial results for our second quarter of 2022. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">As Rich mentioned, Inuvo reported revenue of $22.7 million for the quarter ended June 30, 2022&#59; an increase of 79% compared to $12.6 million reported in the second quarter of the prior year. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Both platforms serving our multi-channel solution, ValidClick and IntentKey, exceeded the prior year. ValidClick revenue exceeded the second quarter of last year by 44% and the IntentKey revenue exceeded the prior year quarter by approximately 197%, primarily due to new customers expanding their media spend. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Revenue split between IntentKey and ValidClick was 38% and 62%, respectively for the second quarter of 2022, that compares to 23% and 77%, respectively, for the same period last year.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Our revenue is less concentrated in 2022 than ever before. Our largest client, a retailer, represented 27% of our total revenue. The same quarter last year, our largest client was Google and represented 38% of our revenue. Google remains an important customer and in the second quarter represented 14% of the revenue.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Gross profit for the second quarter ended June 30, 2022 totaled $13.4 million as compared to $10.4 million for the same period last year. Gross profit margin for the second quarter of 2022 was 59% as compared to 82% for the same period last year. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The IntentKey platform has a lower gross margin than the ValidClick platform but has a greater overall net margin. The Inuvo gross margin decreases as IntentKey revenue </font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">7</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">becomes a greater percentage of total revenue. In quarters past, cost of revenue was predominately payments to website publishers and app developers that hosted advertisements we served through the ValidClick platform yielding a very high gross margin. </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">As the Programmatic channels associated with the IntentKey continue to grow, they become a larger percent of our revenue and cost of revenue. IntentKey cost of revenue is predominately payments to advertising exchanges that provide access to a supply of advertising inventory into which we serve, on behalf of clients, advertisements using information predicted by the IntentKey artificial intelligence. This is a greater cost than the historical payments we have made to publishers associated with ValidClick, but at the same time on a net basis it is more profitable. The very high ValidClick gross margins also have a high cost of traffic acquisition, which is accounted for in operating expense as marketing costs. The IntentKey is not burdened with such costs.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Our gross margins are also dependent upon the mix of advertising channels serving the client. Many of our clients require a multi-channel digital media solution. One of our advantages is the ability to serve highly targeted, prescriptive ads across multiple channels, such as video, mobile, connected TV, linear TV, display, social, search and native. Each of these channels yield varying gross margins depending on supply and demand. The optimization of the media mix for clients can vary from client to client and over time. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Generally, search and social are lower margin channels as we have to work within the walled gardens of the large internet platforms that support these channels. We have better opportunities for margin expansion in other channels on the open web. We expect Inuvo gross margins for the remainder of the year to be roughly in line with the results of Q1 and Q2.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Operating expenses were $16.2 million in the second quarter of 2022 compared to $12.8 million in the prior year, an increase of $3.4 million. </font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">8</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The largest component of operating expense is marketing costs. Note, as I previously mentioned, marketing costs are predominantly traffic acquisition costs associated with ValidClick. Marketing costs were $11 million in the second quarter of this year compared to $8.2 million in the same quarter last year. This brings us to the first of two matters that impacted the second quarter. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Within the quarter, we purchased, and placed approximately $2 million of media from one of the largest and well-known platform providers.&#160; The technologies we have for measuring quality of the media we purchase determined that the media platform provider sent us large volumes of fraudulent traffic.&#160; That media platform gave us a credit of approximately $600 thousand for the fraudulent traffic, and as a result, the net amount of $1.4 million was absorbed into marketing expense with no corresponding revenue.&#160;&#160; </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">While the media platform provider has acknowledged the fraudulent traffic issue and granted us this partial credit, we firmly believe we are due a full refund for all fraudulent media we have purchased, and we intend to utilize all avenues available to us to pursue our claims.&#160; In the meantime, we have held back an equivalent amount of payments we owe this platform provider pending resolution. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Going forward, we expect marketing costs as a percent of revenue to continue to decline as revenue from the IntentKey platform continues to grow in overall share of Inuvo revenue relative to ValidClick.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Compensation expense was $3.2 million in the second quarter this year compared to $2.9 million in the prior year primarily due to higher employee salary cost and higher stock-based compensation expense. Our full-time and part-time employment was 83 on June 30, 2022, compared to 73 on June 30, 2021. </font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">9</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The majority of the increase in headcount occurred within sales, sales support and account management for the IntentKey.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">General and administrative expense increased by $334 thousand in the second quarter this year compared to the prior year due to higher bad debt allowance, travel &#38; entertainment expense, and professional fees, partially offset by $269 thousand lower amortization expense.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Net interest was income of $3 thousand in the second quarter of 2022 compared to $8 thousand expense in the same quarter last year. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Turning now to other income and expense which brings us to the second matter that impacted the quarter. As we disclosed last year, we identified a portion of our cash that would not be needed during the next twelve months and transferred it to a fund manager. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Since the third quarter of last year, we have been reporting unrealized gains as the securities are marked-to-market at quarter end. However, with the recent increase in interest rates and the downturn in the stock market, these same securities reported an unrealized loss at the end of June of approximately $395 thousand. However, as of last Friday, that portfolio had regained approximately $300 thousand in value.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We reported a net loss of $3.2 million or 3&#162; per basic share compared to a $2.4 million net loss or 2&#162; per basic share in the same quarter last year. Recall this year&#8217;s quarter includes a $1.4 million expense for fraudulent traffic, that we expect to receive full reimbursement for and a $395 thousand unrealized loss on marketable securities. Neither of these two expenses diminished cash&#59; though we did recognize the expense, we did not and shall not pay the invoices for the fraudulent media. </font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">10</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Net Income in this year&#8217;s quarter also includes $1.3 million non-cash depreciation, amortization, and stock compensation.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The adjusted EBITDA loss for the quarter ended June 30, 2022, was $142 thousand compared to a loss of $965 thousand last year. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">On June 30, 2022, we had cash and cash equivalents and marketable securities of $8.4 million, and a net working capital of $8.9 million. In addition, we have a $5 million working capital line of credit which currently has no outstanding balance. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We maintain a simple capital structure with 119.9 million common shares outstanding, 5.1 million employee restricted stock units outstanding through an equity incentive plan and 300,000 warrants to purchase common stock. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Now, I&#8217;d like to turn the call back to Rich for closing remarks.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Richard Howe (CEO) Closing Comments&#58; </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Thanks, Wally, at 75% year over year growth in the first quarter and now 79% in the second quarter, we&#8217;ve had a very strong first half of 2022. Our trailing twelve-month growth rate now stands at 72% and our 8-quarter compounded growth rate has been 15%.  We had an Adjusted EBITDA loss of $100 thousand in the second quarter.  </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">We continue to develop and deploy artificial intelligence-based innovations that serve to further the gap between our capabilities and those of our competitors, who for the most part appear to be doubling down on existing methods and technologies.</font></div><div><font><br></font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">11</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:133.92pt;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Inuvo, Inc.</font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Second Quarter 2022 </font></div><div style="padding-left:2.75pt;padding-right:2.75pt"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Aug 15, 2022</font></div></td><td colspan="3" style="background-color:#000000;padding:0 1pt"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:28px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Our balance sheet remains strong enough to accommodate the working capital needs of the growing business and, as a result, we have no immediate plans to raise capital. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">I will now turn the call over to the operator for questions. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Richard Howe Final Comments&#58; </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:174%">I would like to thank everyone who joined us on today&#8217;s call. We appreciate your continued interest in our company.  </font></div><div style="height:64.08pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">12</font></div><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_01a.jpg
<TEXT>
begin 644 image_01a.jpg
MB5!.1PT*&@H    -24A$4@  !/4   %H" (   "PA5F9   )&4E$051X7NW7
MH8T5 !!%T2T.3Q=HJL(0S H,+9"@2#9T $TL_NM](^Z>DZ?&C[A/KP"'OO_^
M].7G![/WO)>_WQX? P!X"T^/!X E?6NF;P%@1-\"I_2MF;X%@!%]"YS2MV;Z
M%@!&]"UP2M^:Z5L &-&WP"E]:Z9O 6!$WP*G]*V9O@6 $7T+G-*W9OH6 $;T
M+7!*WYKI6P 8T;? *7UKIF\!8$3? J?TK9F^!8 1?0N<TK=F^A8 1O0M<$K?
MFNE; !C1M\ I?6NF;P%@1-\"I_2MF;X%@!%]"YS2MV;Z%@!&]"UP2M^:Z5L
M&-&WP"E]:Z9O 6!$WP*G]*V9O@6 $7T+G-*W9OH6 $;T+7!*WYKI6P 8T;?
M*7UKIF\!8$3? J?TK9F^!8 1?0N<TK=F^A8 1O0M<$K?FNE; !C1M\ I?6NF
M;P%@1-\"I_2MF;X%@!%]"YS2MV;Z%@!&]"UP2M^:Z5L &-&WP"E]:Z9O 6!$
MWP*G]*V9O@6 $7T+G/KQ\OGKKX]F[WE__CT_/@8 \!;T+0    7Z%@  @ )]
M"P  0(&^!0  H$#? @  4*!O 0  *-"W    %.A;    "O0M    !?H6  "
M GT+  ! @;X%  "@0-\"  !0H&\!   HT+<    4Z%L    *]"T    %^A8
M ( "?0L  $"!O@4  *! WP(  %"@;P$  "C0MP   !3H6P    KT+0    7Z
M%@  @ )]"P  0(&^!0  H$#? @  4*!O 0  *-"W    %.A;    "O0M
M!?H6  "  GT+  ! @;X%  "@0-\"  !0H&\!   HT+<    4Z%L    *]"T
M   %^A8  ( "?0L  $"!O@4  *! WP(  %"@;P$  "C0MP   !3H6P    KT
M+0    7Z%@  @ )]"P  0(&^!0  H$#? @  4*!O 0  *-"W    %.A;
M"O0M    !?H6  "  GT+  ! @;X%  "@0-\"  !0H&\!   HT+<    4Z%L
M   *]"T    %^A8  ( "?0L  $"!O@4  *! WP(  %"@;P$  "C0MP   !3H
M6P    KT+0    7Z%@  @ )]"P  0(&^!0  H$#? @  4*!O 0  *-"W
M%.A;    "O0M    !?H6  "  GT+  ! @;X%  "@0-\"  !0H&\!   HT+<
M   4Z%L    *]"T    %^A8  ( "?0L  $"!O@4  *! WP(  %"@;P$  "C0
MMP   !3H6P    KT+0    7Z%@  @ )]"P  0(&^!0  H$#? @  4*!O 0
M*-"W    %.A;    "O0M    !?H6  "  GT+  ! @;X%  "@0-\"  !0H&\!
M   HT+<    4Z%L    *]"T    %^A8  ( "?0L  $"!O@4  *! WP(  %"@
M;P$  "C0MP   !3H6P    KT+0    7Z%@  @ )]"P  0(&^!0  H$#? @
M4*!O 0  *-"W    %.A;    "O0M    !?H6  "  GT+  ! @;X%  "@0-\"
M  !0H&\!   HT+<    4Z%L    *]"T    %^A8  ( "?0L  $"!O@4  *!
MWP(  %"@;P$  "C0MP   !3H6P    KT+0    7Z%@  @ )]"P  0(&^!0
MH$#? @  4*!O 0  *-"W    %.A;    "O0M    !?H6  "  GT+  ! @;X%
M  "@0-\"  !0H&\!   HT+<    4Z%L    *]"T    %^A8  ( "?0L  $"!
MO@4  *! WP(  %"@;P$  "C0MP   !3H6P    KT+0    7Z%@  @ )]"P
M0(&^!0  H$#? @  4*!O 0  *-"W    %.A;    "O0M    !?H6  "  GT+
M  ! @;X%  "@0-\"  !0H&\!   HT+<    4Z%L    *]"T    %^A8  ( "
M?0L  $"!O@4  *! WP(  %"@;P$  "C0MP   !3H6P    KT+0    7Z%@
M@ )]"P  0(&^!0  H$#? @  4*!O 0  *-"W    %.A;    "O0M    !?H6
M  "  GT+  ! @;X%  "@0-\"  !0H&\!   HT+<    4Z%L    *]"T    %
M^A8  ( "?0L  $"!O@4  *! WP(  %"@;P$  "C0MP   !3H6P    KT+0
M  7Z%@  @ )]"P  0(&^!0  H$#? @  4*!O 0  *-"W    %.A;    "O0M
M    !?H6  "  GT+  ! @;X%  "@0-\"  !0H&\!   HT+<    4Z%L    *
M]"T    %^A8  ( "?0L  $"!O@4  *! WP(  %"@;P$  "C0MP   !3H6P
M  KT+0    7Z%@  @ )]"P  0(&^!0  H$#? @  4*!O 0  *-"W    %.A;
M    "O0M    !?H6  "  GT+  ! @;X%  "@0-\"  !0H&\!   HT+<    4
MZ%L    *]"T    %^A8  ( "?0L  $"!O@4  *! WP(  %"@;P$  "C0MP
M !3H6P    KT+0    7Z%@  @ )]"P  0(&^!0  H$#? @  4*!O 0  *-"W
M    %.A;    "O0M    !?H6  "  GT+  ! @;X%  "@0-\"  !0H&\!   H
MT+<    4Z%L    *]"T    %^A8  ( "?0L  $"!O@4  *! WP(  %"@;P$
M "C0MP   !3H6P    KT+0    7Z%@  @ )]"P  0(&^!0  H$#? @  4*!O
M 0  *-"W    %.A;    "O0M    !?H6  "  GT+  ! @;X%  "@0-\"  !0
MH&\!   HT+<    4Z%L    *]"T    %^A8  ( "?0L  $"!O@4  *! WP(
M %"@;P$  "C0MP   !3H6P    KT+0    7Z%@  @ )]"P  0(&^!0  H$#?
M @  4*!O 0  *-"W    %.A;    "O0M    !?H6  "  GT+  ! @;X%  "@
M0-\"  !0H&\!   HT+<    4Z%L    *_@/ZB[MJE$,TB     !)14Y$KD)@
!@@$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_0a.jpg
<TEXT>
begin 644 image_0a.jpg
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
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
