<SEC-DOCUMENT>0001213900-16-013627.txt : 20160623
<SEC-HEADER>0001213900-16-013627.hdr.sgml : 20160623
<ACCEPTANCE-DATETIME>20160519175921
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-16-013627
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zedge, Inc.
		CENTRAL INDEX KEY:			0001667313
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				263199071
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		22 CORTLANDT STREET
		STREET 2:		14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		330-577-3424

	MAIL ADDRESS:	
		STREET 1:		22 CORTLANDT STREET
		STREET 2:		14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
19, 2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>VIA
EDGAR AND ELECTRONIC MAIL</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, N.E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mail
Stop 4561</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: </FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katherine Wray</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attorney-Advisor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Office
of Information Technologies and Services</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:
Zedge, Inc. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
Statement on Form 10-12G</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filed
on March 8, 2016</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>File
No. 000-55593</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Ms. Wray:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zedge,
Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo; or &ldquo;<B><I>we</I></B>&rdquo;), has today filed with
the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;), pursuant to the requirements of the Securities
Exchange Act of 1934 (the &ldquo;<B><I>Exchange Act</I></B>&rdquo;), as amended, Post-Effective Amendment No. 1 (the &ldquo;<B><I>Amendment</I></B>&rdquo;)
to its Registration Statement on Form 10 filed March 8, 2016 (as amended, the &ldquo;<B><I>Registration Statement</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are writing to respond to the comments raised in your letter to the Company dated May 11, 2016. The responses below correspond
to the captions and numbers of those comments (which are reproduced below in bold). For your convenience, a copy of the Amendment
is enclosed and has been marked to show changes from the Registration Statement filed April 25, 2016. References to page numbers
in our responses are to page numbers in the revised Information Statement attached to the Amendment as Exhibit 99.1 (the &ldquo;<B><I>Information
Statement</I></B>&rdquo;). Capitalized terms defined in the Registration Statement or Information Statement and used in this letter
but not otherwise defined herein have the meanings assigned to them in the Registration Statement or Information Statement, as
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">May 19, 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.2pt 0 3.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Results
of Operations, page 34 </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
your response to comment 4, you indicate that you do not view the number of impressions or any other similar metric as a
material performance indicator. In this regard, please tell us and revise your filings to include those metrics that you
believe to be material performance indicators. Alternatively, we continue to believe that you should revise your filing to
disclose the number of impressions you delivered per reporting period as well as the average price per impression and changes
thereto. Also, consider separately presenting these metrics by both your Android and iOS operating system.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I>:
As set forth in the prior response, the Company believes that it can modify the types of advertisements it markets and the pricing
metrics of those advertisements that will lead to significant shifts in the revenue per impression, revenue per click or other
metric. In fact, different portions of the Company&rsquo;s platform price advertising differently.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes that a meaningful metric is its average revenue per monthly active user (&ldquo;ARPMAU&rdquo;). MAU is defined
in the Information Statement, and the Company tracks its ARPMAU as of the end of monthly, quarterly and annual periods. We have
added to the Information Statement disclosure of ARPMAU for the periods discussed in the financial statements and Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operation section. The added disclosure appears on pages 35 and
36.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the Company&rsquo;s use of ARPMAU for internal performance measurement, the Company believes that the metric is utilized
by industry leading companies and that investors in the Company&rsquo;s industry look to that metric as a performance indicator.
Accordingly, disclosure of that metric can be a useful tool for readers to compare Company performance to other industry participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
indicated previously, the Company does not believe the breaking out the data by platform is significant, but notes that it does
disclose the relative weight of its user base among platforms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Management</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Directors
and Executive Officers, Page 41</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>It appears from IDT&rsquo;s securities filings that Mr. Howard Jonas and Mr. Michael Jonas are related. Please revise to state the nature of their relationship pursuant to Item 401(d) of Regulation S-K.</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I>:
We have revised the disclosure to indicate that Mr. Howard Jonas is Mr. Michael&rsquo;s Jonas&rsquo; father.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">May 19, 2016</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Page 3</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Recent
Sales of Unregistered Securities; Use of Proceeds from Registered Securities, page 53 </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
response to comment 12 states that there were no issuances of unregistered stock-based compensation within the last three years.
Please explain how this statement is consistent with disclosures in the preliminary information statement that suggest that there
were such issuances. In this regard, the table in Note 11 on page F-17 shows that you granted options to purchase common stock
in fiscal year 2014 and issued common stock upon the exercise of options in fiscal year 2015. Furthermore, on page 37, you disclose
that you received $9,000 in proceeds from the exercise of stock options. Please revise your disclosure as needed, or advise us
further.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Response</I>:
We have revised the disclosure to indicate the grants and exercise of options within the last three years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/
Jonathan Reich</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Jonathan
Reich</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Chief
Financial Officer </TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cc:
&nbsp;Juan Migone<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen Krikorian</FONT></P>

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