<SEC-DOCUMENT>0001213900-16-014127.txt : 20160609
<SEC-HEADER>0001213900-16-014127.hdr.sgml : 20160609
<ACCEPTANCE-DATETIME>20160609163948
ACCESSION NUMBER:		0001213900-16-014127
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160609
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160609
DATE AS OF CHANGE:		20160609

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37782
		FILM NUMBER:		161706415

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k060916_zedgeinc.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
8-K</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CURRENT
REPORT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant
to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
of Report (Date of earliest event reported): June 9, 2016</B></FONT></P>



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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>ZEDGE,
INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
name of registrant as specified in its charter)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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

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    <TD STYLE="vertical-align: bottom; padding: 0pt 0pt 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1.5pt solid; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1-37782</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0pt 0pt 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1.5pt solid; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>26-3199071</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State
or other jurisdiction<BR>
of incorporation)</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Commission
    File Number)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(IRS
Employer<BR>
Identification No.)</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
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    Cortlandt Street (14<SUP>th</SUP> Floor), New York, NY </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0pt 0pt 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1.5pt solid; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10007</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address
    of principal executive offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Zip
    Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registrant&rsquo;s
telephone number, including area code: (330) 577-3424&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
Applicable</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Former
name or former address, if changed since last report.)</B></FONT></P>

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

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<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">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):</FONT></P>

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

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    <TD STYLE="width: 4%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 4%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 96%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><A NAME="FIS_SECTION_8_OTHER_EVENTS"></A><A NAME="FIS_OTHER_EVENTS"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;2.02.</B></FONT></TD>
    <TD STYLE="width: 91%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Results
    of Operations and Financial Condition</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 9, 2016, Zedge, Inc. (the &ldquo;Registrant&rdquo;) issued a press release announcing its results of operations for its fiscal
quarter ended April 30, 2016. A copy of the press release issued by the Registrant concerning the foregoing results is furnished
herewith as Exhibit 99.1 and is incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant is furnishing the information contained in this Report, including Exhibit 99.1, pursuant to Item 2.02 of Form 8-K promulgated
by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). This information shall not be deemed to be &ldquo;filed&rdquo;
with the SEC or incorporated by reference into any other filing with the SEC unless otherwise expressly stated in such filing.
In addition, this Report and the press release contain statements intended as &ldquo;forward-looking statements&rdquo; that are
subject to the cautionary statements about forward-looking statements set forth in the press release..</FONT></P>

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

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    <TD STYLE="width: 9%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;9.01</B></FONT></TD>
    <TD STYLE="width: 91%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
    Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 9%; padding: 0pt 0.25in 0pt 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="width: 91%; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<A NAME="FIS_UNIDENTIFIED_TABLE_2"></A></FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1.5pt solid; padding-left: 0pt; text-indent: 0pt; width: 8%"><P STYLE="vertical-align: top; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;No</B></FONT></P></TD>
    <TD STYLE="padding: 0pt 0pt 1.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; width: 91%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><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">Earnings
Release, dated June 9, 2016, reporting the results of operations for Zedge, Inc.&rsquo;s fiscal quarter ended April 30, 2016.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 36pt"><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 0; text-align: justify; text-indent: 36pt"><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: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="FIS_SIGNATURES"></A><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 23pt">&nbsp;</P>

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

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

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<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ZEDGE, INC.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jonathan Reich</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan
    Reich</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; text-indent: 0pt; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><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; text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:
June 9, 2016</FONT></P>

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

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

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

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        <B>Number</B></FONT></P></TD>
    <TD STYLE="padding: 0pt 0pt 1.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; width: 91%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Document</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><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">Earnings
Release, dated June 9, 2016, reporting the results of operations for Zedge, Inc.&rsquo;s fiscal quarter ended April 30, 2016</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><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 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></P>

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



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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k060916ex99i_zedgeinc.htm
<DESCRIPTION>EARNINGS RELEASE, DATED JUNE 9, 2016, REPORTING THE RESULTS OF OPERATIONS FOR ZEDGE, INC.'S FISCAL QUARTER ENDED APRIL 30, 2016
<TEXT>
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<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 99.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<IMG SRC="image_001.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Zedge
Announces Third Quarter Fiscal 2016 Results</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
York, NY &amp; Trondheim, Norway &ndash; June 9, 2016: </B>Zedge, Inc. (NYSE MKT: ZDGE) today announced results for the third
quarter of its 2016 fiscal year, the three months ended April 30, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Third
Quarter FY 2016 Financial Highlights</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Results
compared to the third quarter 2015 unless otherwise noted)</I></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 18pt; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&#9632;&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAU
                                         (Monthly Active Users) for the last 30 days of the quarter increased 18% year over year
                                         to 31.6 million from 26.7 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#9632;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
                                         revenue per MAU declined 1.6% to $0.0247 from $0.0251;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#9632;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
                                         increased 17% to $2.6 million from $2.2 million;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#9632;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
                                         cost of revenue of $327 thousand, stated as a percentage of revenue was 12.7% compared
                                         to 13.1%;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#9632;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
                                         from Operations decreased to $243 thousand from $404 thousand reflecting increased spending
                                         on growth initiatives;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#9632;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
                                         income increased to $326 thousand from $211 thousand;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#9632;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted
                                         EPS increased to $0.04 from $0.02;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#9632;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
                                         and cash equivalents increased to $4.0 million at April 30, 2016 from $2.2 million at
                                         July 31, 2015. The total of cash, cash equivalents and trade accounts receivable increased
                                         to $5.8 million from $3.7 million at July 31, 2015;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#9632;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
                                         current assets less total current liabilities increased to $3.9 million at April 30,
                                         2016 from $2.3 million at July 31, 2105;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#9632;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
                                         cash provided by operating activities increased to $2.5 million from $1.9 million in
                                         the nine months ended April 30, 2016 and 2015, respectively;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&#9632;</TD><TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Zedge app was relaunched in iTunes with wallpapers only in late March.</FONT></TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;At
the end of April, Zedge&rsquo;s app surpassed its 200 millionth organic install as people around the world continue to select
Zedge as their app of choice to personalize and express their emotions, tastes and interests on their smartphones&rdquo; said
Tom Arnoy, CEO and co-founder of Zedge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;We
are excited by our new status as an independent company and our listing on the NYSE MKT last week and are hard at work developing
new products and rolling out a robust set of enhancements to increase usage and engagement in the Zedge app. I am proud to announce
that we have started rolling out an early version of Snakk in three test markets. Snakk provides users with a rich array of social
content optimized for use in messaging and social media. It is the first new app that we&rsquo;ve launched since we embarked on
the app journey in late 2009. Thus far, the rollout is encouraging and I look forward to sharing progress with you over the coming
quarters.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan
Reich, CFO and COO of Zedge, commented, &ldquo;We now have more than 31 million monthly active users globally. Our active install
count, that is the number of devices that have the Zedge app installed has grown nicely to more than 90 million from around 70
million a year ago. Active installs are important because we can market new products and enhancements to them even if they aren't
currently using our app. Growth in our monthly active user base drove a 17% year over year increase in revenue. Our impressive
direct costs as a percentage of revenues continued in the 10%-15% range and our cash plus net receivables totaled nearly $6 million
at the end of the quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Looking
ahead, we are focused on accelerating product development, growing our user base, and increasing revenues. We anticipate carefully
increasing our investment in product development to take advantage of the extraordinary opportunities before us, mindful that
our growth path may have some bumps and air pockets along the way. We are trying to build a long-term, stable and sustainable
business organically and not judging performance or success by artificial quarters.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Financial
Results by Quarter (in thousands)</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Q3<BR>
FY 2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Q2<BR>
FY 2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Q1<BR>
FY 2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Q4<BR>
FY 2015</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Q3<BR>
FY 2015</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">Change<BR>
3Q16&nbsp;to<BR>
3Q15</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid">TTM<BR>
Total</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 29%; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Revenue</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">2,573</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">3,530</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">2,559</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">2,428</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">2,199</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">17.0</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">11,090</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Direct Cost of Revenue</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">327</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">310</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">295</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">259</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">289</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,191</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Total SG&amp;A</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,850</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,781</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,685</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,426</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,362</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,742</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Depreciation &amp; Amortization</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">153</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">156</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">160</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">123</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">145</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">592</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Income from Operations</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">243</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,282</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">419</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">621</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">404</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,565</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Total FX gains (losses) and Other</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">129</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(104</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(54</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">87</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(44</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+$173</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">58</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Provision for (benefit from) Income Taxes</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">46</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">67</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">40</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">149</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(69.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">134</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt">Net income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">326</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,111</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">325</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">727</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">211</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,489</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Earnings
Announcement and Supplemental Information</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zedge
will host a conference call at 5:30 PM ET today, June 9<SUP>th</SUP>, beginning with management&rsquo;s discussion of results,
outlook and strategy followed by Q&amp;A with investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
participate in the call, please start dial toll-free 1-888-317-6003 (from the U.S.) or 1-412-317-6061 (outside the U.S.) and enter
the conference ID: 3166208# several minutes before the 5:30 PM Eastern start.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conference call will also be webcast, and can be accessed both live and for three months following the call through this UR<FONT STYLE="background-color: White">L:
<U>http://services.choruscall.com/links/zdge160609aNTLMe2k</U>.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
of the complete earnings release including the financial statements were filed on a Form 8-K and are available in the Investor
Relations portion of Zedge&rsquo;s website: <U>http://investor.zedge.net</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>All
statements above that are not purely about historical facts, including, but not limited to, those in which we use the words &ldquo;believe,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;target&rdquo;
and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may
differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with
the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent
permitted under applicable law, we assume no obligation to update any forward-looking statements. </I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zedge
(NYSE MKT: ZDGE) provides a highly popular  content platform centered on self-expression, pairing both creators and brands
looking to promote their content with consumers who utilize the content &ndash; wallpapers, ringtones, app icons and
notification sounds - to personalize their phones. The Zedge app has surpassed 200 million installs globally and is available
in both the Google Play and iTunes stores.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ir@zedge.net</FONT></P>




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

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

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<P STYLE="margin: 0; text-align: center; text-indent: 0"><B>ZEDGE, INC.</B><BR>
<BR>
<B>CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="margin: 0; text-align: center; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">April 30,<BR> 2016</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">July&nbsp;31,<BR> 2015</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center">(Unaudited)</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center">(in thousands)</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif">Assets</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif">Current assets:</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Cash and cash equivalents&#9;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">3,976</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">2,170</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Trade accounts receivable, net of allowance for doubtful accounts of $0 at April 30, 2016 and July 31, 2015&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,780</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,622</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Prepaid expenses&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">87</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">103</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Other current assets&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">190</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">180</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt">Total current assets&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">6,033</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,075</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Property and equipment, net&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,931</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,724</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif">Goodwill&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,478</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,438</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">Other assets&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">128</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">115</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 4pt; padding-left: 20pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">10,570</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">8,352</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Liabilities and stockholders&rsquo; equity</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Current liabilities:</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Trade accounts payable&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">59</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">116</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Accrued expenses&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,618</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,319</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Deferred revenue&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Due to IDT Corporation&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">458</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">369</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Total current liabilities&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">2,138</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">1,808</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Mezzanine equity:</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Series B convertible preferred stock&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">100</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Commitments and contingencies</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Stockholders&rsquo; equity:</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Preferred stock, $.01 par value; authorized shares&mdash;2,400; no shares issued&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Class&nbsp;A common stock, $.01 par value; authorized shares&mdash;2,600; 525 shares issued and outstanding at April&nbsp;30,&nbsp;2016 and July 31, 2015&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Class B common stock, $.01 par value; authorized shares&mdash;40,000; 7,704 and 7,637 shares issued and outstanding at April&nbsp;30,&nbsp;2016 and July&nbsp;31,&nbsp;2015, respectively&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">77</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">76</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Additional paid-in capital&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">17,844</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">17,726</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Accumulated other comprehensive loss&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(548</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(655</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Accumulated deficit&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(8,946</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(10,708</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Total stockholders&rsquo; equity&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">8,432</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">6,444</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 4pt; padding-left: 20pt">Total liabilities and stockholders&rsquo; equity&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">10,570</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">8,352</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>




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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>ZEDGE, INC. </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<BR>
(Unaudited)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<BR> April 30,</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Nine Months Ended<BR> April 30,</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0"><B>2016</B></P> </TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0"><B>2015</B></P> </TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0"><B>2016</B></P> </TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0"><B>2015</B></P> </TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font: bold 10pt Times New Roman,serif; text-align: center">(in thousands, except per share data)</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font: 10pt Times New Roman,serif">Revenues&#9;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">2,573</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">2,199</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">8,661</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">6,624</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Costs and expenses:</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 20pt; text-indent: -10pt">Direct cost of revenues (exclusive of amortization of capitalized software and technology development costs included below)&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">327</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">289</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">932</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">823</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Selling, general and administrative</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,850</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,361</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">5,316</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4,298</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Depreciation and amortization&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">153</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">145</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">470</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">501</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Income from operations&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">243</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">404</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,943</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,002</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Interest (expense) income, net&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Net gains (losses) resulting from foreign exchange transactions&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">130</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(44</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(31</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">84</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Income before income taxes&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">372</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">360</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,914</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,090</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Provision for income taxes&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(46</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(149</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(152</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(231</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Net income&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">326</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">211</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,762</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">859</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Other comprehensive income (loss):</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Change in foreign currency translation adjustments&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">266</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">48</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">107</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(574</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">Total other comprehensive income (loss)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">266</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">48</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">107</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(574</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 4pt">Total comprehensive income&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">592</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">259</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">1,869</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">285</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt; text-indent: -10pt">Earnings per share attributable to Zedge, Inc. common stockholders:</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt; padding-left: 10pt">Basic&#9;&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.04</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.03</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.22</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.11</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt; padding-left: 10pt">Diluted&#9;&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.04</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.02</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.20</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">0.10</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-left: 10pt; text-indent: -10pt">Weighted-average number of shares used in calculation of earnings per share:</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt; padding-left: 10pt">Basic&#9;&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">8,199</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">8,161</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">8,174</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">8,147</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt; padding-left: 10pt">Diluted&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">9,186</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">8,934</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">9,027</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">8,919</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>ZEDGE, INC. </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(Unaudited) </B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Nine Months Ended<BR> April 30,</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman,serif; text-align: center">(in thousands)</TD><TD STYLE="font: bold 10pt Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif">Operating activities</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font: 10pt Times New Roman,serif; text-align: left">Net income&#9;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">1,762</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">859</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Adjustments to reconcile net income to net cash provided by operating activities:&#9;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Depreciation and amortization&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">470</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">501</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Stock-based compensation&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">68</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Change in assets and liabilities:</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Trade accounts receivable&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(158</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(63</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Prepaid expenses and other current assets&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">18</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Other assets&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(13</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(17</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Trade accounts payable and accrued expenses&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">305</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">699</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-left: 10pt">Due to IDT Corporation&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">89</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(177</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Deferred revenue&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">7</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Net cash provided by operating activities&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">2,470</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,895</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Investing activities</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Purchase of property and equipment&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(680</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(679</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Net cash used in investing activities&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(680</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(679</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; text-align: left">Financing activities</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Calibri,sans-serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Proceeds from exercise of stock options&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">9</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">9</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Net cash provided by financing activities&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">Effect of exchange rate changes on cash and cash equivalents&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">7</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">(115</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Net increase in cash and cash equivalents&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,806</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,110</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">Cash and cash equivalents at beginning of period&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">2,170</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: right">765</TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 4pt">Cash and cash equivalents at end of period&#9;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">3,976</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman,serif; text-align: right">1,875</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: center">6</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
