Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 13, 2024

PODCASTONE, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-41795		35-2503373
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

269 South Beverly Drive, Suite 1450

Beverly Hills, CA 90212

(Address of principal executive offices) (Zip Code)

(310) 858-0888

(Registrant’s telephone number, including area code)

n/a

(Former name or former address, if changed since last report.)

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):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, $0.00001 par value per share		PODC		The NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 13, 2024, PodcastOne, Inc. (the “Company”) issued a press release announcing its operating and financial highlights and results for the first quarter ended June 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1.

The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

On August 7, 2024, the Company issued a press release announcing that it plans to hold a conference call and audio webcast to provide a business update and discuss its operating and financial results for the first quarter ended June 30, 2024 on August 13, 2024. A copy of the press release is attached hereto as Exhibit 99.2.

The information included herein and in Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number		Description
99.1*		Press release, dated August 13, 2024.
99.2*		Press release, dated August 7, 2024.
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

*	Furnished herewith.

SIGNATURES

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.

	PODCASTONE, INC.

Dated: August 13, 2024	By:	/s/ Aaron Sullivan
	Name:	Aaron Sullivan
	Title:	Chief Financial Officer

Exhibit 99.1

PodcastOne (Nasdaq: PODC) Reports Q1 FY 2025 Record Revenue of $13.2M (+25% YoY)

●

Adjusted EBITDA* of $(0.3M)

●

Signed $24M revenue B2B partnership with Fortune 250 company

●

Expanded pipeline of podcasts ready to be adapted in TV and film projects

●

Added 9 New Podcasts, Total Now at 187

●

Sold Another Successful Show to a Top 5 Streaming Platform

●

FY 2025 Revenue Guidance of $51-56M

●

Senior Management to Host a Live Conference Call and Audio Webcast at 11:30 A.M. ET on Tuesday, August 13, 2024

LOS ANGELES, CA, August 13, 2024 -- PodcastOne (Nasdaq: PODC), a leading podcast platform and a subsidiary of LiveOne (Nasdaq: LVO), announced today its operating results for the first fiscal quarter ended June 30, 2024 (“Q1 FY 2025”).

PodcastOne’s President and Co-Founder, Kit Gray, commented, “Once again, I am extremely proud of our team's accomplishments. We’ve seen record-breaking revenue figures backed by our incredible team. By implementing strategic acquisitions, effective marketing efforts, and leveraging long-term relationships with advertisers and brands, it allows us to maintain profitability and worth for both our company and valued shareholders. We look forward to continued growth and success as we prioritize revenue and commit to the future of our business.”

Recent and Q1 FY 2025 Highlights

●

LiveOne currently owns approximately 72% of PodcastOne and it will continue to consolidate PodcastOne’s financial results.

●

PodcastOne was ranked 11th in Podtrac’s Podcast Industry Top Publishers Rankings for July 2024 with a U.S. Unique Monthly Audience of ~5.5 million and Global Downloads and Streams of ~17.8 million.

●

PodcastOne has increased its slate of exclusive shows to 187 original titles.

Q1 FY 2025 vs Q1 FY 2024 Results Summary (in $000’s, except per share; unaudited)

	Three Months Ended
	June 30,
	2024			2023

Revenue	$	13,159		$	10,637
Operating income (loss)	$	(1,366	)	$	193
Total other income (expense)	$	-		$	(403	)
Net income (loss)	$	(1,366	)	$	(210	)
Adjusted EBITDA*	$	(316	)	$	363
Net income (loss) per share basic and diluted	$	(0.06	)	$	(0.01	)

Q1 FY 2025 Results Summary Discussion

For Q1 FY 2025, PodcastOne posted revenue of $13.2 million, a 24% increase as compared to $10.6 million in the same period in the prior year.

Q1 FY 2025 Operating Loss was ($1.4) million compared to Operating Income of $0.2 million in the first fiscal quarter ended June 20, 2023 (“Q1 FY 2024”). The $1.6 million decrease in Operating Income was largely a result of an increase in content cost and legal and accounting cost due to PodcastOne becoming a public company.

Q1 FY 2025 Adjusted EBITDA* was $(0.3) million, as compared to Q1 FY 2024 Adjusted EBITDA* of $0.4 million.

PodcastOne is maintaining its revenue guidance for its fiscal year ending March 31, 2025 (“FY 2025”) of $51 million - $56 million.

PodcastOne's senior management will host a live conference call at 11:30 A.M. ET on Tuesday, August 13, 2024.

Conference Call and Webcast:

WHEN: Tuesday, August 13th
TIME: 11:30 AM ET / 8:30 AM PT
DIAL-IN (Toll Free): (800) 715-9871
DIAL IN NUMBER (Local): (646) 307-1963
REPLAY NUMBER: (800) 770-2030

WEBCAST – Both the live webcast and a replay can be accessed on the Investor Relations section of LiveOne's website at Events | LiveOne.

The webcast can also be accessed at: https://events.q4inc.com/attendee/750791651

About PodcastOne

PodcastOne (Nasdaq: PODC) is a Los Angeles based podcast network founded in 2012 by Kit Gray and Norm Pattiz providing creators and advertisers with a full 360-degree solution in sales, marketing, public relations, production, and distribution delivering over 2.1 billion downloads per year with a community of 250 of the top podcasters, including Adam Carolla, Kaitlyn Bristowe, Jordan Harbinger, LadyGang and A&E's Cold Case Files. PodcastOne has built a distribution network reaching over 1 billion listeners a month across all of its own properties, LiveOne (Nasdaq: LVO), Spotify, Apple Podcasts, iHeartRadio, Samsung and over 150 shows exclusively available in Tesla vehicles. PodcastOne is also the parent company of LaunchpadOne, an innovative self-serve platform developed to launch, host, distribute and monetize independent user-generated podcasts. For more information, visit podcastone.com and follow us on Facebook, Instagram, YouTube and Twitter at @podcastone. For more investor information, please visit ir.podcastone.com.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: LiveOne’s reliance on one key customer for a substantial percentage of its revenue; LiveOne’s and PodcastOne’s ability to consummate any proposed financing, acquisition, special dividend, merger, distribution or transaction, including the spin-out of LiveOne’s pay-per-view business, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne’s ability to continue as a going concern; PodcastOne’s ability to attract, maintain and increase the number of its listeners; PodcastOne identifying, acquiring, securing and developing content; LiveOne’s intent to repurchase shares of its and/or PodcastOne’s common stock from time to time under LiveOne’s announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; LiveOne’s ability to maintain compliance with certain financial and other covenants; PodcastOne successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of PodcastOne, LiveOne and/or LiveOne’s other subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in PodcastOne’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 1, 2024, and in PodcastOne’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and PodcastOne disclaims any obligation to update these statements, except as may be required by law. PodcastOne intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

* About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with the accounting principles generally accepted in the United States of America ("GAAP"), we present Contribution Margin (Loss) and Adjusted Earnings Before Interest Tax Depreciation and Amortization ("Adjusted EBITDA"), which are non-GAAP financial measures, as measures of our performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, or superior to, operating loss and or net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to net cash provided by operating activities or any other measures of our cash flows or liquidity.

We use Contribution Margin (Loss) and Adjusted EBITDA to evaluate the performance of our operating segment. We believe that information about these non-GAAP financial measures assists investors by allowing them to evaluate changes in the operating results of our business separate from non-operational factors that affect operating income (loss) and net income (loss), thus providing insights into both operations and the other factors that affect reported results. Adjusted EBITDA is not calculated or presented in accordance with GAAP. A limitation of the use of Adjusted EBITDA as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, Adjusted EBITDA should be considered in addition to, and not as a substitute for operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, Adjusted EBITDA as presented herein may not be comparable to similarly titled measures of other companies.

Contribution Margin (Loss) is defined as Revenue less Cost of Sales. Adjusted EBITDA is defined as earnings before interest, other (income) expense, income tax expense, depreciation and amortization and before (a) non-cash GAAP purchase accounting adjustments for certain deferred revenue and costs, (b) legal, accounting and other professional fees directly attributable to acquisition activity, (c) employee severance payments and third party professional fees directly attributable to acquisition or corporate realignment activities, (d) certain non-recurring expenses associated with legal settlements or reserves for legal settlements in the period that pertain to historical matters that existed at acquired companies prior to their purchase date and a one-time minimum guarantee to effectively terminate a live events distribution agreement post COVID-19, (e) depreciation and amortization (including goodwill impairment, if any), and (f) certain stock-based compensation expense. Management does not consider these costs to be indicative of our core operating results.

With respect to projected full fiscal year 2025 Adjusted EBITDA, a quantitative reconciliation is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to purchase accounting adjustments, acquisition-related charges and legal settlement reserves excluded from Adjusted EBITDA. We expect that the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

For more information on these non-GAAP financial measures, please see the tables entitled “Reconciliation of Non-GAAP Measure to GAAP Measure” included at the end of this release.

PodcastOne IR Contact:
Jason Assad
(678) 570-6791
jwassad@podcastone.com

PodcastOne Press Contact:
(310) 246-4600
Susan@Guttmanpr.com

Financial Information

The tables below present financial results for the three months ended June 30, 2024 and 2023.

PodcastOne, Inc.
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share amounts)

	Three Months Ended
	June 30,
	2024			2023

Revenue:	$	13,159		$	10,637

Operating expenses:
Cost of sales		11,709			8,222
Sales and marketing		847			1,250
Product development		18			27
General and administrative		1,398			920
Amortization of intangible assets		377			25
Impairment of intangible assets		176			-
Total operating expenses		14,525			10,444
Loss from operations		(1,366	)		193

Other income (expense):
Interest expense, net		-			(1,593	)
Change in fair value of derivatives		-			1,190
Total other expense, net		-			(403	)

Loss before provision for income taxes		(1,366	)		(210	)

Provision for income taxes		-			-
Net loss	$	(1,366	)	$	(210	)

Net loss per share – basic and diluted	$	(0.06	)	$	(0.01	)
Weighted average common shares – basic and diluted		23,712,530			20,000,000

PodcastOne, Inc.
Consolidated Balance Sheets (Unaudited)
(In thousands)

	June 30			March 31,
	2024			2024
	(Unaudited)			(Audited)
Assets
Current Assets
Cash and cash equivalents	$	891		$	1,445
Accounts receivable, net		7,100			6,023
Prepaid expense and other current assets		1,183			1,105
Total Current Assets		9,174			8,573
Property and equipment, net		316			309
Goodwill		12,041			12,041
Intangible assets, net		2,474			3,145
Related party receivable		-			57
Total Assets	$	24,005		$	24,125

Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities	$	8,065		$	7,383
Related party payable		220			315
Total Current Liabilities		8,285			7,698
Other long term liabilities		46			86
Total Liabilities		8,331			7,784

Commitments and Contingencies

Stockholders’ Equity
Common stock, $0.00001 par value; 100,000,000 shares authorized; 23,791,767 and 23,608,049 shares issued and outstanding as of June 30, 2024 and March 31, 2024, respectively		-			-
Additional paid in capital		46,651			45,952
Accumulated deficit		(30,977	)		(29,611	)
Total stockholders’ equity		15,674			16,341
Total Liabilities and Stockholders’ Equity	$	24,005		$	24,125

PodcastOne, Inc.
Reconciliation of Non-GAAP Measure to GAAP Measure

Adjusted EBITDA* Reconciliation (Unaudited)
(In thousands)

								Non-
								Recurring
	Net			Depreciation				Acquisition and		Other		(Benefit)
	Income			and		Stock-Based		Realignment		(Income)		Provision		Adjusted
	(Loss)			Amortization		Compensation		Costs (1)		Expense (2)		for Taxes		EBITDA*-
Three Months Ended June 30, 2024
Total	$	(1,366	)	$	619	$	394	$	37	$	-	$	-	$	(316	)

Three Months Ended June 30, 2023
Total	$	(210	)	$	86	$	84	$	-	$	403	$	-	$	363

(1)

Non-Recurring Recurring Acquisition and Realignment Costs include outside legal, accounting and other professional fees directly attributable to acquisition activity in the period, in addition to certain non-recurring expenses associated with legal settlements or reserves for legal settlements in the period that pertain to historical matters that existed at certain acquired companies prior to their purchase date and non-recurring employee severance payments.

(2)	Other (Income) Expense above primarily includes interest expense, net and change in fair value of derivative liabilities. These are included in the statement of operations in other income (expense) and are an add back to net loss above in the reconciliation of Adjusted EBITDA* to loss.

*	See the definition of Adjusted EBITDA under “About Non-GAAP Financial Measures” within this release.

PodcastOne, Inc.
Reconciliation of Non-GAAP Measure to GAAP Measure

Contribution Margin* Reconciliation (Unaudited)
(In thousands)

	Three Months Ended
	June 30
	2024			2023

Revenue:	$	13,159		$	10,637
Less:
Cost of sales		(11,709	)		(8,221	)
Amortization of developed technology		(60	)		(58	)
Gross Profit		1,390			2,358

Add back amortization of developed technology:		60			58
Contribution Margin*	$	1,450		$	2,416

*	See the definition of Contribution Margin under “About Non-GAAP Financial Measures” within this release.

Exhibit 99.2

PodcastOne to Announce First Quarter Fiscal Year 2025 Financial Results and Host Investor Webcast on
Tuesday August 13, 2024

- Investor Webcast on Tuesday, August 13, 2024 at 11:30am ET / 8:30am PT

LOS ANGELES, Aug. 07, 2024 (GLOBE NEWSWIRE) -- PodcastOne (Nasdaq: PODC), a leading podcast platform and a subsidiary of LiveOne (Nasdaq: LVO), plans to announce its operating and financial results for its first quarter fiscal year 2025 ended June 30, 2024 on Tuesday, August 13, 2024.

PodcastOne’s senior management will host a live conference call and audio webcast to provide a business update and discuss its operating and financial results beginning at 11:30 am ET / 8:30 am PT on Tuesday, August 13, 2024.

***PARTICIPANT DIAL INS***

Participants call one of the allocated dial-in numbers (below) and advise the Operator of either the Conference ID 5495888 or Conference Name. If the client has selected Approved Participant List, these Participants will be prioritised &/or authorised to participate in Q&A.

USA / International Toll +1 (646) 307-1963

USA - Toll-Free (800) 715-9871Canada - Toronto (647) 932-3411

Canada - Toll-Free (800) 715-9871

Conference ID: 5495888

***WEBCAST DETAILS***

Event Title: PodcastOne Inc. (PODC) Q1 Fiscal 2025 Financial Results & Business Update

Event Date: August 13, 2024 11:30 AM (GMT-04:00) Eastern Time (US and Canada)

Attendee URL: https://events.q4inc.com/attendee/750791651

Conference Call Replay

An audio recording of the Event will be available via the Echo Replay platform.

To access the platform by phone, please dial-in using one of the numbers listed below and input Playback ID: 5495888 followed by # key:

Australia Toll-Free:+61 1800 021 202

Australia Toll:+61 2 8078 2917

US & Canada Toll-Free:+1(800) 770-2030

US Toll:+1(609) 800-9909

Canada Toll:+1(647) 362-9199

France:+33 1 73 02 81 84

Germany:+49 69 589964211

Hong Kong:+852 3018 3027

India:+91 22 5032 3279

Japan:+81 3 4588 1481

New Zealand:+64 9 886 9995

Singapore:+65 3159 5801

United Kingdom:+44 20 3433 3849

United States:+1 800 770 2030

Echo Replay will expire on Monday, 26th August 2024 11:59 PM EDT

About PodcastOne

PodcastOne (Nasdaq: PODC) is a Los Angeles based podcast network founded in 2012 by Kit Gray and Norm Pattiz providing creators and advertisers with a full 360-degree solution in sales, marketing, public relations, production, and distribution delivering over 2.1 billion downloads per year with a community of 250 of the top podcasters, including Adam Carolla, Kaitlyn Bristowe, Jordan Harbinger, LadyGang, A&E’s Cold Case Files and Varnamtown. PodcastOne has built a distribution network reaching over 1 billion listeners a month across all of its own properties, LiveOne (Nasdaq: LVO), Spotify, Apple Podcasts, iHeartRadio, Samsung and over 150 shows exclusively available in Tesla vehicles. PodcastOne is also the parent company of LaunchpadOne, an innovative self-serve platform developed to launch, host, distribute and monetize independent user-generated podcasts. For more information, visit PodcastOne.com and follow us on Facebook, Instagram, YouTube and Twitter at @podcastone. For more investor information, please visit ir.podcastone.com/overview/default.aspx.

About LiveOne

Headquartered in Los Angeles, CA, LiveOne (Nasdaq: LVO) is an award-winning, creator-first, music, entertainment, and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. LiveOne’s wholly-owned subsidiaries include Slacker Radio, PodcastOne (Nasdaq: PODC), PPVOne, CPS, LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne is available on iOS, Android, Roku, Apple TV, Spotify, Samsung, Amazon Fire, Android TV, and through STIRR’s OTT applications. For more information, visit liveone.com and follow us on Facebook, Instagram, TikTok, YouTube and Twitter at @liveone. For more investor information, please visit ir.liveone.com.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: LiveOne’s reliance on one key customer for a substantial percentage of its revenue; LiveOne’s and PodcastOne’s ability to consummate any proposed financing, acquisition, spin-out, special dividend, merger, distribution or transaction, including the spin-out of LiveOne’s pay-per-view business, the timing of the consummation of any such proposed event, including the risks that a condition to the consummation of any such event would not be satisfied within the expected timeframe or at all, or that the consummation of any proposed financing, acquisition, spin-out, merger, special dividend, distribution or transaction will not occur or whether any such event will enhance shareholder value; PodcastOne’s ability to continue as a going concern; PodcastOne’s ability to attract, maintain and increase the number of its listeners; PodcastOne identifying, acquiring, securing and developing content; LiveOne’s intent to repurchase shares of its and/or PodcastOne’s common stock from time to time under LiveOne’s announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; LiveOne’s ability to maintain compliance with certain financial and other covenants; PodcastOne successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; uncertain and unfavorable outcomes in legal proceedings; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of LiveOne and/or its other subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in PodcastOne’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 1, 2024, and in PodcastOne’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof, and PodcastOne disclaims any obligation to update these statements, except as may be required by law. PodcastOne intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

Press Contacts:

310.246.4600

Susan@Guttmanpr.com

Investor Relations:

Jason Assad

678-570-6791

jwassad@podcastone.com

Cover	Aug. 13, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 13, 2024
Entity File Number	001-41795
Entity Registrant Name	PODCASTONE, INC.
Entity Central Index Key	0001940177
Entity Tax Identification Number	35-2503373
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	269 South Beverly Drive
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Beverly Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90212
City Area Code	310)
Local Phone Number	858-0888
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.00001 par value per share
Trading Symbol	PODC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false