the ai includes a continually updated database of over 500 million machine profiles which inuvo utilizes to deliver highly aligned online audiences to its clients . inuvo earns revenue when consumers view or click on its client 's messages . inuvo 's business scales through account management activity with existing clients and by adding new clients through sales activity . as part of inuvo 's technology strategy , it owns a collection of websites like alot.com and earnspendlive.com , where inuvo creates content in health , finance , travel , careers , auto , education and living categories . these sites provide the means to test inuvo 's technologies , while also delivering high quality consumers to clients through the interaction with proprietary content in the form of images , videos , slideshows and articles . there are many barriers to entry to inuvo 's business that would require proficiency in large scale data center management , software development , data products , analytics , artificial intelligence , integration to the internet of things , or iot , the relationships required to execute within the iot and the ability to process tens of billions of transactions daily . inuvo 's intellectual property is protected by 15 issued and 8 pending patents . 2018 overview in 2018 , we executed on the three goals we had set for the company when we made the decision to purchase netseer in the prior year : 1 ) to bring artificial intelligence to digital marketing ; 2 ) to re-imagine how consumer information is collected and used for marketing purposes ; and 3 ) to expand our marketing technology footprint beyond search advertising . as is the case with most acquisitions , there were components of the netseer business that were aligned with these strategies and some that were not . we had gained sufficient experience with the netseer assets to begin re-engineering the business so as to align with these strategic goals . our first decision was to focus all of our attention on the most differentiated component of the asset which was the artificial intelligence technology being used to manufacture this incredibly rich source of consumer prospecting information ( data ) . this decision had implications that included : a ) discontinuing certain non-strategic technologies including a proprietary marketing platform ; b ) finding a suitable substitute ( s ) marketing platform for the execution of the data ; and c ) raising capital to fund the strategy and working capital needs throughout the re-engineering period which we estimated would take the entire fiscal 2018 year . there was a trade-off associated with the decision to discontinue the non-strategic technologies which involved the short-term loss of revenue and margin in anticipation of future growth and margins starting in 2019. we estimate that the revenue loss associated with this decision was $ 7.2 million in 2018. the attrition of revenue occurred faster than we had expected and as a result , we accelerated the elimination of expenses and resources associated with the discontinued technologies including the elimination of approximately 20 full time employees . we raised approximately $ 2.1 million ( net ) in may of 2018 to ensure continuity of the strategy . 15 in january of 2019 , we completed the re-engineering with the announcement of the integration of the intentkey into the world 's largest independent marketplace for digital advertising , appnexus which was the solution to the problem identified in b ) above . this means our data is now executable on one of the world 's best advertising platforms used by thousands of potential inuvo clients . early results from new and existing clients suggest both better results and a materially improved competitive positioning as evidenced by a strong pipeline of rfp 's . we are convinced that the technology we have and the integration we have engineered is a game changing paradigm shift for an industry burdened by a plethora of consumer data privacy and technology complications which we have now re-imagined with the intentkey data platform and doing so faster , better and cheaper . heading into 2019 , we are effectively a business with two data management platforms , the intentkey and validclick . in both cases , we leverage these platforms to consummate a transaction between consumer and advertiser . this means we now can serve clients across numerous marketing channels with enviable enabling relationships like appnexus , google , yahoo ! and microsoft online . while the validclick business was effectively flat year-over-year , this was more the consequence of limited resources and their allocation towards strategy than it was opportunity . now that we are past the investment stage with the intentkey , we expect the validclick business to continue to grow in what remains the largest single marketing spend category . the foundation , which was laid in 2018 , was the catalyst for the announced merger with conversionpoint technologies in november of 2018. the combination of inuvo 's front end marketing technologies with conversionpoint 's back-end ecommerce engagement technologies represent the next wave of digital technology consolidation and we will be among the first to execute on this opportunity . this new positioning within ecommerce technology combined with a stronger product value proposition and more capital with greater operating scale forms the foundation of our excitement for the merger . critical accounting policies and estimates the preparation of financial statements in conformity with u.s. gaap requires management to make estimates and assumptions that affect the reported amount of assets and liabilities , the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the reported periods . story_separator_special_tag the more critical accounting estimates include estimates related to revenue recognition and accounts receivable allowances . we also have other key accounting policies , which involve the use of estimates , judgments and assumptions that are significant to understanding our results , which are described in note 2 to our audited consolidated financial statements for 2018 and 2017 appearing elsewhere in this report . the estimates and assumptions that management makes affect the reported amounts of assets , liabilities , net revenues and expenses and disclosure of contingent assets and liabilities . the estimates and assumptions used are based upon management 's regular evaluation of the relevant facts and circumstances as of the date of the consolidated financial statements . we regularly evaluate estimates and assumptions related to allowances for sale chargebacks , allowances for doubtful accounts , goodwill and purchased intangible asset valuations , lives of intangible assets , deferred income tax asset valuation allowances , contingent liabilities , including the arkansas grant contingency , and stock compensation . though actual results may differ from the estimates and assumptions used in preparing the accompanying consolidated financial statements , in the past such differences have been immaterial . because our procedures require review of estimates and assumptions throughout the fiscal year , and differences between the estimates and assumptions and the actual results have been minor and immaterial , we have no reason not to believe the accuracy of our estimates and assumptions will continue into future quarters . results of operations replace_table_token_1_th net revenue 16 net revenue for the year ended december 31 , 2018 was $ 73.3 million compared to $ 79.6 million for the year ended december 31 , 2017 . the decline in net revenue was primarily due to the strategic decision to discontinue non-strategic technologies including a proprietary marketing platform . we estimate that the revenue loss associated with this decision was approximately $ 7.2 million in 2018. in addition , we experienced lower monetization for our inventory from our largest demand partner . we have not seen an appreciable change in monetization for our inventory and we do not know whether monetization will return to former levels . cost of revenue cost of revenue is primarily generated by payments to website publishers and app developers that host advertisements we serve and to ad exchanges that provide access to supply inventory where we serve advertisements . the decrease in the cost of revenue in 2018 compared to 2017 is due primarily to lower revenue and to the loss of revenue associated with the discontinuation of non-strategic revenue including a proprietary marketing platform discussed in the net revenue section . operating expenses replace_table_token_2_th operating expenses increased by $ 1.8m or 3.7 % in the twelve months ended december 31 , 2018 as compared to december 31 , 2017. marketing costs include those expenses required to attract an audience to our owned web properties . marketing costs increased 11.5 % in the twelve months ended december 31 , 2018 compared to the same period in 2017. the increase in marketing costs was partially due to adjusting traffic acquisition campaigns as a result of lower monetization experienced in the second half of the year . compensation expense decreased 16.4 % in the twelve months ended december 31 , 2018 due primarily to lower headcount . our total employment , both full-time and part-time , was 66 at december 31 , 2018 compared to 89 at the same time last year . selling , general and administrative costs were $ 8.5 million , an increase of 1.9 % over 2017. among the higher 2018 expenses compared to 2017 were professional fees , it costs and depreciation and amortization expense , offset by lower corporate expenses , travel and entertainment expenses and facility and marketing expenses . interest expense , net interest expense , net , which represents interest expense on the bank credit facility , capital lease obligations and notes payable , was higher in 2018 compared to the same period in 2017 primarily due to higher interest rates on the credit line this year compared to last year . income tax benefit in 2017 , we recognized an income tax benefit of $ 1,498,076 . due to the passing of the tax cuts and jobs act in december 2017. the new law reduced corporate income tax rates from 35 % to 21 % . as a result , the deferred tax assets and liabilities recorded in the consolidated balance sheet were revalued at the new tax rates . both the deferred tax assets and the deferred tax liabilities were reduced . the decrease in the deferred tax liability resulted in the one-time tax benefit . income ( loss ) from discontinued operations certain of our subsidiaries previously operated in the european union ( `` eu `` ) . though operations ceased in 2009 , statutory requirements made it necessary to have a continued presence in the eu for varying terms until november 2015. profits and losses generated from the remaining assets and liabilities are accounted for as discontinued operations . 17 in the third quarter of 2016 , our petition with the uk ( united kingdom ) companies house to strike off and dissolve the remaining subsidiary in the eu was approved . as of december 31 , 2017 , we recorded a net income of $ 1,109 due primarily to the adjustment of certain accrued liabilities . no further charges or adjustments are expected . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > 18 cash flows - financing net cash used in financing activities was $ 120,644 during 2018 net of repayments on our revolving line of credit and capital leases . in addition , in may 2018 , we sold approximately $ 2.3 million of common shares in the underwritten public offering . the net proceeds after deducting the underwriting discounts and commissions and estimated offering expenses payable was approximately $ 2.0 million

liquidity and capital resources on october 11 , 2018 , we entered into the amended and restated business financing agreement ( the “ amended and restated financing agreement ” ) with western alliance bank . the amended and restated financing agreement , which is secured by all of our assets , superseded in its entirety the prior business financing agreement , as amended , that we entered into on march 1 , 2012 with bridge bank , n.a . which is now owned by western alliance bank . the amended and restated financing agreement does not have a term and either party may terminate upon notice to the other party . as a result of the amended terms of our lending relationship with western alliance bank , we have additional access to credit ( see note 6 in the notes to our audited consolidated financial statements appearing elsewhere in this report ) . during the third quarter of 2017 , we filed an s-3 registration statement with the securities and exchange commission ( `` sec '' ) to replace an existing , expiring s-3 `` shelf '' registration statement , which permits us to offer and sell up to $ 15 million of our securities from time to time in one or more offerings . in may 2018 , we took down from this shelf registration statement approximately $ 2.3 million in the underwritten public offering . the underwritten public offering was 2,860,000 shares of our common stock at a public offering price of $ . 70 per share and an additional 429,000 shares to cover overallotments in connection with the offering . the net proceeds after deducting the underwriting discounts and commissions and estimated offering expenses payable was approximately $ 2.0 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources on october 11 , 2018 , we entered into the amended and restated business financing agreement ( the “ amended and restated financing agreement ” ) with western alliance bank . the amended and restated financing agreement , which is secured by all of our assets , superseded in its entirety the prior business financing agreement , as amended , that we entered into on march 1 , 2012 with bridge bank , n.a . which is now owned by western alliance bank . the amended and restated financing agreement does not have a term and either party may terminate upon notice to the other party . as a result of the amended terms of our lending relationship with western alliance bank , we have additional access to credit ( see note 6 in the notes to our audited consolidated financial statements appearing elsewhere in this report ) . during the third quarter of 2017 , we filed an s-3 registration statement with the securities and exchange commission ( `` sec '' ) to replace an existing , expiring s-3 `` shelf '' registration statement , which permits us to offer and sell up to $ 15 million of our securities from time to time in one or more offerings . in may 2018 , we took down from this shelf registration statement approximately $ 2.3 million in the underwritten public offering . the underwritten public offering was 2,860,000 shares of our common stock at a public offering price of $ . 70 per share and an additional 429,000 shares to cover overallotments in connection with the offering . the net proceeds after deducting the underwriting discounts and commissions and estimated offering expenses payable was approximately $ 2.0 million .
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 Suspicious Activity Report : the ai includes a continually updated database of over 500 million machine profiles which inuvo utilizes to deliver highly aligned online audiences to its clients . inuvo earns revenue when consumers view or click on its client 's messages . inuvo 's business scales through account management activity with existing clients and by adding new clients through sales activity . as part of inuvo 's technology strategy , it owns a collection of websites like alot.com and earnspendlive.com , where inuvo creates content in health , finance , travel , careers , auto , education and living categories . these sites provide the means to test inuvo 's technologies , while also delivering high quality consumers to clients through the interaction with proprietary content in the form of images , videos , slideshows and articles . there are many barriers to entry to inuvo 's business that would require proficiency in large scale data center management , software development , data products , analytics , artificial intelligence , integration to the internet of things , or iot , the relationships required to execute within the iot and the ability to process tens of billions of transactions daily . inuvo 's intellectual property is protected by 15 issued and 8 pending patents . 2018 overview in 2018 , we executed on the three goals we had set for the company when we made the decision to purchase netseer in the prior year : 1 ) to bring artificial intelligence to digital marketing ; 2 ) to re-imagine how consumer information is collected and used for marketing purposes ; and 3 ) to expand our marketing technology footprint beyond search advertising . as is the case with most acquisitions , there were components of the netseer business that were aligned with these strategies and some that were not . we had gained sufficient experience with the netseer assets to begin re-engineering the business so as to align with these strategic goals . our first decision was to focus all of our attention on the most differentiated component of the asset which was the artificial intelligence technology being used to manufacture this incredibly rich source of consumer prospecting information ( data ) . this decision had implications that included : a ) discontinuing certain non-strategic technologies including a proprietary marketing platform ; b ) finding a suitable substitute ( s ) marketing platform for the execution of the data ; and c ) raising capital to fund the strategy and working capital needs throughout the re-engineering period which we estimated would take the entire fiscal 2018 year . there was a trade-off associated with the decision to discontinue the non-strategic technologies which involved the short-term loss of revenue and margin in anticipation of future growth and margins starting in 2019. we estimate that the revenue loss associated with this decision was $ 7.2 million in 2018. the attrition of revenue occurred faster than we had expected and as a result , we accelerated the elimination of expenses and resources associated with the discontinued technologies including the elimination of approximately 20 full time employees . we raised approximately $ 2.1 million ( net ) in may of 2018 to ensure continuity of the strategy . 15 in january of 2019 , we completed the re-engineering with the announcement of the integration of the intentkey into the world 's largest independent marketplace for digital advertising , appnexus which was the solution to the problem identified in b ) above . this means our data is now executable on one of the world 's best advertising platforms used by thousands of potential inuvo clients . early results from new and existing clients suggest both better results and a materially improved competitive positioning as evidenced by a strong pipeline of rfp 's . we are convinced that the technology we have and the integration we have engineered is a game changing paradigm shift for an industry burdened by a plethora of consumer data privacy and technology complications which we have now re-imagined with the intentkey data platform and doing so faster , better and cheaper . heading into 2019 , we are effectively a business with two data management platforms , the intentkey and validclick . in both cases , we leverage these platforms to consummate a transaction between consumer and advertiser . this means we now can serve clients across numerous marketing channels with enviable enabling relationships like appnexus , google , yahoo ! and microsoft online . while the validclick business was effectively flat year-over-year , this was more the consequence of limited resources and their allocation towards strategy than it was opportunity . now that we are past the investment stage with the intentkey , we expect the validclick business to continue to grow in what remains the largest single marketing spend category . the foundation , which was laid in 2018 , was the catalyst for the announced merger with conversionpoint technologies in november of 2018. the combination of inuvo 's front end marketing technologies with conversionpoint 's back-end ecommerce engagement technologies represent the next wave of digital technology consolidation and we will be among the first to execute on this opportunity . this new positioning within ecommerce technology combined with a stronger product value proposition and more capital with greater operating scale forms the foundation of our excitement for the merger . critical accounting policies and estimates the preparation of financial statements in conformity with u.s. gaap requires management to make estimates and assumptions that affect the reported amount of assets and liabilities , the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the reported periods . story_separator_special_tag the more critical accounting estimates include estimates related to revenue recognition and accounts receivable allowances . we also have other key accounting policies , which involve the use of estimates , judgments and assumptions that are significant to understanding our results , which are described in note 2 to our audited consolidated financial statements for 2018 and 2017 appearing elsewhere in this report . the estimates and assumptions that management makes affect the reported amounts of assets , liabilities , net revenues and expenses and disclosure of contingent assets and liabilities . the estimates and assumptions used are based upon management 's regular evaluation of the relevant facts and circumstances as of the date of the consolidated financial statements . we regularly evaluate estimates and assumptions related to allowances for sale chargebacks , allowances for doubtful accounts , goodwill and purchased intangible asset valuations , lives of intangible assets , deferred income tax asset valuation allowances , contingent liabilities , including the arkansas grant contingency , and stock compensation . though actual results may differ from the estimates and assumptions used in preparing the accompanying consolidated financial statements , in the past such differences have been immaterial . because our procedures require review of estimates and assumptions throughout the fiscal year , and differences between the estimates and assumptions and the actual results have been minor and immaterial , we have no reason not to believe the accuracy of our estimates and assumptions will continue into future quarters . results of operations replace_table_token_1_th net revenue 16 net revenue for the year ended december 31 , 2018 was $ 73.3 million compared to $ 79.6 million for the year ended december 31 , 2017 . the decline in net revenue was primarily due to the strategic decision to discontinue non-strategic technologies including a proprietary marketing platform . we estimate that the revenue loss associated with this decision was approximately $ 7.2 million in 2018. in addition , we experienced lower monetization for our inventory from our largest demand partner . we have not seen an appreciable change in monetization for our inventory and we do not know whether monetization will return to former levels . cost of revenue cost of revenue is primarily generated by payments to website publishers and app developers that host advertisements we serve and to ad exchanges that provide access to supply inventory where we serve advertisements . the decrease in the cost of revenue in 2018 compared to 2017 is due primarily to lower revenue and to the loss of revenue associated with the discontinuation of non-strategic revenue including a proprietary marketing platform discussed in the net revenue section . operating expenses replace_table_token_2_th operating expenses increased by $ 1.8m or 3.7 % in the twelve months ended december 31 , 2018 as compared to december 31 , 2017. marketing costs include those expenses required to attract an audience to our owned web properties . marketing costs increased 11.5 % in the twelve months ended december 31 , 2018 compared to the same period in 2017. the increase in marketing costs was partially due to adjusting traffic acquisition campaigns as a result of lower monetization experienced in the second half of the year . compensation expense decreased 16.4 % in the twelve months ended december 31 , 2018 due primarily to lower headcount . our total employment , both full-time and part-time , was 66 at december 31 , 2018 compared to 89 at the same time last year . selling , general and administrative costs were $ 8.5 million , an increase of 1.9 % over 2017. among the higher 2018 expenses compared to 2017 were professional fees , it costs and depreciation and amortization expense , offset by lower corporate expenses , travel and entertainment expenses and facility and marketing expenses . interest expense , net interest expense , net , which represents interest expense on the bank credit facility , capital lease obligations and notes payable , was higher in 2018 compared to the same period in 2017 primarily due to higher interest rates on the credit line this year compared to last year . income tax benefit in 2017 , we recognized an income tax benefit of $ 1,498,076 . due to the passing of the tax cuts and jobs act in december 2017. the new law reduced corporate income tax rates from 35 % to 21 % . as a result , the deferred tax assets and liabilities recorded in the consolidated balance sheet were revalued at the new tax rates . both the deferred tax assets and the deferred tax liabilities were reduced . the decrease in the deferred tax liability resulted in the one-time tax benefit . income ( loss ) from discontinued operations certain of our subsidiaries previously operated in the european union ( `` eu `` ) . though operations ceased in 2009 , statutory requirements made it necessary to have a continued presence in the eu for varying terms until november 2015. profits and losses generated from the remaining assets and liabilities are accounted for as discontinued operations . 17 in the third quarter of 2016 , our petition with the uk ( united kingdom ) companies house to strike off and dissolve the remaining subsidiary in the eu was approved . as of december 31 , 2017 , we recorded a net income of $ 1,109 due primarily to the adjustment of certain accrued liabilities . no further charges or adjustments are expected . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > 18 cash flows - financing net cash used in financing activities was $ 120,644 during 2018 net of repayments on our revolving line of credit and capital leases . in addition , in may 2018 , we sold approximately $ 2.3 million of common shares in the underwritten public offering . the net proceeds after deducting the underwriting discounts and commissions and estimated offering expenses payable was approximately $ 2.0 million

