$AEYE
AUDIOEYE INC

2016 Q4 Form 10-Q Financial Statement

#000114420416134226 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q3
Revenue $400.0K $108.7K
YoY Change 1900.0% -42.12%
Cost Of Revenue $320.0K $321.8K
YoY Change 540.0% 21.67%
Gross Profit $80.00K -$213.1K
YoY Change -500.0% 177.82%
Gross Profit Margin 20.0% -196.04%
Selling, General & Admin $880.0K $144.3K
YoY Change 44.26% -93.11%
% of Gross Profit 1100.0%
Research & Development $90.00K $92.86K
YoY Change 12.5% -39.38%
% of Gross Profit 112.5%
Depreciation & Amortization $140.0K $130.0K
YoY Change 7.69% 0.0%
% of Gross Profit 175.0%
Operating Expenses $1.110M $365.6K
YoY Change 33.73% -84.64%
Operating Profit -$1.030M -$578.6K
YoY Change 21.18% -76.45%
Interest Expense $230.0K $81.00
YoY Change 130.0% -119.47%
% of Operating Profit
Other Income/Expense, Net $0.00 $81.00
YoY Change -100.65%
Pretax Income -$850.0K -$580.0K
YoY Change 13.33% -76.52%
Income Tax
% Of Pretax Income
Net Earnings -$850.0K -$578.5K
YoY Change 13.33% -76.57%
Net Earnings / Revenue -212.5% -532.31%
Basic Earnings Per Share
Diluted Earnings Per Share -$196.8K -$177.4K
COMMON SHARES
Basic Shares Outstanding 107.5M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.410M $120.0K
YoY Change -18.97% -94.55%
Cash & Equivalents $1.409M $51.91K
Short-Term Investments $0.00 $60.00K
Other Short-Term Assets $20.00K $80.00K
YoY Change -50.0% -52.94%
Inventory
Prepaid Expenses
Receivables $44.65K $49.01K
Other Receivables $0.00 $50.00K
Total Short-Term Assets $1.470M $298.0K
YoY Change -18.56% -89.36%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change
Goodwill $700.5K $700.5K
YoY Change 0.0%
Intangibles $2.313M $2.790M
YoY Change -18.57%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.019M $3.490M
YoY Change -14.76% -12.3%
TOTAL ASSETS
Total Short-Term Assets $1.470M $298.0K
Total Long-Term Assets $3.019M $3.490M
Total Assets $4.489M $3.788M
YoY Change -16.04% -44.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $250.0K $260.0K
YoY Change 19.05% -50.94%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00K $20.00K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $4.167M $355.5K
YoY Change 367.54% -53.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $30.00K
YoY Change -100.0% -50.0%
Other Long-Term Liabilities $10.00K
YoY Change
Total Long-Term Liabilities $10.00K $29.80K
YoY Change -99.48% -50.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.167M $355.5K
Total Long-Term Liabilities $10.00K $29.80K
Total Liabilities $4.181M $385.3K
YoY Change 48.55% -53.01%
SHAREHOLDERS EQUITY
Retained Earnings -$33.82M -$23.49M
YoY Change 39.52%
Common Stock $1.115K $818.00
YoY Change 36.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $623.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $307.2K $3.403M
YoY Change
Total Liabilities & Shareholders Equity $4.489M $3.788M
YoY Change -16.04% -44.12%

Cashflow Statement

Concept 2016 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$850.0K -$578.5K
YoY Change 13.33% -76.57%
Depreciation, Depletion And Amortization $140.0K $130.0K
YoY Change 7.69% 0.0%
Cash From Operating Activities -$630.0K -$1.020M
YoY Change -5.97% -51.43%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$60.00K
YoY Change -100.0% -57.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$60.00K
YoY Change -100.0% -57.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 550.0K -10.00K
YoY Change -78.0% -100.26%
NET CHANGE
Cash From Operating Activities -630.0K -1.020M
Cash From Investing Activities 0.000 -60.00K
Cash From Financing Activities 550.0K -10.00K
Net Change In Cash -80.00K -1.090M
YoY Change -104.88% -166.46%
FREE CASH FLOW
Cash From Operating Activities -$630.0K -$1.020M
Capital Expenditures $0.00 -$60.00K
Free Cash Flow -$630.0K -$960.0K
YoY Change 31.25% -51.02%

Facts In Submission

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AUDIOEYE INC
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us-gaap Debt Conversion Description
DebtConversionDescription
In connection with the transaction, the Company also entered into amendments to certain agreements. On April 18, 2016, the Company entered into a First Amendment to Note and Warrant Purchase Agreement (the “Purchase Agreement Amendment”) and an Omnibus Amendment to Secured Promissory Notes (the “Note Amendment”), which collectively amend that certain Note and Warrant Purchase Agreement dated as of October 9, 2015 (the “Original Agreement”) and the convertible promissory notes previously issued thereunder to, among other things (i) remove the right of Anthion Partners II, LLC (together with its affiliates, “Anthion”) to designate a member of the Board of Directors of the Company; (ii) amend the convertible promissory notes issued thereunder to provide that if a change of control of the Company occurs prior to the maturity date or an equity financing (as defined therein), the convertible promissory note shall be repaid in an amount equal to the product of (a) 1.4 and (b) the outstanding principal amount and all accrued and unpaid interest thereunder; (iii) reduce the conversion threshold in the definition of “qualified financing” under the convertible promissory notes from $2,000,000 to $1,000,000; (iv) remove the security interest feature from the form of convertible promissory note that may be issued in the future under the Original Agreement, as amended, and (v) provide for optional conversion into warrants containing “blocker” provisions (“Special Warrants”) instead of shares upon an equity financing. The Company also made certain amendments to outstanding warrants to add similar “blocker” provisions.
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
Vesting shall only occur if the closing share price of the Companys common stock on each of the 20 trading days before and including the end of any performance period is not less than $0.20 per share (market condition)
CY2016Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
124998 shares
CY2016Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
20666 USD
CY2016Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
41666 shares
CY2016Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
6208 USD
CY2016Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
41666 shares
CY2016Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
6292 USD
CY2016Q2 aeye Class Of Warrant Or Right Expiration Term
ClassOfWarrantOrRightExpirationTerm
P5Y
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
60918 USD
CY2015Q4 aeye Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
1312000 shares
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
CY2015Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2500000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Reclassification</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Certain prior year amounts have been reclassified to conform to the current year presentation.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <u><font style="FONT-FAMILY: 'Times New Roman', 'serif'; BACKGROUND: transparent; FONT-SIZE: 10pt"> Use of Estimates</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the fair value of the Company&#8217;s stock, stock-based compensation, fair values relating to derivative liabilities, debt discounts and the valuation allowance related to deferred tax assets. Actual results may differ from these estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
9 USD
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
0 USD
CY2016Q3 us-gaap Litigation Settlement Amount
LitigationSettlementAmount
1525000 USD
CY2016Q3 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
100000 USD

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