$AEYE
AUDIOEYE INC

2023 Q2 Form 10-Q Financial Statement

#000141057823000979 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $7.836M $7.772M
YoY Change 3.53% 12.54%
Cost Of Revenue $1.787M $1.702M
YoY Change -2.93% -0.47%
Gross Profit $6.049M $6.070M
YoY Change 5.6% 16.82%
Gross Profit Margin 77.19% 78.1%
Selling, General & Admin $6.044M $6.378M
YoY Change -5.59% -12.41%
% of Gross Profit 99.92% 105.07%
Research & Development $2.033M $1.746M
YoY Change 44.59% 14.19%
% of Gross Profit 33.61% 28.76%
Depreciation & Amortization $577.0K $526.0K
YoY Change -7.23% 35.92%
% of Gross Profit 9.54% 8.67%
Operating Expenses $8.077M $8.124M
YoY Change 3.06% -7.8%
Operating Profit -$2.028M -$2.054M
YoY Change -3.84% -43.18%
Interest Expense $55.00K $43.00K
YoY Change -2850.0% -4400.0%
% of Operating Profit
Other Income/Expense, Net $43.00K
YoY Change -4400.0%
Pretax Income -$1.973M -$2.011M
YoY Change -24.41% -44.39%
Income Tax
% Of Pretax Income
Net Earnings -$1.973M -$2.011M
YoY Change -24.41% -44.39%
Net Earnings / Revenue -25.18% -25.87%
Basic Earnings Per Share -$0.17 -$0.17
Diluted Earnings Per Share -$0.17 -$0.17
COMMON SHARES
Basic Shares Outstanding 11.71M 11.65M
Diluted Shares Outstanding 11.74M 11.64K

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.317M $5.543M
YoY Change -53.33% -53.66%
Cash & Equivalents $4.317M $5.543M
Short-Term Investments
Other Short-Term Assets $531.0K $637.0K
YoY Change -29.48% -19.37%
Inventory
Prepaid Expenses
Receivables $4.680M $4.567M
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.528M $10.75M
YoY Change -37.12% -39.41%
LONG-TERM ASSETS
Property, Plant & Equipment $216.0K $147.0K
YoY Change -86.43% -19.67%
Goodwill $4.001M $4.001M
YoY Change -7.26%
Intangibles $5.982M $6.011M
YoY Change -11.89%
Long-Term Investments
YoY Change
Other Assets $102.0K $100.0K
YoY Change -12.07% 5.26%
Total Long-Term Assets $11.07M $11.16M
YoY Change -11.95% -14.28%
TOTAL ASSETS
Total Short-Term Assets $9.528M $10.75M
Total Long-Term Assets $11.07M $11.16M
Total Assets $20.60M $21.90M
YoY Change -25.7% -28.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.480M $2.564M
YoY Change -23.88% -29.6%
Accrued Expenses $415.0K $479.0K
YoY Change -18.79% -9.62%
Deferred Revenue $6.610M $6.706M
YoY Change -10.59%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $23.00K $32.00K
YoY Change -52.08% -38.46%
Total Short-Term Liabilities $11.70M $9.781M
YoY Change -1.12% -23.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.013M
YoY Change -100.0% 13.34%
Other Long-Term Liabilities $556.0K $671.0K
YoY Change -44.06% -39.55%
Total Long-Term Liabilities $556.0K $2.684M
YoY Change -80.86% -7.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.70M $9.781M
Total Long-Term Liabilities $556.0K $2.684M
Total Liabilities $12.26M $12.47M
YoY Change -16.84% -20.35%
SHAREHOLDERS EQUITY
Retained Earnings -$86.47M -$84.49M
YoY Change 12.79%
Common Stock $1.000K $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.344M $9.438M
YoY Change
Total Liabilities & Shareholders Equity $20.60M $21.90M
YoY Change -25.7% -28.77%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$1.973M -$2.011M
YoY Change -24.41% -44.39%
Depreciation, Depletion And Amortization $577.0K $526.0K
YoY Change -7.23% 35.92%
Cash From Operating Activities -$488.0K $297.0K
YoY Change -71.26% -115.25%
INVESTING ACTIVITIES
Capital Expenditures $576.0K $7.000K
YoY Change -277.78% -68.18%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$576.0K -$480.0K
YoY Change 77.78% -90.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -162.0K -1.178M
YoY Change -76.49% 2704.76%
NET CHANGE
Cash From Operating Activities -488.0K 297.0K
Cash From Investing Activities -576.0K -480.0K
Cash From Financing Activities -162.0K -1.178M
Net Change In Cash -1.226M -1.361M
YoY Change -54.78% -80.57%
FREE CASH FLOW
Cash From Operating Activities -$488.0K $297.0K
Capital Expenditures $576.0K $7.000K
Free Cash Flow -$1.064M $290.0K
YoY Change -22.56% -114.72%

Facts In Submission

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5543000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11962000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
876000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
397000
CY2023Q1 aeye Lessee Operating Lease Finance Lease Liability To Be Paid Remainder Of Fiscal Year
LesseeOperatingLeaseFinanceLeaseLiabilityToBePaidRemainderOfFiscalYear
424000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
7000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
362000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the financial statements and during the reporting period. On an ongoing basis, management evaluates its estimates and judgments, including those related to stock-based compensation, allowance for doubtful accounts, and intangible assets. Actual results may differ from these estimates.</p>
CY2023Q1 aeye Subscription Revenue Indirect
SubscriptionRevenueIndirect
4342000
CY2022Q1 aeye Subscription Revenue Indirect
SubscriptionRevenueIndirect
3812000
CY2023Q1 aeye Subscription Revenue Direct
SubscriptionRevenueDirect
3430000
CY2022Q1 aeye Subscription Revenue Direct
SubscriptionRevenueDirect
3094000
CY2023Q1 us-gaap Revenues
Revenues
7772000
CY2022Q1 us-gaap Revenues
Revenues
6906000
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6706000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
7125000
CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
50000
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
73000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6756000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7198000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3329000
CY2022 aeye Contract With Customer Liability Revenue Recognized Percentage
ContractWithCustomerLiabilityRevenueRecognizedPercentage
0.46
CY2023Q1 aeye Lessee Operating Lease Finance Lease Liability To Be Paid Year One
LesseeOperatingLeaseFinanceLeaseLiabilityToBePaidYearOne
369000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
0
CY2023Q1 us-gaap Deferred Costs Current
DeferredCostsCurrent
36000
CY2022Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
49000
CY2023Q1 us-gaap Deferred Costs
DeferredCosts
6000
CY2022Q4 us-gaap Deferred Costs
DeferredCosts
12000
CY2023Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
42000
CY2022Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
61000
CY2023Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
19000
CY2022Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
36000
CY2023Q1 aeye Business Combinations
BusinessCombinations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Business Combinations</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The assets acquired, liabilities assumed and contingent consideration are recorded at their estimated fair value on the acquisition date with subsequent changes recognized in earnings. These estimates are inherently uncertain and are subject to refinement. Management develops estimates based on assumptions as a part of the purchase price allocation process to value the assets acquired and liabilities assumed as of the business combination date. As a result, the Company may recognize adjustments to provisional amounts of assets acquired or liabilities assumed in earnings in the reporting period in which the adjustments are determined.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Acquisition-related expenses primarily consist of legal, accounting, and other advisory fees associated and are recorded in the period in which they are incurred.</p>
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1118000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1145000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2091
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1281
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
219000
CY2023Q1 aeye Lessee Operating Lease Finance Lease Liability To Be Paid Year Two
LesseeOperatingLeaseFinanceLeaseLiabilityToBePaidYearTwo
219000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
225000
CY2023Q1 aeye Lessee Operating Lease Finance Lease Liability To Be Paid Year Three
LesseeOperatingLeaseFinanceLeaseLiabilityToBePaidYearThree
225000
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
34000
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
179000
CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
179000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
33000
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
45000
CY2023Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.060
CY2023Q1 aeye Finance Lease Computer Equipment Right Of Use Assets
FinanceLeaseComputerEquipmentRightOfUseAssets
214000
CY2022Q4 aeye Finance Lease Computer Equipment Right Of Use Assets
FinanceLeaseComputerEquipmentRightOfUseAssets
214000
CY2023Q1 aeye Accumulated Depreciation Depletion And Amortization
AccumulatedDepreciationDepletionAndAmortization
182000
CY2022Q4 aeye Accumulated Depreciation Depletion And Amortization
AccumulatedDepreciationDepletionAndAmortization
172000
CY2023Q1 aeye Finance Lease Right Of Use Asset Net
FinanceLeaseRightOfUseAssetNet
32000
CY2022Q4 aeye Finance Lease Right Of Use Asset Net
FinanceLeaseRightOfUseAssetNet
42000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
135000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
132000
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
27000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1203000
CY2023Q1 aeye Lessee Operating Lease Finance Lease Liability To Be Paid
LesseeOperatingLeaseFinanceLeaseLiabilityToBePaid
1237000
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
103000
CY2023Q1 aeye Finance Lease Operating Lease Liability Undiscounted Excess Amount
FinanceLeaseOperatingLeaseLiabilityUndiscountedExcessAmount
104000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
33000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1100000
CY2023Q1 aeye Operating Lease Finance Lease Liability
OperatingLeaseFinanceLeaseLiability
1133000
CY2023Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
32000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
479000
CY2023Q1 aeye Operating Lease Finance Lease Liability Current
OperatingLeaseFinanceLeaseLiabilityCurrent
511000
CY2023Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
621000
CY2023Q1 aeye Operating Lease Finance Lease Liability Noncurrent
OperatingLeaseFinanceLeaseLiabilityNoncurrent
622000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
10000
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
15000
CY2023Q1 aeye Finance Lease Interest Payment On Liabilities
FinanceLeaseInterestPaymentOnLiabilities
1000
CY2022Q1 aeye Finance Lease Interest Payment On Liabilities
FinanceLeaseInterestPaymentOnLiabilities
1000
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
11000
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
16000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
133000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
157000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
44000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
40000
CY2023Q1 us-gaap Lease Cost
LeaseCost
188000
CY2022Q1 us-gaap Lease Cost
LeaseCost
213000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y11M8D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M18D
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y11M19D
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M7D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0600
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0600
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0600
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0600

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