$APPS
Digital Turbine, Inc.

2012 Q2 Form 10-K Financial Statement

#000114420412037402 Filed on June 29, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2012 2011 Q1
Revenue $1.290M $7.230M $2.200M
YoY Change -31.85% -21.29% -18.82%
Cost Of Revenue $672.0K $2.873M $200.0K
YoY Change 22.18% -10.5% -67.74%
Gross Profit $618.0K $4.357M $2.000M
YoY Change -53.98% -27.09% -4.31%
Gross Profit Margin 47.91% 60.26% 90.91%
Selling, General & Admin $2.504M $13.89M $1.930M
YoY Change 117.74% 77.12% 40.88%
% of Gross Profit 405.18% 318.71% 96.5%
Research & Development $366.0K $2.154M $470.0K
YoY Change -44.88% -38.95% -56.88%
% of Gross Profit 59.22% 49.44% 23.5%
Depreciation & Amortization $29.00K $199.0K $100.0K
YoY Change -52.46% -68.91% -70.59%
% of Gross Profit 4.69% 4.57% 5.0%
Operating Expenses $2.870M $21.33M $2.400M
YoY Change 58.21% 22.22% -7.69%
Operating Profit -$2.252M -$16.97M -$400.0K
YoY Change 378.13% 47.91% -21.57%
Interest Expense -$490.0K -$12.50M -$320.0K
YoY Change 88.46% 609.65% -66.67%
% of Operating Profit
Other Income/Expense, Net -$487.0K -$13.63M
YoY Change 81.04% 402.8%
Pretax Income -$2.739M -$30.60M -$1.210M
YoY Change 270.14% 115.71% -96.97%
Income Tax $14.00K $110.0K $50.00K
% Of Pretax Income
Net Earnings -$2.753M -$30.71M -$1.250M
YoY Change 257.07% 227.23% -96.94%
Net Earnings / Revenue -213.41% -424.72% -56.82%
Basic Earnings Per Share
Diluted Earnings Per Share -$162.7K -$3.101M -$159.6K
COMMON SHARES
Basic Shares Outstanding 83.79M shares
Diluted Shares Outstanding 49.42M shares

Balance Sheet

Concept 2012 Q2 2012 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.200M $8.800M $800.0K
YoY Change 1266.67% 1000.0% 33.33%
Cash & Equivalents $8.240M $8.800M $845.0K
Short-Term Investments
Other Short-Term Assets $100.0K $100.0K $300.0K
YoY Change -66.67% -66.67% -96.2%
Inventory
Prepaid Expenses
Receivables $1.019M $1.200M $2.699M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.395M $10.10M $3.840M
YoY Change 184.7% 165.79% -70.91%
LONG-TERM ASSETS
Property, Plant & Equipment $201.0K $200.0K $388.0K
YoY Change -49.75% -50.0% -35.33%
Goodwill $3.640M $6.609M
YoY Change
Intangibles $759.0K $3.366M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.600M $4.700M $10.36M
YoY Change -54.9% -54.81% -69.16%
TOTAL ASSETS
Total Short-Term Assets $9.395M $10.10M $3.840M
Total Long-Term Assets $4.600M $4.700M $10.36M
Total Assets $14.00M $14.80M $14.20M
YoY Change 3.67% 4.23% -69.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.032M $3.100M $3.807M
YoY Change -10.82% -18.42% -4.83%
Accrued Expenses $1.400M $1.700M $1.600M
YoY Change -12.5% 6.25% -33.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.234M $100.0K $273.0K
YoY Change 2134.0% -66.67% -98.95%
Total Short-Term Liabilities $7.238M $6.000M $7.124M
YoY Change 1.94% -15.49% -81.59%
LONG-TERM LIABILITIES
Long-Term Debt $1.378M $3.100M $4.461M
YoY Change -68.68% -31.11%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.378M $3.100M $4.461M
YoY Change -68.68% -31.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.238M $6.000M $7.124M
Total Long-Term Liabilities $1.378M $3.100M $4.461M
Total Liabilities $8.616M $9.100M $11.59M
YoY Change -24.42% -21.55% -70.06%
SHAREHOLDERS EQUITY
Retained Earnings -$130.2M -$96.74M
YoY Change
Common Stock $7.000K $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $71.00K $71.00K
YoY Change
Treasury Stock Shares 3.773M shares 3.773M shares
Shareholders Equity $5.379M $5.700M $2.618M
YoY Change
Total Liabilities & Shareholders Equity $14.00M $14.80M $14.20M
YoY Change 3.67% 4.23% -69.65%

Cashflow Statement

Concept 2012 Q2 2012 2011 Q1
OPERATING ACTIVITIES
Net Income -$2.753M -$30.71M -$1.250M
YoY Change 257.07% 227.23% -96.94%
Depreciation, Depletion And Amortization $29.00K $199.0K $100.0K
YoY Change -52.46% -68.91% -70.59%
Cash From Operating Activities -$1.590M -$1.829M -$790.0K
YoY Change 491.08% -4.19% 338.89%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$20.00K -$30.00K
YoY Change -100.0% -77.78% -130.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$17.00K -$30.00K
YoY Change -100.0% -98.96% -130.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000M $2.700M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.000M 9.700M 0.000
YoY Change 288.0%
NET CHANGE
Cash From Operating Activities -1.590M -1.829M -790.0K
Cash From Investing Activities 0.000 -17.00K -30.00K
Cash From Financing Activities 1.000M 9.700M 0.000
Net Change In Cash -590.0K 7.854M -820.0K
YoY Change 94.72% -852.3% 925.0%
FREE CASH FLOW
Cash From Operating Activities -$1.590M -$1.829M -$790.0K
Capital Expenditures $0.00 -$20.00K -$30.00K
Free Cash Flow -$1.590M -$1.809M -$760.0K
YoY Change 565.27% -0.55% 171.43%

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CY2012 us-gaap Nature Of Operations
NatureOfOperations
<div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1%; TEXT-AUTOSPACE: ideograph-numeric"> &#xA0;</td> <td style="WIDTH: 5%; TEXT-AUTOSPACE: ideograph-numeric; FONT-WEIGHT: bold"> <b>1.</b></td> <td style="WIDTH: 94%; TEXT-AUTOSPACE: ideograph-numeric; FONT-WEIGHT: bold"> <b>Organization</b></td> </tr> </table> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;&#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Mandalay Digital Group, Inc. (&#x201C;we&#x201D;, &#x201C;us&#x201D;, &#x201C;our&#x201D;, the &#x201C;Company&#x201D; or &#x201C;Mandalay Digital&#x201D;), formerly NeuMedia, Inc. (&#x201C;NeuMedia&#x201D;), formerly Mandalay Media, Inc. (&#x201C;Mandalay Media&#x201D;) and formerly Mediavest, Inc. (&#x201C;Mediavest&#x201D;), was originally incorporated in the state of Delaware on November 6, 1998 under the name eB2B Commerce, Inc. On April 27, 2000, it merged into DynamicWeb Enterprises Inc., a New Jersey corporation, the surviving company, and changed its name to eB2B Commerce, Inc. On April 13, 2005, the Company changed its name to Mediavest, Inc.&#xA0;&#xA0;Through January 26, 2005, the Company and its former subsidiaries were engaged in providing business-to-business transaction management services designed to simplify trading between buyers and suppliers. The Company was inactive from January 26, 2005 until its merger with Twistbox Entertainment, Inc., February 12, 2008.&#xA0;&#xA0;On September 14, 2007, Mediavest was re-incorporated in the state of Delaware as Mandalay Media, Inc. On May 11, 2010 the Company merged with a wholly-owned, newly formed subsidiary, changing its name to NeuMedia, Inc. On February 6, 2012, the Company merged with a wholly-owned, newly formed subsidiary, changing its name to Mandalay Digital Group, Inc.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Twistbox is a global publisher and distributor of branded entertainment content and services primarily focused on enabling the development, distribution and billing of content across mobile networks.&#xA0;&#xA0;Twistbox publishes and distributes its content in a number of countries.&#xA0;&#xA0;Since operations began in 2003, Twistbox has developed an intellectual property portfolio that includes mobile rights to global brands and content from film, television and lifestyle media companies. Twistbox has built a proprietary mobile publishing platform that includes: tools that automate device management for the distribution and billing of images and video; a mobile games development and distribution platform that automates the porting of mobile games and applications to multiple handsets; and a content standards and ratings system globally adopted by major wireless carriers to assist with the responsible deployment of age-verified content.&#xA0;&#xA0;Twistbox has distribution and service agreements with many of the largest mobile operators in the world.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Twistbox is headquartered in the Los Angeles area and has offices in Europe that provide local sales and marketing support for both mobile operators and third party distribution in their respective regions.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">On October 23, 2008 the Company completed an acquisition of 100% of the issued and outstanding share capital of AMV Holding Limited, a United Kingdom private limited company (&#x201C;AMV&#x201D;), and 80% of the issued and outstanding share capital of Fierce Media Ltd (&#x201C;Fierce&#x201D;).</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">AMV is a leading mobile media and marketing company delivering games and lifestyle content directly to consumers in the United Kingdom, Australia, South Africa and various other European countries. AMV markets its well established branded services through a unique Customer Relationship Management platform that drives revenue through mobile internet, print and TV advertising. AMV is headquartered in Marlow, outside of London in the United Kingdom.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">On May 10, 2010, an administrator was appointed over AMV Holding Limited in the UK, at the request of the Company&#x2019;s senior debt holder. As from that date, AMV and its subsidiaries&#xA0;are considered to be a discontinued operation. AMV and its subsidiaries were subsequently disposed, as set out in Note 8 below.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">On May 11, 2010, Mandalay Media merged into its wholly-owned, newly formed subsidiary, NeuMedia Inc. (&#x201C;NeuMedia&#x201D;), with NeuMedia as the surviving corporation. NeuMedia issued: (1) one new share of common stock&#xA0;in exchange for each share of Mandalay Media&#x2019;s outstanding common stock and (2) one new share of preferred stock&#xA0;in exchange for each share of Mandalay Media&#x2019;s outstanding preferred stock as of May 11, 2010. NeuMedia&#x2019;s preferred and common stock&#xA0;had the same status and par value as the respective stock of Mandalay Media and NeuMedia acceded to all the rights, acquired all the assets and assumed all of the liabilities of Mandalay Media.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">On June 21, 2010, the Company signed and closed an agreement whereby ValueAct and the AMV Founders, acting through a newly formed company, acquired the operating subsidiaries of AMV (the &#x201C;Assets&#x201D;) in exchange for the release of $23,231 of secured indebtedness, comprising of a release of all amounts due and payable under the AMV Note and all of the amounts due and payable under the ValueAct Note (as defined below) except for $3,500 in principal. The Company retained all assets and liabilities of Twistbox and the Company other than the Assets. See Note 8 for further discussion on the discontinued operations.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">On December 28, 2011, the Company issued 50,000 shares of the Company&#x2019;s common stock as part of the consideration for in exchange for the assets of Digital Turbine Group, LLC, the developer of Digital Turbine (&#x201C;DT&#x201D;), a technology platform that allows media companies, mobile carriers, and their OEM handset partners to take advantage of multiple mobile operating systems across multiple networks, and offers solutions that allow them to maintain their own branding and personalized, one-to-one relationships with each end-user. DT&#x2019;s cross-platform user interface and multimedia management system for carriers and OEMs can be integrated with different operating systems to provide a more organized and unified experience for end-users of mobile content across search, discovery, billing, and delivery. Other aspects of the platform, such as a smart content discovery toolbar, allows carriers and OEMs to control the data presented to their users while giving the end-user a more efficient way of finding and purchasing the desired content.</p> </div>
CY2012 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
2004000
CY2012 us-gaap Depreciation And Amortization
DepreciationAndAmortization
429000
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
-16971000
CY2012 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-94000
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
637000
CY2012 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
7000000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
110000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
7954000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-176000
CY2012 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
100000
CY2012 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-34000
CY2012 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
230000
CY2012 us-gaap Operating Expenses
OperatingExpenses
21328000
CY2012 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
69000
CY2012 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1255000
CY2012 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
211000
CY2012 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
4447000
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13013000
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49418000 shares
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9700000
CY2012 us-gaap Paid In Kind Interest
PaidInKindInterest
575000
CY2012 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
1393000
CY2012 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.62
CY2012 mndl Adjustment Other Charges
AdjustmentOtherCharges
1194000
CY2012 mndl Gains Losses On Exchange Of Debt
GainsLossesOnExchangeOfDebt
1393000
CY2012 mndl Issuance Of Common Stock In Exchange For Convertible Notes Value
IssuanceOfCommonStockInExchangeForConvertibleNotesValue
10114000
CY2012 mndl Conversion Of Accounts And Accrued Liabilities To Common Stock
ConversionOfAccountsAndAccruedLiabilitiesToCommonStock
8852000
CY2012 mndl Reclassification Of Derivative Liabilities To Additional Paid In Capital
ReclassificationOfDerivativeLiabilitiesToAdditionalPaidInCapital
13786000
CY2012 mndl Weighted Average Number Basic Diluted Shares Outstanding
WeightedAverageNumberBasicDilutedSharesOutstanding
49418000 shares
CY2012 mndl Provision For Reduction Of Doubtful Accounts
ProvisionForReductionOfDoubtfulAccounts
12000
CY2012 mndl Extinguishment Of Debenture In Exchange For Convertible Debenture
ExtinguishmentOfDebentureInExchangeForConvertibleDebenture
8915000
CY2012 mndl Supplemental Issuance Of Warrant Liability
SupplementalIssuanceOfWarrantLiability
4636000
CY2012 mndl Gain Loss On Extinguishment Of Debt
GainLossOnExtinguishmentOfDebt
2004000
CY2012 mndl Goodwill Impairment Charges
GoodwillImpairmentCharges
2969000
CY2012 mndl Stock Issued During Period Value Issued For Cash
StockIssuedDuringPeriodValueIssuedForCash
2700000

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