$APPS
Digital Turbine, Inc.

2013 Q4 Form 10-Q Financial Statement

#000119312513442396 Filed on November 14, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $7.033M $6.759M $912.0K
YoY Change 243.24% 641.12% -52.94%
Cost Of Revenue $4.979M $4.375M $376.0K
YoY Change 437.11% 1063.56% -47.63%
Gross Profit $2.054M $2.384M $536.0K
YoY Change 83.07% 344.78% -56.07%
Gross Profit Margin 29.21% 35.27% 58.77%
Selling, General & Admin $4.122M $3.829M $3.406M
YoY Change -0.05% 12.42% 139.52%
% of Gross Profit 200.68% 160.61% 635.45%
Research & Development $2.120M $2.407M $365.0K
YoY Change 267.42% 559.45% -24.59%
% of Gross Profit 103.21% 100.96% 68.1%
Depreciation & Amortization $33.00K $32.00K $31.00K
YoY Change 22.22% 3.23% -41.51%
% of Gross Profit 1.61% 1.34% 5.78%
Operating Expenses $6.242M $6.236M $3.771M
YoY Change 32.78% 65.37% 97.85%
Operating Profit -$4.188M -$3.852M -$3.235M
YoY Change 17.02% 19.07% 371.57%
Interest Expense $0.00 -$980.0K -$520.0K
YoY Change -100.0% 88.46% 26.83%
% of Operating Profit
Other Income/Expense, Net $27.00K -$780.0K -$520.0K
YoY Change -104.49% 50.0% 112.24%
Pretax Income -$3.661M -$4.632M -$3.755M
YoY Change -12.44% 23.36% 303.33%
Income Tax $19.00K $90.00K $20.00K
% Of Pretax Income
Net Earnings -$4.176M -$6.222M -$3.775M
YoY Change -0.9% 64.82% 305.48%
Net Earnings / Revenue -59.38% -92.06% -413.93%
Basic Earnings Per Share
Diluted Earnings Per Share -$133.4K -$246.5K -$204.7K
COMMON SHARES
Basic Shares Outstanding 31.27M shares 20.51M shares 85.95M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.700M $7.800M $3.100M
YoY Change 193.75% 151.61% 416.67%
Cash & Equivalents $4.656M $7.806M $3.137M
Short-Term Investments
Other Short-Term Assets $400.0K $600.0K $300.0K
YoY Change -55.56% 100.0% -25.0%
Inventory
Prepaid Expenses
Receivables $6.310M $5.815M $2.068M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.43M $14.29M $5.549M
YoY Change 149.25% 157.6% 91.34%
LONG-TERM ASSETS
Property, Plant & Equipment $459.0K $427.0K $317.0K
YoY Change 128.36% 34.7% 5.67%
Goodwill $4.770M $4.770M $4.537M
YoY Change 5.14% 5.14%
Intangibles $10.10M $10.61M $5.151M
YoY Change 102.87% 105.96%
Long-Term Investments
YoY Change
Other Assets $500.0K $400.0K
YoY Change
Total Long-Term Assets $15.82M $16.22M $10.01M
YoY Change 62.87% 62.13% -1.91%
TOTAL ASSETS
Total Short-Term Assets $11.43M $14.29M $5.549M
Total Long-Term Assets $15.82M $16.22M $10.01M
Total Assets $27.25M $30.52M $15.55M
YoY Change 90.57% 96.19% 18.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.916M $5.596M $4.054M
YoY Change 29.54% 38.04% 9.57%
Accrued Expenses $4.900M $4.500M $1.700M
YoY Change 226.67% 164.71% 6.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000K $10.00K $2.543M
YoY Change -99.79% -99.61% 182.56%
Total Short-Term Liabilities $10.75M $11.04M $9.429M
YoY Change 22.43% 17.04% 29.16%
LONG-TERM LIABILITIES
Long-Term Debt $200.0K $200.0K $1.564M
YoY Change -88.57% -87.21% -66.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $200.0K $200.0K $1.564M
YoY Change -88.57% -87.21% -66.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.75M $11.04M $9.429M
Total Long-Term Liabilities $200.0K $200.0K $1.564M
Total Liabilities $10.99M $11.27M $11.75M
YoY Change -3.04% -4.06% -1.25%
SHAREHOLDERS EQUITY
Retained Earnings -$157.7M -$153.5M -$134.0M
YoY Change 14.11% 14.59%
Common Stock $7.000K $7.000K $7.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $71.00K $71.00K $71.00K
YoY Change 0.0% 0.0%
Treasury Stock Shares 754.6K shares 754.6K shares 3.773M shares
Shareholders Equity $16.26M $19.24M $3.803M
YoY Change
Total Liabilities & Shareholders Equity $27.25M $30.52M $15.55M
YoY Change 90.57% 96.19% 18.73%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$4.176M -$6.222M -$3.775M
YoY Change -0.9% 64.82% 305.48%
Depreciation, Depletion And Amortization $33.00K $32.00K $31.00K
YoY Change 22.22% 3.23% -41.51%
Cash From Operating Activities -$3.020M -$2.300M -$1.700M
YoY Change 17.51% 35.29% 3300.0%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$10.00K -$10.00K
YoY Change 0.0% -133.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$3.360M
YoY Change -100.0%
Cash From Investing Activities -$30.00K -$20.00K -$3.370M
YoY Change -400.0% -99.41% -11333.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 8.570M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -3.020M -2.300M -1.700M
Cash From Investing Activities -30.00K -20.00K -3.370M
Cash From Financing Activities 0.000 8.570M 0.000
Net Change In Cash -3.050M 6.250M -5.070M
YoY Change 95.51% -223.27% 25250.0%
FREE CASH FLOW
Cash From Operating Activities -$3.020M -$2.300M -$1.700M
Capital Expenditures -$30.00K -$10.00K -$10.00K
Free Cash Flow -$2.990M -$2.290M -$1.690M
YoY Change 35.5% 2012.5%

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dei Trading Symbol
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MNDL
dei Entity Registrant Name
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MANDALAY DIGITAL GROUP, INC.
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dei Document Fiscal Year Focus
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dei Document Type
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10-Q
dei Document Period End Date
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2013-09-30
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On March 28, 2013 and April 9, 2013, the Company filed a Certificate of Amendment and Certificate of Correction of Certificate of Amendment of its Certificate of Incorporation (the "Certificate of Incorporation"), with the Secretary of State of the State of Delaware, to effect a 1-for-5 reverse stock split of our common stock (the "Reverse Stock Split"). The Certificate of Amendment, as corrected, became effective as of April 12, 2013.
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Concentrations of Credit Risk</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Financial instruments which potentially subject us to concentration of credit risk consist principally of cash and cash equivalents, and accounts receivable. We have placed cash and cash equivalents with a single high credit-quality institution. Most of our sales are made directly to large national Mobile Phone Operators in the countries that we operate. We have a significant level of business and resulting significant accounts receivable balance with one operator and therefore have a high concentration of credit risk with that operator. We perform ongoing credit evaluations of our customers and maintain an allowance for potential credit losses. As of September&#xA0;30, 2013, two major customers represented approximately 39% and 22% of our gross accounts receivable outstanding, and 0% and 6.6% of gross accounts receivable outstanding as of March&#xA0;31, 2013, respectively. These customers accounted for 37% and 29% of our gross revenues during the six month period ended September&#xA0;30, 2013.</p> </div>
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Revenue Recognition</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The Company&#x2019;s revenues are derived primarily by licensing material and software in the form of products (Image Galleries, Wallpapers, video, WAP Site access, Mobile TV), developing and maintaining carrier platforms, mobile advertising, mobile billing and mobile games. License arrangements with the end user can be on a perpetual or subscription basis.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> A perpetual license gives an end user the right to use the product, image or game on the registered handset on a perpetual basis. A subscription license gives an end user the right to use the product, image or game on the registered handset for a limited period of time, ranging from a few days to as long as one month.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The Company distributes products through mobile telecommunications service providers (&#x201C;carriers&#x201D;). The carrier markets the product, images or games to end users, but the Company may also participate in the marketing efforts with the carrier and is at times required to do so. License fees for perpetual and subscription licenses are usually billed upon download of the product, image or game by the end user. In the case of subscription licenses, many subscriber agreements provide for automatic renewal until the subscriber opts-out, while others provide for opt-in renewal. In either case, subsequent billings for subscription licenses are generally billed monthly. The Company applies the provisions of FASB ASC 985-605, <i>Software Revenue Recognition</i>, to all transactions.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Revenues are recognized from the Company&#x2019;s products, images and games when persuasive evidence of an arrangement exists, the product, image or game has been delivered, the fee is fixed or determinable, and the collection of the resulting receivable is probable. For both perpetual and subscription licenses, management considers a license agreement to be evidence of an arrangement with a carrier or aggregator and a &#x201C;clickwrap&#x201D; agreement to be evidence of an arrangement with an end user. For these licenses, the Company defines delivery as the download of the product, image or game by the end user.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The Company estimates revenues from carriers in the current period when reasonable estimates of these amounts can be made. Most carriers only provide detailed sales transaction data on a one to two month lag. Estimated revenue is treated as unbilled receivables until the detailed reporting is received and the revenues can be billed. Some carriers provide reliable interim preliminary reporting and others report sales data within a reasonable time frame following the end of each month, both of which allow the Company to make reasonable estimates of revenues and therefore to recognize revenues during the reporting period when the end user licenses the product, image or game. Determination of the appropriate amount of revenue recognized involves judgments and estimates that the Company believes are reasonable, but it is possible that actual results may differ from the Company&#x2019;s estimates. The Company&#x2019;s estimates for revenues include consideration of factors such as preliminary sales data, carrier-specific historical sales trends, volume of activity on company monitored sites, seasonality, time elapsed from launch of services or product lines, the age of games and the expected impact of newly launched games, successful introduction of newer and more advanced handsets, promotions during the period and economic trends. When the Company receives the final carrier reports, to the extent not received within a reasonable time frame following the end of each month, the Company records any differences between estimated revenues and actual revenues in the reporting period when the Company determines the actual amounts. Revenues earned from certain carriers may not be reasonably estimated. If the Company is unable to reasonably estimate the amount of revenues to be recognized in the current period, the Company recognizes revenues upon the receipt of a carrier revenue report and when the Company&#x2019;s portion of licensed revenues are fixed or determinable and collection is probable. To monitor the reliability of the Company&#x2019;s estimates, management, where possible, reviews the revenues by country, by carrier and by product line on a regular basis to identify unusual trends such as differential adoption rates by carriers or the introduction of new handsets. If the Company deems a carrier not to be creditworthy, the Company defers all revenues from the arrangement until the Company receives payment and all other revenue recognition criteria have been met.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> In accordance with FASB ASC 605-45, <i>Reporting Revenue Gross as a Principal Versus Net as an Agent</i>, the Company recognizes as revenues the amount the carrier reports as payable upon the sale of the Company&#x2019;s products, images or games. The Company has evaluated its carrier agreements and has determined that it is not the principal when selling its products, images or games through carriers. Key indicators that it evaluated to reach this determination include:</p> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="8%">&#xA0;</td> <td width="4%" valign="top" align="left">&#x2022;</td> <td width="1%" valign="top">&#xA0;</td> <td align="left" valign="top">wireless subscribers directly contract with the carriers, which have most of the service interaction and are generally viewed as the primary obligor by the subscribers;</td> </tr> </table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="8%">&#xA0;</td> <td width="4%" valign="top" align="left">&#x2022;</td> <td width="1%" valign="top">&#xA0;</td> <td align="left" valign="top">carriers generally have significant control over the types of content that they offer to their subscribers;</td> </tr> </table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="8%">&#xA0;</td> <td width="4%" valign="top" align="left">&#x2022;</td> <td width="1%" valign="top">&#xA0;</td> <td align="left" valign="top">carriers are directly responsible for billing and collecting fees from their subscribers, including the resolution of billing disputes;</td> </tr> </table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="8%">&#xA0;</td> <td width="4%" valign="top" align="left">&#x2022;</td> <td width="1%" valign="top">&#xA0;</td> <td align="left" valign="top">carriers generally pay the Company a fixed percentage of their revenues or a fixed fee for each game;</td> </tr> </table> <p style="font-size:1px;margin-top:6px;margin-bottom:0px"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="8%">&#xA0;</td> <td width="4%" valign="top" align="left">&#x2022;</td> <td width="1%" valign="top">&#xA0;</td> <td align="left" valign="top">carriers generally must approve the price of the Company&#x2019;s content in advance of their sale to subscribers, and the Company&#x2019;s more significant carriers generally have the ability to set the ultimate price charged to their subscribers;</td> </tr> </table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> &#xA0;</p> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="8%">&#xA0;</td> <td width="4%" valign="top" align="left">&#x2022;</td> <td width="1%" valign="top">&#xA0;</td> <td align="left" valign="top">the Company has limited risks, including no inventory risk and limited credit risk.</td> </tr> </table> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> For direct to consumer business, revenue is earned by delivering a product or service directly to the end user of that product or service. 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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%">&#xA0;</td> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>Organization</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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&#xA0;6, 1998 under the name eB2B Commerce, Inc. On April&#xA0;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&#xA0;13, 2005, the Company changed its name to Mediavest, Inc. Through January&#xA0;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&#xA0;26, 2005 until its merger with Twistbox Entertainment, Inc., February&#xA0;12, 2008. On September&#xA0;14, 2007, Mediavest was re-incorporated in the state of Delaware as Mandalay Media, Inc. On May&#xA0;11, 2010 the Company merged with a wholly-owned, newly formed subsidiary, changing its name to NeuMedia, Inc. On February&#xA0;6, 2012, the Company merged with a wholly-owned, newly formed subsidiary, changing its name to Mandalay Digital Group, Inc.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On October&#xA0;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-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> AMV marketed branded services through a unique Customer Relationship Management platform that drove revenue through mobile internet, print and TV advertising. AMV was headquartered in Marlow, outside of London in the United Kingdom.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On May&#xA0;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 are considered to be a discontinued operation. AMV and its subsidiaries were subsequently disposed.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On May&#xA0;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)&#xA0;one new share of common stock in exchange for each share of Mandalay Media&#x2019;s outstanding common stock and (2)&#xA0;one new share of preferred stock in exchange for each share of Mandalay Media&#x2019;s outstanding preferred stock as of May&#xA0;11, 2010. NeuMedia&#x2019;s preferred and common stock 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-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On June&#xA0;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.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On December&#xA0;28, 2011, the Company issued 10,000 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> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On July&#xA0;27, 2012, the Company set up a wholly-owned Israeli acquisition/holding company, Digital Turbine (EMEA) Ltd. (&#x201C;DT EMEA&#x201D;) (formerly M.D.G. Logia Holdings Ltd).</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On August&#xA0;15, 2012, the Company amended its charter with the state of Delaware to increase its total number of shares of common stock of the Company to 200,000,000 and preferred shares of the Company to 2,000,000.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On September&#xA0;13, 2012, the Company completed an acquisition of 100% of the issued and outstanding share capital of three operating subsidiaries of Logia Group Ltd (&#x201C;Sellers&#x201D;) (Logia Content Development and Management Ltd. (&#x201C;Logia Content&#x201D;), Volas Entertainment Ltd. (&#x201C;Volas&#x201D;) and Mail Bit Logia (2008)&#xA0;Ltd. (&#x201C;Mail Bit&#x201D;), (collectively, the &#x201C;Targets&#x201D;). In addition, the Company, by assignment to the acquisition entity, Digital Turbine (EMEA) Ltd. (&#x201C;DT EMEA&#x201D;), (formerly M.D.G. Logia Holdings Ltd), acquired the assets of LogiaDeck Ltd (an affiliate of the Seller, &#x201C;LogiaDeck&#x201D;), comprised of the &#x201C;LogiaDeck&#x201D; software, which the Company has rebranded &#x201C;Ignite&#x201D;, and certain operator and other contracts related to the business of the Logia companies that were originally entered into by the Sellers. Pursuant to the Logia purchase agreement, Mandalay Digital Group, Inc. purchased 23% of the outstanding shares of the Targets and MDG purchased 77% of such shares. On November&#xA0;7, 2012, Mandalay Digital Group, Inc. contributed all of its shares of the Targets to MDG pursuant to a Contribution Agreement among Mandalay Digital Group, Inc., Digital Turbine Group, Inc. and MDG. The acquired business of the Targets and Ignite are collectively referred to as &#x201C;Logia&#x201D; in this quarterly report.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Logia is a mobile content development and management solutions provider of innovative mobile monetization solutions. It provides solutions for top-tier mobile operators and content providers, including device application management solutions, white label app and media stores, app-based value added services, and mobile social music and TV offerings.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On March&#xA0;28, 2013 and April&#xA0;9, 2013, the Company filed a Certificate of Amendment and Certificate of Correction of Certificate of Amendment of its Certificate of Incorporation (the &#x201C;Certificate of Incorporation&#x201D;), with the Secretary of State of the State of Delaware, to effect a 1-for-5 reverse stock split of our common stock (the &#x201C;Reverse Stock Split&#x201D;). The Certificate of Amendment, as corrected, became effective as of April&#xA0;12, 2013.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> As a result of the Reverse Stock Split, every five (5)&#xA0;shares of our pre-Reverse Stock Split common stock were combined and reclassified into one (1)&#xA0;share of our common stock. Our post-Reverse Stock Split common stock began trading on April&#xA0;15, 2013 with a new CUSIP number of 562562-207. The Reverse Stock Split did not change the authorized number of shares or the par value of our common stock.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On April&#xA0;12, 2013, the Company, through its indirect wholly owned subsidiary organized under the laws of Australia, Digital Turbine Australia Pty Ltd (&#x201C;DT Australia&#x201D;), acquired all of the issued and outstanding stock of Mirror Image International Holdings Pty Ltd (&#x201C;MIAH&#x201D;). MIAH owns direct or indirect subsidiaries Mirror Image Access (Australia) Pty Ltd (MIA), MIA Technology Australia Pty Ltd (MIATA) and MIA Technology IP Pty Ltd (together with MIAH, the &#x201C;MIA Group&#x201D;). The acquired business of the MIA Group is referred to as &#x201C;MIA&#x201D; in this quarterly report.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> MIA is a leading mobile solutions provider based in Australia. MIA has extensive content licenses with major brands, as well as a proprietary content management and billing integration system (&#x201C;Sphere&#x201D;). MIA enables experiences on connected devices by enabling the delivery of content and applications to multiple devices, across any network, in any format. The Sphere platform enables carriers, media companies and brands to work together.</p> </div>
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The Series A holders are entitled to (1) vote on an equal per share basis as common stock, (2) dividends paid to the common stock holders on an as if-converted basis and (3) a liquidation preference equal to the greater of $10 per share of Series A (subject to adjustment) or such amount that would have been paid to the common stock holders on an as if-converted basis.
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us-gaap Revenues
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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53000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
88000
us-gaap Goodwill Impairment Loss
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us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Use of Estimates</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent asset and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The most significant estimates relate to revenues for periods not yet reported by Carriers, liabilities recorded for future minimum guarantee payments under content licenses, accounts receivable allowances, and stock-based compensation expense.</p> </div>
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1479000
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
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us-gaap Increase Decrease In Fair Value Of Unhedged Derivative Instruments
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-811000
mndl Compensation Expense Related Restricted Shares
CompensationExpenseRelatedRestrictedShares
456000
mndl Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentPeriodIncreaseDecrease
438000
mndl Adjustment Other Charges
AdjustmentOtherCharges
1427000
mndl Provision For Reduction Of Doubtful Accounts
ProvisionForReductionOfDoubtfulAccounts
mndl Interest Accretion Expense
InterestAccretionExpense
36000
mndl Gains Losses On Settlement And Conversion Of Debt
GainsLossesOnSettlementAndConversionOfDebt
40000
CY2013Q2 us-gaap Bankruptcy Claims Amount Of Claims Filed
BankruptcyClaimsAmountOfClaimsFiled
5300000
mndl Number Of Shares Granted Against Share Limits
NumberOfSharesGrantedAgainstShareLimits
500000 shares
mndl Contingent Consideration For Acquisition
ContingentConsiderationForAcquisition
0
mndl Ownership Change Description
OwnershipChangeDescription
In general, an "ownership change" as defined by Section 382 of the Code, results from a transaction of series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock by a company by certain stockholders or public groups.
CY2012Q3 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
187500 shares
CY2013Q2 us-gaap Bankruptcy Claims Amount Of Claims Filed
BankruptcyClaimsAmountOfClaimsFiled
19200000
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
3170 shares
CY2013Q2 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
1011164 shares
CY2013Q3 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
504880 shares
CY2013Q3 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
2.48
CY2013Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
342857 shares
CY2013Q2 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
3.50
CY2013Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
85714 shares
CY2013 us-gaap Increase Decrease In Intangible Assets Current
IncreaseDecreaseInIntangibleAssetsCurrent
6826000
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2600000
CY2013 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2013 us-gaap Indefinite Lived Intangible Assets Impairment Losses
IndefiniteLivedIntangibleAssetsImpairmentLosses
0
CY2013 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
1119000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9700000
CY2013Q2 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
CY2013Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
52000
CY2013Q2 us-gaap Finite Lived Intangible Assets Acquired
FiniteLivedIntangibleAssetsAcquired
6826000
CY2013Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
727000
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
105000
CY2013Q2 us-gaap Stock Issued During Period Value Issued For Cash
StockIssuedDuringPeriodValueIssuedForCash
2700000
CY2013Q2 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
4449000
CY2013Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
88000
CY2013Q2 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
374000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-5686000
CY2013Q2 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
1252000
CY2013Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
228000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
461000
CY2013Q2 us-gaap Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature
1064000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3235000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3809000
CY2012Q3 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
0
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3191000
CY2012Q3 us-gaap Advertising Expense
AdvertisingExpense
0
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3755000
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
215000
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
365000
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
376000
CY2012Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-494000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
3771000
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5245 shares
CY2012Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
77000
CY2012Q3 us-gaap Revenues
Revenues
912000
CY2012Q3 us-gaap License Costs
LicenseCosts
299000
CY2012Q3 us-gaap Depreciation
Depreciation
31000
CY2012Q3 us-gaap Gross Profit
GrossProfit
536000
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17447000 shares
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-3775000
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-520000
CY2012Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-26000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20000
CY2012Q3 mndl Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentPeriodIncreaseDecrease
-34000
CY2013Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-442000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3892000
CY2013Q3 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
406000
CY2013Q3 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-70000
CY2013Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
358000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5889000
CY2013Q3 us-gaap Adjustments To Additional Paid In Capital Mark To Market
AdjustmentsToAdditionalPaidInCapitalMarkToMarket
300000
CY2013Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
314000
CY2013Q3 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
-8000
CY2013Q3 us-gaap Finite Lived Intangible Assets Purchase Accounting Adjustments
FiniteLivedIntangibleAssetsPurchaseAccountingAdjustments
0
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2513000
CY2013Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
4373000
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
CY2013Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
248000 shares
CY2013Q3 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
504880 shares
CY2013Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
-603000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3325000
CY2013Q3 us-gaap Advertising Expense
AdvertisingExpense
66000
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
333000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-6132000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
581000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
4469000
CY2013Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1653000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
6419000
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1717 shares
CY2013Q3 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2013Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
652000
CY2013Q3 us-gaap Revenues
Revenues
6996000
CY2013Q3 us-gaap License Costs
LicenseCosts
3817000
CY2013Q3 us-gaap Depreciation
Depreciation
32000
CY2013Q3 us-gaap Gross Profit
GrossProfit
2527000
CY2013Q3 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1036000
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25232000 shares
CY2013Q3 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
476000 shares
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-6222000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2240000
CY2013Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
28000
CY2013Q3 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
244000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
90000
CY2013Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
513000
CY2013Q3 us-gaap Increase Decrease In Fair Value Of Unhedged Derivative Instruments
IncreaseDecreaseInFairValueOfUnhedgedDerivativeInstruments
-811000
CY2013Q3 mndl Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentPeriodIncreaseDecrease
333000
CY2013Q3 mndl Gains Losses On Settlement And Conversion Of Debt
GainsLossesOnSettlementAndConversionOfDebt
43000
CY2013Q3 mndl Adjustment To Additional Paid In Capital Change In Fair Value Of Embedded Conversion Feature
AdjustmentToAdditionalPaidInCapitalChangeInFairValueOfEmbeddedConversionFeature
313000

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