$APPS
Digital Turbine, Inc.

2014 Q1 Form 10-Q Financial Statement

#000119312514055171 Filed on February 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q3
Revenue $5.280M $7.033M $6.759M
YoY Change -1420.0% 243.24% 641.12%
Cost Of Revenue $3.840M $4.979M $4.375M
YoY Change -1471.43% 437.11% 1063.56%
Gross Profit $1.440M $2.054M $2.384M
YoY Change -1300.0% 83.07% 344.78%
Gross Profit Margin 27.27% 29.21% 35.27%
Selling, General & Admin $3.010M $4.122M $3.829M
YoY Change 64.48% -0.05% 12.42%
% of Gross Profit 209.03% 200.68% 160.61%
Research & Development $1.570M $2.120M $2.407M
YoY Change 15600.0% 267.42% 559.45%
% of Gross Profit 109.03% 103.21% 100.96%
Depreciation & Amortization $280.0K $33.00K $32.00K
YoY Change -31.71% 22.22% 3.23%
% of Gross Profit 19.44% 1.61% 1.34%
Operating Expenses $4.580M $6.242M $6.236M
YoY Change 147.57% 32.78% 65.37%
Operating Profit -$3.140M -$4.188M -$3.852M
YoY Change 59.39% 17.02% 19.07%
Interest Expense $1.850M $0.00 -$980.0K
YoY Change 351.22% -100.0% 88.46%
% of Operating Profit
Other Income/Expense, Net $27.00K -$780.0K
YoY Change -104.49% 50.0%
Pretax Income -$1.420M -$3.661M -$4.632M
YoY Change -22.83% -12.44% 23.36%
Income Tax -$310.0K $19.00K $90.00K
% Of Pretax Income
Net Earnings -$2.620M -$4.176M -$6.222M
YoY Change -23.39% -0.9% 64.82%
Net Earnings / Revenue -49.62% -59.38% -92.06%
Basic Earnings Per Share
Diluted Earnings Per Share -$78.73K -$133.4K -$246.5K
COMMON SHARES
Basic Shares Outstanding 32.89M shares 31.27M shares 20.51M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.80M $4.700M $7.800M
YoY Change 1881.82% 193.75% 151.61%
Cash & Equivalents $21.81M $4.656M $7.806M
Short-Term Investments
Other Short-Term Assets $600.0K $400.0K $600.0K
YoY Change -33.33% -55.56% 100.0%
Inventory
Prepaid Expenses
Receivables $5.102M $6.310M $5.815M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.48M $11.43M $14.29M
YoY Change 588.4% 149.25% 157.6%
LONG-TERM ASSETS
Property, Plant & Equipment $465.0K $459.0K $427.0K
YoY Change 214.19% 128.36% 34.7%
Goodwill $4.837M $4.770M $4.770M
YoY Change 34.81% 5.14% 5.14%
Intangibles $9.074M $10.10M $10.61M
YoY Change 90.75% 102.87% 105.96%
Long-Term Investments
YoY Change
Other Assets $3.200M $500.0K $400.0K
YoY Change
Total Long-Term Assets $17.61M $15.82M $16.22M
YoY Change 107.39% 62.87% 62.13%
TOTAL ASSETS
Total Short-Term Assets $27.48M $11.43M $14.29M
Total Long-Term Assets $17.61M $15.82M $16.22M
Total Assets $45.10M $27.25M $30.52M
YoY Change 261.19% 90.57% 96.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.943M $4.916M $5.596M
YoY Change -22.2% 29.54% 38.04%
Accrued Expenses $3.395M $4.900M $4.500M
YoY Change 142.5% 226.67% 164.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $6.000K $10.00K
YoY Change -100.0% -99.79% -99.61%
Total Short-Term Liabilities $11.91M $10.75M $11.04M
YoY Change 23.31% 22.43% 17.04%
LONG-TERM LIABILITIES
Long-Term Debt $200.0K $200.0K $200.0K
YoY Change -84.03% -88.57% -87.21%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $200.0K $200.0K $200.0K
YoY Change -84.03% -88.57% -87.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.91M $10.75M $11.04M
Total Long-Term Liabilities $200.0K $200.0K $200.0K
Total Liabilities $12.14M $10.99M $11.27M
YoY Change 3.37% -3.04% -4.06%
SHAREHOLDERS EQUITY
Retained Earnings -$160.3M -$157.7M -$153.5M
YoY Change 13.21% 14.11% 14.59%
Common Stock $7.000K $7.000K $7.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $71.00K $71.00K $71.00K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $754.6K 754.6K shares 754.6K shares
Shareholders Equity $32.95M $16.26M $19.24M
YoY Change
Total Liabilities & Shareholders Equity $45.10M $27.25M $30.52M
YoY Change 261.19% 90.57% 96.19%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income -$2.620M -$4.176M -$6.222M
YoY Change -23.39% -0.9% 64.82%
Depreciation, Depletion And Amortization $280.0K $33.00K $32.00K
YoY Change -31.71% 22.22% 3.23%
Cash From Operating Activities -$900.0K -$3.020M -$2.300M
YoY Change -10.89% 17.51% 35.29%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$30.00K -$10.00K
YoY Change 1400.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$140.0K -$30.00K -$20.00K
YoY Change 1300.0% -400.0% -99.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.37M 0.000 8.570M
YoY Change 3240.0% -100.0%
NET CHANGE
Cash From Operating Activities -900.0K -3.020M -2.300M
Cash From Investing Activities -140.0K -30.00K -20.00K
Cash From Financing Activities 18.37M 0.000 8.570M
Net Change In Cash 17.33M -3.050M 6.250M
YoY Change -3787.23% 95.51% -223.27%
FREE CASH FLOW
Cash From Operating Activities -$900.0K -$3.020M -$2.300M
Capital Expenditures -$150.0K -$30.00K -$10.00K
Free Cash Flow -$750.0K -$2.990M -$2.290M
YoY Change -25.0% 35.5%

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mndl Interest Accretion Expense
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mndl Gains Losses On Settlement And Conversion Of Debt
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mndl Contingent Consideration For Acquisition
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us-gaap Income Tax Expense Benefit
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dei Trading Symbol
TradingSymbol
MNDL
dei Entity Registrant Name
EntityRegistrantName
MANDALAY DIGITAL GROUP, INC.
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dei Entity Filer Category
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Smaller Reporting Company
dei Document Fiscal Period Focus
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Q3
dei Document Fiscal Year Focus
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2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2013-12-31
dei Entity Central Index Key
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0000317788
dei Current Fiscal Year End Date
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us-gaap Share Based Compensation
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us-gaap Stockholders Equity Reverse Stock Split
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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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us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentrations of Credit Risk</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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 high credit-quality institutions. 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 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 December&#xA0;31, 2013, two major customers represented approximately 51.6% and 14.9% of our gross accounts receivable outstanding, and 0% and 0% of gross accounts receivable outstanding as of March&#xA0;31, 2013, respectively. These two customers, as well as one additional customer, accounted for 40.6%, 23.2%, and 10.8% of our gross revenues during the nine month period ended December&#xA0;31, 2013.</p> </div>
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us-gaap Revenue Recognition Software
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>Revenue Recognition</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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. 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%">&#xA0;</td> <td valign="top" width="4%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%">&#xA0;</td> <td valign="top" width="4%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">carriers generally have significant control over the types of content that they offer to their subscribers;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%">&#xA0;</td> <td valign="top" width="4%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">carriers are directly responsible for billing and collecting fees from their subscribers, including the resolution of billing disputes;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%">&#xA0;</td> <td valign="top" width="4%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">carriers generally pay the Company a fixed percentage of their revenues or a fixed fee for each game;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%">&#xA0;</td> <td valign="top" width="4%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">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="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%">&#xA0;</td> <td valign="top" width="4%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the Company has limited risks, including no inventory risk and limited credit risk.</td> </tr> </table> </div>
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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="font-size:1px;margin-top:12px;margin-bottom:0px"> &#xA0;</p> <p style="margin-top:0pt; 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 DT EMEA purchased 77% of such shares. On November&#xA0;7, 2012, Mandalay Digital Group, Inc. contributed all of its shares of the Targets to DT EMEA pursuant to a Contribution Agreement among Mandalay Digital Group, Inc., Digital Turbine Group, Inc. and DT EMEA. 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>
us-gaap Research And Development Expense
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PreferredStockContractTerms
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.
us-gaap Paid In Kind Interest
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mndl Number Of Shares Granted Against Share Limits
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us-gaap Unrealized Gain Loss On Derivatives
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-1479000
us-gaap Proceeds From Repayments Of Debt
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mndl Gains Losses On Settlement And Conversion Of Debt
GainsLossesOnSettlementAndConversionOfDebt
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us-gaap Increase Decrease In Fair Value Of Unhedged Derivative Instruments
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mndl Compensation Expense Related Restricted Shares
CompensationExpenseRelatedRestrictedShares
588000
mndl Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentPeriodIncreaseDecrease
375000
mndl Adjustment Other Charges
AdjustmentOtherCharges
1350000
mndl Supplemental Exercise Of Warrants To Purchase Common Stock
SupplementalExerciseOfWarrantsToPurchaseCommonStock
0
mndl Interest Accretion Expense
InterestAccretionExpense
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CY2013Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
85714 shares
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2600000
CY2013 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
mndl Gain Losses On Exchange Extinguishment Settlement Of Debt
GainLossesOnExchangeExtinguishmentSettlementOfDebt
182000
mndl Contingent Consideration For Acquisition
ContingentConsiderationForAcquisition
238000
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BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
187500 shares
CY2013Q2 us-gaap Bankruptcy Claims Amount Of Claims Filed
BankruptcyClaimsAmountOfClaimsFiled
19200000
CY2013Q2 us-gaap Bankruptcy Claims Amount Of Claims Filed
BankruptcyClaimsAmountOfClaimsFiled
5300000
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
3170 shares
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StockIssuedDuringPeriodSharesAcquisitions
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CY2013Q3 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
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CY2013Q3 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
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CY2013Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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IndefiniteLivedIntangibleAssetsImpairmentLosses
0
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GoodwillImpairmentLoss
1119000
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NetCashProvidedByUsedInFinancingActivities
9700000
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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
52000
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FiniteLivedIntangibleAssetsAcquired
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
105000
CY2013Q2 us-gaap Stock Issued During Period Value Issued For Cash
StockIssuedDuringPeriodValueIssuedForCash
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StockIssuedDuringPeriodValueAcquisitions
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StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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NetIncomeLoss
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228000
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AmortizationOfIntangibleAssets
461000
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1064000
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GoodwillAndOtherIntangibleAssetsAmortization
0
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-3579000
CY2012Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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EarningsPerShareBasicAndDiluted
-0.24
CY2012Q4 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
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ComprehensiveIncomeNetOfTax
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CY2012Q4 us-gaap Advertising Expense
AdvertisingExpense
143000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-4181000
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SellingAndMarketingExpense
329000
CY2012Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
577000
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CostOfRevenue
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InterestIncomeExpenseNet
-536000
CY2012Q4 us-gaap Operating Expenses
OperatingExpenses
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CY2012Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5091600 shares
CY2012Q4 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
737000
CY2012Q4 us-gaap Revenues
Revenues
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CY2012Q4 us-gaap License Costs
LicenseCosts
190000
CY2012Q4 us-gaap Depreciation
Depreciation
27000
CY2012Q4 us-gaap Gross Profit
GrossProfit
1122000
CY2012Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17797000 shares
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-4214000
CY2012Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-602000
CY2012Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-18000
CY2012Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33000
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentPeriodIncreaseDecrease
49000
CY2012Q4 mndl Gains Losses On Settlement And Conversion Of Debt
GainsLossesOnSettlementAndConversionOfDebt
-4000
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 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 Finite Lived Intangible Assets Purchase Accounting Adjustments
FiniteLivedIntangibleAssetsPurchaseAccountingAdjustments
0
CY2013Q3 us-gaap Debt Conversion Converted Instrument Amount1
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248000
CY2013Q3 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
504880 shares
CY2013Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
4373000
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
333000
CY2013Q3 us-gaap Stock Issued During Period Value Acquisitions
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CY2013Q3 us-gaap Net Income Loss
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CY2013Q3 us-gaap Stock Issued During Period Value Other
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244000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
513000
CY2013Q3 mndl Adjustment To Additional Paid In Capital Change In Fair Value Of Embedded Conversion Feature
AdjustmentToAdditionalPaidInCapitalChangeInFairValueOfEmbeddedConversionFeature
313000
CY2013Q3 mndl Goodwill And Other Intangible Assets Amortization
GoodwillAndOtherIntangibleAssetsAmortization
0
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-4188000
CY2013Q4 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
0
CY2013Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
704000
CY2013Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4239000
CY2013Q4 us-gaap Adjustments To Additional Paid In Capital Mark To Market
AdjustmentsToAdditionalPaidInCapitalMarkToMarket
240000
CY2013Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
310000
CY2013Q4 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
-1000
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-4157000
CY2013Q4 us-gaap Finite Lived Intangible Assets Purchase Accounting Adjustments
FiniteLivedIntangibleAssetsPurchaseAccountingAdjustments
0
CY2013Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2013Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3567000
CY2013Q4 us-gaap Advertising Expense
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54000
CY2013Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-63000
CY2013Q4 us-gaap Selling And Marketing Expense
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CY2013Q4 us-gaap Research And Development Expense
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CY2013Q4 us-gaap Cost Of Revenue
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CY2013Q4 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2013Q4 us-gaap Stock Issued During Period Value Issued For Noncash Considerations
StockIssuedDuringPeriodValueIssuedForNoncashConsiderations
24000
CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
6242000
CY2013Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1498065 shares
CY2013Q4 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
513000
CY2013Q4 us-gaap Revenues
Revenues
7033000
CY2013Q4 us-gaap License Costs
LicenseCosts
4466000
CY2013Q4 us-gaap Depreciation
Depreciation
33000
CY2013Q4 us-gaap Gross Profit
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2054000
CY2013Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31329000 shares
CY2013Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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60000
CY2013Q4 us-gaap Net Income Loss
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-4176000
CY2013Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
31000
CY2013Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
9000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19000
CY2013Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
514000
CY2013Q4 mndl Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentPeriodIncreaseDecrease
-63000
CY2013Q4 mndl Gains Losses On Settlement And Conversion Of Debt
GainsLossesOnSettlementAndConversionOfDebt
27000
CY2013Q4 mndl Goodwill And Other Intangible Assets Amortization
GoodwillAndOtherIntangibleAssetsAmortization
0

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