$APPS
Digital Turbine, Inc.

2014 Q2 Form 10-K Financial Statement

#000119312514256053 Filed on June 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q1 2013
Revenue $5.554M -$400.0K $3.855M
YoY Change 16.12% -127.78% -46.68%
Cost Of Revenue $4.140M -$280.0K $1.695M
YoY Change 32.82% -134.15% -41.0%
Gross Profit $1.414M -$120.0K $2.160M
YoY Change -15.13% -119.05% -50.42%
Gross Profit Margin 25.46% 56.03%
Selling, General & Admin $4.135M $1.830M $11.87M
YoY Change -0.96% -58.97% -14.54%
% of Gross Profit 292.43% 549.4%
Research & Development $1.959M $10.00K $1.322M
YoY Change 23.36% -98.28% -38.63%
% of Gross Profit 138.54% 61.2%
Depreciation & Amortization $370.0K $410.0K $113.0K
YoY Change 1093.55% 310.0% -43.22%
% of Gross Profit 26.17% 5.23%
Operating Expenses $6.094M $1.850M $13.19M
YoY Change 5.74% -63.22% -38.16%
Operating Profit -$4.680M -$1.970M -$11.03M
YoY Change 14.23% -55.23% -35.01%
Interest Expense $0.00 $410.0K -$1.200M
YoY Change -100.0% -102.82% -90.4%
% of Operating Profit
Other Income/Expense, Net -$2.000K -$1.490M
YoY Change -99.86% -89.07%
Pretax Income -$4.682M -$1.840M -$12.52M
YoY Change -15.03% -91.67% -59.08%
Income Tax -$70.00K $70.00K $90.00K
% Of Pretax Income
Net Earnings -$4.610M -$3.420M -$14.16M
YoY Change -18.92% -84.55% -53.88%
Net Earnings / Revenue -83.0% -367.34%
Basic Earnings Per Share
Diluted Earnings Per Share -$123.2K -$192.8K -$806.8K
COMMON SHARES
Basic Shares Outstanding 37.44M shares 92.16M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q1 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.70M $1.100M $1.100M
YoY Change 1068.75% -87.5% -87.5%
Cash & Equivalents $18.69M $1.149M $1.100M
Short-Term Investments
Other Short-Term Assets $600.0K $900.0K $900.0K
YoY Change -50.0% 800.0% 800.0%
Inventory
Prepaid Expenses
Receivables $5.106M $1.995M $2.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.43M $3.992M $4.000M
YoY Change 226.64% -60.51% -60.4%
LONG-TERM ASSETS
Property, Plant & Equipment $470.0K $148.0K $100.0K
YoY Change 9.3% -35.65% -50.0%
Goodwill $6.309M $3.588M
YoY Change 30.35% -1.43%
Intangibles $7.257M $4.757M
YoY Change -34.75% 482.25%
Long-Term Investments
YoY Change
Other Assets $100.0K
YoY Change -75.0%
Total Long-Term Assets $14.12M $8.493M $8.500M
YoY Change -16.06% 81.2% 80.85%
TOTAL ASSETS
Total Short-Term Assets $24.43M $3.992M $4.000M
Total Long-Term Assets $14.12M $8.493M $8.500M
Total Assets $38.55M $12.49M $12.50M
YoY Change 58.63% -15.62% -15.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.504M $3.783M $3.800M
YoY Change -38.77% 23.99% 22.58%
Accrued Expenses $4.500M $1.400M $1.400M
YoY Change 7.14% -17.65% -17.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.777M $3.800M
YoY Change 4936.0% 3700.0%
Total Short-Term Liabilities $9.084M $9.655M $9.700M
YoY Change -47.61% 60.38% 61.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.252M $2.100M
YoY Change -100.0% -59.31% -32.26%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $1.252M $2.100M
YoY Change -100.0% -59.31% -32.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.084M $9.655M $9.700M
Total Long-Term Liabilities $0.00 $1.252M $2.100M
Total Liabilities $9.084M $11.75M $11.70M
YoY Change -53.32% 29.14% 28.57%
SHAREHOLDERS EQUITY
Retained Earnings -$164.9M -$141.6M
YoY Change 11.97% 11.11%
Common Stock $7.000K $7.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $71.00K $71.00K
YoY Change 0.0% 0.0%
Treasury Stock Shares 754.6K shares 754.6K shares
Shareholders Equity $29.46M $737.0K $700.0K
YoY Change
Total Liabilities & Shareholders Equity $38.55M $12.49M $12.50M
YoY Change 58.63% -15.62% -15.54%

Cashflow Statement

Concept 2014 Q2 2013 Q1 2013
OPERATING ACTIVITIES
Net Income -$4.610M -$3.420M -$14.16M
YoY Change -18.92% -84.55% -53.88%
Depreciation, Depletion And Amortization $370.0K $410.0K $113.0K
YoY Change 1093.55% 310.0% -43.22%
Cash From Operating Activities -$3.135M -$1.010M -$6.865M
YoY Change 96.68% -24.63% 275.34%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$10.00K -$10.00K
YoY Change 50.0% 0.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities $10.00K $0.00 -$3.360M
YoY Change -101.3%
Cash From Investing Activities -$22.00K -$10.00K -$3.369M
YoY Change -97.22% 0.0% 19717.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.550M
YoY Change -5.56%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 550.0K 2.550M
YoY Change -100.0% -79.7% -73.71%
NET CHANGE
Cash From Operating Activities -$3.135M -1.010M -6.865M
Cash From Investing Activities -$22.00K -10.00K -3.369M
Cash From Financing Activities $0.00 550.0K 2.550M
Net Change In Cash -$3.157M -470.0K -7.684M
YoY Change -1105.41% -134.56% -197.84%
FREE CASH FLOW
Cash From Operating Activities -$3.135M -$1.010M -$6.865M
Capital Expenditures -$30.00K -$10.00K -$10.00K
Free Cash Flow -$3.105M -$1.000M -$6.855M
YoY Change 97.27% -24.81% 278.94%

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CY2013 us-gaap Goodwill Acquired During Period
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CY2013 us-gaap Increase Decrease In Employee Related Liabilities
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CY2013 us-gaap Paid In Kind Interest
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CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-337000
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CY2014 dei Trading Symbol
TradingSymbol
MNDL
CY2014 dei Entity Registrant Name
EntityRegistrantName
MANDALAY DIGITAL GROUP, INC.
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 dei Amendment Flag
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false
CY2014 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0000317788
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
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.
CY2014 us-gaap Nature Of Operations
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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%" 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;), through its wholly-owned subsidiary, Digital Turbine (&#x201C;DT USA&#x201D;), provides end to end mobile content solutions for wireless carriers and OEMs globally to enable them to better monetize their subscribers. The Company&#x2019;s products include mobile application management through DT Ignite, user experience and discovery through DT IQ, application stores and content through DT Content and mobile payments through DT Pay. With global headquarters in Los Angeles, and offices throughout the U.S., Asia Pacific and EMEA, Mandalay Digital&#x2019;s solutions are available worldwide.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The Company 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., and changed its name to eB2B Commerce, Inc. On April&#xA0;13, 2005, the Company changed its name to Mediavest, Inc.&#xA0;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., dated February&#xA0;12, 2008. On September&#xA0;14, 2007, Mediavest was re-incorporated in the state of Delaware. On November 7, 2007 the Company changed its name to Mandalay Media, Inc. On May&#xA0;12, 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"> On May&#xA0;10, 2010, an administrator was appointed over AMV 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.</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, with NeuMedia as the surviving corporation.</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. On December&#xA0;16, 2011, the ValueAct Note was purchased in its entirety by Taja LLC (&#x201C;Taja&#x201D;) and was amended to remove certain negative covenants from the Note (the &#x201C;Amended Taja Note&#x201D;). The purchase of the ValueAct Note was independent of the Company, and the Company did not receive or pay out any cash related to this transaction. On September&#xA0;4, 2013, the Company paid the remaining principal and interest to Taja in full. The details of the debt is further outlined in Note 11, below.</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&#xA0;shares of the Company&#x2019;s common stock as part of the consideration for an exchange of assets with Digital Turbine Group, LLC, the developer of DT IQ, 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;) 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;DT Ignite&#x201D;, and certain operator and other contracts related to the business of the Targets that were originally entered into by the Sellers. Pursuant to the Logia purchase agreement, the Company purchased 23% of the outstanding shares of the Targets and DT EMEA purchased 77% of such shares. On November&#xA0;7, 2012, the Company contributed all of its shares of the Targets to DT EMEA pursuant to a Contribution Agreement among the Company, DT and DT EMEA. The acquired business of the Targets and Ignite are collectively referred to as &#x201C;DT EMEA&#x201D; in this annual report.</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 Group Pty Ltd (&#x201C;DT APAC&#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 the MIAH, the &#x201C;MIA Group&#x201D;). The acquired business of the MIA Group is referred to as &#x201C;DT APAC&#x201D; in this annual report.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On February&#xA0;13, 2014, the Company sold 100% of the issued and outstanding share capital of Twistbox.</p> </div>
CY2014 us-gaap Revenue Recognition Software
RevenueRecognitionSoftware
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Revenue Recognition</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> The Company&#x2019;s revenues are derived primarily from the processing of content purchases using the Company&#x2019;s billing software (&#x201C;DT Pay&#x201D;), and licensing of the Company&#x2019;s software for; application management services (&#x201C;DT Ignite&#x201D;), managed services (&#x201C;DT Marketplace&#x201D; and &#x201C;DT Content&#x201D;), and cross-platform content management, recommendation, and search functionality (&#x201C;DT IQ&#x201D;). The Company&#x2019;s products are sold mainly to wireless carriers. The licensed software enables the wireless carriers to market and deliver content and mobile applications to end users. The Company bills the wireless carrier based on monthly transactional reporting and other fees earned upon delivery of the product to the wireless carrier. The Company markets and distributes its products directly to wireless carriers and OEMs.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> The Company applies the provisions of FASB ASC 985-605, <i>Software Revenue Recognition</i>, to all software licensing transactions, which are mainly found in the DT Ignite and DT IQ products.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> With regard to the Company&#x2019;s DT Pay, DT Ignite and DT IQ products, revenues are recognized by the Company when persuasive evidence of an arrangement exists, evidence that the content or application has been purchased, purchased product has been delivered, the fee is fixed or determinable, and the collection of the resulting receivable is probable. The Company considers a license agreement to be evidence of an arrangement with a carrier or content provider and the completed purchase to be evidence of an arrangement with an end user. For completed purchases, the Company defines delivery as the download of the content or application 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 actual reporting has not been finalized. Estimated revenue is treated as unbilled receivables until the detailed reporting is received and the revenues can be billed. The Company depends on its own reporting of transactions from its reporting systems, and reconciles that reporting with the customer before an invoice is generated. Determination of the appropriate amount of revenue recognized is based on the Company&#x2019;s reporting system, but it is possible that actual results may differ from the Company&#x2019;s estimates once the reports are reconciled with the customer. 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. 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 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; TEXT-INDENT: 4%"> 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="14%">&#xA0;</td> <td valign="top" width="2%" 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="14%">&#xA0;</td> <td valign="top" width="2%" 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="14%">&#xA0;</td> <td valign="top" width="2%" 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="14%">&#xA0;</td> <td valign="top" width="2%" 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="14%">&#xA0;</td> <td valign="top" width="2%" 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; and</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="14%">&#xA0;</td> <td valign="top" width="2%" 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>
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Discount For Postvesting Restrictions
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions
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CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.001 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.00 pure
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1170 shares
CY2014 us-gaap Preferred Stock Contract Terms
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.
CY2014 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.63
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27478000 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7807000
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 at high credit-quality institutions. Most of our sales are made directly to large national mobile phone carriers 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 March&#xA0;31, 2014, two major customers represented approximately 49.1% and 13.4% 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 and one other customer accounted for 45.8%, 22.2% and 10.5% of our gross revenues, respectively, in the year ended March&#xA0;31, 2014; and 0%, 0% and 51.9%, respectively, in the year ended March&#xA0;31, 2013.</p> </div>
CY2014 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.2 pure
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:0pt; 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>
CY2014 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.68
CY2014 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1351000
CY2014 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-442000
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-4800000
CY2014 us-gaap Stock Issued During Period Value Issued For Cash
StockIssuedDuringPeriodValueIssuedForCash
2700000
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-17474000
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
67000
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
734000
CY2014 us-gaap Indefinite Lived Intangible Assets Written Off Related To Sale Of Business Unit
IndefiniteLivedIntangibleAssetsWrittenOffRelatedToSaleOfBusinessUnit
586000
CY2014 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
33000
CY2014 us-gaap Revenues
Revenues
24404000
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
-0.05
CY2014 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2014 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
374000
CY2014 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-523000
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
30597000
CY2014 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
-1502000
CY2014 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-470000
CY2014 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
476000
CY2014 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
1000000
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
74000
CY2014 us-gaap Stock Issued1
StockIssued1
4449000
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-1502000
CY2014 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
142000
CY2014 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-811000
CY2014 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
1077000
CY2014 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1407000
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2566000
CY2014 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-18637000
CY2014 us-gaap Gross Profit
GrossProfit
7846000
CY2014 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-24000
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
-15524000
CY2014 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
5485000
CY2014 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
207000
CY2014 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-17202000
CY2014 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
1287000
CY2014 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
200000
CY2014 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
472000
CY2014 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1950000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-18704000
CY2014 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
390000
CY2014 us-gaap Stock Issued During Period Value Issued For Noncash Considerations
StockIssuedDuringPeriodValueIssuedForNoncashConsiderations
24000
CY2014 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
4373000
CY2014 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
248000
CY2014 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1938000
CY2014 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-603000
CY2014 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
737000
CY2014 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
1182000
CY2014 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
1769000
CY2014 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
650000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13432000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
29640000
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
5751000
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
1938000
CY2014 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1856000
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
20656000
CY2014 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1915000
CY2014 us-gaap Income Tax Expense Benefit Continuing Operations Discontinued Operations Extraordinary Items
IncomeTaxExpenseBenefitContinuingOperationsDiscontinuedOperationsExtraordinaryItems
-272000
CY2014 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
250000
CY2014 us-gaap Operating Expenses
OperatingExpenses
23370000
CY2014 us-gaap License Costs
LicenseCosts
14789000
CY2014 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
187000
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-272000
CY2014 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-196000
CY2014 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
406000
CY2014 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
154000
CY2014 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
513000
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-765000
CY2014 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-893000
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
33297000
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-6017000
CY2014 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
3229000
CY2014 us-gaap Cost Of Revenue
CostOfRevenue
16558000
CY2014 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
209000
CY2014 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
CY2014 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
811000
CY2014 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
154000
CY2014 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2014 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3010000
CY2014 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-136000
CY2014 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2014 us-gaap Discontinued Operation Provision For Loss Gain On Disposal Net Of Tax
DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax
-820000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-981000
CY2014 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7869000
CY2014 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
1769000
CY2014 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-3657000
CY2014 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
6826000
CY2014 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
2755000
CY2014 mndl Adjustments To Additional Paid In Capital Warrant Issued For Services
AdjustmentsToAdditionalPaidInCapitalWarrantIssuedForServices
406000
CY2014 mndl Issuance Of Common Stock In Exchange For Convertible Debt Shares
IssuanceOfCommonStockInExchangeForConvertibleDebtShares
shares
CY2014 mndl Finite Lived Intangible Assets Income Tax Adjustment
FiniteLivedIntangibleAssetsIncomeTaxAdjustment
CY2014 mndl Contingent Consideration For Acquisition
ContingentConsiderationForAcquisition
238000
CY2014 mndl Business Combination Contingent Consideration Arrangements Changes In Fair Value Of Contingent Consideration
BusinessCombinationContingentConsiderationArrangementsChangesInFairValueOfContingentConsideration
603000
CY2014 mndl Compensation Expense Related Restricted Shares
CompensationExpenseRelatedRestrictedShares
5784000
CY2014 mndl Stock Issued During Period Value Share Based Compensation Other
StockIssuedDuringPeriodValueShareBasedCompensationOther
640000
CY2014 mndl Adjustment To Additional Paid In Capital Change In Fair Value Of Embedded Conversion Feature
AdjustmentToAdditionalPaidInCapitalChangeInFairValueOfEmbeddedConversionFeature
313000
CY2014 mndl Income Tax Reconciliation Goodwill Impairment
IncomeTaxReconciliationGoodwillImpairment
895000
CY2014 mndl Issuance Of Common Stock In Exchange For Convertible Debt Values
IssuanceOfCommonStockInExchangeForConvertibleDebtValues
1064000
CY2014 mndl Gain Losses On Exchange Extinguishment Settlement Of Debt
GainLossesOnExchangeExtinguishmentSettlementOfDebt
51000
CY2014 mndl Interest Accretion Expense
InterestAccretionExpense
109000
CY2014 mndl Conversion Of Accounts And Accrued Liabilities To Common Stock
ConversionOfAccountsAndAccruedLiabilitiesToCommonStock
4373000
CY2014 mndl Supplemental Exercise Of Warrants To Purchase Common Stock
SupplementalExerciseOfWarrantsToPurchaseCommonStock
5914000
CY2014 mndl Adjustment Other Charges
AdjustmentOtherCharges
1173000
CY2014 mndl Gains Losses On Settlement And Conversion Of Debt
GainsLossesOnSettlementAndConversionOfDebt
74000
CY2014 mndl Value Of Options Exercised
ValueOfOptionsExercised
854000
CY2012 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
2969000
CY2013Q3 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
504880 shares

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