2021 Q1 Form 10-Q Financial Statement

#000082932321000020 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $10.62M $14.93M
YoY Change -28.9% -3.44%
Cost Of Revenue $1.444M $3.440M
YoY Change -58.02% -48.52%
Gross Profit $9.174M $11.49M
YoY Change -20.18% 30.85%
Gross Profit Margin 86.4% 76.97%
Selling, General & Admin $1.725M $2.059M
YoY Change -16.22% -13.39%
% of Gross Profit 18.8% 17.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $771.9K $835.7K
YoY Change -7.64% 1.45%
% of Gross Profit 8.41% 7.27%
Operating Expenses $11.77M $14.03M
YoY Change -16.09% 30.72%
Operating Profit -$2.595M -$2.532M
YoY Change 2.47% 30.16%
Interest Expense -$22.39K -$152.5K
YoY Change -85.32% -129.52%
% of Operating Profit
Other Income/Expense, Net $470.0K -$140.3K
YoY Change -434.98%
Pretax Income -$2.147M -$2.825M
YoY Change -24.0% 14.74%
Income Tax
% Of Pretax Income
Net Earnings -$2.147M -$2.825M
YoY Change -24.0% 14.74%
Net Earnings / Revenue -20.22% -18.92%
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$0.02 -$52.67K
COMMON SHARES
Basic Shares Outstanding 114.4M shares 53.64M shares
Diluted Shares Outstanding 114.4M shares 53.64M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.81M $470.8K
YoY Change 3681.85% 89.54%
Cash & Equivalents $17.81M $470.8K
Short-Term Investments
Other Short-Term Assets $534.5K $353.8K
YoY Change 51.07% 31.16%
Inventory
Prepaid Expenses $534.5K $353.8K
Receivables $5.749M $5.797M
Other Receivables $0.00 $0.00
Total Short-Term Assets $24.09M $6.621M
YoY Change 263.82% -0.77%
LONG-TERM ASSETS
Property, Plant & Equipment $1.293M $1.316M
YoY Change -1.73% -23.88%
Goodwill $9.853M $9.853M
YoY Change 0.0% 0.0%
Intangibles $8.120M $9.985M
YoY Change -18.68% 9.68%
Long-Term Investments
YoY Change
Other Assets $35.19K $20.89K
YoY Change 68.46% -40.61%
Total Long-Term Assets $20.46M $22.30M
YoY Change -8.24% 9.92%
TOTAL ASSETS
Total Short-Term Assets $24.09M $6.621M
Total Long-Term Assets $20.46M $22.30M
Total Assets $44.55M $28.92M
YoY Change 54.05% 0.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.790M $8.115M
YoY Change -65.62% -4.62%
Accrued Expenses $4.006M $3.759M
YoY Change 6.57% 10.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.503M
YoY Change -100.0% -35.8%
Long-Term Debt Due $197.1K $482.4K
YoY Change -59.14% -6.92%
Total Short-Term Liabilities $7.299M $14.31M
YoY Change -49.0% -1.86%
LONG-TERM LIABILITIES
Long-Term Debt $83.90K $143.0K
YoY Change -41.32% -93.73%
Other Long-Term Liabilities $6.925K $520.8K
YoY Change -98.67% 407.08%
Total Long-Term Liabilities $735.8K $3.029M
YoY Change -75.71% -44.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.299M $14.31M
Total Long-Term Liabilities $735.8K $3.029M
Total Liabilities $8.035M $17.34M
YoY Change -53.66% -13.38%
SHAREHOLDERS EQUITY
Retained Earnings -$138.5M -$133.8M
YoY Change 3.52% 3.76%
Common Stock $118.5K $60.73K
YoY Change 95.16% 84.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.397M
YoY Change 0.0%
Treasury Stock Shares 376.5K shares
Shareholders Equity $36.51M $13.49M
YoY Change
Total Liabilities & Shareholders Equity $44.55M $28.92M
YoY Change 54.05% 0.81%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$2.147M -$2.825M
YoY Change -24.0% 14.74%
Depreciation, Depletion And Amortization $771.9K $835.7K
YoY Change -7.64% 1.45%
Cash From Operating Activities -$2.443M $821.5K
YoY Change -397.34% -178.4%
INVESTING ACTIVITIES
Capital Expenditures -$411.4K -$310.9K
YoY Change 32.35% 0.2%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$411.4K -$310.9K
YoY Change 32.35% 0.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $13.14M $1.207M
YoY Change 988.63%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $12.77M -$412.8K
YoY Change -3192.98% -129.97%
NET CHANGE
Cash From Operating Activities -$2.443M $821.5K
Cash From Investing Activities -$411.4K -$310.9K
Cash From Financing Activities $12.77M -$412.8K
Net Change In Cash $9.915M $97.82K
YoY Change 10035.82% 403.15%
FREE CASH FLOW
Cash From Operating Activities -$2.443M $821.5K
Capital Expenditures -$411.4K -$310.9K
Free Cash Flow -$2.031M $1.132M
YoY Change -279.38% -253.52%

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7 patent
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5500000 USD
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SaleOfStockNumberOfSharesIssuedInTransaction
21500000 shares
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10750000 USD
CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
8000000.0 USD
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SaleOfStockNumberOfSharesIssuedInTransaction
5681817 shares
CY2021Q1 us-gaap Common Stock Shares Authorized
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100000000 shares
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us-gaap Proceeds From Issuance Of Common Stock
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CY2021Q1 us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements, in accordance with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net revenues and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying consolidated financial statements are based upon management’s regular evaluation of the relevant facts and circumstances as of the date of the consolidated financial statements. We regularly evaluate estimates and assumptions related to goodwill and purchased intangible asset valuations and income tax valuation allowance. Actual results may differ from the estimates and assumptions used in preparing the accompanying consolidated financial statements, and such differences could be material.</span></div>
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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10617809 USD
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1.000
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1.000
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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12054989 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
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1292933 USD
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CY2021Q1 us-gaap Depreciation
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305528 USD
CY2020Q1 us-gaap Depreciation
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CY2021Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
390000 USD
CY2021Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
390000 USD
CY2021Q1 inuv Finite Livedand Indefinite Lived Intangible Assets Long Term Portion Gross
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17565000 USD
CY2021Q1 inuv Intangible Assets Accumulated Amortizationand Impairment Loss
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9445287 USD
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
8119713 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
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466376 USD
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9853342 USD
CY2021Q1 us-gaap Goodwill
Goodwill
9853342 USD
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1399128 USD
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FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
469500 USD
CY2021Q1 inuv Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
3035374 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2021Q1 inuv Accrued Search Costs
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OtherAccruedLiabilitiesCurrent
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EmployeeRelatedLiabilitiesCurrent
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EmployeeRelatedLiabilitiesCurrent
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CY2021Q1 us-gaap Accrued Income Taxes Current
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8097 USD
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8305 USD
CY2021Q1 inuv Accrued Grant Current
AccruedGrantCurrent
0 USD
CY2020Q4 inuv Accrued Grant Current
AccruedGrantCurrent
60000 USD
CY2021Q1 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
0 USD
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AccruedSalesCommissionCurrent
50000 USD
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LeaseLiabilityDeferredRentNoncurrent
6925 USD
CY2020Q4 inuv Lease Liability Deferred Rent Noncurrent
LeaseLiabilityDeferredRentNoncurrent
4057 USD
CY2021Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
0 USD
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ContractWithCustomerLiabilityNoncurrent
420000 USD
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SmallBusinessAdministrationLoanLiabilityNoncurrent
0 USD
CY2020Q4 inuv Small Business Administration Loan Liability Noncurrent
SmallBusinessAdministrationLoanLiabilityNoncurrent
149900 USD
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6925 USD
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
573957 USD
CY2021Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
37693100 USD
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DeferredTaxAssetsLiabilitiesNet
37693100 USD
CY2021Q1 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
107000 USD
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
35848400 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
35848400 USD
CY2021Q1 us-gaap Deferred Tax Liabilities
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1951700 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
394870 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
208897 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5634951 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1500 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
4376667 shares
CY2021Q1 inuv Sharebased Compensation Arrangementby Sharebased Payment Award Numberof Shares Exercised
SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesExercised
7378983 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2655861 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
14413011 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9500 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.56
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
4750 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.56
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3250 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.56
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1500 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.56
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1500 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.56
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
843573 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
315793 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
606573 USD
CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
395910 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
80117 USD
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
105678 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
182807 USD
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0625
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
285922 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
378339 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
295778 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
10983 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
971022 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
127449 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
843573 USD
CY2021Q1 inuv Finance Lease Principal And Interest Payments On Liability
FinanceLeasePrincipalAndInterestPaymentsOnLiability
69291 USD
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0625
CY2021Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
200518 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
72982 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
37658 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
311158 USD
CY2021Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
30158 USD
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
281000 USD
CY2020Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
3931428 shares
CY2020Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.175
CY2020Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
688000 USD

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