2022 Q1 Form 10-Q Financial Statement

#000082932322000027 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $18.61M $10.62M
YoY Change 75.27% -28.9%
Cost Of Revenue $8.662M $1.444M
YoY Change 499.8% -58.02%
Gross Profit $9.948M $9.174M
YoY Change 8.44% -20.18%
Gross Profit Margin 53.46% 86.4%
Selling, General & Admin $12.05M $1.725M
YoY Change 598.78% -16.22%
% of Gross Profit 121.17% 18.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $689.7K $771.9K
YoY Change -10.65% -7.64%
% of Gross Profit 6.93% 8.41%
Operating Expenses $12.05M $11.77M
YoY Change 2.42% -16.09%
Operating Profit -$2.106M -$2.595M
YoY Change -18.84% 2.47%
Interest Expense -$1.000K -$22.39K
YoY Change -95.53% -85.32%
% of Operating Profit
Other Income/Expense, Net $17.70K $470.0K
YoY Change -96.23% -434.98%
Pretax Income -$2.089M -$2.147M
YoY Change -2.7% -24.0%
Income Tax
% Of Pretax Income
Net Earnings -$2.089M -$2.147M
YoY Change -2.7% -24.0%
Net Earnings / Revenue -11.23% -20.22%
Basic Earnings Per Share -$0.02 -$0.02
Diluted Earnings Per Share -$0.02 -$0.02
COMMON SHARES
Basic Shares Outstanding 119.3M shares 114.4M shares
Diluted Shares Outstanding 119.3M shares 114.4M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.222M $17.81M
YoY Change -53.82% 3681.85%
Cash & Equivalents $5.743M $17.81M
Short-Term Investments $2.479M
Other Short-Term Assets $2.257M $534.5K
YoY Change 322.36% 51.07%
Inventory
Prepaid Expenses $2.257M $534.5K
Receivables $10.05M $5.749M
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.53M $24.09M
YoY Change -14.78% 263.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.617M $1.293M
YoY Change 25.03% -1.73%
Goodwill $9.853M $9.853M
YoY Change 0.0% 0.0%
Intangibles $6.388M $8.120M
YoY Change -21.33% -18.68%
Long-Term Investments $762.3K
YoY Change
Other Assets $35.72K $35.19K
YoY Change 1.52% 68.46%
Total Long-Term Assets $20.43M $20.46M
YoY Change -0.16% -8.24%
TOTAL ASSETS
Total Short-Term Assets $20.53M $24.09M
Total Long-Term Assets $20.43M $20.46M
Total Assets $40.96M $44.55M
YoY Change -8.06% 54.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.517M $2.790M
YoY Change 61.87% -65.62%
Accrued Expenses $4.390M $4.006M
YoY Change 9.58% 6.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $106.1K $197.1K
YoY Change -46.15% -59.14%
Total Short-Term Liabilities $9.362M $7.299M
YoY Change 28.26% -49.0%
LONG-TERM LIABILITIES
Long-Term Debt $77.83K $83.90K
YoY Change -7.23% -41.32%
Other Long-Term Liabilities $14.23K $6.925K
YoY Change 105.43% -98.67%
Total Long-Term Liabilities $419.4K $735.8K
YoY Change -43.0% -75.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.362M $7.299M
Total Long-Term Liabilities $419.4K $735.8K
Total Liabilities $9.781M $8.035M
YoY Change 21.73% -53.66%
SHAREHOLDERS EQUITY
Retained Earnings -$146.0M -$138.5M
YoY Change 5.42% 3.52%
Common Stock $119.8K $118.5K
YoY Change 1.09% 95.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.18M $36.51M
YoY Change
Total Liabilities & Shareholders Equity $40.96M $44.55M
YoY Change -8.06% 54.05%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$2.089M -$2.147M
YoY Change -2.7% -24.0%
Depreciation, Depletion And Amortization $689.7K $771.9K
YoY Change -10.65% -7.64%
Cash From Operating Activities -$3.581M -$2.443M
YoY Change 46.59% -397.34%
INVESTING ACTIVITIES
Capital Expenditures -$466.6K -$411.4K
YoY Change 13.42% 32.35%
Acquisitions
YoY Change
Other Investing Activities -$532.5K
YoY Change
Cash From Investing Activities -$999.1K -$411.4K
YoY Change 142.86% 32.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $13.14M
YoY Change -100.0% 988.63%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$152.9K $12.77M
YoY Change -101.2% -3192.98%
NET CHANGE
Cash From Operating Activities -$3.581M -$2.443M
Cash From Investing Activities -$999.1K -$411.4K
Cash From Financing Activities -$152.9K $12.77M
Net Change In Cash -$4.733M $9.915M
YoY Change -147.74% 10035.82%
FREE CASH FLOW
Cash From Operating Activities -$3.581M -$2.443M
Capital Expenditures -$466.6K -$411.4K
Free Cash Flow -$3.114M -$2.031M
YoY Change 53.31% -279.38%

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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 capitalized labor, 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>
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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0.56
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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1500 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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0.56
CY2021Q3 inuv Class Of Warrant Or Right Granted In Period
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300000 shares
CY2021Q3 us-gaap Warrants And Rights Outstanding
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CY2021Q3 us-gaap Warrants And Rights Outstanding Term
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P7Y
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118000 USD
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CY2022Q1 us-gaap Operating Lease Right Of Use Asset
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CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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24259 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2022Q1 us-gaap Operating Lease Payments
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112695 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y6M
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0625
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287795 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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5251 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Five
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1590 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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611901 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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42493 USD
CY2022Q1 us-gaap Operating Lease Liability
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569408 USD
CY2022Q1 inuv Finance Lease Principal And Interest Payments On Liability
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29863 USD
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P2Y3M18D
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.0625
CY2022Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
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85002 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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84127 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
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31220 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
200349 USD
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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16391 USD
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
183958 USD

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