2023 Q2 Form 10-Q Financial Statement

#000082932323000021 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $16.65M $11.85M
YoY Change -26.49% -36.34%
Cost Of Revenue $2.369M $3.191M
YoY Change -74.46% -63.16%
Gross Profit $14.28M $8.657M
YoY Change 6.77% -12.98%
Gross Profit Margin 85.78% 73.07%
Selling, General & Admin $14.37M $12.09M
YoY Change -11.39% 0.32%
% of Gross Profit 100.6% 139.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $705.6K $639.0K
YoY Change 89.19% -7.35%
% of Gross Profit 4.94% 7.38%
Operating Expenses $17.62M $12.09M
YoY Change 8.67% 0.32%
Operating Profit -$3.339M -$3.435M
YoY Change 17.66% 63.13%
Interest Expense -$38.19K -$19.12K
YoY Change -1343.97% 1812.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $14.42K
YoY Change -100.0% -18.55%
Pretax Income -$3.377M -$3.440M
YoY Change 4.56% 64.66%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.377M -$3.440M
YoY Change 4.56% 64.66%
Net Earnings / Revenue -20.28% -29.04%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.03 -$0.03
COMMON SHARES
Basic Shares Outstanding 121.6M shares 121.4M shares
Diluted Shares Outstanding 127.2M shares 121.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.045M $1.970M
YoY Change -40.07% -76.04%
Cash & Equivalents $5.000M $2.000M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $828.6K $970.4K
YoY Change -22.88% -57.01%
Inventory
Prepaid Expenses $970.4K
Receivables $10.80M $9.121M
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.67M $12.06M
YoY Change -26.2% -41.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.680M $1.687M
YoY Change -0.48% 4.37%
Goodwill $9.853M $9.853M
YoY Change 0.0% 0.0%
Intangibles $5.157M $5.403M
YoY Change -16.03% -15.41%
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $685.2K $66.92K
YoY Change 1818.17% 87.34%
Total Long-Term Assets $17.62M $18.09M
YoY Change -11.45% -11.42%
TOTAL ASSETS
Total Short-Term Assets $16.67M $12.06M
Total Long-Term Assets $17.62M $18.09M
Total Assets $34.28M $30.16M
YoY Change -19.29% -26.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.193M $5.507M
YoY Change -0.86% 21.92%
Accrued Expenses $8.241M $4.933M
YoY Change 18.38% 12.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $592.9K
YoY Change
Long-Term Debt Due $74.10K $86.28K
YoY Change -29.28% -18.7%
Total Short-Term Liabilities $14.63M $11.33M
YoY Change 7.02% 21.01%
LONG-TERM LIABILITIES
Long-Term Debt $33.34K $50.86K
YoY Change -38.09% -34.65%
Other Long-Term Liabilities $3.555K $7.253K
YoY Change -76.2% -49.02%
Total Long-Term Liabilities $154.2K $177.4K
YoY Change -49.42% -57.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.63M $11.33M
Total Long-Term Liabilities $154.2K $177.4K
Total Liabilities $14.78M $11.51M
YoY Change 5.78% 17.63%
SHAREHOLDERS EQUITY
Retained Earnings -$163.9M -$160.5M
YoY Change 9.76% 9.93%
Common Stock $137.8K $121.6K
YoY Change 14.97% 1.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.50M $18.65M
YoY Change
Total Liabilities & Shareholders Equity $34.28M $30.16M
YoY Change -19.29% -26.37%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.377M -$3.440M
YoY Change 4.56% 64.66%
Depreciation, Depletion And Amortization $705.6K $639.0K
YoY Change 89.19% -7.35%
Cash From Operating Activities $397.1K -$3.231M
YoY Change -60.75% -9.77%
INVESTING ACTIVITIES
Capital Expenditures $425.2K $411.2K
YoY Change -195.59% -188.13%
Acquisitions
YoY Change
Other Investing Activities -$10.00 $2.289M
YoY Change -100.01% -529.84%
Cash From Investing Activities -$425.2K $1.878M
YoY Change 19.26% -287.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.104M $391.5K
YoY Change -12352.59% -356.02%
NET CHANGE
Cash From Operating Activities 397.1K -$3.231M
Cash From Investing Activities -425.2K $1.878M
Cash From Financing Activities 3.104M $391.5K
Net Change In Cash 3.076M -$961.8K
YoY Change 388.24% -79.68%
FREE CASH FLOW
Cash From Operating Activities $397.1K -$3.231M
Capital Expenditures $425.2K $411.2K
Free Cash Flow -$28.04K -$3.642M
YoY Change -101.93% 16.96%

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CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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17565000 usd
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12161834 usd
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
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5403166 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
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246125 usd
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CY2023Q1 us-gaap Goodwill
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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769917 usd
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469500 usd
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469500 usd
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CY2023Q1 inuv Finite Lived Intangible Assets Amortization Expense After Year Four
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5013166 usd
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
390000 usd
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390000 usd
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17565000 usd
CY2022Q4 inuv Intangible Assets Accumulated Amortizationand Impairment Loss
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11915709 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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5649291 usd
CY2022 us-gaap Amortization Of Intangible Assets
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1071294 usd
CY2022Q4 us-gaap Goodwill Gross
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9853342 usd
CY2023Q1 us-gaap Lines Of Credit Current
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592868 usd
CY2023Q1 us-gaap Accrued Marketing Costs Current
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2840364 usd
CY2022Q4 us-gaap Accrued Marketing Costs Current
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3321598 usd
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1150815 usd
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782441 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
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925428 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
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1044664 usd
CY2022Q4 inuv Accrued Grant Current
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10000 usd
CY2023Q1 us-gaap Accrued Income Taxes Current
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1309 usd
CY2022Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
3755 usd
CY2023Q1 inuv Accrued Liabilities And Lease Liability Current
AccruedLiabilitiesAndLeaseLiabilityCurrent
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CY2022Q4 inuv Accrued Liabilities And Lease Liability Current
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CY2021Q3 inuv Referral Agreement
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CY2021Q3 inuv Referral Agreement Term
ReferralAgreementTerm
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CY2023Q1 inuv Amortization Of Referral Agreement As Marketing Expense
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475000 usd
CY2023Q1 inuv Referral Agreement
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CY2023Q1 us-gaap Current Income Tax Expense Benefit
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0 usd
CY2023Q1 us-gaap Deferred Tax Assets Liabilities Net
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CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q1 us-gaap Deferred Tax Liabilities
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CY2023Q1 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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P3Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Increase Decrease
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Increase Decrease
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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24550000 shares
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
432084 usd
CY2022Q1 us-gaap Share Based Compensation
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671158 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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1881713 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3130015 shares
CY2023Q1 inuv Sharebased Compensation Arrangementby Sharebased Payment Award Numberof Shares Exercised
SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesExercised
6464123 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
14955862 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
24550000 shares
CY2023Q1 inuv Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.52
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
100000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.52
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0
CY2021Q3 inuv Class Of Warrant Or Right Granted In Period
ClassOfWarrantOrRightGrantedInPeriod
300000 shares
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.72
CY2021Q3 inuv Class Of Warrant Or Right Number Of Tranches
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2 tranche
CY2021Q3 us-gaap Warrants And Rights Outstanding
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149551 usd
CY2021Q3 us-gaap Warrants And Rights Outstanding Term
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P7Y
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
85862 shares
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
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-10000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
220740 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
138108 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
310162 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
168750 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
30642 usd
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
24259 usd
CY2023Q1 us-gaap Operating Lease Payments
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85650 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0625
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
207955 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
16236 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5251 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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1590 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
231032 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9052 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
221980 usd
CY2023Q1 inuv Finance Lease Principal And Interest Payments On Liability
FinanceLeasePrincipalAndInterestPaymentsOnLiability
37073 usd
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M18D
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0625
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
68397 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
56180 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
18491 usd
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
143068 usd
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
5935 usd
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
137133 usd

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