2023 Q3 Form 10-Q Financial Statement

#000165495423010504 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $24.57M $16.65M $22.65M
YoY Change 43.92% -26.49% 79.27%
Cost Of Revenue $2.275M $2.369M $9.274M
YoY Change -66.46% -74.46% 309.61%
Gross Profit $22.30M $14.28M $13.38M
YoY Change 116.67% 6.77% 28.98%
Gross Profit Margin 90.74% 85.78% 59.06%
Selling, General & Admin $23.49M $14.37M $16.22M
YoY Change 67.03% -11.39% 867.0%
% of Gross Profit 105.36% 100.6% 121.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $420.8K $705.6K $372.9K
YoY Change 6.55% 89.19% 18.73%
% of Gross Profit 1.89% 4.94% 2.79%
Operating Expenses $23.49M $17.62M $16.22M
YoY Change 67.0% 8.67% 26.98%
Operating Profit -$1.191M -$3.339M -$2.838M
YoY Change -68.44% 17.66% 18.31%
Interest Expense $19.85K -$38.19K $3.070K
YoY Change -250.97% -1343.97% -138.42%
% of Operating Profit
Other Income/Expense, Net $250.00 $0.00 -$395.2K
YoY Change -101.05% -100.0% -1709.81%
Pretax Income -$1.170M -$3.377M -$3.230M
YoY Change -69.3% 4.56% 35.59%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.171M -$3.377M -$3.230M
YoY Change -69.27% 4.56% 35.59%
Net Earnings / Revenue -4.77% -20.28% -14.26%
Basic Earnings Per Share -$0.01 -$0.03
Diluted Earnings Per Share -$0.01 -$0.03 -$0.03
COMMON SHARES
Basic Shares Outstanding 0.000 shares 121.6M shares 119.8M shares
Diluted Shares Outstanding 127.4M shares 127.2M shares 119.8M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.000M $5.045M $8.418M
YoY Change -8.52% -40.07% -53.84%
Cash & Equivalents $7.000M $5.000M $6.373M
Short-Term Investments $0.00 $0.00 $2.045M
Other Short-Term Assets $1.000M $828.6K $1.074M
YoY Change -8.48% -22.88% 117.69%
Inventory
Prepaid Expenses $959.0K $1.074M
Receivables $10.16M $10.80M $13.09M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.10M $16.67M $22.59M
YoY Change -1.12% -26.2% -7.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.682M $1.680M $1.688M
YoY Change -0.65% -0.48% 24.51%
Goodwill $9.853M $9.853M $9.853M
YoY Change 0.0% 0.0% 0.0%
Intangibles $4.911M $5.157M $6.142M
YoY Change -16.7% -16.03% -19.75%
Long-Term Investments $0.00 $0.00 $587.2K
YoY Change -100.0% -100.0%
Other Assets $79.54K $685.2K $35.72K
YoY Change 126.16% 1818.17% -7.86%
Total Long-Term Assets $18.08M $17.62M $19.89M
YoY Change -7.28% -11.45% -0.32%
TOTAL ASSETS
Total Short-Term Assets $18.10M $16.67M $22.59M
Total Long-Term Assets $18.08M $17.62M $19.89M
Total Assets $36.18M $34.28M $42.48M
YoY Change -4.3% -19.29% -4.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.766M $6.193M $6.247M
YoY Change 37.42% -0.86% -3.45%
Accrued Expenses $8.441M $8.241M $6.962M
YoY Change 34.37% 18.38% 239.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $74.10K $104.8K
YoY Change 7.65% -29.28% -33.02%
Total Short-Term Liabilities $16.44M $14.63M $13.67M
YoY Change 32.92% 7.02% 51.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $33.34K $53.85K
YoY Change -100.0% -38.09% -30.19%
Other Long-Term Liabilities $17.87K $3.555K $14.94K
YoY Change 29.78% -76.2% 49.21%
Total Long-Term Liabilities $866.5K $154.2K $304.9K
YoY Change 299.31% -49.42% -54.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.44M $14.63M $13.67M
Total Long-Term Liabilities $866.5K $154.2K $304.9K
Total Liabilities $17.31M $14.78M $13.97M
YoY Change 37.52% 5.78% 44.43%
SHAREHOLDERS EQUITY
Retained Earnings -$165.0M -$163.9M -$149.3M
YoY Change 7.77% 9.76% 5.98%
Common Stock $138.0K $137.8K $119.9K
YoY Change 14.85% 14.97% 1.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.87M $19.50M $28.51M
YoY Change
Total Liabilities & Shareholders Equity $36.18M $34.28M $42.48M
YoY Change -4.3% -19.29% -4.25%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$1.171M -$3.377M -$3.230M
YoY Change -69.27% 4.56% 35.59%
Depreciation, Depletion And Amortization $420.8K $705.6K $372.9K
YoY Change 6.55% 89.19% 18.73%
Cash From Operating Activities $2.370M $397.1K $1.012M
YoY Change -1042.87% -60.75% 13.66%
INVESTING ACTIVITIES
Capital Expenditures $420.0K $425.2K -$444.8K
YoY Change -205.03% -195.59% 17.9%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$10.00 $88.28K
YoY Change -100.0% -100.01% -109.67%
Cash From Investing Activities -$420.0K -$425.2K -$356.5K
YoY Change 70.49% 19.26% -72.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K 3.104M -25.33K
YoY Change -78.83% -12352.59% -56.44%
NET CHANGE
Cash From Operating Activities 2.370M 397.1K 1.012M
Cash From Investing Activities -420.0K -425.2K -356.5K
Cash From Financing Activities -20.00K 3.104M -25.33K
Net Change In Cash 1.930M 3.076M 629.9K
YoY Change -425.91% 388.24% -237.44%
FREE CASH FLOW
Cash From Operating Activities $2.370M $397.1K $1.012M
Capital Expenditures $420.0K $425.2K -$444.8K
Free Cash Flow $1.950M -$28.04K $1.457M
YoY Change 1212.95% -101.93% 14.92%

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">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 allowance for doubtful accounts, 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.</p>
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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550000 usd
CY2023Q2 inuv Referral Agreement
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650000 usd
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300000 shares
CY2021Q3 inuv Class Of Warrant Or Right Vesting Period
ClassOfWarrantOrRightVestingPeriod
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us-gaap Sales Commissions And Fees
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40000 usd
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CY2023Q2 us-gaap Deferred Tax Assets Liabilities Net
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CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q2 us-gaap Deferred Tax Liabilities
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CY2023Q2 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPeriodIncreaseDecrease
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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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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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us-gaap Share Based Compensation
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CY2023Q2 inuv Sharebased Compensation Arrangementby Sharebased Payment Award Numberof Shares Exercised
SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesExercised
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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24550000 shares
inuv Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
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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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.52
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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0
CY2021Q3 inuv Referral Agreement Term
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five years
CY2021Q3 inuv Class Of Warrant Or Right Granted In Period
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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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CY2021Q3 us-gaap Warrants And Rights Outstanding
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149551 usd
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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85862 shares
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
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128689 usd
CY2023Q2 us-gaap Finance Lease Right Of Use Asset
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110738 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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310162 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
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168750 usd
us-gaap Finance Lease Right Of Use Asset Amortization
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58013 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
48697 usd
us-gaap Operating Lease Payments
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104276 usd
inuv Operating Lease Weighted Average Remaining Lease Term
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0625 pure
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
110260 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
16638 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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5653 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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1993 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
134544 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4589 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
129955 usd
inuv Finance Lease Principal And Interest Payments On Liability
FinanceLeasePrincipalAndInterestPaymentsOnLiability
36103 usd
inuv Finance Lease Weighted Average Remaining Lease Term
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P1Y7M17D
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0625 pure
CY2023Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
36957 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
56180 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
18490 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
111627 usd
CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
4186 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
107441 usd

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