2024 Q1 Form 10-K Financial Statement

#000165495424002423 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $17.02M $20.84M $73.91M
YoY Change 43.69% 20.68% -2.24%
Cost Of Revenue $2.099M $2.644M $10.48M
YoY Change -34.21% -52.17% -65.36%
Gross Profit $14.92M $18.20M $63.43M
YoY Change 72.4% 54.97% 39.85%
Gross Profit Margin 87.67% 87.32% 85.82%
Selling, General & Admin $17.02M $20.63M $73.83M
YoY Change 40.72% 31.57% 755.96%
% of Gross Profit 114.01% 113.34% 116.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $673.2K $691.6K $2.655M
YoY Change 5.35% 1.74% 2.17%
% of Gross Profit 4.51% 3.8% 4.19%
Operating Expenses $17.02M $20.63M $73.83M
YoY Change 40.72% 31.57% 27.27%
Operating Profit -$2.091M -$2.427M -$10.39M
YoY Change -39.13% -38.28% -17.84%
Interest Expense -$20.38K $7.880K -$29.57K
YoY Change 6.59% -178.56% 40.08%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $14.67K
YoY Change -100.0% -100.0% -103.37%
Pretax Income -$2.112M -$2.419M -$10.41M
YoY Change -38.62% -39.17% -20.59%
Income Tax -$17.76K $17.76K
% Of Pretax Income
Net Earnings -$2.112M -$2.401M -$10.39M
YoY Change -38.62% -39.62% -20.69%
Net Earnings / Revenue -12.4% -11.52% -14.06%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.02 -$0.02 -$0.08
COMMON SHARES
Basic Shares Outstanding 139.2M shares 138.0M shares 131.1M shares
Diluted Shares Outstanding 138.8M shares 131.1M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.432M $4.440M $4.440M
YoY Change 23.48% -0.46% -0.46%
Cash & Equivalents $2.000M $4.440M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $1.019M $1.076M $1.076M
YoY Change 4.99% 34.69% 34.69%
Inventory
Prepaid Expenses $1.019M $1.076M
Receivables $8.710M $9.227M $9.227M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.16M $14.74M $14.74M
YoY Change 0.83% -9.99% -9.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.726M $1.681M $2.559M
YoY Change 2.29% 0.71% 19.15%
Goodwill $9.853M $9.853M
YoY Change 0.0% 0.0%
Intangibles $4.419M $4.665M
YoY Change -18.22% -17.43%
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $53.35K $53.35K $553.4K
YoY Change -20.28% -20.28% -36.17%
Total Long-Term Assets $17.61M $17.63M $17.63M
YoY Change -2.65% -8.07% -8.07%
TOTAL ASSETS
Total Short-Term Assets $12.16M $14.74M $14.74M
Total Long-Term Assets $17.61M $17.63M $17.63M
Total Assets $29.78M $32.37M $32.37M
YoY Change -1.26% -8.95% -8.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.331M $6.432M $6.432M
YoY Change -3.2% -20.05% -20.05%
Accrued Expenses $8.030M $7.926M $8.043M
YoY Change 62.79% 53.54% 47.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $38.19K $50.80K $50.80K
YoY Change -55.74% -49.7% -49.7%
Total Short-Term Liabilities $13.63M $14.53M $14.53M
YoY Change 20.34% 6.89% 6.89%
LONG-TERM LIABILITIES
Long-Term Debt $12.12K $18.21K $18.21K
YoY Change -76.17% -74.21% -74.21%
Other Long-Term Liabilities $0.00 $216.00 $752.0K
YoY Change -100.0% -97.99% 2072.9%
Total Long-Term Liabilities $1.037M $859.5K $770.3K
YoY Change 484.64% 305.02% 632.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.63M $14.53M $14.53M
Total Long-Term Liabilities $1.037M $859.5K $770.3K
Total Liabilities $14.67M $15.39M $15.39M
YoY Change 27.5% 11.47% 11.47%
SHAREHOLDERS EQUITY
Retained Earnings -$169.6M -$167.4M
YoY Change 5.64% 6.59%
Common Stock $139.4K $138.0K
YoY Change 14.62% 14.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.10M $16.98M $16.98M
YoY Change
Total Liabilities & Shareholders Equity $29.78M $32.37M $32.37M
YoY Change -1.26% -8.95% -8.95%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.112M -$2.401M -$10.39M
YoY Change -38.62% -39.62% -20.69%
Depreciation, Depletion And Amortization $673.2K $691.6K $2.655M
YoY Change 5.35% 1.74% 2.17%
Cash From Operating Activities -$1.356M -$2.094M -$2.554M
YoY Change -58.04% -23.95% -54.39%
INVESTING ACTIVITIES
Capital Expenditures $472.2K $422.7K $1.683M
YoY Change 14.83% 11.66% -0.43%
Acquisitions
YoY Change
Other Investing Activities -$1.130K $2.289M
YoY Change -100.36% 9541.41%
Cash From Investing Activities -$472.2K -$423.8K $606.2K
YoY Change -125.15% 560.86% -136.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.665M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$180.7K -23.08K $3.457M
YoY Change -146.15% -27.17% -1235.53%
NET CHANGE
Cash From Operating Activities -$1.356M -2.094M -$2.554M
Cash From Investing Activities -$472.2K -423.8K $606.2K
Cash From Financing Activities -$180.7K -23.08K $3.457M
Net Change In Cash -$2.008M -2.541M $1.509M
YoY Change 108.82% -10.83% -120.0%
FREE CASH FLOW
Cash From Operating Activities -$1.356M -$2.094M -$2.554M
Capital Expenditures $472.2K $422.7K $1.683M
Free Cash Flow -$1.828M -$2.517M -$4.237M
YoY Change -49.82% -19.65% -41.88%

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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
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CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
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CY2021Q1 inuvo Cash Deposited Interest Bearing
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CY2023Q4 inuvo Working Capital Net
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CY2023 inuvo Income Loss Amount
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CY2023 inuvo Net Cash Provided By Used In Operating Activities Net
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CY2023Q4 us-gaap Capitalized Computer Software Net
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CY2023Q4 inuvo Accumulated Deficit
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CY2022 us-gaap Proceeds From Issuance Of Private Placement
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Interest Paid Net
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023 inuvo Issued Number Of Patents
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19 integer
CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
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8000000 usd
CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
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6250000 usd
CY2021Q1 inuvo Cash Deposited Interest Bearing
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10000000 usd
CY2023Q4 us-gaap Cash Cash Equivalents And Short Term Investments
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4400000 usd
CY2023Q4 inuvo Working Capital Net
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211100 usd
CY2023 inuvo Income Loss Amount
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CY2023 inuvo Net Cash Provided By Used In Operating Activities Net
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CY2023Q4 us-gaap Capitalized Computer Software Net
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CY2023Q4 inuvo Accumulated Deficit
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CY2023 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2023 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2023Q4 us-gaap Accounts Receivable Net Current
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CY2022Q4 us-gaap Accounts Receivable Net Current
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CY2021Q4 us-gaap Accounts Receivable Net Current
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CY2023Q4 us-gaap Accounts Receivable Net Current
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9226956 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
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CY2021Q4 us-gaap Accounts Receivable Net Current
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CY2023Q4 us-gaap Accounts Receivable Net Current
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CY2022Q4 us-gaap Accounts Receivable Net Current
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CY2021Q4 us-gaap Accounts Receivable Net Current
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CY2023Q4 us-gaap Accounts Receivable Net Current
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CY2022Q4 us-gaap Accounts Receivable Net Current
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CY2021Q4 us-gaap Accounts Receivable Net Current
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CY2022 us-gaap Depreciation
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2023 inuvo Number Of Employees Required To Be Employed Under Grant
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50 integer
CY2023Q4 inuvo Contingent Liability Current
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35000 usd
CY2022 inuvo Number Of Employees Employed Under Grant
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48 integer
CY2022 inuvo Number Of Employees Required To Be Employed Under Grant
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CY2022Q4 inuvo Contingent Liability Current
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10000 usd
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Concentration of credit risk</span> - We are exposed to concentrations of risk primarily in cash and accounts receivable, which are generally not collateralized. Our policy is to place our cash with high credit, quality financial institutions in order to limit the amount of credit exposure. Our cash deposits exceed FDIC limits. We do not require collateral from our customers, but our credit extension and collection policies include monitoring payments and aggressively pursuing delinquent accounts. We maintain allowances for potential credit losses.   </p>
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023 inuvo Number Of Employees Required To Be Employed Under Grant
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50 integer
CY2023Q4 inuvo Contingent Liability Current
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CY2022 inuvo Number Of Employees Employed Under Grant
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CY2022 inuvo Number Of Employees Required To Be Employed Under Grant
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CY2022Q4 inuvo Contingent Liability Current
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Concentration of credit risk</span> - We are exposed to concentrations of risk primarily in cash and accounts receivable, which are generally not collateralized. Our policy is to place our cash with high credit, quality financial institutions in order to limit the amount of credit exposure. Our cash deposits exceed FDIC limits. We do not require collateral from our customers, but our credit extension and collection policies include monitoring payments and aggressively pursuing delinquent accounts. We maintain allowances for potential credit losses.   </p>
CY2023 us-gaap Use Of Estimates
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Use of estimates</span> - The preparation of financial statements, in accordance with accounting principles generally accepted in the United States ("U.S. 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.</p>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Use of estimates</span> - The preparation of financial statements, in accordance with accounting principles generally accepted in the United States ("U.S. 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.</p>
CY2023 inuvo Marketable Securities Gross Realized Gain Loss
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CY2023 inuvo Marketable Securities Gross Realized Gain Loss
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023 inuvo Increase Decrease In Allowance For Doubtful Accounts Receivable
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204367 usd
CY2023 inuvo Concentration Risk Percentage
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0.241 pure
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CY2023Q4 inuvo Finite Livedand Indefinite Lived Intangible Assets Long Term Portion Gross
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17565000 usd
CY2023Q4 inuvo Intangible Assets Accumulated Amortizationand Impairment Loss
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CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023Q4 us-gaap Goodwill
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9853342 usd
CY2023Q4 inuvo Finite Livedand Indefinite Lived Intangible Assets Long Term Portion Gross
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17565000 usd
CY2022Q4 inuvo Intangible Assets Accumulated Amortizationand Impairment Loss
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11915709 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023 inuvo Increase Decrease In Allowance For Doubtful Accounts Receivable
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204367 usd
CY2023 inuvo Concentration Risk Percentage
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0.241 pure
CY2023Q4 us-gaap Property Plant And Equipment Gross
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18204082 usd
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CY2023Q4 inuvo Finite Livedand Indefinite Lived Intangible Assets Long Term Portion Gross
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17565000 usd
CY2023Q4 inuvo Intangible Assets Accumulated Amortizationand Impairment Loss
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CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023Q4 us-gaap Goodwill
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9853342 usd
CY2023Q4 inuvo Finite Livedand Indefinite Lived Intangible Assets Long Term Portion Gross
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17565000 usd
CY2022Q4 inuvo Intangible Assets Accumulated Amortizationand Impairment Loss
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11915709 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2022Q4 us-gaap Goodwill
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9853342 usd
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9853342 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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9853342 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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1626874 usd
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CY2022Q4 inuvo Accrued Grant Current
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CY2023Q4 inuvo Accrued Grant Current
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CY2022Q4 inuvo Accrued Grant Current
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CY2023Q4 us-gaap Accrued Income Taxes Current
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CY2023Q4 inuvo Accrued Liabilities And Lease Liability Current
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CY2021Q3 inuvo Referral Agreement For Service Advance
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1500000 usd
CY2023 inuvo Amortization Of Referral Agreement As Marketing Expense
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CY2023Q4 inuvo Referral Agreement For Service Advance
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800000 usd
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300000 shares
CY2023Q3 us-gaap Sales Commissions And Fees
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CY2023 inuvo Reduction In Commission Expense
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CY2023 us-gaap Sales Commissions And Fees
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300000 shares
CY2023Q3 us-gaap Sales Commissions And Fees
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960852000 usd
CY2023Q3 inuvo Referral Agreement For Service Advance
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CY2023 us-gaap Sales Commissions And Fees
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2023 inuvo Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.26 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Deferred Other Tax Expense Benefit
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2023Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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