2014 Q2 Form 10-Q Financial Statement

#000149523114000042 Filed on August 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $1.969M $1.715M
YoY Change 14.81% 42.94%
Cost Of Revenue $656.7K $770.9K
YoY Change -14.82% 54.18%
Gross Profit $1.313M $944.4K
YoY Change 38.99% 34.91%
Gross Profit Margin 66.65% 55.06%
Selling, General & Admin $2.520M $1.480M
YoY Change 70.3% -35.39%
% of Gross Profit 191.97% 156.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.00K $0.00
YoY Change -100.0%
% of Gross Profit 1.52% 0.0%
Operating Expenses $2.520M $1.480M
YoY Change 70.3% -35.39%
Operating Profit -$1.207M -$535.3K
YoY Change 125.53% -66.33%
Interest Expense $6.051K $22.53K
YoY Change -73.14% -109.01%
% of Operating Profit
Other Income/Expense, Net $3.236M -$358.2K
YoY Change -1003.55%
Pretax Income $2.030M -$890.0K
YoY Change -328.09% -51.63%
Income Tax $0.00
% Of Pretax Income
Net Earnings $2.029M -$893.5K
YoY Change -327.11% -51.44%
Net Earnings / Revenue 103.04% -52.09%
Basic Earnings Per Share $0.04 -$0.12
Diluted Earnings Per Share $0.03 -$0.12
COMMON SHARES
Basic Shares Outstanding 57.05M shares 7.227M shares
Diluted Shares Outstanding 72.96M shares 7.227M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.750M $70.00K
YoY Change 13828.57% -63.16%
Cash & Equivalents $7.880M $90.04K
Short-Term Investments
Other Short-Term Assets $70.34K $490.0K
YoY Change -85.64% 36.11%
Inventory
Prepaid Expenses $197.1K
Receivables $1.343M $970.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.36M $1.540M
YoY Change 637.85% 32.76%
LONG-TERM ASSETS
Property, Plant & Equipment $243.3K $100.0K
YoY Change 143.35% -28.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $50.00K $10.00K
YoY Change 400.0% -50.0%
Total Long-Term Assets $817.2K $110.0K
YoY Change 642.91% -54.17%
TOTAL ASSETS
Total Short-Term Assets $11.36M $1.540M
Total Long-Term Assets $817.2K $110.0K
Total Assets $12.18M $1.650M
YoY Change 638.19% 17.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $719.1K $1.300M
YoY Change -44.68% -5.11%
Accrued Expenses $457.5K $440.0K
YoY Change 3.98% 83.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.160M
YoY Change -100.0%
Long-Term Debt Due $60.00K $20.00K
YoY Change 200.0% 0.0%
Total Short-Term Liabilities $2.336M $4.350M
YoY Change -46.3% 25.36%
LONG-TERM LIABILITIES
Long-Term Debt $30.00K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $10.91M $0.00
YoY Change
Total Long-Term Liabilities $10.94M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.336M $4.350M
Total Long-Term Liabilities $10.94M $0.00
Total Liabilities $13.28M $4.350M
YoY Change 205.27% 24.64%
SHAREHOLDERS EQUITY
Retained Earnings -$24.67M
YoY Change
Common Stock $5.705K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.099M -$2.700M
YoY Change
Total Liabilities & Shareholders Equity $12.18M $1.650M
YoY Change 638.19% 17.86%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $2.029M -$893.5K
YoY Change -327.11% -51.44%
Depreciation, Depletion And Amortization $20.00K $0.00
YoY Change -100.0%
Cash From Operating Activities -$1.370M -$650.0K
YoY Change 110.77% -46.28%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$110.0K
YoY Change -36.36% 1000.0%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $0.00
YoY Change
Cash From Investing Activities -$80.00K -$100.0K
YoY Change -20.0% 900.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K 720.0K
YoY Change -106.94% -43.75%
NET CHANGE
Cash From Operating Activities -1.370M -650.0K
Cash From Investing Activities -80.00K -100.0K
Cash From Financing Activities -50.00K 720.0K
Net Change In Cash -1.500M -30.00K
YoY Change 4900.0% -150.0%
FREE CASH FLOW
Cash From Operating Activities -$1.370M -$650.0K
Capital Expenditures -$70.00K -$110.0K
Free Cash Flow -$1.300M -$540.0K
YoY Change 140.74% -55.0%

Facts In Submission

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CY2013Q2 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
1163555 USD
us-gaap Operating Expenses
OperatingExpenses
3148420 USD
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
2519797 USD
us-gaap Operating Expenses
OperatingExpenses
4524804 USD
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
1479659 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-1394875 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1207218 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-1904718 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-535287 USD
CY2013Q4 us-gaap Other Assets Current
OtherAssetsCurrent
83486 USD
CY2014Q2 us-gaap Other Assets Current
OtherAssetsCurrent
70340 USD
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
80 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4399 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2794 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9767 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
86305 USD
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
98847 USD
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
206529 USD
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
197067 USD
CY2013Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
109960 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Reclassifications</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain items have been reclassified in the 2013 financial statements to conform to the 2014 presentation.</font></div></div>
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1089798 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
156482 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
243346 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
202277 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
36292 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-26125414 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-24665590 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
1969235 USD
us-gaap Sales Revenue Net
SalesRevenueNet
3926275 USD
us-gaap Sales Revenue Net
SalesRevenueNet
3100548 USD
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
1715273 USD
CY2013Q4 us-gaap Security Deposit
SecurityDeposit
46574 USD
CY2014Q2 us-gaap Security Deposit
SecurityDeposit
52391 USD
CY2014Q2 izea Entity Wide Revenue Number Of Major Customer
EntityWideRevenueNumberOfMajorCustomer
1 customer
izea Entity Wide Revenue Number Of Major Customer
EntityWideRevenueNumberOfMajorCustomer
1 customer
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
209259 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
504150 USD
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
343283 USD
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
115090 USD
us-gaap Share Based Compensation
ShareBasedCompensation
246750 USD
us-gaap Share Based Compensation
ShareBasedCompensation
168374 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P90D
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.45
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
us-gaap Stock Issued1
StockIssued1
47220 USD
us-gaap Stock Issued1
StockIssued1
0 USD
CY2013Q1 us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
4820 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
82110 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
-1451026 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
-1098926 USD
CY2014Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
23732966 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
24408837 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div>
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72962524 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62035915 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7226745 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7020347 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7020347 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57045282 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47145510 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7226745 shares
CY2014Q1 izea Classof Warrantor Right Expiration Period
ClassofWarrantorRightExpirationPeriod
P5Y
izea Derivative Gain Loss On Derivative Exchange Net
DerivativeGainLossOnDerivativeExchangeNet
732 USD
izea Entity Wide Revenue Number Of Major Customer
EntityWideRevenueNumberOfMajorCustomer
1 customer
CY2013Q2 izea Entity Wide Revenue Number Of Major Customer
EntityWideRevenueNumberOfMajorCustomer
2 customer
izea Fair Value Of Warrants Issued
FairValueOfWarrantsIssued
12382216 USD
CY2013Q1 izea Fair Value Of Warrants Issued
FairValueOfWarrantsIssued
7209 USD
CY2013Q2 izea Fairvalueofconvertiblenotespayablechangeinderivativefairvalue
Fairvalueofconvertiblenotespayablechangeinderivativefairvalue
343353 USD
izea Fairvalueofconvertiblenotespayablechangeinderivativefairvalue
Fairvalueofconvertiblenotespayablechangeinderivativefairvalue
-343353 USD
CY2014Q2 izea Incremental Common Shares Attributableto Dilutive Effectfrom Converted Restricted Stock Units
IncrementalCommonSharesAttributabletoDilutiveEffectfromConvertedRestrictedStockUnits
1747853 shares
izea Incremental Common Shares Attributableto Dilutive Effectfrom Converted Restricted Stock Units
IncrementalCommonSharesAttributabletoDilutiveEffectfromConvertedRestrictedStockUnits
1726887 shares
CY2014Q2 izea Incremental Common Shares Attributableto Dilutive Effectfrom Inthe Money Warrants
IncrementalCommonSharesAttributabletoDilutiveEffectfromIntheMoneyWarrants
29257250 shares
izea Incremental Common Shares Attributableto Dilutive Effectfrom Inthe Money Warrants
IncrementalCommonSharesAttributabletoDilutiveEffectfromIntheMoneyWarrants
29257250 shares
izea Incremental Common Shares Attributableto Dilutive Effectfrom Inthe Money Warrants Options
IncrementalCommonSharesAttributabletoDilutiveEffectfromIntheMoneyWarrantsOptions
8315105 shares
CY2014Q2 izea Incremental Common Shares Attributableto Dilutive Effectfrom Inthe Money Warrants Options
IncrementalCommonSharesAttributabletoDilutiveEffectfromIntheMoneyWarrantsOptions
8645105 shares
CY2013Q2 izea Interest Expense Notes Payable
InterestExpenseNotesPayable
9275 USD
izea Interest Expense Notes Payable
InterestExpenseNotesPayable
18399 USD
CY2013Q3 izea Legal Fees Reduction Settledby Issuanceof Restricted Stock
LegalFeesReductionSettledbyIssuanceofRestrictedStock
288081 USD
CY2013Q2 izea Loss On Exchange Of Warrants
LossOnExchangeOfWarrants
0 USD
CY2014Q2 izea Loss On Exchange Of Warrants
LossOnExchangeOfWarrants
0 USD
izea Loss On Exchange Of Warrants
LossOnExchangeOfWarrants
732 USD
izea Loss On Exchange Of Warrants
LossOnExchangeOfWarrants
0 USD
izea Noncashor Part Noncash Conversionof Notesinto Common Stock
NoncashorPartNoncashConversionofNotesintoCommonStock
124611 USD
izea Noncashor Part Noncash Conversionof Notesinto Common Stock
NoncashorPartNoncashConversionofNotesintoCommonStock
0 USD
CY2013Q4 izea Number Of Major Customers Accounting For More Than Ten Percent Of Accounts Receivables
NumberOfMajorCustomersAccountingForMoreThanTenPercentOfAccountsReceivables
2 customer
CY2014Q2 izea Number Of Major Customers Accounting For More Than Ten Percent Of Accounts Receivables
NumberOfMajorCustomersAccountingForMoreThanTenPercentOfAccountsReceivables
2 customer
CY2014Q2 izea Percentage Of Accounts Receivable Accounted For By Major Customer
PercentageOfAccountsReceivableAccountedForByMajorCustomer
0.29
CY2013Q4 izea Percentage Of Accounts Receivable Accounted For By Major Customer
PercentageOfAccountsReceivableAccountedForByMajorCustomer
0.23
izea Proceedsfromissuanceofcommonstockpreferredstockandwarrants
Proceedsfromissuanceofcommonstockpreferredstockandwarrants
10945632 USD
izea Proceedsfromissuanceofcommonstockpreferredstockandwarrants
Proceedsfromissuanceofcommonstockpreferredstockandwarrants
0 USD
izea Saleofcommonstockvaluenetofferingcosts
Saleofcommonstockvaluenetofferingcosts
10945632 USD
izea Share Based Compensation Arrangement By Share Based Payment Award Current Average Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardCurrentAverageExpectedForfeitureRate
0.5021
CY2013Q2 izea Share Based Compensation Arrangement By Share Based Payment Award Current Average Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardCurrentAverageExpectedForfeitureRate
0.5021
CY2014Q2 izea Share Based Compensation Arrangement By Share Based Payment Award Current Average Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardCurrentAverageExpectedForfeitureRate
0.1516
izea Share Based Compensation Arrangement By Share Based Payment Award Current Average Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardCurrentAverageExpectedForfeitureRate
0.1499
CY2013Q1 izea Warrant Issued In Financing Arrangement Period Of Maturity
WarrantIssuedInFinancingArrangementPeriodOfMaturity
P5Y
CY2013Q1 izea Warrant Issued Not Yet Exercised
WarrantIssuedNotYetExercised
58139 shares
CY2013Q1 izea Warrant Issued Not Yet Exercised Price Per Share
WarrantIssuedNotYetExercisedPricePerShare
0.258
CY2013Q1 izea Warrant Issued Not Yet Exercised Value
WarrantIssuedNotYetExercisedValue
15000 USD
izea Warrants Issued In Financing Arrangement
WarrantsIssuedInFinancingArrangement
95209 USD
izea Warrants Issued In Financing Arrangement
WarrantsIssuedInFinancingArrangement
12382216 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001495231
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
57497631 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q2 dei Entity Public Float
EntityPublicFloat
22425149 USD
dei Entity Registrant Name
EntityRegistrantName
IZEA, INC.
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

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0001495231-14-000042.txt Edgar Link pending
0001495231-14-000042-xbrl.zip Edgar Link pending
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Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
izea-20140630.xml Edgar Link completed
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izea-20140630_cal.xml Edgar Link unprocessable
izea-20140630_def.xml Edgar Link unprocessable
izea-20140630_lab.xml Edgar Link unprocessable
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