$IZEA
IZEA Worldwide, Inc.

2017 Q2 Form 10-Q Financial Statement

#000149523117000049 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q1
Revenue $6.980M $4.835M $5.466M
YoY Change 0.96% -11.55% 32.17%
Cost Of Revenue $2.715M $2.337M $3.101M
YoY Change -20.59% -24.64% 27.03%
Gross Profit $3.538M $3.007M $2.365M
YoY Change 1.22% 27.17% 39.59%
Gross Profit Margin 50.69% 62.2% 43.26%
Selling, General & Admin $4.053M $4.836M $4.940M
YoY Change -21.11% -2.1% 43.51%
% of Gross Profit 114.55% 160.82% 208.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $358.3K $362.6K $300.0K
YoY Change 19.42% 20.87% 66.67%
% of Gross Profit 10.13% 12.06% 12.69%
Operating Expenses $7.126M $7.535M $4.940M
YoY Change 38.7% 52.55% 43.51%
Operating Profit -$1.413M -$2.701M -$2.575M
YoY Change -13.96% 4.89% 47.32%
Interest Expense $13.27K $17.08K $21.34K
YoY Change 16.31% -19.98% 13.69%
% of Operating Profit
Other Income/Expense, Net -$33.65K -$18.32K -$17.54K
YoY Change -312.77% 4.47% -99.3%
Pretax Income -$1.450M -$2.720M -$2.590M
YoY Change -11.04% 5.02% -39.34%
Income Tax
% Of Pretax Income
Net Earnings -$1.447M -$2.719M -$2.593M
YoY Change -11.05% 4.88% -39.3%
Net Earnings / Revenue -20.72% -56.25% -47.43%
Basic Earnings Per Share
Diluted Earnings Per Share -$255.3K -$485.7K -$488.7K
COMMON SHARES
Basic Shares Outstanding 5.679M shares 5.671M shares 5.340M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.560M $4.360M $10.06M
YoY Change -55.61% -56.66% 154.04%
Cash & Equivalents $3.564M $4.355M $10.06M
Short-Term Investments
Other Short-Term Assets $28.72K $10.60K $40.03K
YoY Change 2588.67% -73.52% 232.02%
Inventory
Prepaid Expenses $242.5K $298.4K $530.5K
Receivables $4.124M $4.455M $2.976M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.959M $9.119M $13.61M
YoY Change -39.32% -33.01% 100.06%
LONG-TERM ASSETS
Property, Plant & Equipment $359.5K $409.0K $582.2K
YoY Change -37.02% -29.75% -2.54%
Goodwill $3.605M $3.605M $2.468M
YoY Change 46.04% 46.04% -12.67%
Intangibles $1.163M $1.413M $1.610M
YoY Change -18.14% -12.28% -29.1%
Long-Term Investments
YoY Change
Other Assets $160.0K $140.0K $120.0K
YoY Change 6.67% 16.67% 0.0%
Total Long-Term Assets $6.366M $6.701M $5.634M
YoY Change 15.91% 18.94% -10.13%
TOTAL ASSETS
Total Short-Term Assets $7.959M $9.119M $13.61M
Total Long-Term Assets $6.366M $6.701M $5.634M
Total Assets $14.32M $15.82M $19.25M
YoY Change -23.02% -17.8% 47.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.475M $1.578M $1.056M
YoY Change 19.03% 49.5% 26.17%
Accrued Expenses $1.558M $1.854M $1.119M
YoY Change 27.28% 65.74% 132.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $7.204M $7.599M $6.482M
YoY Change 0.57% 17.24% 60.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $940.0K $810.0K $90.00K
YoY Change 1075.0% 800.0% -98.99%
Total Long-Term Liabilities $940.0K $810.0K $90.00K
YoY Change 1075.0% 800.0% -98.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.204M $7.599M $6.482M
Total Long-Term Liabilities $940.0K $810.0K $90.00K
Total Liabilities $8.143M $8.405M $6.569M
YoY Change 12.42% 27.93% -49.19%
SHAREHOLDERS EQUITY
Retained Earnings -$45.98M -$44.53M -$36.84M
YoY Change 19.51% 20.86% 35.39%
Common Stock $569.00 $567.00 $534.00
YoY Change 6.16% 6.18% -90.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.182M $7.415M $12.68M
YoY Change
Total Liabilities & Shareholders Equity $14.32M $15.82M $19.25M
YoY Change -23.02% -17.8% 47.21%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$1.447M -$2.719M -$2.593M
YoY Change -11.05% 4.88% -39.3%
Depreciation, Depletion And Amortization $358.3K $362.6K $300.0K
YoY Change 19.42% 20.87% 66.67%
Cash From Operating Activities -$790.0K -$1.524M -$1.405M
YoY Change -58.42% 8.47% -8.04%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $5.248K $46.76K
YoY Change -100.0% -88.78% 61.32%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$20.00K $20.00K $0.00
YoY Change -33.33% -100.0%
Cash From Investing Activities -$20.00K -$67.85K -$127.9K
YoY Change -87.5% -46.94% -87.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K -$1.926K -$10.91K
YoY Change -50.0% -82.35% 16.99%
NET CHANGE
Cash From Operating Activities -790.0K -$1.524M -$1.405M
Cash From Investing Activities -20.00K -$67.85K -$127.9K
Cash From Financing Activities 10.00K -$1.926K -$10.91K
Net Change In Cash -800.0K -$1.594M -$1.544M
YoY Change -60.78% 3.23% -39.73%
FREE CASH FLOW
Cash From Operating Activities -$790.0K -$1.524M -$1.405M
Capital Expenditures $0.00 $5.248K $46.76K
Free Cash Flow -$790.0K -$1.529M -$1.452M
YoY Change -55.62% 5.33% -6.75%

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CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
11940 USD
CY2017Q1 us-gaap Other Assets Current
OtherAssetsCurrent
10598 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
950 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-627 USD
CY2016Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
3622 USD
CY2017Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
1926 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
46760 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5248 USD
CY2016Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
82921 USD
CY2017Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
82355 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
ratio of one share for every 20 shares outstanding prior to the effective date of the reverse stock split. All current and historical information contained herein related to the share and per share information for the Company's common stock or stock equivalents reflects the 1-for-20 reverse stock split of the Company's outstanding shares of common stock that became market effective on January 11, 2016. There was no change in the number of the Company's authorized shares of common stock.
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5300520 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
322377 USD
CY2017Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
298402 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
460650 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
408963 USD
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
51000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
8333 USD
CY2016Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
7291 USD
CY2017Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-41809721 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-44528941 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
5465950 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6202506 USD
CY2016Q4 us-gaap Security Deposit
SecurityDeposit
161736 USD
CY2017Q1 us-gaap Security Deposit
SecurityDeposit
141982 USD
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2359663 USD
CY2017Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2898355 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
204972 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
158976 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.20
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
7203 USD
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
5261 USD
CY2017Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
928041 USD
CY2017Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
61250 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
8987863 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
7414984 USD
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5598200 shares
CY2017Q1 us-gaap Advertising Cost Policy Expensed Advertising Cost
AdvertisingCostPolicyExpensedAdvertisingCost
<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;">Advertising Costs</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advertising costs are charged to expense as they are incurred, including payments to content creators to promote the Company. Advertising costs charged to operations for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2016</font><font style="font-family:inherit;font-size:10pt;"> were approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$82,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$111,000</font><font style="font-family:inherit;font-size:10pt;">, respectively. Advertising costs are included in sales and marketing expense in the accompanying unaudited consolidated statements of operations.</font></div></div>
CY2017Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">Concentrations of credit risk with respect to accounts receivable are typically limited because a large number of geographically diverse customers make up the Company&#8217;s customer base, thus spreading the trade credit risk. The Company also controls credit risk through credit approvals, credit limits and monitoring procedures. The Company performs credit evaluations of its customers but generally does not require collateral to support accounts receivable. At </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">no</font><font style="font-family:inherit;font-size:10pt;"> customers which accounted for </font><font style="font-family:inherit;font-size:10pt;">more than 10%</font><font style="font-family:inherit;font-size:10pt;"> of total accounts receivable. At </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">no</font><font style="font-family:inherit;font-size:10pt;"> customers which accounted for more than </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">10%</font><font style="font-family:inherit;font-size:10pt;"> of total accounts receivable. The Company had </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;"> customer that accounted for </font><font style="font-family:inherit;font-size:10pt;">11%</font><font style="font-family:inherit;font-size:10pt;"> of its revenue during the </font><font style="font-family:inherit;font-size:10pt;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> customers that accounted for </font><font style="font-family:inherit;font-size:10pt;">24%</font><font style="font-family:inherit;font-size:10pt;"> of its revenue during the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2017Q1 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>

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