2019 Q2 Form 10-Q Financial Statement

#000149523119000068 Filed on May 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $3.924M $4.794M $3.896M
YoY Change -4.78% 23.03% -19.4%
Cost Of Revenue $1.818M $2.099M $2.163M
YoY Change -5.84% -2.95% -7.44%
Gross Profit $2.106M $2.694M $1.733M
YoY Change -3.86% 55.45% -42.36%
Gross Profit Margin 53.68% 56.21% 44.48%
Selling, General & Admin $3.595M $3.970M $3.371M
YoY Change -3.01% 17.77% -30.3%
% of Gross Profit 170.66% 147.33% 194.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $448.1K $436.2K $265.5K
YoY Change 112.68% 64.33% -26.79%
% of Gross Profit 21.28% 16.19% 15.32%
Operating Expenses $5.860M $6.505M $5.799M
YoY Change 0.22% 12.17% -23.04%
Operating Profit -$1.936M -$1.711M -$1.903M
YoY Change 12.18% -10.06% -29.55%
Interest Expense $86.74K $128.5K $21.31K
YoY Change 145.0% 502.81% 24.8%
% of Operating Profit
Other Income/Expense, Net -$55.94K -$119.1K -$142.2K
YoY Change -171.28% -16.25% 676.25%
Pretax Income -$1.990M -$1.830M -$2.050M
YoY Change 20.61% -10.73% -24.63%
Income Tax
% Of Pretax Income
Net Earnings -$1.992M -$1.831M -$2.045M
YoY Change 20.92% -10.49% -24.79%
Net Earnings / Revenue -50.78% -38.19% -52.49%
Basic Earnings Per Share
Diluted Earnings Per Share -$89.32K -$145.5K -$353.4K
COMMON SHARES
Basic Shares Outstanding 27.14M shares 12.82M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.330M $2.320M $2.760M
YoY Change 396.28% -15.94% -36.7%
Cash & Equivalents $9.325M $2.315M $2.760M
Short-Term Investments
Other Short-Term Assets $130.6K $27.40K $39.29K
YoY Change 222.85% -30.27% 270.69%
Inventory
Prepaid Expenses $593.8K $367.2K $672.3K
Receivables $4.185M $6.066M $3.739M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.24M $8.776M $6.760M
YoY Change 165.27% 29.81% -25.86%
LONG-TERM ASSETS
Property, Plant & Equipment $176.5K $236.1K $369.3K
YoY Change -44.15% -36.06% -9.69%
Goodwill $8.317M $8.317M $3.605M
YoY Change 130.72% 130.72% 0.0%
Intangibles $2.504M $2.827M $532.1K
YoY Change 454.17% 431.29% -62.33%
Long-Term Investments
YoY Change
Other Assets $140.0K $140.0K $150.0K
YoY Change -6.67% -6.67% 7.14%
Total Long-Term Assets $13.13M $13.56M $5.668M
YoY Change 134.43% 139.25% -15.41%
TOTAL ASSETS
Total Short-Term Assets $14.24M $8.776M $6.760M
Total Long-Term Assets $13.13M $13.56M $5.668M
Total Assets $27.36M $22.34M $12.43M
YoY Change 149.52% 79.72% -21.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.739M $2.249M $1.261M
YoY Change 13.82% 78.42% -20.14%
Accrued Expenses $1.470M $2.557M $1.711M
YoY Change 32.21% 49.42% -7.71%
Deferred Revenue $5.834M $5.465M $3.262M
YoY Change 31.56% 67.54%
Short-Term Debt $280.0K $1.340M $730.0K
YoY Change -67.06% 83.56%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.43M $15.73M $8.295M
YoY Change 60.87% 89.58% 9.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $440.0K
YoY Change -100.0% -45.68%
Total Long-Term Liabilities $0.00 $0.00 $440.0K
YoY Change -100.0% -100.0% -45.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.43M $15.73M $8.295M
Total Long-Term Liabilities $0.00 $0.00 $440.0K
Total Liabilities $13.43M $15.73M $8.733M
YoY Change 54.4% 80.13% 3.91%
SHAREHOLDERS EQUITY
Retained Earnings -$56.92M -$54.93M -$49.42M
YoY Change 11.45% 11.14% 10.99%
Common Stock $2.709K $1.281K $582.00
YoY Change 362.29% 120.1% 2.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.93M $6.611M $3.696M
YoY Change
Total Liabilities & Shareholders Equity $27.36M $22.34M $12.43M
YoY Change 149.52% 79.72% -21.44%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$1.992M -$1.831M -$2.045M
YoY Change 20.92% -10.49% -24.79%
Depreciation, Depletion And Amortization $448.1K $436.2K $265.5K
YoY Change 112.68% 64.33% -26.79%
Cash From Operating Activities -$1.050M $885.2K -$1.117M
YoY Change 22.09% -179.23% -26.69%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K $2.383K $140.2K
YoY Change -14.29% -98.3% 2571.36%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$110.0K -$346.2K -$259.2K
YoY Change -21.43% 33.54% 282.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.170M -$192.2K $230.0K
YoY Change 6708.33% -183.57% -12042.52%
NET CHANGE
Cash From Operating Activities -1.050M $885.2K -$1.117M
Cash From Investing Activities -110.0K -$346.2K -$259.2K
Cash From Financing Activities 8.170M -$192.2K $230.0K
Net Change In Cash 7.010M $346.8K -$1.147M
YoY Change -896.59% -130.25% -28.07%
FREE CASH FLOW
Cash From Operating Activities -$1.050M $885.2K -$1.117M
Capital Expenditures -$120.0K $2.383K $140.2K
Free Cash Flow -$930.0K $882.8K -$1.257M
YoY Change 29.17% -170.21% -17.78%

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one additional year until April 30, 2020
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
22918077 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
22336942 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
15699762 USD
CY2019Q1 us-gaap Liabilities Current
LiabilitiesCurrent
15726179 USD
CY2018Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
1526288 USD
CY2019Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
1336247 USD
CY2019Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
300000 USD
CY2019Q1 us-gaap Loss Contingency Undiscounted Amount Of Insurance Related Assessment Liability
LossContingencyUndiscountedAmountOfInsuranceRelatedAssessmentLiability
500000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
230013 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-192231 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-259237 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-346185 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1117288 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
885199 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-2045120 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-1830580 USD
CY2018Q1 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Change On Net Income
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetIncome
-98822 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-142216 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-119100 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
5799345 USD
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
6505236 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1902904 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1711480 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
545583 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
432067 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
113516 USD
CY2018Q1 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
0 USD
CY2019Q1 us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
0 USD
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
39203 USD
CY2019Q1 us-gaap Other Assets Current
OtherAssetsCurrent
27396 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4690 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
9364 USD
CY2018Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
616 USD
CY2019Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
2190 USD
CY2019Q1 us-gaap Payments For Operating Activities
PaymentsForOperatingActivities
885199 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
140193 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2383 USD
CY2018Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
119352 USD
CY2019Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
346789 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
527968 USD
CY2019Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
367181 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
230629 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-190041 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1270801 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1272145 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
272239 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
236145 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-29940 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-53094649 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-54925229 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3896441 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4793756 USD
CY2018Q1 us-gaap Revenues
Revenues
3896441 USD
CY2019Q1 us-gaap Revenues
Revenues
4793756 USD
CY2018Q4 us-gaap Security Deposit
SecurityDeposit
143174 USD
CY2019Q1 us-gaap Security Deposit
SecurityDeposit
140188 USD
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1755526 USD
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1357667 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
151214 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3309 USD
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2019Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1076022 USD
CY2018Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
125000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
37500 USD
CY2018Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
112883 USD
CY2019Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
89998 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
5293585 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
3695839 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
7218315 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
6610763 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5802099 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12575458 shares
CY2019Q1 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 were typically limited because a large number of geographically diverse customers make up the Company&#8217;s customer base, thus spreading the trade credit risk. However, with the Company's acquisition of TapInfluence, it has increased credit exposure on certain customers who carry significant credit balances related to their marketplace spend. The Company 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. The Company had </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> customer that accounted for </font><font style="font-family:inherit;font-size:10pt;">23%</font><font style="font-family:inherit;font-size:10pt;"> of total accounts receivable at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</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 together accounted for </font><font style="font-family:inherit;font-size:10pt;">36%</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. The Company had </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> customer that accounted for </font><font style="font-family:inherit;font-size:10pt;">10%</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;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and had </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> customer that accounted for more than </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of its revenue during the three months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">. </font></div></div>
CY2019Q1 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 GAAP 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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