2020 Q1 Form 10-K Financial Statement

#000149523120000028 Filed on March 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 2018 Q4
Revenue $4.324M $18.96M $6.300M
YoY Change -9.79% -5.69% 103.23%
Cost Of Revenue $1.988M $8.521M $2.550M
YoY Change -5.29% -5.76% 114.29%
Gross Profit $2.336M $10.43M $3.750M
YoY Change -13.3% -5.64% 96.34%
Gross Profit Margin 54.02% 55.05% 59.52%
Selling, General & Admin $3.941M $15.43M $3.820M
YoY Change -0.72% 1.75% 72.07%
% of Gross Profit 168.69% 147.91% 101.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $501.3K $1.751M $450.0K
YoY Change 14.91% 34.83% 4.65%
% of Gross Profit 21.46% 16.78% 12.0%
Operating Expenses $3.941M $26.12M $4.270M
YoY Change -39.42% 2.41% 61.74%
Operating Profit -$6.406M -$7.168M -$520.0K
YoY Change 274.3% 32.51% -28.77%
Interest Expense $6.618K $233.7K -$120.0K
YoY Change -94.85% -13.29% 500.0%
% of Operating Profit
Other Income/Expense, Net -$44.36K -$122.4K -$50.00K
YoY Change -62.75% -60.43%
Pretax Income -$6.160M -$7.290M -$690.0K
YoY Change 236.61% 27.45% -6.76%
Income Tax
% Of Pretax Income
Net Earnings -$6.450M -$7.290M -$690.0K
YoY Change 252.37% 27.49% -6.76%
Net Earnings / Revenue -149.16% -38.46% -10.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$177.6K -$285.7K -$56.98K
COMMON SHARES
Basic Shares Outstanding 35.08M shares 12.07M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.630M $5.880M $1.970M
YoY Change 142.67% 198.48% -49.62%
Cash & Equivalents $5.634M $5.880M $1.968M
Short-Term Investments
Other Short-Term Assets $37.10K $550.0K $39.20K
YoY Change 35.41% -3.51% 328.92%
Inventory
Prepaid Expenses $432.2K $528.0K
Receivables $3.978M $5.600M $7.072M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.08M $12.03M $9.607M
YoY Change 14.87% 25.18% 20.82%
LONG-TERM ASSETS
Property, Plant & Equipment $317.2K $310.0K $272.2K
YoY Change 34.3% 14.81% -4.83%
Goodwill $4.017M $8.317M
YoY Change -51.7% 130.72%
Intangibles $1.247M $3.150M
YoY Change -55.91% 371.61%
Long-Term Investments
YoY Change
Other Assets $150.0K $150.0K $140.0K
YoY Change 7.14% 7.14% -6.67%
Total Long-Term Assets $7.202M $11.91M $13.31M
YoY Change -46.89% -10.52% 134.54%
TOTAL ASSETS
Total Short-Term Assets $10.08M $12.03M $9.607M
Total Long-Term Assets $7.202M $11.91M $13.31M
Total Assets $17.28M $23.94M $22.92M
YoY Change -22.62% 4.45% 68.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.445M $2.250M $2.618M
YoY Change -35.74% -14.12% 49.02%
Accrued Expenses $1.605M $1.320M $1.969M
YoY Change -37.24% -32.99% 23.63%
Deferred Revenue $5.179M $4.958M
YoY Change -5.24% 61.47%
Short-Term Debt $0.00 $0.00 $1.530M
YoY Change -100.0% -100.0% 206.0%
Long-Term Debt Due $1.190M $30.00K
YoY Change
Total Short-Term Liabilities $9.391M $10.18M $15.70M
YoY Change -40.28% -35.16% 103.72%
LONG-TERM LIABILITIES
Long-Term Debt $70.00K $50.00K $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
Total Long-Term Liabilities $70.00K $50.00K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.391M $10.18M $15.70M
Total Long-Term Liabilities $70.00K $50.00K $0.00
Total Liabilities $10.23M $15.70M
YoY Change -34.84% 88.39%
SHAREHOLDERS EQUITY
Retained Earnings -$66.43M -$53.09M
YoY Change 20.96% 12.3%
Common Stock $3.477K $1.208K
YoY Change 171.43% 110.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.826M $13.72M $7.218M
YoY Change
Total Liabilities & Shareholders Equity $17.28M $23.94M $22.92M
YoY Change -22.62% 4.45% 68.18%

Cashflow Statement

Concept 2020 Q1 2019 2018 Q4
OPERATING ACTIVITIES
Net Income -$6.450M -$7.290M -$690.0K
YoY Change 252.37% 27.49% -6.76%
Depreciation, Depletion And Amortization $501.3K $1.751M $450.0K
YoY Change 14.91% 34.83% 4.65%
Cash From Operating Activities -$1.348M -$2.914M -$1.420M
YoY Change -252.32% -47.8% -265.12%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $88.80K -$290.0K
YoY Change -100.0% -47.82% 163.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $50.00K $10.00K
YoY Change 150.0% 0.0%
Cash From Investing Activities -$51.00K -$679.4K -$270.0K
YoY Change -85.27% -25.23% 170.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.149M $7.510M -200.0K
YoY Change -697.82% 64.95% -33.33%
NET CHANGE
Cash From Operating Activities -$1.348M -$2.914M -1.420M
Cash From Investing Activities -$51.00K -$679.4K -270.0K
Cash From Financing Activities $1.149M $7.510M -200.0K
Net Change In Cash -$250.2K $3.916M -1.890M
YoY Change -172.15% -302.03% -510.87%
FREE CASH FLOW
Cash From Operating Activities -$1.348M -$2.914M -$1.420M
Capital Expenditures $0.00 $88.80K -$290.0K
Free Cash Flow -$1.348M -$3.003M -$1.130M
YoY Change -252.74% -47.8% -216.49%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;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&#8217;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;">no</font><font style="font-family:inherit;font-size:10pt;"> customer that 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, 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 accounted for an aggregate of </font><font style="font-family:inherit;font-size:10pt;">36%</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, 2018</font><font style="font-family:inherit;font-size:10pt;">. The Company had </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> customer that accounted for </font><font style="font-family:inherit;font-size:10pt;">more than 10%</font><font style="font-family:inherit;font-size:10pt;"> of its revenue during the </font><font style="font-family:inherit;font-size:10pt;">twelve months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2019 us-gaap Use Of Estimates
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<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;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div>

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