2020 Q2 Form 10-Q Financial Statement

#000149523120000059 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $3.050M $4.324M $4.794M
YoY Change -22.28% -9.79% 23.03%
Cost Of Revenue $1.378M $1.988M $2.099M
YoY Change -24.2% -5.29% -2.95%
Gross Profit $1.672M $2.336M $2.694M
YoY Change -20.61% -13.3% 55.45%
Gross Profit Margin 54.82% 54.02% 56.21%
Selling, General & Admin $3.149M $3.941M $3.970M
YoY Change -12.39% -0.72% 17.77%
% of Gross Profit 188.35% 168.69% 147.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $377.1K $501.3K $436.2K
YoY Change -15.84% 14.91% 64.33%
% of Gross Profit 22.55% 21.46% 16.19%
Operating Expenses $3.149M $3.941M $6.505M
YoY Change -46.26% -39.42% 12.17%
Operating Profit -$1.854M -$6.406M -$1.711M
YoY Change -4.24% 274.3% -10.06%
Interest Expense $19.48K $6.618K $128.5K
YoY Change -77.55% -94.85% 502.81%
% of Operating Profit
Other Income/Expense, Net $14.36K -$44.36K -$119.1K
YoY Change -125.67% -62.75% -16.25%
Pretax Income -$1.790M -$6.160M -$1.830M
YoY Change -10.05% 236.61% -10.73%
Income Tax
% Of Pretax Income
Net Earnings -$1.840M -$6.450M -$1.831M
YoY Change -7.65% 252.37% -10.49%
Net Earnings / Revenue -60.33% -149.16% -38.19%
Basic Earnings Per Share
Diluted Earnings Per Share -$49.57K -$177.6K -$145.5K
COMMON SHARES
Basic Shares Outstanding 35.10M shares 35.08M shares 12.82M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.82M $5.630M $2.320M
YoY Change 123.15% 142.67% -15.94%
Cash & Equivalents $20.82M $5.634M $2.315M
Short-Term Investments
Other Short-Term Assets $130.7K $37.10K $27.40K
YoY Change 0.03% 35.41% -30.27%
Inventory
Prepaid Expenses $370.0K $432.2K $367.2K
Receivables $3.053M $3.978M $6.066M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.37M $10.08M $8.776M
YoY Change 71.23% 14.87% 29.81%
LONG-TERM ASSETS
Property, Plant & Equipment $282.1K $317.2K $236.1K
YoY Change 59.85% 34.3% -36.06%
Goodwill $4.017M $4.017M $8.317M
YoY Change -51.7% -51.7% 130.72%
Intangibles $1.007M $1.247M $2.827M
YoY Change -59.81% -55.91% 431.29%
Long-Term Investments
YoY Change
Other Assets $40.00K $150.0K $140.0K
YoY Change -71.43% 7.14% -6.67%
Total Long-Term Assets $6.760M $7.202M $13.56M
YoY Change -48.5% -46.89% 139.25%
TOTAL ASSETS
Total Short-Term Assets $24.37M $10.08M $8.776M
Total Long-Term Assets $6.760M $7.202M $13.56M
Total Assets $31.13M $17.28M $22.34M
YoY Change 13.79% -22.62% 79.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.291M $1.445M $2.249M
YoY Change -25.76% -35.74% 78.42%
Accrued Expenses $1.288M $1.605M $2.557M
YoY Change -12.43% -37.24% 49.42%
Deferred Revenue $5.510M $5.179M $5.465M
YoY Change -5.55% -5.24% 67.54%
Short-Term Debt $0.00 $0.00 $1.340M
YoY Change -100.0% -100.0% 83.56%
Long-Term Debt Due $870.0K $1.190M
YoY Change
Total Short-Term Liabilities $8.927M $9.391M $15.73M
YoY Change -33.52% -40.28% 89.58%
LONG-TERM LIABILITIES
Long-Term Debt $1.160M $70.00K $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $1.160M $70.00K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.927M $9.391M $15.73M
Total Long-Term Liabilities $1.160M $70.00K $0.00
Total Liabilities $10.09M $15.73M
YoY Change -24.88% 80.13%
SHAREHOLDERS EQUITY
Retained Earnings -$68.27M -$66.43M -$54.93M
YoY Change 19.95% 20.96% 11.14%
Common Stock $4.178K $3.477K $1.281K
YoY Change 54.23% 171.43% 120.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.04M $7.826M $6.611M
YoY Change
Total Liabilities & Shareholders Equity $31.13M $17.28M $22.34M
YoY Change 13.79% -22.62% 79.72%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.840M -$6.450M -$1.831M
YoY Change -7.65% 252.37% -10.49%
Depreciation, Depletion And Amortization $377.1K $501.3K $436.2K
YoY Change -15.84% 14.91% 64.33%
Cash From Operating Activities -$580.0K -$1.348M $885.2K
YoY Change -44.76% -252.32% -179.23%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $0.00 $2.383K
YoY Change -58.33% -100.0% -98.3%
Acquisitions
YoY Change
Other Investing Activities $140.0K $0.00 $0.00
YoY Change
Cash From Investing Activities $90.00K -$51.00K -$346.2K
YoY Change -181.82% -85.27% 33.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.68M $1.149M -$192.2K
YoY Change 91.92% -697.82% -183.57%
NET CHANGE
Cash From Operating Activities -580.0K -$1.348M $885.2K
Cash From Investing Activities 90.00K -$51.00K -$346.2K
Cash From Financing Activities 15.68M $1.149M -$192.2K
Net Change In Cash 15.19M -$250.2K $346.8K
YoY Change 116.69% -172.15% -130.25%
FREE CASH FLOW
Cash From Operating Activities -$580.0K -$1.348M $885.2K
Capital Expenditures -$50.00K $0.00 $2.383K
Free Cash Flow -$530.0K -$1.348M $882.8K
YoY Change -43.01% -252.74% -170.21%

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NetCashProvidedByUsedInInvestingActivities
-50385 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
885199 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1348991 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-1830580 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-6163461 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-119100 USD
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-44362 USD
CY2020Q1 us-gaap Number Of Reporting Units
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1 operating_units
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1711480 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6119099 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
399892 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
83807 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
85000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
410852 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
30256 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
67463 USD
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
153031 USD
CY2020Q1 us-gaap Other Assets Current
OtherAssetsCurrent
37097 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
9364 USD
CY2020Q1 us-gaap Other Nonoperating Income Expense
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-37744 USD
CY2020Q1 us-gaap Payments For Operating Activities
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1348991 USD
CY2019Q1 us-gaap Payments Of Financing Costs
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0 USD
CY2020Q1 us-gaap Payments Of Financing Costs
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11410 USD
CY2019Q1 us-gaap Payments Of Stock Issuance Costs
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2190 USD
CY2020Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2326 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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2383 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
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0 USD
CY2019Q1 us-gaap Payments To Develop Software
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346789 USD
CY2020Q1 us-gaap Payments To Develop Software
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51004 USD
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
400181 USD
CY2020Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
423419 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-190041 USD
CY2020Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1162924 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1178115 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1221118 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
309780 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
317154 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-29940 USD
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
33305 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-60384769 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-66548230 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4793756 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4763668 USD
CY2019Q4 us-gaap Security Deposit
SecurityDeposit
151803 USD
CY2020Q1 us-gaap Security Deposit
SecurityDeposit
151184 USD
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1357667 USD
CY2020Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1523143 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
151214 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
129571 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2019Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1076022 USD
CY2019Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
37498 USD
CY2020Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
31250 USD
CY2019 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
90000 USD
CY2020Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
59051 USD
CY2019Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
3500000 USD
CY2019Q3 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2020-12-31
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
7218315 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
6610763 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
13718023 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
7713057 USD
CY2019Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 USD
CY2020Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 USD
CY2019Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
490405 USD
CY2020Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
270815 USD
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12575458 shares
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34681198 shares
CY2020Q1 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;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Concentrations of credit risk with respect to accounts receivable have been 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;">one</font><font style="font-family:inherit;font-size:10pt;"> customer that accounted for </font><font style="font-family:inherit;font-size:10pt;">more than 12%</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, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> customers that accounted for an aggregate of more than </font><font style="font-family:inherit;font-size:10pt;">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;">. The Company had </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> customers 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;">three months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2020</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2020Q1 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;"><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>

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