$IZEA
IZEA Worldwide, Inc.

2020 Q3 Form 10-Q Financial Statement

#000149523120000120 Filed on August 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $4.208M $3.050M $3.924M
YoY Change -4.61% -22.28% -4.78%
Cost Of Revenue $1.751M $1.378M $1.818M
YoY Change -8.06% -24.2% -5.84%
Gross Profit $2.457M $1.672M $2.106M
YoY Change -1.99% -20.61% -3.86%
Gross Profit Margin 58.39% 54.82% 53.68%
Selling, General & Admin $3.230M $3.149M $3.595M
YoY Change -1.22% -12.39% -3.01%
% of Gross Profit 131.48% 188.35% 170.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $372.5K $377.1K $448.1K
YoY Change -13.99% -15.84% 112.68%
% of Gross Profit 15.16% 22.55% 21.28%
Operating Expenses $3.230M $3.149M $5.860M
YoY Change -42.39% -46.26% 0.22%
Operating Profit -$1.146M -$1.854M -$1.936M
YoY Change -4.23% -4.24% 12.18%
Interest Expense $16.45K $19.48K $86.74K
YoY Change -40.69% -77.55% 145.0%
% of Operating Profit
Other Income/Expense, Net $13.64K $14.36K -$55.94K
YoY Change -42.1% -125.67% -171.28%
Pretax Income -$1.250M -$1.790M -$1.990M
YoY Change 6.84% -10.05% 20.61%
Income Tax
% Of Pretax Income
Net Earnings -$1.132M -$1.840M -$1.992M
YoY Change -3.47% -7.65% 20.92%
Net Earnings / Revenue -26.91% -60.33% -50.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$27.31K -$49.57K -$89.32K
COMMON SHARES
Basic Shares Outstanding 48.41M shares 35.10M shares 27.14M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.62M $20.82M $9.330M
YoY Change 349.63% 123.15% 396.28%
Cash & Equivalents $30.62M $20.82M $9.325M
Short-Term Investments
Other Short-Term Assets $140.3K $130.7K $130.6K
YoY Change 149.67% 0.03% 222.85%
Inventory
Prepaid Expenses $414.7K $370.0K $593.8K
Receivables $3.981M $3.053M $4.185M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $35.15M $24.37M $14.24M
YoY Change 193.31% 71.23% 165.27%
LONG-TERM ASSETS
Property, Plant & Equipment $261.0K $282.1K $176.5K
YoY Change 12.29% 59.85% -44.15%
Goodwill $4.017M $4.017M $8.317M
YoY Change -51.7% -51.7% 130.72%
Intangibles $768.9K $1.007M $2.504M
YoY Change -65.15% -59.81% 454.17%
Long-Term Investments
YoY Change
Other Assets $0.00 $40.00K $140.0K
YoY Change -100.0% -71.43% -6.67%
Total Long-Term Assets $6.527M $6.760M $13.13M
YoY Change -48.79% -48.5% 134.43%
TOTAL ASSETS
Total Short-Term Assets $35.15M $24.37M $14.24M
Total Long-Term Assets $6.527M $6.760M $13.13M
Total Assets $41.68M $31.13M $27.36M
YoY Change 68.54% 13.79% 149.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.743M $1.291M $1.739M
YoY Change 3.05% -25.76% 13.82%
Accrued Expenses $1.268M $1.288M $1.470M
YoY Change -11.9% -12.43% 32.21%
Deferred Revenue $6.462M $5.510M $5.834M
YoY Change 18.77% -5.55% 31.56%
Short-Term Debt $0.00 $0.00 $280.0K
YoY Change -100.0% -67.06%
Long-Term Debt Due $1.190M $870.0K
YoY Change
Total Short-Term Liabilities $10.63M $8.927M $13.43M
YoY Change 21.03% -33.52% 60.87%
LONG-TERM LIABILITIES
Long-Term Debt $840.0K $1.160M $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
Total Long-Term Liabilities $840.0K $1.160M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.63M $8.927M $13.43M
Total Long-Term Liabilities $840.0K $1.160M $0.00
Total Liabilities $11.47M $10.09M $13.43M
YoY Change 30.67% -24.88% 54.4%
SHAREHOLDERS EQUITY
Retained Earnings -$69.41M -$68.27M -$56.92M
YoY Change 19.48% 19.95% 11.45%
Common Stock $4.833K $4.178K $2.709K
YoY Change 40.05% 54.23% 362.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.21M $21.04M $13.93M
YoY Change
Total Liabilities & Shareholders Equity $41.68M $31.13M $27.36M
YoY Change 68.54% 13.79% 149.52%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$1.132M -$1.840M -$1.992M
YoY Change -3.47% -7.65% 20.92%
Depreciation, Depletion And Amortization $372.5K $377.1K $448.1K
YoY Change -13.99% -15.84% 112.68%
Cash From Operating Activities -$70.00K -$580.0K -$1.050M
YoY Change -96.7% -44.76% 22.09%
INVESTING ACTIVITIES
Capital Expenditures -$180.0K -$50.00K -$120.0K
YoY Change 12.5% -58.33% -14.29%
Acquisitions
YoY Change
Other Investing Activities -$110.0K $140.0K $0.00
YoY Change -375.0%
Cash From Investing Activities -$290.0K $90.00K -$110.0K
YoY Change 141.67% -181.82% -21.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.16M 15.68M 8.170M
YoY Change -3728.57% 91.92% 6708.33%
NET CHANGE
Cash From Operating Activities -70.00K -580.0K -1.050M
Cash From Investing Activities -290.0K 90.00K -110.0K
Cash From Financing Activities 10.16M 15.68M 8.170M
Net Change In Cash 9.800M 15.19M 7.010M
YoY Change -488.89% 116.69% -896.59%
FREE CASH FLOW
Cash From Operating Activities -$70.00K -$580.0K -$1.050M
Capital Expenditures -$180.0K -$50.00K -$120.0K
Free Cash Flow $110.0K -$530.0K -$930.0K
YoY Change -105.61% -43.01% 29.17%

Facts In Submission

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izea Proceeds From The Sale Of Securities Financing Activities
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izea Wagereductionduetopandemicpercentage
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
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223757 USD
izea Equipmentacquiredwithfinancingarrangement
Equipmentacquiredwithfinancingarrangement
43003 USD
izea Equipmentacquiredwithfinancingarrangement
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0 USD
izea Acquisitioncostspaidthroughissuanceofcommonstock
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0 USD
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Acquisitioncostspaidthroughissuanceofcommonstock
1076022 USD
izea Fairvalueofcommonstockissuedforfutureservices
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125000 USD
izea Fairvalueofcommonstockissuedforfutureservices
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192550 USD
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CashAndCashEquivalentsAtCarryingValue
20820273 USD
us-gaap Use Of Estimates
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<div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration: underline;">Use of Estimates</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">        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. </span></div><div style="text-indent:36pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:103%;">The extent to which COVID-19 impacts the Company’s business and financial results will depend on numerous evolving factors including, but not limited to: the magnitude and duration of COVID-19, the extent to which it will impact worldwide macroeconomic conditions, the speed of the anticipated recovery, access to capital markets, and governmental and business reactions to the pandemic. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of June 30, 2020 and through the date of the filing of this Quarterly Report on Form 10-Q. The accounting matters assessed included, but were not limited to estimates related to revenue, the accounting for potential liabilities and accrued expenses, the assumptions utilized in valuing stock-based compensation issued for services, the realization of deferred tax assets, and assessments of impairment related to long-lived assets and intangibles. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in additional material impacts to the Company’s consolidated financial statements in future reporting periods.</span></div><div><span><br/></span></div><div style="text-indent:36pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">Despite the Company’s efforts, the ultimate impact of COVID-19 depends on factors beyond the Company’s knowledge or control, including the duration and severity of the outbreak, as well as third-party actions taken to contain its spread and mitigate its public health effects. As a result, the Company is unable to estimate the full extent to which COVID-19 will negatively impact its financial results or liquidity. However, in consideration of the effect of COVID-19 on the assumptions and estimates used in the preparation of the June 30, 2020 financial statements, the Company identified the goodwill impairment disclosed in Note 3 as a material adverse effect on its results of operations and financial position that was caused by COVID-19’s effect on economic conditions.</span></div>
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izea Bad Debt Expense Percentageof Revenues
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us-gaap Concentration Risk Credit Risk
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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’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 one customer that accounted for 10% of total accounts receivable at June 30, 2020 and no customers that accounted for an aggregate of more than 10% of total accounts receivable at December 31, 2019. The Company had one customer that accounted for 10% of its revenue during the three months ended June 30, 2020 and no customer that accounted for more than 10% of its revenue during the three months ended June 30, 2019. The Company had no customers that accounted for more than 10% of its revenue during the six months ended June 30, 2020 or 2019.
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 USD
us-gaap Number Of Reporting Units
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izea Amortizationperiodofsoftwaredevelopmentcosts
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P5Y
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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1006536 USD
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1611516 USD
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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P1Y4M
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
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474147 USD
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532389 USD
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us-gaap Goodwill Impairment Loss
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CY2020Q2 us-gaap Goodwill
Goodwill
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us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
4300000 USD
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2770146 USD
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us-gaap Capitalized Computer Software Additions
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2400000 USD
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17500 USD
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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24024 USD
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us-gaap Operating Lease Payments
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CY2020Q2 us-gaap Common Stock Shares Authorized
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10000000 shares
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q1 izea Numberofindependentdirectors
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CY2020Q1 izea Numberofindependentdirectors
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5 directors
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1476058 shares
CY2011Q3 izea Percentageofindividualownershipofcommonstock
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0.10
us-gaap Proceeds From Stock Options Exercised
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369 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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265 USD
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465907 USD
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StockOptionPlanExpense
52702 USD
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StockOptionPlanExpense
90000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
111753 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
180000 USD
izea Proceeds Employee Stock Purchase Plans
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izea Proceeds Employee Stock Purchase Plans
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us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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CY2019Q3 us-gaap Stock Repurchase Program Expiration Date
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2020-12-31
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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36108073 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22277677 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
35394639 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17466784 shares
CY2020Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.05
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.09
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.22
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.22
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2910885 shares
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1536200 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2740994 shares
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3923864 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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7898707 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3135039 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8717620 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3135039 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3923864 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7898707 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8717620 USD
CY2020Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3053135 USD
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
5596719 USD
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5841264 USD
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6466766 USD
CY2020Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
48414560 shares
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7898707 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Cost Of Revenue
CostOfRevenue
3554766 USD
us-gaap Cost Of Revenue
CostOfRevenue
3916950 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2751834 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2719909 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4338330 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4844359 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
4300000 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
878376 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
884329 USD
us-gaap Interest Expense
InterestExpense
26094 USD
us-gaap Interest Expense
InterestExpense
215201 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3910 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
40162 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
4300000 USD
us-gaap Interest Expense
InterestExpense
26094 USD

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