$MRIN
MARIN SOFTWARE INC

2024 Q2 Form 10-Q Financial Statement

#000095017024052191 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $4.045M $4.031M
YoY Change -7.22% -12.04%
Cost Of Revenue $1.690M $1.743M
YoY Change -46.75% -46.2%
Gross Profit $2.355M $2.288M
YoY Change 98.57% 70.36%
Gross Profit Margin 58.22% 56.76%
Selling, General & Admin $2.643M $2.934M
YoY Change -39.62% -32.72%
% of Gross Profit 112.23% 128.23%
Research & Development $1.799M $1.881M
YoY Change -35.68% -36.06%
% of Gross Profit 76.39% 82.21%
Depreciation & Amortization $2.000K $2.000K
YoY Change -99.53% -99.53%
% of Gross Profit 0.08% 0.09%
Operating Expenses $4.442M $4.815M
YoY Change -38.08% -34.07%
Operating Profit -$2.087M -$2.527M
YoY Change -65.15% -57.6%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $138.0K $104.0K
YoY Change -35.81% -53.78%
Pretax Income -$1.949M -$2.423M
YoY Change -66.24% -57.75%
Income Tax $69.00K -$12.00K
% Of Pretax Income
Net Earnings -$2.018M -$2.411M
YoY Change -65.89% -58.31%
Net Earnings / Revenue -49.89% -59.81%
Basic Earnings Per Share -$0.65 -$0.80
Diluted Earnings Per Share -$0.65 -$0.80
COMMON SHARES
Basic Shares Outstanding 3.106M 18.07M
Diluted Shares Outstanding 3.108M 3.024M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.942M $9.563M
YoY Change -58.15% -59.68%
Cash & Equivalents $7.942M $9.563M
Short-Term Investments
Other Short-Term Assets $1.087M $1.386M
YoY Change -20.25% -16.15%
Inventory
Prepaid Expenses
Receivables $3.551M $3.422M
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.58M $14.37M
YoY Change -48.3% -51.16%
LONG-TERM ASSETS
Property, Plant & Equipment $116.0K $118.0K
YoY Change -96.77% -96.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $517.0K $504.0K
YoY Change 0.98% -11.11%
Total Long-Term Assets $1.852M $2.235M
YoY Change -72.51% -70.48%
TOTAL ASSETS
Total Short-Term Assets $12.58M $14.37M
Total Long-Term Assets $1.852M $2.235M
Total Assets $14.43M $16.61M
YoY Change -53.55% -55.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $585.0K $609.0K
YoY Change -34.34% -49.59%
Accrued Expenses $294.0K $236.0K
YoY Change -66.4% -60.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.600M $4.042M
YoY Change -36.1% -34.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $973.0K $980.0K
YoY Change -4.14% -3.64%
Total Long-Term Liabilities $973.0K $980.0K
YoY Change -4.14% -3.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.600M $4.042M
Total Long-Term Liabilities $973.0K $980.0K
Total Liabilities $4.573M $5.022M
YoY Change -41.47% -44.26%
SHAREHOLDERS EQUITY
Retained Earnings -$348.7M -$346.7M
YoY Change 4.38% 5.65%
Common Stock $359.5M $359.2M
YoY Change 0.35% 0.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.859M $11.58M
YoY Change
Total Liabilities & Shareholders Equity $14.43M $16.61M
YoY Change -53.55% -55.11%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$2.018M -$2.411M
YoY Change -65.89% -58.31%
Depreciation, Depletion And Amortization $2.000K $2.000K
YoY Change -99.53% -99.53%
Cash From Operating Activities -$1.576M -$1.729M
YoY Change -61.1% -53.17%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -37.00K -60.00K
YoY Change -60.64% -850.0%
NET CHANGE
Cash From Operating Activities -1.576M -1.729M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -37.00K -60.00K
Net Change In Cash -1.613M -1.800M
YoY Change -65.85% -57.56%
FREE CASH FLOW
Cash From Operating Activities -$1.576M -$1.729M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.576M -$1.729M
YoY Change -65.95% -53.17%

Facts In Submission

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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
23716000
CY2024Q1 mrin Reverse Stock Split And Reduction In Authorized Shares Policytext Block
ReverseStockSplitAndReductionInAuthorizedSharesPolicytextBlock
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reverse Stock Split and Reduction in Authorized Shares</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On April 12, 2024, the Company effected a reverse stock split of its outstanding common stock and a reduction in the Company's authorized shares of common stock. As a result of the reverse stock split, each six outstanding shares of the Company’s common stock were combined into one outstanding share of common stock, without any change in par value. The common stock began trading on the Nasdaq Capital Market on a split-adjusted basis on April 15, 2024. No fractional shares were issued in connection with the reverse stock split and the Company will pay the fair value of such fractional shares in cash. As a result of the reduction in the Company's authorized shares of common stock, the Company's authorized shares went from </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">142,857</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">47,619</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">All share and per share amounts of the Company’s common stock, as well as stock options and restricted stock units (“RSUs”), included in the accompanying condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented, unless indicated otherwise. In addition, as a result of the reverse stock split, the Company reclassified an amount equal to the reduction in the par value of common stock to additional paid-in capital on its condensed consolidated balance sheets.</span></p>
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-2411000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
21917000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9563000
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-346662000
CY2024Q1 us-gaap Restructuring And Related Activities Description
RestructuringAndRelatedActivitiesDescription
The 2023 Restructuring Plan resulted in the reduction of the Company's global employees by 64 full-time employees during the second half of 2023, reducing its total headcount by approximately 37%. The 2023 Restructuring Plan was substantially complete in 2023
CY2024Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
0
CY2023Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
0
CY2024Q1 mrin Company Capitalized
CompanyCapitalized
579000
CY2024Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
0
CY2023Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
419000
CY2024Q1 mrin Subscription Contracts Term
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P1Y
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
493000
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
280000
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
773000
CY2024Q1 mrin Unsatisfied Performance Obligation On Subscription Contract Term
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P1Y
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4031000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4583000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4031000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4583000
CY2024Q1 mrin Deferred Costs To Fulfill Contracts Expected Period Of Benefit
DeferredCostsToFulfillContractsExpectedPeriodOfBenefit
P30M
CY2024Q1 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2023Q1 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
53656000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
53658000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
50262000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
50262000
CY2024Q1 mrin Accumulated Impairment Losse
AccumulatedImpairmentLosse
-3276000
CY2023Q4 mrin Accumulated Impairment Losse
AccumulatedImpairmentLosse
-3276000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
118000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
120000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
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430000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
863000
CY2023Q4 us-gaap Employee Related Liabilities Current
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872000
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AccruedLiabilitiesCurrent
236000
CY2023Q4 us-gaap Accrued Liabilities Current
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376000
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99000
CY2023Q4 us-gaap Accrued Income Taxes Current
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192000
CY2024Q1 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
603000
CY2023Q4 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
636000
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
19000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
23000
CY2024Q1 mrin Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1820000
CY2023Q4 mrin Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
2099000
CY2023 mrin Wrote Off Credit Balance
WroteOffCreditBalance
443000
CY2023Q1 mrin Wrote Off Credit Balance
WroteOffCreditBalance
300000
CY2024Q1 mrin Wrote Off Credit Balance
WroteOffCreditBalance
0
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
413000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1032000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
0
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.06
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1613000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1912000
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
424000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
503000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1243000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
414000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1657000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
44000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1613000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1613000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
424000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
504000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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72000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
161000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
594000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-12000
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2423000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5735000
CY2024Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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368000
CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-2411000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-5783000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3024000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3024000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2873000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2873000
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.8
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.8
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.01
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.01
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
256000

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