$PHUN
Phunware, Inc.

2023 Q3 Form 10-Q Financial Statement

#000162828023029388 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $2.792M $3.487M
YoY Change -41.32% -36.43%
Cost Of Revenue $2.597M $3.031M
YoY Change -34.47% -23.56%
Gross Profit $195.0K $456.0K
YoY Change -75.47% -70.0%
Gross Profit Margin 6.98% 13.08%
Selling, General & Admin $4.505M $6.238M
YoY Change -35.72% -13.11%
% of Gross Profit 2310.26% 1367.98%
Research & Development $1.042M $1.212M
YoY Change -37.42% -35.39%
% of Gross Profit 534.36% 265.79%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $18.74M $8.653M
YoY Change 116.02% -4.44%
Operating Profit -$18.54M -$8.197M
YoY Change 135.34% 8.79%
Interest Expense $264.0K $553.0K
YoY Change -236.08% 102.56%
% of Operating Profit
Other Income/Expense, Net -$439.0K $1.673M
YoY Change 213.57% -117.54%
Pretax Income -$18.98M -$6.524M
YoY Change 136.7% -61.78%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$18.98M -$6.524M
YoY Change 136.7% -61.78%
Net Earnings / Revenue -679.76% -187.09%
Basic Earnings Per Share -$0.16 -$0.06
Diluted Earnings Per Share -$0.16 -$0.06
COMMON SHARES
Basic Shares Outstanding 120.4M shares 104.7M shares
Diluted Shares Outstanding 120.0M shares 105.1M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.860M $1.105M
YoY Change -66.5% -59.15%
Cash & Equivalents $2.857M $1.105M
Short-Term Investments
Other Short-Term Assets $680.0K $695.0K
YoY Change -94.94% -94.96%
Inventory $899.0K $2.168M
Prepaid Expenses
Receivables $1.050M $863.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.483M $4.831M
YoY Change -79.63% -76.79%
LONG-TERM ASSETS
Property, Plant & Equipment $165.0K $188.0K
YoY Change -20.29% 29.66%
Goodwill $16.73M $29.96M
YoY Change -49.39% -9.61%
Intangibles $2.023M $2.190M
YoY Change -24.82% -23.37%
Long-Term Investments
YoY Change
Other Assets $370.0K $367.0K
YoY Change -77.98% -78.15%
Total Long-Term Assets $22.33M $35.96M
YoY Change -46.28% -11.04%
TOTAL ASSETS
Total Short-Term Assets $5.483M $4.831M
Total Long-Term Assets $22.33M $35.96M
Total Assets $27.81M $40.79M
YoY Change -59.39% -33.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.969M $8.350M
YoY Change 6.06% 11.19%
Accrued Expenses $946.0K $1.542M
YoY Change -83.1% -77.82%
Deferred Revenue $1.516M $1.092M
YoY Change -8.12% -36.33%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.563M $6.094M
YoY Change -56.17% 200.05%
Total Short-Term Liabilities $18.20M $19.25M
YoY Change -39.21% -9.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.050M $3.634M
YoY Change -31.83% 17.11%
Total Long-Term Liabilities $3.050M $3.634M
YoY Change -31.83% 17.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.20M $19.25M
Total Long-Term Liabilities $3.050M $3.634M
Total Liabilities $21.26M $22.88M
YoY Change -40.46% -10.42%
SHAREHOLDERS EQUITY
Retained Earnings -$280.0M -$261.0M
YoY Change 16.99% 12.84%
Common Stock $13.00K $11.00K
YoY Change 30.0% 10.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.555M $17.91M
YoY Change
Total Liabilities & Shareholders Equity $27.81M $40.79M
YoY Change -59.39% -33.39%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$18.98M -$6.524M
YoY Change 136.7% -61.78%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.310M -$5.178M
YoY Change -58.01% 7.47%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $3.000K
YoY Change -100.0% -103.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.600M
YoY Change -395.06%
Cash From Investing Activities $0.00 $4.597M
YoY Change -100.0% -380.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.100M 968.0K
YoY Change -63.27% -161.81%
NET CHANGE
Cash From Operating Activities -3.310M -5.178M
Cash From Investing Activities 0.000 4.597M
Cash From Financing Activities 5.100M 968.0K
Net Change In Cash 1.790M 387.0K
YoY Change -69.77% -104.82%
FREE CASH FLOW
Cash From Operating Activities -$3.310M -$5.178M
Capital Expenditures $0.00 $3.000K
Free Cash Flow -$3.310M -$5.181M
YoY Change -57.58% 9.3%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates and such differences could be material.
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash, trade accounts receivable and our digital asset holdings.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although we limit our exposure to credit loss by depositing our cash with established financial institutions that management believes have good credit ratings and represent minimal risk of loss of principal, our deposits, at times, may exceed federally insured limits. </span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There is currently no clearing house for our digital assets, including our bitcoin holdings, nor is there a central or major depository for the custody of our digital assets. There is a risk that some or all of our digital asset holdings could be lost or stolen. There can be no assurance that the custodians will maintain adequate insurance or that such coverage will cover losses with respect to our digital asset holdings. Further, transactions denominated in digital assets are irrevocable. Stolen or incorrectly transferred digital assets may be irretrievable. As a result, any incorrectly executed transactions could adversely affect our financial condition. The aggregate cost basis (prior to impairment) of our digital asset holdings was $103 and $37,737 at June 30, 2023 and December 31, 2022, respectively. </span></div>Collateral is not required for accounts receivable, and we believe the carrying value approximates fair value.
CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2247000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2968000 usd
CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
377000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
50000 usd
CY2023Q2 us-gaap Other Inventory
OtherInventory
7000 usd
CY2022Q4 us-gaap Other Inventory
OtherInventory
30000 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
463000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
268000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
2168000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
2780000 usd
us-gaap Number Of Reporting Units
NumberOfReportingUnits
2 reportingunit
CY2023Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
1203000 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
1203000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12003571 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9192876 shares
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5238000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.33
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
phun Number Of Security Token Sold
NumberOfSecurityTokenSold
186800000 phuntoken
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3487000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5485000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8234000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12263000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1092000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2904000 usd
CY2023Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1050000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1274000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2142000 usd
phun Proceeds From Sale Of Security Token
ProceedsFromSaleOfSecurityToken
1533000 usd
CY2022Q4 phun Security Token Issued
SecurityTokenIssued
377200000 phuntoken
CY2023Q2 phun Security Token Issued
SecurityTokenIssued
377200000 phuntoken
CY2023Q2 phun Security Token Authorized
SecurityTokenAuthorized
10000000000 phuntoken
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill Fair Value Disclosure
IndefiniteLivedIntangibleAssetsExcludingGoodwillFairValueDisclosure
84000 usd
CY2023Q2 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0 usd
CY2022Q2 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
12158000 usd
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
50000 usd
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
21511000 usd
CY2023Q2 phun Indefinite Lived Intangible Assets Excluding Goodwill Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillGross
103000 usd
CY2023Q2 phun Indefinite Lived Intangible Assets Accumulated Impairment
IndefiniteLivedIntangibleAssetsAccumulatedImpairment
32000 usd
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
71000 usd
CY2022Q4 phun Indefinite Lived Intangible Assets Excluding Goodwill Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillGross
37737000 usd
CY2022Q4 phun Indefinite Lived Intangible Assets Accumulated Impairment
IndefiniteLivedIntangibleAssetsAccumulatedImpairment
27600000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
10137000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
10137000 usd
phun Indefinite Lived Intangible Assets Received From Customers Net Of Expenses
IndefiniteLivedIntangibleAssetsReceivedFromCustomersNetOfExpenses
64000 usd
phun Indefinite Lived Intangible Assets Exchanged
IndefiniteLivedIntangibleAssetsExchanged
0 usd
us-gaap Indefinite Lived Intangible Assets Written Off Related To Sale Of Business Unit
IndefiniteLivedIntangibleAssetsWrittenOffRelatedToSaleOfBusinessUnit
15390000 usd
phun Indefinite Lived Intangible Assets Gain Loss From Sale
IndefiniteLivedIntangibleAssetsGainLossFromSale
5310000 usd
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
50000 usd
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
71000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
553000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
273000 usd
us-gaap Interest Expense
InterestExpense
1090000 usd
us-gaap Interest Expense
InterestExpense
654000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
324000 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
236000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
649000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
440000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M6D
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
605000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1305000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
929000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
744000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
508000 usd
CY2023Q2 phun Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4091000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
539000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3552000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
107058624 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
103153337 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
103153337 shares
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
1715136 shares
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
995000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
32000 usd
CY2023Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
5000000 shares
CY2023Q2 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
506500 shares
CY2023Q2 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
502000 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6255159 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6632561 shares
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1462000 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
706000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2824000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1270000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
16000 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3487000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5485000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6524000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-17071000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8234000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12263000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10793000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-31988000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
29956000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
31113000 usd
CY2023Q2 us-gaap Assets
Assets
40790000 usd
CY2022Q4 us-gaap Assets
Assets
54835000 usd

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