$SMSI
SMITH MICRO SOFTWARE, INC.

2017 Q3 Form 10-Q Financial Statement

#000156459017023769 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $5.804M $6.478M
YoY Change -10.4% -32.42%
Cost Of Revenue $1.160M $1.798M
YoY Change -35.48% -8.22%
Gross Profit $4.645M $4.680M
YoY Change -0.75% -38.64%
Gross Profit Margin 80.03% 72.24%
Selling, General & Admin $3.633M $5.063M
YoY Change -28.24% 3.01%
% of Gross Profit 78.21% 108.18%
Research & Development $2.100M $4.174M
YoY Change -49.69% 19.94%
% of Gross Profit 45.21% 89.19%
Depreciation & Amortization $230.0K $320.0K
YoY Change -28.13% -33.33%
% of Gross Profit 4.95% 6.84%
Operating Expenses $5.587M $9.237M
YoY Change -39.51% 10.03%
Operating Profit -$942.0K -$4.557M
YoY Change -79.33% 493.36%
Interest Expense -$315.0K $83.00K
YoY Change -479.52%
% of Operating Profit
Other Income/Expense, Net -$2.000K -$9.000K
YoY Change -77.78% -325.0%
Pretax Income -$1.664M -$4.621M
YoY Change -63.99% 504.84%
Income Tax $6.000K $11.00K
% Of Pretax Income
Net Earnings -$1.670M -$4.314M
YoY Change -61.29% 460.26%
Net Earnings / Revenue -28.77% -66.59%
Basic Earnings Per Share -$0.12 -$0.35
Diluted Earnings Per Share -$0.12 -$0.35
COMMON SHARES
Basic Shares Outstanding 14.30M 12.21M
Diluted Shares Outstanding 14.30M 12.21M

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.900M $5.944M
YoY Change -34.39% -52.87%
Cash & Equivalents $3.939M $5.943M
Short-Term Investments $1.000K
Other Short-Term Assets $700.0K $1.200M
YoY Change -41.67% 33.33%
Inventory $0.00 $18.00K
Prepaid Expenses
Receivables $5.200M $5.257M
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.900M $12.46M
YoY Change -20.55% -42.37%
LONG-TERM ASSETS
Property, Plant & Equipment $1.400M $1.834M
YoY Change -23.66% -37.96%
Goodwill $3.368M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $154.0K
YoY Change -35.06% -21.43%
Total Long-Term Assets $5.700M $6.597M
YoY Change -13.6% 104.49%
TOTAL ASSETS
Total Short-Term Assets $9.900M $12.46M
Total Long-Term Assets $5.700M $6.597M
Total Assets $15.60M $19.06M
YoY Change -18.14% -23.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $1.775M
YoY Change -26.76% 20.75%
Accrued Expenses $3.200M $4.665M
YoY Change -31.4% -7.26%
Deferred Revenue
YoY Change
Short-Term Debt $2.200M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.100M $8.792M
YoY Change -19.24% 21.71%
LONG-TERM LIABILITIES
Long-Term Debt $1.500M $1.800M
YoY Change -16.67%
Other Long-Term Liabilities $2.332M $3.108M
YoY Change -24.97% -10.59%
Total Long-Term Liabilities $4.005M $4.874M
YoY Change -17.83% 40.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.100M $8.792M
Total Long-Term Liabilities $4.005M $4.874M
Total Liabilities $11.10M $13.67M
YoY Change -18.78% 27.72%
SHAREHOLDERS EQUITY
Retained Earnings -$232.8M -$222.2M
YoY Change 4.77% 5.65%
Common Stock $14.00K $227.6M
YoY Change -99.99% 1.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.562M $5.392M
YoY Change
Total Liabilities & Shareholders Equity $15.63M $19.06M
YoY Change -17.97% -23.3%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$1.670M -$4.314M
YoY Change -61.29% 460.26%
Depreciation, Depletion And Amortization $230.0K $320.0K
YoY Change -28.13% -33.33%
Cash From Operating Activities -$1.840M -$4.300M
YoY Change -57.21% -464.41%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$170.0K
YoY Change -94.12% 142.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $170.0K
YoY Change -100.0% -29.17%
Cash From Investing Activities -$10.00K -$10.00K
YoY Change 0.0% -105.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.410M 3.840M
YoY Change -11.2% 38300.0%
NET CHANGE
Cash From Operating Activities -1.840M -4.300M
Cash From Investing Activities -10.00K -10.00K
Cash From Financing Activities 3.410M 3.840M
Net Change In Cash 1.560M -470.0K
YoY Change -431.91% -134.56%
FREE CASH FLOW
Cash From Operating Activities -$1.840M -$4.300M
Capital Expenditures -$10.00K -$170.0K
Free Cash Flow -$1.830M -$4.130M
YoY Change -55.69% -430.4%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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smsi Change In Carrying Value Of Contingent Liability
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smsi Shares Issued During Preferred Stock Value New Issues
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smsi Shares Issued In Preferred Stock Value In Accordance With Debt Extinguishment
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Restructuring Costs
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us-gaap Inventory Write Down
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Proceeds From Issuance Of Common Stock
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smsi Proceeds From Issuance Of Preferred Stock And Warrant Offering Net Of Expenses
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smsi Proceeds From Short Term Related Party Debt
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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smsi Reclassification Of Warrant Liability Upon Adoption Of Accounting Standards Update
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smsi Debt Issuance Costs To Related Party
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Nature Of Operations
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<div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. The Company</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Smith Micro Software, Inc. (&#8220;Smith Micro,&#8221; &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221;) develops software to simplify and enhance the mobile experience, providing solutions to leading wireless service providers, device manufacturers, and enterprise businesses around the world.&nbsp;&nbsp;From optimizing wireless networks to uncovering customer experience insights, and from streamlining Wi-Fi access to ensuring family safety, our solutions enrich connected lifestyles, while creating new opportunities to engage consumers via smartphones. Our portfolio also includes a wide range of products for creating, sharing, and monetizing rich content, such as visual messaging, video streaming, and 2D/3D graphics applications. With this as a focus, it is Smith Micro&#8217;s mission to help our customers thrive in a connected world.</p></div>
us-gaap Substantial Doubt About Going Concern Managements Evaluation
SubstantialDoubtAboutGoingConcernManagementsEvaluation
In connection with preparing consolidated financial statements for the three and nine months ended September 30, 2017, management evaluated whether there were conditions and events, considered in the aggregate, that raised substantial doubt about the Company’s ability to continue as a going concern within one year from the date that the financial statements are issued. The Company considered the following:  Operating losses for ten consecutive quarters.  Negative cash flow from operating activities for six consecutive quarters.  Depressed stock price resulting in being non-compliant with NASDAQ listing rules to maintain a stock price of $1.00/share.  Stockholders’ equity being less than $2.5 million at March 31, 2017 and June 30, 2017 resulting in being non-compliant with NASDAQ listing rules. Ordinarily, conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern relate to the entity’s ability to meet its obligations as they become due. The Company evaluated its ability to meet its obligations as they become due within one year from the date that the financial statements are issued by considering the following:  The Company raised $4 million of debt financing during the year ended December 31, 2016.  The Company has raised funds from short-term loans from insiders.  As a result of the Company’s restructurings that were implemented during the three months ended December 31, 2016, and again during the six months ended June 30, 2017, the Company’s cost structure is now in line with its future revenue projections. See Footnote 11 below for additional details regarding restructurings.  On September 29, 2017, the Company completed a $5.5 million preferred stock transaction, which converted $2.8 million of long term and short-term debt (face value) into equity and raised $2.7 million of new equity capital. Management believes that the Company will generate enough cash from operations to satisfy its obligations for the next twelve months.
smsi Number Of Consecutive Period Of Operating Losses
NumberOfConsecutivePeriodOfOperatingLosses
P27M
smsi Number Of Consecutive Period Of Negative Cash Flows From Operating Activities
NumberOfConsecutivePeriodOfNegativeCashFlowsFromOperatingActivities
P15M
CY2017Q3 us-gaap Share Price
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1.00
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5500000
CY2017Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2800000
CY2017Q3 smsi Proceeds From Issuance Of Preferred Stock And Preference Stock Gross
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2700000
us-gaap Substantial Doubt About Going Concern Managements Plans Substantial Doubt Not Alleviated
SubstantialDoubtAboutGoingConcernManagementsPlansSubstantialDoubtNotAlleviated
The Company will take the following actions, if it starts to trend unfavorably to its internal profitability and cash flow projections, in order to mitigate conditions or events that would raise substantial doubt about its ability to continue as a going concern:  Raise additional funds through short-term loans.  Implement additional restructuring and cost reductions.  Raise additional capital through a private placement.  Secure a commercial bank line of credit.  Dispose of one or more product lines.  Sell or license intellectual property.
smsi Number Of Financial Institutions In Which Securities Held
NumberOfFinancialInstitutionsInWhichSecuritiesHeld
2
us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
Three months or less
CY2017Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
3700000
CY2016Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
2100000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2016 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2016 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2017Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
882000
CY2017Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
331000
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1353000
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
197000
CY2016Q4 smsi Finite Lived Intangible Assets Before Impairment
FiniteLivedIntangibleAssetsBeforeImpairment
1156000
CY2016Q4 smsi Impairment Of Intangible Assets
ImpairmentOfIntangibleAssets
411000
CY2017Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
64000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
249000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
143000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
47000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
40000
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
8000
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
1960000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11826000
smsi Restructuring Reserve Provision Benefit Net
RestructuringReserveProvisionBenefitNet
565000
us-gaap Payments For Restructuring
PaymentsForRestructuring
912000
CY2017Q3 us-gaap Restructuring Reserve
RestructuringReserve
1613000
CY2017Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
200000
CY2017Q3 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
1400000
CY2017Q3 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
400000
CY2016Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
1200000
CY2017Q3 us-gaap Long Term Debt
LongTermDebt
1500000
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
2600000
CY2017Q3 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
100000
CY2016Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
200000
CY2016Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.25
CY2016Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2016Q3 smsi Stockholders Equity Reverse Stock Split Effective Date
StockholdersEquityReverseStockSplitEffectiveDate
2016-08-17
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
Common stock at a ratio of one (1) share for every four (4) shares outstanding, so that every four (4) outstanding shares of common stock before the Reverse Split represents one (1) share of common stock after the Reverse Split.
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14297000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12209000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13221000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14297000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12211000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13222000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11829000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3000
CY2017Q3 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1973000
CY2016Q3 smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
2062000
smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
1869000
smsi Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount Due To Higher Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmountDueToHigherExercisePrice
2062000
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.38
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.98
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.38
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.98
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
168000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
408000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1002000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1173000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2017Q3 smsi Number Of Geographic Location
NumberOfGeographicLocation
3
smsi Number Of Geographic Location
NumberOfGeographicLocation
3
CY2016Q3 smsi Number Of Geographic Location
NumberOfGeographicLocation
3
smsi Number Of Geographic Location
NumberOfGeographicLocation
3
us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
Through 2022
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
595000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2433000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2029000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1725000
CY2016Q4 smsi Funds To Be Repaid Under Agreement
FundsToBeRepaidUnderAgreement
300000
smsi Warrants Term
WarrantsTerm
P5Y
smsi Warrants Exercisable Beginning Date
WarrantsExercisableBeginningDate
2017-11-18
CY2017Q2 smsi Proceeds From Issuance Of Common Stock Gross
ProceedsFromIssuanceOfCommonStockGross
2300000
CY2017Q2 smsi Common Stock Issuance Costs
CommonStockIssuanceCosts
200000
CY2017Q2 smsi Transaction Fees On Sale Of Common Stock
TransactionFeesOnSaleOfCommonStock
100000
CY2017Q2 smsi Legal And Other Expenses
LegalAndOtherExpenses
100000
CY2017Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2100000
CY2017Q3 smsi Number Of Triggering Events For Issuance Of Warrants
NumberOfTriggeringEventsForIssuanceOfWarrants
5
CY2017Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
76300000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1728000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
33000
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
8543000
CY2017Q3 smsi Accrued Lease Expenses
AccruedLeaseExpenses
3400000
CY2017Q3 smsi Operating Leases Expected Future Sublease Income
OperatingLeasesExpectedFutureSubleaseIncome
2100000
CY2016Q3 smsi Funds To Be Repaid Under Agreement
FundsToBeRepaidUnderAgreement
300000
CY2016Q3 smsi Proceeds From Government Grant For Start Up New Facility
ProceedsFromGovernmentGrantForStartUpNewFacility
1000000
CY2016Q3 smsi Interest Rate Of Funds Under Agreement
InterestRateOfFundsUnderAgreement
0.00
CY2016Q3 smsi Number Of Equal Quarterly Installments
NumberOfEqualQuarterlyInstallments
20
CY2017Q3 smsi Funds To Be Repaid Under Agreement
FundsToBeRepaidUnderAgreement
300000

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