$SMSI
SMITH MICRO SOFTWARE, INC.

2019 Q1 Form 10-Q Financial Statement

#000156459019019395 Filed on May 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $8.432M $5.463M
YoY Change 54.35% -2.03%
Cost Of Revenue $916.0K $1.309M
YoY Change -30.02% 2.03%
Gross Profit $7.516M $4.154M
YoY Change 80.93% -3.24%
Gross Profit Margin 89.14% 76.04%
Selling, General & Admin $4.670M $3.920M
YoY Change 19.13% -1.56%
% of Gross Profit 62.13% 94.37%
Research & Development $2.680M $2.255M
YoY Change 18.85% -9.69%
% of Gross Profit 35.66% 54.29%
Depreciation & Amortization $320.0K $210.0K
YoY Change 52.38% -8.7%
% of Gross Profit 4.26% 5.06%
Operating Expenses $7.454M $6.175M
YoY Change 20.71% -10.13%
Operating Profit $62.00K -$2.021M
YoY Change -103.07% -21.61%
Interest Expense $0.00 -$310.0K
YoY Change -100.0% -9.88%
% of Operating Profit 0.0%
Other Income/Expense, Net -$10.00K -$40.00K
YoY Change -75.0% 300.0%
Pretax Income $52.00K -$2.371M
YoY Change -102.19% -17.44%
Income Tax $4.000K $10.00K
% Of Pretax Income 7.69%
Net Earnings $48.00K -$2.381M
YoY Change -102.02% -17.33%
Net Earnings / Revenue 0.57% -43.58%
Basic Earnings Per Share $0.00 -$0.16
Diluted Earnings Per Share $0.00 -$0.16
COMMON SHARES
Basic Shares Outstanding 31.30M 15.30M
Diluted Shares Outstanding 31.32M 15.30M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.400M $3.700M
YoY Change 100.0% 48.0%
Cash & Equivalents $7.378M $3.654M
Short-Term Investments
Other Short-Term Assets $600.0K $500.0K
YoY Change 20.0% 0.0%
Inventory
Prepaid Expenses
Receivables $8.951M $5.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.89M $9.500M
YoY Change 77.83% 23.38%
LONG-TERM ASSETS
Property, Plant & Equipment $852.0K $1.100M
YoY Change -22.55% -35.29%
Goodwill $3.685M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $148.0K
YoY Change 170.27% 48.0%
Total Long-Term Assets $16.71M $5.739M
YoY Change 191.1% -7.44%
TOTAL ASSETS
Total Short-Term Assets $16.89M $9.500M
Total Long-Term Assets $16.71M $5.739M
Total Assets $33.60M $15.24M
YoY Change 120.49% 9.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $1.298M
YoY Change -7.55% -18.88%
Accrued Expenses $3.400M $2.500M
YoY Change 36.0% -24.24%
Deferred Revenue $234.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.900M $4.000M
YoY Change 22.5% -47.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.800M
YoY Change -100.0% 33.33%
Other Long-Term Liabilities $2.600M $4.700M
YoY Change -44.68% 38.24%
Total Long-Term Liabilities $2.600M $7.500M
YoY Change -65.33% 36.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.900M $4.000M
Total Long-Term Liabilities $2.600M $7.500M
Total Liabilities $7.600M $11.50M
YoY Change -33.91% -12.88%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $262.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.04M $3.730M
YoY Change
Total Liabilities & Shareholders Equity $33.60M $15.20M
YoY Change 121.05% 9.35%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $48.00K -$2.381M
YoY Change -102.02% -17.33%
Depreciation, Depletion And Amortization $320.0K $210.0K
YoY Change 52.38% -8.7%
Cash From Operating Activities -$654.0K -$1.859M
YoY Change -64.82% 8.46%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$20.00K
YoY Change 450.0% 100.0%
Acquisitions $3.974M
YoY Change
Other Investing Activities -$3.970M
YoY Change
Cash From Investing Activities -$4.084M -$16.00K
YoY Change 25425.0% 23.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.462M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.00K 3.324M
YoY Change -101.29% 66.03%
NET CHANGE
Cash From Operating Activities -654.0K -1.859M
Cash From Investing Activities -4.084M -16.00K
Cash From Financing Activities -43.00K 3.324M
Net Change In Cash -4.781M 1.449M
YoY Change -429.95% 426.91%
FREE CASH FLOW
Cash From Operating Activities -$654.0K -$1.859M
Capital Expenditures -$110.0K -$20.00K
Free Cash Flow -$544.0K -$1.839M
YoY Change -70.42% 7.92%

Facts In Submission

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<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; or the &#8220;Company&#8221;) develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers and cable MSOs around the world.&#160;From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today&#8217;s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. Our portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual messaging, optimizing retail content display, analytics capabilities, and 2D/3D graphics applications.</p>
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The Company will take the following actions, if it starts to trend unfavorably against 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 capital through a private placement. Raise additional capital through short-term loans. Implement restructuring and cost reductions. Secure a commercial bank line of credit. Sell or license intellectual property.
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In connection with preparing consolidated financial statements for the three months ended March 31, 2019, management evaluated whether there were conditions and events that, when considered in the aggregate, 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 historical operating loss and negative cash flow from operating activities trends, including the positive trends occurring in the recent year. 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: In May 2017, the Company raised $2.2 million of new capital in a private placement offering of its common stock. In September 2017, the Company closed on a $5.5 million preferred stock transaction which converted $2.8 million of long and short-term debt and raised $2.7 million of new capital. On March 5, 2018, the Company raised $5.0 million of new capital in a private placement offering of its common stock. On May 3, 2018, the Company raised $7.0 million of new capital in a private placement offering of its common stock. On November 7, 2018, the Company raised $7.5 million of new capital in a private placement offering of its common stock. Following this transaction, $3.2 million of short and long-term debt was repaid. Management believes the Company will generate enough cash from operations to satisfy its obligations for the next twelve months from the issuance date.
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CY2019Q1 us-gaap Lessee Operating Lease Description
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The Company leases office space and equipment, and certain office space is subleased. Management determines if a contract is a lease at the inception of the arrangement and reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised.
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LesseeOperatingLeaseLiabilityPaymentsDue
3124000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
261000
CY2019Q1 smsi Lessee Operating Lease Liability Not Yet Commenced
LesseeOperatingLeaseLiabilityNotYetCommenced
1500000
CY2019Q1 us-gaap Lease Cost
LeaseCost
246000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2863000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
858000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1143000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1109000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
14000

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