$SRAX
SRAX, Inc.

2013 Form 10-K Financial Statement

#000155335014000286 Filed on March 27, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012
Revenue $3.413M $50.00K $1.119M
YoY Change 204.96% -92.65% -37.82%
Cost Of Revenue $2.326M $130.0K $627.4K
YoY Change 270.81% -67.5% -27.05%
Gross Profit $1.087M -$80.00K $491.9K
YoY Change 120.97% -128.57% -48.22%
Gross Profit Margin 31.85% -160.0% 43.95%
Selling, General & Admin $2.520M $360.0K $1.340M
YoY Change 88.06% -55.56% 42.55%
% of Gross Profit 231.83% 272.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.184K $0.00 $3.000K
YoY Change 139.47%
% of Gross Profit 0.66% 0.61%
Operating Expenses $2.522M $380.0K $1.751M
YoY Change 44.05% 2.7% 86.25%
Operating Profit -$1.435M -$460.0K -$1.259M
YoY Change 13.99% 411.11% -12688.59%
Interest Expense $312.5K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.747M -$470.0K -$1.259M
YoY Change 38.81% 370.0% -12688.59%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.747M -$470.0K -$1.259M
YoY Change 38.81% 370.0% -12688.59%
Net Earnings / Revenue -51.19% -940.0% -112.47%
Basic Earnings Per Share
Diluted Earnings Per Share -$595.2K -$180.8K -$490.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2013 2012 Q4 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.720M $110.0K $110.0K
YoY Change 1463.64% -50.0% -50.0%
Cash & Equivalents $1.720M $106.0K $110.0K
Short-Term Investments
Other Short-Term Assets $60.00K $5.000K $70.00K
YoY Change -14.29% -96.15% -46.15%
Inventory
Prepaid Expenses
Receivables $440.0K $53.82K $50.00K
Other Receivables $0.00 $40.00K $40.00K
Total Short-Term Assets $2.210M $202.8K $260.0K
YoY Change 750.0% -82.52% -77.59%
LONG-TERM ASSETS
Property, Plant & Equipment $30.00K $15.00K $20.00K
YoY Change 50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.670M $0.00 $0.00
YoY Change
Total Long-Term Assets $1.700M $77.39K $20.00K
YoY Change 8400.0%
TOTAL ASSETS
Total Short-Term Assets $2.210M $202.8K $260.0K
Total Long-Term Assets $1.700M $77.39K $20.00K
Total Assets $3.910M $280.2K $280.0K
YoY Change 1296.43% -75.85% -75.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $810.0K $300.0K $300.0K
YoY Change 170.0% -31.82% -31.82%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $810.0K $302.1K $300.0K
YoY Change 170.0% -31.35% -31.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $810.0K $302.1K $300.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $810.0K $300.0K $300.0K
YoY Change 170.0% -31.82% -31.82%
SHAREHOLDERS EQUITY
Retained Earnings -$1.259M
YoY Change
Common Stock $1.224M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.090M -$21.86K -$20.00K
YoY Change
Total Liabilities & Shareholders Equity $3.910M $280.2K $280.0K
YoY Change 1296.43% -75.85% -75.86%

Cashflow Statement

Concept 2013 2012 Q4 2012
OPERATING ACTIVITIES
Net Income -$1.747M -$470.0K -$1.259M
YoY Change 38.81% 370.0% -12688.59%
Depreciation, Depletion And Amortization $7.184K $0.00 $3.000K
YoY Change 139.47%
Cash From Operating Activities -$478.9K $20.00K -$570.6K
YoY Change -16.07% -106.67% -2953.18%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $0.00 -$20.00K
YoY Change 0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$19.98K $0.00 -$18.00K
YoY Change 11.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$2.261M -$473.0K
YoY Change 378.16%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.108M 0.000 $473.0K
YoY Change 345.75% -100.0% 148.93%
NET CHANGE
Cash From Operating Activities -$478.9K 20.00K -$570.6K
Cash From Investing Activities -$19.98K 0.000 -$18.00K
Cash From Financing Activities $2.108M 0.000 $473.0K
Net Change In Cash $1.609M 20.00K -$115.7K
YoY Change -1491.18% -109.52% -155.08%
FREE CASH FLOW
Cash From Operating Activities -$478.9K $20.00K -$570.6K
Capital Expenditures -$20.00K $0.00 -$20.00K
Free Cash Flow -$458.9K $20.00K -$550.6K
YoY Change -16.65%

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt"><strong>Concentration of Credit Risk, Significant Customers and Supplier Risk</strong></p> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents and accounts receivable. Cash and cash equivalents are deposited in the United States. The balances in the United States held at any one financial institution are generally in excess of Federal Deposit Insurance Corporation ("FDIC") insurance limits. The uninsured cash bank balances were approximately $1,465,000 at December 31, 2013. The Company has not experienced any loss on these accounts. The balances are maintained in demand accounts to minimize risk.</p> <p style="MARGIN: 0px; LINE-HEIGHT: 13.7pt"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt">At December 31, 2013, our RTB exchange service provider accounted for 69% of the accounts receivable balance. One other customer accounted for 10% of the accounts receivable balance. For the year ended December 31, 2013 no one customer accounted for 10% or more of total revenue. However, 87% of our revenue was collected and paid to us by our RTB exchange service provider. For the year ended December 31, 2012 four customers accounted for 81% of total revenue (of which $200,000, or 18%, was from a related party).</p> <!--EndFragment--></div> </div>
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PrepaidExpenseNoncurrent
58834 USD
CY2013 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
USD
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
472959 USD
CY2013 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
486425 USD
CY2012 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
USD
CY2013 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
2436493 USD
CY2012 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27798 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15000 USD
CY2013 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
550000 USD
CY2012 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-3006299 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1258859 USD
CY2012 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
200000 USD
CY2013 us-gaap Revenues
Revenues
3413353 USD
CY2012 us-gaap Revenues
Revenues
1119281 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
631829 USD
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
41846 USD
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
20000 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3000000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
35834 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
15000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.09
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.81
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
120000 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
475500 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
70500 shares
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
600001 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
426000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
70500 shares
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.04
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.35
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.08
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.00
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.35
CY2012Q4 us-gaap Shares Outstanding
SharesOutstanding
12912129 shares
CY2013 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
USD
CY2012 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
3094738 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
-21860 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3094738 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-21860 USD
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
CY2013 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
318500 USD
CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2388382 USD
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
472959 USD
CY2012 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
722194 USD
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
313329 USD
CY2013 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
100656 USD
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt"><strong>Use of Estimates</strong></p> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt">Accounting principles generally accepted in the United States ("GAAP") require management of the Company to make estimates and assumptions in the preparation of these consolidated financial statements that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates and assumptions.</p> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt"><br /> </p> <p style="MARGIN: 0px; LINE-HEIGHT: 11.4pt">The most significant area that requires management judgment and which is susceptible to possible change in the near term include the Company&#39;s revenue recognition policies, discussed elsewhere in these financial statements.</p> <!--EndFragment--></div> </div>
CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
664000 USD
CY2012 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
312000 USD
CY2013 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14691010 shares
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12842770 shares

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