$SRAX
SRAX, Inc.

2014 Form 10-K Financial Statement

#000155335015000308 Filed on March 31, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013
Revenue $5.120M $1.890M $3.413M
YoY Change 50.01% 3680.0% 204.96%
Cost Of Revenue $2.792M $1.250M $2.326M
YoY Change 20.01% 861.54% 270.81%
Gross Profit $2.328M $640.0K $1.087M
YoY Change 114.2% -900.0% 120.97%
Gross Profit Margin 45.47% 33.86% 31.85%
Selling, General & Admin $6.070M $910.0K $2.520M
YoY Change 140.87% 152.78% 88.06%
% of Gross Profit 260.69% 142.19% 231.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.83K $10.00K $7.184K
YoY Change 106.42% 139.47%
% of Gross Profit 0.64% 1.56% 0.66%
Operating Expenses $6.067M $910.0K $2.522M
YoY Change 140.55% 139.47% 44.05%
Operating Profit -$3.738M -$270.0K -$1.435M
YoY Change 160.51% -41.3% 13.99%
Interest Expense -$670.0K $0.00 $312.5K
YoY Change -314.42%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.412M -$260.0K -$1.747M
YoY Change 152.46% -44.68% 38.81%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.412M -$260.0K -$1.747M
YoY Change 152.46% -44.68% 38.81%
Net Earnings / Revenue -86.16% -13.76% -51.19%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.011M -$68.97K -$595.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2014 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.840M $1.720M $1.720M
YoY Change 6.98% 1463.64% 1463.64%
Cash & Equivalents $1.840M $1.715M $1.720M
Short-Term Investments
Other Short-Term Assets $230.0K $5.018K $60.00K
YoY Change 283.33% 0.36% -14.29%
Inventory
Prepaid Expenses $46.11K
Receivables $3.870M $441.8K $440.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.950M $2.208M $2.210M
YoY Change 169.23% 988.82% 750.0%
LONG-TERM ASSETS
Property, Plant & Equipment $30.00K $27.80K $30.00K
YoY Change 0.0% 85.32% 50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.920M $9.453K $1.670M
YoY Change 134.73%
Total Long-Term Assets $22.26M $1.699M $1.700M
YoY Change 1209.41% 2095.82% 8400.0%
TOTAL ASSETS
Total Short-Term Assets $5.950M $2.208M $2.210M
Total Long-Term Assets $22.26M $1.699M $1.700M
Total Assets $28.21M $3.908M $3.910M
YoY Change 621.48% 1294.57% 1296.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.880M $810.0K $810.0K
YoY Change 255.56% 170.0% 170.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.500M $0.00 $0.00
YoY Change
Long-Term Debt Due $4.940M
YoY Change
Total Short-Term Liabilities $10.34M $812.8K $810.0K
YoY Change 1176.54% 169.09% 170.0%
LONG-TERM LIABILITIES
Long-Term Debt $10.86M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.260M
YoY Change
Total Long-Term Liabilities $12.12M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.34M $812.8K $810.0K
Total Long-Term Liabilities $12.12M $0.00 $0.00
Total Liabilities $22.46M $812.8K $810.0K
YoY Change 2672.84% 170.94% 170.0%
SHAREHOLDERS EQUITY
Retained Earnings -$3.006M
YoY Change 138.81%
Common Stock $6.081M
YoY Change 396.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.750M $3.095M $3.090M
YoY Change
Total Liabilities & Shareholders Equity $28.21M $3.908M $3.910M
YoY Change 621.48% 1294.57% 1296.43%

Cashflow Statement

Concept 2014 2013 Q4 2013
OPERATING ACTIVITIES
Net Income -$4.412M -$260.0K -$1.747M
YoY Change 152.46% -44.68% 38.81%
Depreciation, Depletion And Amortization $14.83K $10.00K $7.184K
YoY Change 106.42% 139.47%
Cash From Operating Activities -$2.482M -$260.0K -$478.9K
YoY Change 418.14% -1400.0% -16.07%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$20.00K -$20.00K
YoY Change -50.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$1.970M
YoY Change
Cash From Investing Activities -$1.975M -$20.00K -$19.98K
YoY Change 9782.98% 11.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$3.951M -$2.261M
YoY Change 74.7% 378.16%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.584M 1.850M $2.108M
YoY Change 117.46% 345.75%
NET CHANGE
Cash From Operating Activities -$2.482M -260.0K -$478.9K
Cash From Investing Activities -$1.975M -20.00K -$19.98K
Cash From Financing Activities $4.584M 1.850M $2.108M
Net Change In Cash $128.1K 1.570M $1.609M
YoY Change -92.04% 7750.0% -1491.18%
FREE CASH FLOW
Cash From Operating Activities -$2.482M -$260.0K -$478.9K
Capital Expenditures -$10.00K -$20.00K -$20.00K
Free Cash Flow -$2.472M -$240.0K -$458.9K
YoY Change 438.54% -1300.0% -16.65%

Facts In Submission

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Use of Estimates</b></font></p> <p style="margin: 0px; font-family: 'times new roman';"><br/></p> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">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.</font></p> <p style="margin: 0px; font-family: 'times new roman';"><br/></p> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">The most significant areas that require management judgment and which are susceptible to possible change in the near term include the Company's revenue recognition, allowance for doubtful accounts and sales credits, stock-based compensation, income taxes, goodwill and other intangible assets. The accounting policies for these areas are discussed elsewhere in these consolidated financial statements.</font></p> </div>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Concentration of Credit Risk, Significant Customers and Supplier Risk</b></font></p> <p style="margin: 0px; font-family: 'times new roman';"><br/></p> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">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 <font>one</font> financial institution are generally in excess of Federal Deposit Insurance Corporation ("FDIC") insurance limits. The uninsured cash bank balances were approximately $<font>1,343,000</font> at December 31, 2014. The Company has not experienced any loss on these accounts. The balances are maintained in demand accounts to minimize risk.</font></p> <p style="margin: 0px; font-family: 'times new roman';"><br/></p> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">At December 31, 2014, one SRAX AD Exchange customer, who collects advertising payments from multiple advertisers and one additional customer each accounted for more than 10% of the accounts receivable balance, for a total of <font>34</font>%. For the year ended December 31, 2014 no one customer accounted for 10% or more of total revenue. However, <font>38</font>% of our revenue was collected and paid to us by three of our RTB exchange service providers. For the year ended December 31, 2013 <font>87</font>% of our revenue was collected and paid to us by one of our RTB exchange service providers.</font></p> </div>
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