10-Q Filing

INUVO, INC. CIK: 829323 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000829323-14-000025`
Period End Date	20140331
Filing Date	20140424
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	vtro-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 44 Cash Flow Statement 64

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$62.84K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$79.84K	USD	Point-in-time
Cash	`Cash`	$3.14M	USD	Point-in-time
Cash	`Cash`	$2.72M	USD	Point-in-time
Preferred stock par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $79,845 and $62,845, respectively	`AccountsReceivableNetCurrent`	$3.93M	USD	Point-in-time
Preferred stock par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $79,845 and $62,845, respectively	`AccountsReceivableNetCurrent`	$3.61M	USD	Point-in-time
Preferred stock shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Unbilled revenue	`UnbilledContractsReceivable`	$24.47K	USD	Point-in-time
Unbilled revenue	`UnbilledContractsReceivable`	$16.30K	USD	Point-in-time
Preferred stock shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$510.97K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$474.50K	USD	Point-in-time
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$7.14M	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$7.28M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.08M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.19M	USD	Point-in-time
Common stock, par value (usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	23.88M	shares	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	23.76M	shares	Point-in-time
Goodwill	`Goodwill`	$5.76M	USD	Point-in-time
Goodwill	`Goodwill`	$5.76M	USD	Point-in-time
Common stock shares Outstanding (in shares)	`CommonStockSharesOutstanding`	23.50M	shares	Point-in-time
Common stock shares Outstanding (in shares)	`CommonStockSharesOutstanding`	23.39M	shares	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$10.13M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$10.32M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	376,527.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	376,527.00	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$379.51K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$312.87K	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$16.20M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$16.46M	USD	Point-in-time
Total assets	`Assets`	$24.94M	USD	Point-in-time
Total assets	`Assets`	$24.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.72M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$2.46M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$2.39M	USD	Point-in-time
Term and credit notes payable - current portion	`LongTermDebtCurrent`	$2.55M	USD	Point-in-time
Term and credit notes payable - current portion	`LongTermDebtCurrent`	$5.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.73M	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilities`	$3.79M	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilities`	$3.71M	USD	Point-in-time
Term and credit notes payable - long term	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Term and credit notes payable - long term	`LongTermDebtNoncurrent`	$3.60M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.04M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$925.48K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$8.42M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.64M	USD	Point-in-time
Preferred stock, $.001 par value: Authorized shares - 500,000 - none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $.001 par value: Authorized shares - 500,000 - none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $.001 par value: Authorized shares 40,000,000; issued shares 23,882,258 and 23,763,307, respectively; outstanding shares 23,499,122 and 23,386,780, respectively	`CommonStockValue`	$23.88K	USD	Point-in-time
Common stock, $.001 par value: Authorized shares 40,000,000; issued shares 23,882,258 and 23,763,307, respectively; outstanding shares 23,499,122 and 23,386,780, respectively	`CommonStockValue`	$23.76K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$127.91M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$127.94M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-120.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-121.19M	USD	Point-in-time
Treasury stock, at cost - 376,527 shares	`TreasuryStockValue`	$1.40M	USD	Point-in-time
Treasury stock, at cost - 376,527 shares	`TreasuryStockValue`	$1.40M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.05M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.34M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.42M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.94M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`SalesRevenueNet`	$15.92M	USD	1 Quarter
Net revenue	`SalesRevenueNet`	$10.12M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$3.68M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$7.48M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.44M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.44M	USD	1 Quarter
Marketing costs	`SearchCosts`	$3.66M	USD	1 Quarter
Marketing costs	`SearchCosts`	$4.69M	USD	1 Quarter
Compensation	`SalariesAndWages`	$1.10M	USD	1 Quarter
Compensation	`SalariesAndWages`	$1.99M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.14M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.01M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.77M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.83M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-392.13K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$670.75K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$106.67K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$97.80K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-106.67K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-97.80K	USD	1 Quarter
Income (loss) from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-498.80K	USD	1 Quarter
Income (loss) from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$572.95K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-83.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-75.70K	USD	1 Quarter
Net income (loss) from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$648.65K	USD	1 Quarter
Net income (loss) from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-415.80K	USD	1 Quarter
Net income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$26.11K	USD	1 Quarter
Net income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$125.09K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$674.76K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-290.71K	USD	1 Quarter
Foreign currency valuation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency valuation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$3.00	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-290.71K	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$674.76K	USD	1 Quarter
Net income (loss) from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.02	USD	1 Quarter
Net income (loss) from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.03	USD	1 Quarter
Net (loss) income from discontinued operations (in usd per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	-	USD	1 Quarter
Net (loss) income from discontinued operations (in usd per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	$0.01	USD	1 Quarter
Net income (loss) (in usd per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Net income (loss) (in usd per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	23.25M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	23.44M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.25M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.48M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$674.76K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-290.71K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$454.47K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.25M	USD	1 Quarter
Grant funds received for relocation costs	`RelocationCostsGrantFundsReceived`	$1.14M	USD	1 Quarter
Grant funds received for relocation costs	`RelocationCostsGrantFundsReceived`	-	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$75.70K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$83.00K	USD	1 Quarter
Corporate headquarters relocation costs	`RelocationCostsCorporateHeadquarters`	-	USD	1 Quarter
Corporate headquarters relocation costs	`RelocationCostsCorporateHeadquarters`	$1.18M	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	$4.17K	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Adjustment of European liabilities related to discontinued operations	`LitigationSettlementsInStock`	-	USD	1 Quarter
Adjustment of European liabilities related to discontinued operations	`LitigationSettlementsInStock`	$30.87K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionRecoveryforDoubtfulAccounts`	$17.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionRecoveryforDoubtfulAccounts`	-	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$130.45K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$189.99K	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$17.42K	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$-96.29K	USD	1 Quarter
Accounts receivable and unbilled revenue	`IncreaseDecreaseInAccountsReceivable`	$-75.78K	USD	1 Quarter
Accounts receivable and unbilled revenue	`IncreaseDecreaseInAccountsReceivable`	$327.79K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-55.88K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-98.94K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-541.99K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-1.53M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$11.17K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.03M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$21.44K	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	-	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$653.39K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$380.07K	USD	1 Quarter
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$178.42K	USD	1 Quarter
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$517.13K	USD	1 Quarter
Acquisition of Vertro, Inc., net of stock issuance costs	`NetCashReceivedFromMergerWithVertroIncNetOfMergerCosts`	$319.91K	USD	1 Quarter
Acquisition of Vertro, Inc., net of stock issuance costs	`NetCashReceivedFromMergerWithVertroIncNetOfMergerCosts`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-197.22K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-178.42K	USD	1 Quarter
Return to collateralize letter of credit	`DepositToCollateralizeLetterOfCredit`	$-301.16K	USD	1 Quarter
Return to collateralize letter of credit	`DepositToCollateralizeLetterOfCredit`	-	USD	1 Quarter
Proceeds from revolving line of credit	`AdvancesFromCreditNotePayable`	$1.40M	USD	1 Quarter
Proceeds from revolving line of credit	`AdvancesFromCreditNotePayable`	$750.00K	USD	1 Quarter
Refund of (Prepaid) financing fees	`ProceedsfromPaymentsforFinancingCosts`	-	USD	1 Quarter
Refund of (Prepaid) financing fees	`ProceedsfromPaymentsforFinancingCosts`	$36.34K	USD	1 Quarter
Payments on revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-761.47K	USD	1 Quarter
Payments on revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-2.00M	USD	1 Quarter
Payments on term note payable and capital leases	`PaymentsonTermNotePayableandCapitalLeases`	$348.92K	USD	1 Quarter
Payments on term note payable and capital leases	`PaymentsonTermNotePayableandCapitalLeases`	$604.35K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-611.42K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-615.82K	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	-	USD	1 Quarter
Effect of exchange rate changes	`EffectOfExchangeRateOnCashAndCashEquivalents`	$3.00	USD	1 Quarter
Net change cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-414.17K	USD	1 Quarter
Net change cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-155.24K	USD	1 Quarter
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.23M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.14M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.38M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.72M	USD	Point-in-time
Cash, end of year	`CashAndCashEquivalentsAtCarryingValue`	$3.23M	USD	Point-in-time
Cash, end of year	`CashAndCashEquivalentsAtCarryingValue`	$3.14M	USD	Point-in-time
Cash, end of year	`CashAndCashEquivalentsAtCarryingValue`	$3.38M	USD	Point-in-time
Cash, end of year	`CashAndCashEquivalentsAtCarryingValue`	$2.72M	USD	Point-in-time
Interest paid	`InterestPaid`	$88.16K	USD	1 Quarter
Interest paid	`InterestPaid`	$74.67K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.