10-Q Filing

INUVO, INC. CIK: 829323 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0000829323-17-000040`
Period End Date	20170630
Filing Date	20170808
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	inuv-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 76 Cash Flow Statement 62

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for Doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$164.00K	USD	Point-in-time
Allowance for Doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$23.00K	USD	Point-in-time
Cash	`Cash`	$3.95M	USD	Point-in-time
Cash	`Cash`	$3.68M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $164,000 and $23,000, respectively.	`AccountsReceivableNetCurrent`	$7.59M	USD	Point-in-time
Preferred stock par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $164,000 and $23,000, respectively.	`AccountsReceivableNetCurrent`	$7.68M	USD	Point-in-time
Preferred stock par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$293.11K	USD	Point-in-time
Preferred stock shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$439.52K	USD	Point-in-time
Preferred stock shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$11.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.83M	USD	Point-in-time
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.62M	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.68M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Goodwill	`Goodwill`	$9.77M	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Goodwill	`Goodwill`	$5.76M	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	25.30M	shares	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$8.34M	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	28.73M	shares	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$11.72M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$15.19K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$107.39K	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	24.92M	shares	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	28.45M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	279,162.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	376,527.00	shares	Point-in-time
Total other assets	`AssetsNoncurrent`	$14.12M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$21.60M	USD	Point-in-time
Total assets	`Assets`	$27.56M	USD	Point-in-time
Total assets	`Assets`	$35.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.43M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$2.69M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$3.21M	USD	Point-in-time
Revolving credit line - current portion	`LinesOfCreditCurrent`	-	USD	Point-in-time
Revolving credit line - current portion	`LinesOfCreditCurrent`	$2.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.15M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$3.74M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$3.74M	USD	Point-in-time
Revolving credit line - long term	`LongTermLineOfCredit`	-	USD	Point-in-time
Revolving credit line - long term	`LongTermLineOfCredit`	$2.50M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$326.43K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$193.84K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$6.43M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.06M	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 28,726,069 and 25,300,189, respectively; outstanding shares 28,446,907 and 24,923,662, respectively	`CommonStockValue`	$28.82K	USD	Point-in-time
Common stock, $.001 par value: Authorized shares 40,000,000; issued shares 28,726,069 and 25,300,189, respectively; outstanding shares 28,446,907 and 24,923,662, respectively	`CommonStockValue`	$25.30K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$130.42M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$135.33M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-120.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-117.52M	USD	Point-in-time
Treasury stock, at cost - 279,162 and 376,527 shares, respectively	`TreasuryStockValue`	$1.40M	USD	Point-in-time
Treasury stock, at cost - 279,162 and 376,527 shares, respectively	`TreasuryStockValue`	$1.27M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.53M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.50M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$27.56M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$35.07M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`SalesRevenueNet`	$35.49M	USD	2 Qtrs
Net revenue	`SalesRevenueNet`	$34.38M	USD	2 Qtrs
Net revenue	`SalesRevenueNet`	$15.65M	USD	1 Quarter
Net revenue	`SalesRevenueNet`	$18.27M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$15.51M	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$3.97M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$8.26M	USD	2 Qtrs
Cost of revenue	`CostOfRevenue`	$7.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.97M	USD	2 Qtrs
Gross profit	`GrossProfit`	$11.68M	USD	1 Quarter
Gross profit	`GrossProfit`	$26.12M	USD	2 Qtrs
Gross profit	`GrossProfit`	$10.65M	USD	1 Quarter
Marketing costs	`SearchCosts`	$7.49M	USD	1 Quarter
Marketing costs	`SearchCosts`	$20.47M	USD	2 Qtrs
Marketing costs	`SearchCosts`	$9.41M	USD	1 Quarter
Marketing costs	`SearchCosts`	$13.96M	USD	2 Qtrs
Compensation	`SalariesAndWages`	$4.69M	USD	2 Qtrs
Compensation	`SalariesAndWages`	$1.58M	USD	1 Quarter
Compensation	`SalariesAndWages`	$2.30M	USD	1 Quarter
Compensation	`SalariesAndWages`	$3.32M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.30M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.17M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.28M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.53M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$12.28M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$26.33M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$22.93M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$11.96M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.31M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-203.84K	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-606.85K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.96M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$72.66K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$22.45K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$46.05K	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$115.60K	USD	2 Qtrs
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.07M	USD	2 Qtrs
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.38M	USD	1 Quarter
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-249.89K	USD	2 Qtrs
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-629.29K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$-48.99K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$-56.22K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.38M	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-200.91K	USD	2 Qtrs
Net loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-573.07K	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-3.07M	USD	2 Qtrs
Net (loss) income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-1.76K	USD	1 Quarter
Net (loss) income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Net (loss) income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-1.11K	USD	2 Qtrs
Net (loss) income from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$353.00	USD	2 Qtrs
Net loss	`ProfitLoss`	$-574.83K	USD	1 Quarter
Net loss	`ProfitLoss`	$-200.55K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-3.08M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-1.38M	USD	1 Quarter
Net loss from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.02	USD	1 Quarter
Net loss from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.01	USD	2 Qtrs
Net loss from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.05	USD	1 Quarter
Net loss from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.11	USD	2 Qtrs
Net (loss) income from discontinued operations (in usd per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	2 Qtrs
Net (loss) income from discontinued operations (in usd per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Net (loss) income from discontinued operations (in usd per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Net (loss) income from discontinued operations (in usd per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	2 Qtrs
Net loss (in usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	2 Qtrs
Net loss (in usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net loss (in usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net loss (in usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.76M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.49M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	24.47M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	24.57M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.57M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.47M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.49M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.76M	shares	2 Qtrs

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-574.83K	USD	1 Quarter
Net loss	`ProfitLoss`	$-200.55K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-3.08M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-1.38M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.10M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.43M	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$686.45K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$327.11K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$586.16K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$293.82K	USD	1 Quarter
Provision (recovery) of doubtful accounts	`ProvisionRecoveryforDoubtfulAccounts`	$141.00K	USD	2 Qtrs
Provision (recovery) of doubtful accounts	`ProvisionRecoveryforDoubtfulAccounts`	$-757.00	USD	2 Qtrs
Amortization of financing fees	`AmortizationOfFinancingCosts`	$12.80K	USD	2 Qtrs
Amortization of financing fees	`AmortizationOfFinancingCosts`	$12.80K	USD	2 Qtrs
Adjustment of European liabilities related to discontinued operations	`LiabilitiesAdjustmentDiscontinuedOperations`	$-1.11K	USD	2 Qtrs
Adjustment of European liabilities related to discontinued operations	`LiabilitiesAdjustmentDiscontinuedOperations`	$5.14K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.69M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.06M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-2.66M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-3.43M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-294.93K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-555.68K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$15.25K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-115.73K	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.84M	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$450.90K	USD	2 Qtrs
Net cash received from NetSeer asset acquisition	`CashAcquiredFromAcquisition`	$235.76K	USD	2 Qtrs
Net cash received from NetSeer asset acquisition	`CashAcquiredFromAcquisition`	-	USD	2 Qtrs
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$695.48K	USD	2 Qtrs
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$620.70K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-695.48K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-384.94K	USD	2 Qtrs
Net proceeds on revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	2 Qtrs
Net proceeds on revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$5.00M	USD	2 Qtrs
Payoff of NetSeer debt acquired	`RepaymentsOfAssumedDebt`	-	USD	2 Qtrs
Payoff of NetSeer debt acquired	`RepaymentsOfAssumedDebt`	$2.02M	USD	2 Qtrs
Payments on capital leases	`PaymentsonTermNotePayableandCapitalLeases`	$26.59K	USD	2 Qtrs
Payments on capital leases	`PaymentsonTermNotePayableandCapitalLeases`	$25.88K	USD	2 Qtrs
Net taxes paid on RSU grants exercised	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$11.95K	USD	2 Qtrs
Net taxes paid on RSU grants exercised	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-37.83K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.96M	USD	2 Qtrs
Net change cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-266.09K	USD	2 Qtrs
Net change cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-282.41K	USD	2 Qtrs
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.97M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.68M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.26M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.95M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.97M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.68M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.26M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.95M	USD	Point-in-time
Interest paid	`InterestPaid`	$105.06K	USD	2 Qtrs
Interest paid	`InterestPaid`	$34.53K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$10.00K	USD	2 Qtrs
NetSeer stock issuance (See Note 13)	`NoncashorPartNoncashAcquisitionStockIssued`	-	USD	2 Qtrs
NetSeer stock issuance (See Note 13)	`NoncashorPartNoncashAcquisitionStockIssued`	$4.46M	USD	2 Qtrs
Stock issuance for partial settlement of contingent liability	`StockIssued1`	-	USD	2 Qtrs
Stock issuance for partial settlement of contingent liability	`StockIssued1`	$300.00K	USD	2 Qtrs
Write-down of domain names and corresponding contingent liability	`WritedownofIntangibleAssetsduetoChangeinFairValue`	$46.37K	USD	2 Qtrs
Write-down of domain names and corresponding contingent liability	`WritedownofIntangibleAssetsduetoChangeinFairValue`	$222.48K	USD	2 Qtrs

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