10-Q Filing

INUVO, INC. CIK: 829323 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0000829323-18-000039`
Period End Date	20180630
Filing Date	20180808
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	inuv-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 76 Cash Flow Statement 59

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$73.73K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$83.79K	USD	Point-in-time
Cash	`Cash`	$4.08M	USD	Point-in-time
Cash	`Cash`	$4.12M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $73,727 and $83,789, respectively.	`AccountsReceivableNetCurrent`	$7.59M	USD	Point-in-time
Preferred stock par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	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 $73,727 and $83,789, respectively.	`AccountsReceivableNetCurrent`	$10.76M	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`	$380.07K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$400.19K	USD	Point-in-time
Preferred stock shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$12.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.24M	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
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.31M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.36M	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	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`	$9.85M	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Goodwill	`Goodwill`	$9.85M	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$10.12M	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	28.99M	shares	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$10.81M	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	32.50M	shares	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	28.62M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$35.17K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$36.07K	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	32.13M	shares	Point-in-time
Total other assets	`AssetsNoncurrent`	$20.01M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$20.70M	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
Total assets	`Assets`	$34.45M	USD	Point-in-time
Total assets	`Assets`	$38.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$13.61M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$2.97M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$2.89M	USD	Point-in-time
Revolving credit line	`LinesOfCreditCurrent`	$4.00M	USD	Point-in-time
Revolving credit line	`LinesOfCreditCurrent`	$4.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$21.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.24M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$2.33M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$2.33M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$306.16K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$426.73K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.64M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.76M	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 29,173,725 and 28,994,981, respectively; outstanding shares 28,797,198 and 28,618,454, respectively	`CommonStockValue`	$29.00K	USD	Point-in-time
Common stock, $.001 par value: Authorized shares 40,000,000; issued shares 29,173,725 and 28,994,981, respectively; outstanding shares 28,797,198 and 28,618,454, respectively	`CommonStockValue`	$32.50K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$138.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$136.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-120.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-122.82M	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`	$14.58M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.09M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$34.45M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$38.25M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$39.51M	USD	2 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$18.27M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$35.49M	USD	2 Qtrs
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$19.00M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$7.62M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$15.51M	USD	2 Qtrs
Cost of revenue	`CostOfGoodsAndServicesSold`	$6.99M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$15.77M	USD	2 Qtrs
Gross profit	`GrossProfit`	$19.97M	USD	2 Qtrs
Gross profit	`GrossProfit`	$23.74M	USD	2 Qtrs
Gross profit	`GrossProfit`	$10.65M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.01M	USD	1 Quarter
Marketing costs (traffic acquisition costs or TAC)	`SearchCosts`	$13.96M	USD	2 Qtrs
Marketing costs (traffic acquisition costs or TAC)	`SearchCosts`	$8.45M	USD	1 Quarter
Marketing costs (traffic acquisition costs or TAC)	`SearchCosts`	$16.74M	USD	2 Qtrs
Marketing costs (traffic acquisition costs or TAC)	`SearchCosts`	$7.49M	USD	1 Quarter
Compensation	`SalariesAndWages`	$2.32M	USD	1 Quarter
Compensation	`SalariesAndWages`	$2.30M	USD	1 Quarter
Compensation	`SalariesAndWages`	$4.94M	USD	2 Qtrs
Compensation	`SalariesAndWages`	$4.69M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.11M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.98M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.28M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.17M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.75M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.96M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$25.79M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$22.93M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.31M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-739.12K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.96M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.05M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$72.66K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$94.56K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$195.44K	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$115.60K	USD	2 Qtrs
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.25M	USD	2 Qtrs
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-833.68K	USD	1 Quarter
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.38M	USD	1 Quarter
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.07M	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-8.62K	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-980.00	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-832.70K	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-2.24M	USD	2 Qtrs
Net loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.38M	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-3.07M	USD	2 Qtrs
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	2 Qtrs
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-1.11K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-832.70K	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.08M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-1.38M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.24M	USD	2 Qtrs
Net loss from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.11	USD	2 Qtrs
Net loss from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.08	USD	2 Qtrs
Net loss from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.03	USD	1 Quarter
Net loss from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.05	USD	1 Quarter
Net loss from discontinued operations (in usd per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Net loss from discontinued operations (in usd per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	2 Qtrs
Net loss from discontinued operations (in usd per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	2 Qtrs
Net loss from discontinued operations (in usd per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Net loss (in usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.08	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`	$-0.03	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	30.61M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.49M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	29.63M	shares	2 Qtrs
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.76M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.76M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.61M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.63M	shares	2 Qtrs
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.49M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-832.70K	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.08M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-1.38M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.24M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.43M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.58M	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$586.16K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$293.82K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$667.80K	USD	2 Qtrs
Stock based compensation	`ShareBasedCompensation`	$289.95K	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	$12.80K	USD	2 Qtrs
Amortization of financing fees	`AmortizationOfFinancingCosts`	$12.80K	USD	2 Qtrs
(Recovery) Provision of doubtful accounts	`ProvisionRecoveryforDoubtfulAccounts`	$-10.06K	USD	2 Qtrs
(Recovery) Provision of doubtful accounts	`ProvisionRecoveryforDoubtfulAccounts`	$141.00K	USD	2 Qtrs
Adjustment of European liabilities related to discontinued operations	`LiabilitiesAdjustmentDiscontinuedOperations`	-	USD	2 Qtrs
Adjustment of European liabilities related to discontinued operations	`LiabilitiesAdjustmentDiscontinuedOperations`	$-1.11K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.18M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.06M	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$72.61K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-555.68K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$15.25K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-8.22K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-3.43M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-3.42M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.84M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-154.24K	USD	2 Qtrs
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$941.64K	USD	2 Qtrs
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$620.70K	USD	2 Qtrs
Net cash received from 2017 asset acquisition	`CashAcquiredFromAcquisition`	-	USD	2 Qtrs
Net cash received from 2017 asset acquisition	`CashAcquiredFromAcquisition`	$235.76K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-941.64K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-384.94K	USD	2 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.10M	USD	Point-in-time
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.13M	USD	2 Qtrs
Net (payments) proceeds on revolving credit line	`ProceedsFromRepaymentsOfLinesOfCredit`	$5.00M	USD	2 Qtrs
Net (payments) proceeds on revolving credit line	`ProceedsFromRepaymentsOfLinesOfCredit`	$-900.00K	USD	2 Qtrs
Payments on capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$26.59K	USD	2 Qtrs
Payments on capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$105.59K	USD	2 Qtrs
Payoff of 2017 asset acquisition debt acquired	`RepaymentsOfAssumedDebt`	$2.02M	USD	2 Qtrs
Payoff of 2017 asset acquisition debt acquired	`RepaymentsOfAssumedDebt`	-	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.96M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.13M	USD	2 Qtrs
Net change cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-266.09K	USD	2 Qtrs
Net change cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$32.70K	USD	2 Qtrs
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.68M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.08M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.95M	USD	Point-in-time
Cash, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.12M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.68M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.08M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.95M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.12M	USD	Point-in-time
Interest paid	`InterestPaid`	$183.89K	USD	2 Qtrs
Interest paid	`InterestPaid`	$105.06K	USD	2 Qtrs
2017 asset acquisition stock issuance (See Note 13)	`StockIssued1`	-	USD	2 Qtrs
2017 asset acquisition stock issuance (See Note 13)	`StockIssued1`	$4.46M	USD	2 Qtrs
Write-down of domain names and corresponding contingent liability	`WritedownofIntangibleAssetsduetoChangeinFairValue`	$222.48K	USD	2 Qtrs
Write-down of domain names and corresponding contingent liability	`WritedownofIntangibleAssetsduetoChangeinFairValue`	-	USD	2 Qtrs

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