10-Q/A Filing

INUVO, INC. CIK: 829323 Q1 2019

Filing Information

Form Type	10-Q/A
Accession Number	`0000829323-19-000058`
Period End Date	20190331
Filing Date	20190619
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	inuv-20190618.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 34 Cash Flow Statement 47 Stockholders Equity 14

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$63.73K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$63.73K	USD	Point-in-time
Cash	`Cash`	$228.96K	USD	Point-in-time
Cash	`Cash`	$248.40K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $63,727.	`AccountsReceivableNetCurrent`	$6.71M	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 $63,727.	`AccountsReceivableNetCurrent`	$6.15M	USD	Point-in-time
Preferred stock par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	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`	$269.74K	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`	$271.47K	USD	Point-in-time
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$6.67M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.21M	USD	Point-in-time
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.12M	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`	$1.73M	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`	$9.85M	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
Goodwill	`Goodwill`	$9.85M	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$9.44M	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	32.94M	shares	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	32.76M	shares	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$9.10M	USD	Point-in-time
Right of use assets - operating lease	`OperatingLeaseRightOfUseAsset`	$1.07M	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	32.57M	shares	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	32.38M	shares	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
Right of use assets - finance lease	`FinanceLeaseRightOfUseAsset`	$221.07K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$35.17K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$35.17K	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$19.33M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$20.29M	USD	Point-in-time
Total assets	`Assets`	$28.69M	USD	Point-in-time
Total assets	`Assets`	$28.67M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.51M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$250.00K	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$250.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$3.40M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$2.49M	USD	Point-in-time
Financed receivables	`FinancingReceivableLineOfCreditCurrent`	$1.86M	USD	Point-in-time
Financed receivables	`FinancingReceivableLineOfCreditCurrent`	$2.09M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$333.33K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.58M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$2.34M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$2.34M	USD	Point-in-time
Convertible promissory notes	`ConvertibleDebtNoncurrent`	$1.00M	USD	Point-in-time
Convertible promissory notes	`ConvertibleDebtNoncurrent`	$2.21M	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityNoncurrent`	$713.23K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityNoncurrent`	$66.21K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$102.71K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$193.01K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.53M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$5.44M	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 32,943,848 and 32,757,817, respectively; outstanding shares 32,567,321 and 32,381,290, respectively	`CommonStockValue`	$32.76K	USD	Point-in-time
Common stock, $.001 par value: Authorized shares 40,000,000; issued shares 32,943,848 and 32,757,817, respectively; outstanding shares 32,567,321 and 32,381,290, respectively	`CommonStockValue`	$32.95K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$138.87M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$138.96M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-128.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-126.47M	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`	$8.67M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.03M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.06M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$28.69M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$28.67M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$15.46M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$20.50M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$8.78M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$6.68M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.73M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.78M	USD	1 Quarter
Marketing costs (traffic acquisition costs or TAC)	`SearchCosts`	$6.54M	USD	1 Quarter
Marketing costs (traffic acquisition costs or TAC)	`SearchCosts`	$8.29M	USD	1 Quarter
Compensation	`SalariesAndWages`	$2.62M	USD	1 Quarter
Compensation	`SalariesAndWages`	$1.81M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.13M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.38M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.73M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$13.04M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.31M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.95M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$516.71K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$100.89K	USD	1 Quarter
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.46M	USD	1 Quarter
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.42M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-7.64K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-2.46M	USD	1 Quarter
Net loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.41M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.41M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.46M	USD	1 Quarter
Net loss from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.08	USD	1 Quarter
Net loss from continuing operations (in usd per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.05	USD	1 Quarter
Net loss (in usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Net loss (in usd per share)	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.65M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.40M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.65M	shares	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.41M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.46M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$791.64K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$823.76K	USD	1 Quarter
Derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	$333.33K	USD	1 Quarter
Derivative liability	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$96.87K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$377.85K	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	$6.40K	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	$21.18K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$592.29K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-38.91K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.30M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-557.33K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-990.76K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-2.50M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-98.02K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$19.45K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.05M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$629.10K	USD	1 Quarter
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$310.22K	USD	1 Quarter
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$514.07K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-310.22K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-514.07K	USD	1 Quarter
Proceeds from convertible promissory notes	`ProceedsFromConvertibleDebt`	$1.20M	USD	1 Quarter
Proceeds from convertible promissory notes	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from convertible promissory notes	`ProceedsFromConvertibleDebt`	$1.20M	USD	Point-in-time
Net proceeds from financed receivables	`ProceedsFromFinancingReceivableLineOfCredit`	-	USD	1 Quarter
Net proceeds from financed receivables	`ProceedsFromFinancingReceivableLineOfCredit`	$231.51K	USD	1 Quarter
Payments on capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$53.84K	USD	1 Quarter
Payments on capital leases	`FinanceLeasePrincipalPayments`	$54.02K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-53.84K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.38M	USD	1 Quarter
Net change cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$19.44K	USD	1 Quarter
Net change cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$61.19K	USD	1 Quarter
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$248.40K	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$228.96K	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.15M	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.08M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$248.40K	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$228.96K	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.15M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.08M	USD	Point-in-time
Interest paid	`InterestPaid`	$94.43K	USD	1 Quarter
Interest paid	`InterestPaid`	$117.61K	USD	1 Quarter
Adoption of ASC 842	`RightOfUseAssetsObtainedForLeaseLiabilities`	-	USD	1 Quarter
Adoption of ASC 842	`RightOfUseAssetsObtainedForLeaseLiabilities`	$1.44M	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$8.67M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$11.03M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$14.09M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$13.06M	USD	Point-in-time
Net loss	`ProfitLoss`	$-1.41M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.46M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$96.87K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$377.85K	USD	1 Quarter
Stock issued for vested restricted stock awards	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Stock issued for vested restricted stock awards	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$8.67M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$11.03M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$14.09M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$13.06M	USD	Point-in-time

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