10-K Filing

INUVO, INC. CIK: 829323 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0000829323-20-000042`
Period End Date	20191231
Filing Date	20200512
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	inuv-20191231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 32 Cash Flow Statement 82 Stockholders Equity 18

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$225.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$63.73K	USD	Point-in-time
Cash	`Cash`	$372.99K	USD	Point-in-time
Cash	`Cash`	$228.96K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $225,000 and $63,727, respectively	`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 $225,000 and $63,727, respectively	`AccountsReceivableNetCurrent`	$7.53M	USD	Point-in-time
Preferred stock par value (in usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Unbilled revenue	`UnbilledContractsReceivable`	$11.75K	USD	Point-in-time
Preferred stock shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Preferred stock shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Unbilled revenue	`UnbilledContractsReceivable`	$5.81K	USD	Point-in-time
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$259.71K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$238.07K	USD	Point-in-time
Preferred stock shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$8.15M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.21M	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`	$1.37M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.12M	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	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
Goodwill	`Goodwill`	$9.85M	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	32.76M	shares	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	52.22M	shares	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	51.85M	shares	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	32.38M	shares	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$10.45M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$9.44M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	376,527.00	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$35.17K	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	376,527.00	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$865.18K	USD	Point-in-time
Total other assets	`OtherAssetsTotalNoncurrent`	$19.33M	USD	Point-in-time
Total other assets	`OtherAssetsTotalNoncurrent`	$21.17M	USD	Point-in-time
Total assets	`Assets`	$30.69M	USD	Point-in-time
Total assets	`Assets`	$28.67M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$2.49M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$4.06M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.52M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	-	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$250.00K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$182.25K	USD	Point-in-time
Financed receivables	`FinancingReceivableLineOfCreditCurrent`	$3.38M	USD	Point-in-time
Financed receivables	`FinancingReceivableLineOfCreditCurrent`	$1.86M	USD	Point-in-time
Convertible promissory notes, current portion (net)	`ConvertibleDebtCurrent`	$536.81K	USD	Point-in-time
Convertible promissory notes, current portion (net)	`ConvertibleDebtCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.68M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.10M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$2.02M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$2.34M	USD	Point-in-time
Convertible promissory notes, net of current portion (net)	`ConvertibleDebtNoncurrent`	-	USD	Point-in-time
Convertible promissory notes, net of current portion (net)	`ConvertibleDebtNoncurrent`	$1.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$452.05K	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`	$2.47M	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 100,000,000; issued shares 52,276,694 and 32,757,817 respectively; Authorized shares 40,000,000; issued and outstanding shares 51,900,167 and 32,381,290, respectively	`CommonStockValue`	$32.76K	USD	Point-in-time
Common stock, $.001 par value: Authorized shares 100,000,000; issued shares 52,276,694 and 32,757,817 respectively; Authorized shares 40,000,000; issued and outstanding shares 51,900,167 and 32,381,290, respectively	`CommonStockValue`	$52.22K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$138.87M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$144.84M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-130.96M	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`	$11.03M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.54M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$30.69M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$28.67M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$61.53M	USD	Annual
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$73.33M	USD	Annual
Cost of revenue	`CostOfRevenue`	$29.92M	USD	Annual
Cost of revenue	`CostOfRevenue`	$22.70M	USD	Annual
Gross profit	`GrossProfit`	$43.41M	USD	Annual
Gross profit	`GrossProfit`	$38.82M	USD	Annual
Marketing costs (Traffic Acquisition Costs-TAC)	`SearchCosts`	$30.14M	USD	Annual
Marketing costs (Traffic Acquisition Costs-TAC)	`SearchCosts`	$31.85M	USD	Annual
Compensation	`SalariesAndWages`	$8.52M	USD	Annual
Compensation	`SalariesAndWages`	$7.75M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.67M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.50M	USD	Annual
Total operating expenses	`OperatingExpenses`	$46.56M	USD	Annual
Total operating expenses	`OperatingExpenses`	$48.88M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-5.47M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-7.74M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-420.45K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-482.21K	USD	Annual
Other income, net	`NonoperatingIncomeExpense`	$3.40M	USD	Annual
Other income, net	`NonoperatingIncomeExpense`	-	USD	Annual
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.82M	USD	Annual
Loss from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.89M	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-334.39K	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-4.49M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.89M	USD	Annual
Net loss (in usd per share)	`EarningsPerShareBasic`	$-0.19	USD	Annual
Net loss (in usd per share)	`EarningsPerShareBasic`	$-0.11	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	31.02M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	40.45M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	40.45M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.02M	shares	Annual

Cash Flow Statement 82 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.49M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.89M	USD	Annual
Gain on merger termination	`GainLossOnMergerTermination`	-	USD	Annual
Gain on merger termination	`GainLossOnMergerTermination`	$3.77M	USD	Annual
Loss on extinguishment of convertible debt	`GainsLossesOnExtinguishmentOfDebt`	$-193.18K	USD	Annual
Loss on extinguishment of convertible debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-334.39K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.18M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.25M	USD	Annual
Amortization of Right of Use Assets	`DepreciationDepletionandAmortizationRightofUseAssets`	$177.19K	USD	Annual
Mark to market fair value of derivative	`IncreaseDecreaseInDerivativeLiabilities`	-	USD	Annual
Mark to market fair value of derivative	`IncreaseDecreaseInDerivativeLiabilities`	$-78.91K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$915.47K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$789.91K	USD	Annual
Amortization of financing fees	`AmortizationOfFinancingCosts`	$40.38K	USD	Annual
Amortization of financing fees	`AmortizationOfFinancingCosts`	$59.24K	USD	Annual
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-7.93K	USD	Annual
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	Annual
(Recovery)/Provision for doubtful accounts	`ProvisionRecoveryforDoubtfulAccounts`	$161.27K	USD	Annual
(Recovery)/Provision for doubtful accounts	`ProvisionRecoveryforDoubtfulAccounts`	$-20.06K	USD	Annual
Amortization of OID interest expense	`AmortizationOfInterestExpense`	$119.17K	USD	Annual
Amortization of OID interest expense	`AmortizationOfInterestExpense`	-	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$168.10K	USD	Annual
Accounts receivable and unbilled revenue	`IncreaseDecreaseInAccountsReceivable`	$-4.06M	USD	Annual
Accounts receivable and unbilled revenue	`IncreaseDecreaseInAccountsReceivable`	$973.52K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-20.89K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-139.03K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-1.98M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-4.11M	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.35M	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-417.78K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.34M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.10M	USD	Annual
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$1.63M	USD	Annual
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$1.19M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.19M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.63M	USD	Annual
Proceeds from sale of common stock, net of expenses	`ProceedsFromIssuanceOfCommonStock`	$2.00M	USD	Annual
Proceeds from sale of common stock, net of expenses	`ProceedsFromIssuanceOfCommonStock`	$4.41M	USD	Annual
Proceeds from financed receivables	`ProceedsFromFinancingReceivableLineOfCredit`	$1.86M	USD	Annual
Proceeds from financed receivables	`ProceedsFromFinancingReceivableLineOfCredit`	$1.52M	USD	Annual
Proceeds from convertible promissory note	`ProceedsFromConvertibleDebt`	$1.00M	USD	Annual
Proceeds from convertible promissory note	`ProceedsFromConvertibleDebt`	$1.20M	USD	Point-in-time
Proceeds from convertible promissory note	`ProceedsFromConvertibleDebt`	$1.20M	USD	Annual
(Payments)/Proceeds on note payable	`RepaymentsOfNotesPayable`	$250.00K	USD	Annual
(Payments)/Proceeds on note payable	`ProceedsFromNotesPayable`	$250.00K	USD	Annual
Net proceeds on revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	-	USD	Annual
Net proceeds on revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$4.90M	USD	Annual
Payments on finance/capital leases	`FinanceLeasePrincipalPayments`	$198.96K	USD	Annual
Payments on finance/capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$211.67K	USD	Annual
Net taxes paid on RSU grants exercised	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$45.56K	USD	Annual
Net taxes paid on RSU grants exercised	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$77.04K	USD	Annual
Payments of Loan Costs	`PaymentsOfLoanCosts`	$42.37K	USD	Annual
Payments of Loan Costs	`PaymentsOfLoanCosts`	$24.53K	USD	Annual
Shareholder settlement	`PaymentsOfMergerRelatedShareholderSettlementFinancingActivities`	-	USD	Annual
Shareholder settlement	`PaymentsOfMergerRelatedShareholderSettlementFinancingActivities`	$125.00K	USD	Annual
Debt issuance cost	`PaymentsOfDebtIssuanceCosts`	-	USD	Annual
Debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$65.00K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.68M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-120.64K	USD	Annual
Net change cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.86M	USD	Annual
Net change cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$144.03K	USD	Annual
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.08M	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$372.99K	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$228.96K	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.08M	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$372.99K	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$228.96K	USD	Point-in-time
Interest paid	`InterestPaidNet`	$421.86K	USD	Annual
Interest paid	`InterestPaidNet`	$388.76K	USD	Annual
Debt conversion and related activities	`DebtConversionAndRelatedActivities`	$837.17K	USD	Annual
Debt conversion and related activities	`DebtConversionAndRelatedActivities`	-	USD	Annual
Adoption of ASC 842-old capital leases	`RightOfUseAssetsObtainedForCapitalLeaseLiabilities`	$263.58K	USD	Annual
Adoption of ASC 842	`RightOfUseAssetsObtainedForLeaseLiabilities`	$1.17M	USD	Annual
ReTargeter assets	`FairValueOfIntangibleAssetsAcquired`	$2.58M	USD	Annual
ReTargeter assets	`FairValueOfIntangibleAssetsAcquired`	-	USD	Annual
Debt conversion amount	`DebtConversionConvertedInstrumentAmount1`	-	USD	Annual
Debt conversion amount	`DebtConversionConvertedInstrumentAmount1`	$765.00K	USD	Annual
Derecognition of derivative in exchange for common stock	`DebtConversionDerecognizedAmountOfDerivativeLiability`	-	USD	Annual
Derecognition of derivative in exchange for common stock	`DebtConversionDerecognizedAmountOfDerivativeLiability`	$72.17K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$11.03M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$14.09M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$12.54M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-4.49M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.89M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$915.47K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$789.91K	USD	Annual
Stock issued for vested restricted stock awards	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Stock issued for vested restricted stock awards	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	Annual
Sale of common stock	`StockIssuedDuringPeriodValueAcquisitions`	$2.00M	USD	Annual
Shares withheld for taxes on vested restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$78.75K	USD	Annual
Shares withheld for taxes on vested restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$45.56K	USD	Annual
Cancellation of common stock	`TreasuryStockRetiredCostMethodAmount`	-	USD	Annual
Convertible Note Conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$837.17K	USD	Annual
Sale of common stock	`StockIssuedDuringPeriodValueNewIssues`	$4.41M	USD	Annual
Ending Balance	`StockholdersEquity`	$11.03M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$14.09M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$12.54M	USD	Point-in-time

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