10-Q Filing

INUVO, INC. CIK: 829323 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0000829323-20-000048`
Period End Date	20200331
Filing Date	20200515
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	inuv-20200331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 92 Income Statement 28 Cash Flow Statement 65 Stockholders Equity 17

Balance Sheet 92 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$225.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$225.00K	USD	Point-in-time
Cash	`Cash`	$372.99K	USD	Point-in-time
Cash	`Cash`	$470.81K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $225,000.	`AccountsReceivableNetCurrent`	$5.80M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $225,000.	`AccountsReceivableNetCurrent`	$7.53M	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
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$243.89K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$353.80K	USD	Point-in-time
Preferred stock shares authorized	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$6.62M	USD	Point-in-time
Preferred stock shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$8.15M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.37M	USD	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.32M	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
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$10.45M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$9.99M	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	60.73M	shares	Point-in-time
Common stock shares issued	`CommonStockSharesIssued`	52.22M	shares	Point-in-time
Goodwill	`Goodwill`	$9.85M	USD	Point-in-time
Goodwill	`Goodwill`	$9.85M	USD	Point-in-time
Right of use assets - operating lease	`OperatingLeaseRightOfUseAsset`	$646.73K	USD	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	51.85M	shares	Point-in-time
Common stock shares outstanding	`CommonStockSharesOutstanding`	60.35M	shares	Point-in-time
Right of use assets - operating lease	`OperatingLeaseRightOfUseAsset`	$756.12K	USD	Point-in-time
Right of use assets - finance lease	`FinanceLeaseRightOfUseAsset`	$476.21K	USD	Point-in-time
Right of use assets - finance lease	`FinanceLeaseRightOfUseAsset`	$88.18K	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`	$20.89K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$20.89K	USD	Point-in-time
Total other assets	`OtherAssetsTotalNoncurrent`	$21.17M	USD	Point-in-time
Total other assets	`OtherAssetsTotalNoncurrent`	$20.98M	USD	Point-in-time
Total assets	`Assets`	$28.92M	USD	Point-in-time
Total assets	`Assets`	$30.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.12M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$3.76M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$3.61M	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityCurrent`	$362.13K	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityCurrent`	$301.64K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityCurrent`	$80.78K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityCurrent`	$211.28K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$1.50M	USD	Point-in-time
Financed receivables	`FinancingReceivableLineOfCreditCurrent`	$3.38M	USD	Point-in-time
Financed receivables	`FinancingReceivableLineOfCreditCurrent`	-	USD	Point-in-time
Convertible promissory note	`ConvertibleDebtCurrent`	$271.11K	USD	Point-in-time
Convertible promissory note	`ConvertibleDebtCurrent`	$536.81K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$149.40K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$182.25K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.68M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.31M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$2.02M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$2.02M	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityNoncurrent`	$394.89K	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityNoncurrent`	$345.60K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityNoncurrent`	$142.99K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$520.85K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$57.16K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.47M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.03M	USD	Point-in-time
Preferred stock, $.001 par value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $.001 par value	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $.001 par value	`CommonStockValue`	$60.73K	USD	Point-in-time
Common stock, $.001 par value	`CommonStockValue`	$52.22K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$146.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$144.84M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-133.78M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-130.96M	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`	$12.54M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.58M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$30.69M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$28.92M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$225.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$225.00K	USD	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$15.46M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$14.93M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$6.68M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$3.44M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.49M	USD	1 Quarter
Marketing costs (traffic acquisition costs or TAC)	`SearchCosts`	$6.54M	USD	1 Quarter
Marketing costs (traffic acquisition costs or TAC)	`SearchCosts`	$9.62M	USD	1 Quarter
Compensation	`SalariesAndWages`	$1.81M	USD	1 Quarter
Compensation	`SalariesAndWages`	$2.34M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.38M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.06M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.73M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$14.03M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.95M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.53M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-140.31K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-516.71K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-152.51K	USD	1 Quarter
Net Income (Loss) Attributable to Parent, Total	`NetIncomeLoss`	$-2.83M	USD	1 Quarter
Net Income (Loss) Attributable to Parent, Total	`NetIncomeLoss`	$-2.46M	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`	32.40M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	53.64M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	53.64M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.40M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.83M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.46M	USD	1 Quarter
Loss on extinguishment of convertible debt	`GainsLossesOnExtinguishmentOfDebt`	$-68.76K	USD	1 Quarter
Loss on extinguishment of convertible debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$835.75K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$823.76K	USD	1 Quarter
Depreciation-Right of Use Assets	`DepreciationDepletionandAmortizationRightofUseAssets`	$105.68K	USD	1 Quarter
Depreciation-Right of Use Assets	`DepreciationDepletionandAmortizationRightofUseAssets`	-	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$208.90K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$96.87K	USD	1 Quarter
Mark to market fair value of derivative	`IncreaseDecreaseInDerivativeLiabilities`	$333.33K	USD	1 Quarter
Mark to market fair value of derivative	`IncreaseDecreaseInDerivativeLiabilities`	$71.55K	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	$21.18K	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	$10.20K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$14.98K	USD	1 Quarter
Amortization of OID interest expense	`AmortizationOfInterestExpense`	$10.79K	USD	1 Quarter
Amortization of OID interest expense	`AmortizationOfInterestExpense`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.74M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-557.33K	USD	1 Quarter
Prepaid expenses, unbilled revenue and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$120.36K	USD	1 Quarter
Prepaid expenses, unbilled revenue and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$19.45K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$592.29K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$108.17K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-990.76K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$594.76K	USD	1 Quarter
Net cash provided by/(used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.05M	USD	1 Quarter
Net cash provided by/(used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$821.50K	USD	1 Quarter
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$310.85K	USD	1 Quarter
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$310.22K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-310.85K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-310.22K	USD	1 Quarter
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$1.21M	USD	1 Quarter
Proceeds from ValidClick licensing agreement	`ProceedsFromOtherCommitment`	-	USD	1 Quarter
Proceeds from ValidClick licensing agreement	`ProceedsFromOtherCommitment`	$500.00K	USD	1 Quarter
Proceeds from convertible promissory notes	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from convertible promissory notes	`ProceedsFromConvertibleDebt`	$1.20M	USD	1 Quarter
Proceeds from convertible promissory notes	`ProceedsFromConvertibleDebt`	$1.20M	USD	Point-in-time
Net proceeds from line of credit	`RepaymentsOfLinesOfCredit`	$1.88M	USD	1 Quarter
Net proceeds from line of credit	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Net proceeds from financed receivables	`ProceedsFromRepaymentsToFinancingReceivableLineOfCredit`	$231.51K	USD	1 Quarter
Net proceeds from financed receivables	`ProceedsFromRepaymentsToFinancingReceivableLineOfCredit`	-	USD	1 Quarter
Payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$220.22K	USD	1 Quarter
Payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$54.02K	USD	1 Quarter
Net taxes paid on RSU grants exercised	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Net taxes paid on RSU grants exercised	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$21.18K	USD	1 Quarter
Net cash (used in)/provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.38M	USD	1 Quarter
Net cash (used in)/provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-412.83K	USD	1 Quarter
Net change cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$19.44K	USD	1 Quarter
Net change cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$97.82K	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`	$470.81K	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`	$470.81K	USD	Point-in-time
Interest paid	`InterestPaidNet`	$126.24K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$117.61K	USD	1 Quarter
Adoption of ASC 842	`RightOfUseAssetsObtainedForLeaseLiabilities`	-	USD	1 Quarter
Adoption of ASC 842	`RightOfUseAssetsObtainedForLeaseLiabilities`	$1.44M	USD	1 Quarter
Conversion of Debt and derecognition of derivative and discounts to common stock	`DebtConversionConvertedInstrumentAmount1`	$468.67K	USD	1 Quarter
Conversion of Debt and derecognition of derivative and discounts to common stock	`DebtConversionConvertedInstrumentAmount1`	-	USD	1 Quarter
Assets purchased under finance lease obligations	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	-	USD	1 Quarter
Assets purchased under finance lease obligations	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$364.55K	USD	1 Quarter

Stockholders Equity 17 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`	$12.54M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$11.58M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-2.83M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.46M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$208.90K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$96.87K	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
Shares withheld for taxes on vest restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$21.18K	USD	1 Quarter
Convertible Note Conversion	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$468.67K	USD	1 Quarter
Sale of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$1.21M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$8.67M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$11.03M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$12.54M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$11.58M	USD	Point-in-time

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