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10-Q Filing

INUVO, INC. CIK: 829323 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0000829323-21-000020
Period End Date 20210331
Filing Date 20210513
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance inuv-20210331_htm.xml
Filing Contents
Balance Sheet 78 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $209.67K USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $191.67K USD Point-in-time
Preferred stock, par or stated value per share (in dollars per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, par or stated value per share (in dollars per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 500,000.00 shares Point-in-time
Cash and cash equivalent CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $470.81K USD Point-in-time
Cash and cash equivalent CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $372.99K USD Point-in-time
Cash and cash equivalent CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.89M USD Point-in-time
Cash and cash equivalent CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.81M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 500,000.00 shares Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $191,667 and $209,667, respectively. AccountsReceivableNetCurrent $6.23M USD Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $191,667 and $209,667, respectively. AccountsReceivableNetCurrent $5.75M 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
Prepaid expenses and other current assets PrepaidExpenseCurrent $413.44K USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseCurrent $534.47K USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Total current assets AssetsCurrent $24.09M USD Point-in-time
Total current assets AssetsCurrent $14.53M USD Point-in-time
Common stock, par or stated value per share (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par or stated value per share (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.29M USD Point-in-time
Common stock shares authorized (in shares) CommonStockSharesAuthorized 150.00M shares Point-in-time
Common stock shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.19M USD Point-in-time
Common stock shares issued (in shares) CommonStockSharesIssued 118.52M shares Point-in-time
Common stock shares issued (in shares) CommonStockSharesIssued 98.04M shares Point-in-time
Common stock shares outstanding (in shares) CommonStockSharesOutstanding 118.52M shares Point-in-time
Goodwill Goodwill $9.85M USD Point-in-time
Common stock shares outstanding (in shares) CommonStockSharesOutstanding 98.04M shares Point-in-time
Goodwill Goodwill $9.85M USD Point-in-time
Intangible assets, net of accumulated amortization IntangibleAssetsNetExcludingGoodwill $8.12M USD Point-in-time
Intangible assets, net of accumulated amortization IntangibleAssetsNetExcludingGoodwill $8.59M USD Point-in-time
Right of use assets - operating lease OperatingLeaseRightOfUseAsset $606.57K USD Point-in-time
Right of use assets - operating lease OperatingLeaseRightOfUseAsset $843.57K USD Point-in-time
Right of use assets - finance lease FinanceLeaseRightOfUseAsset $315.79K USD Point-in-time
Right of use assets - finance lease FinanceLeaseRightOfUseAsset $395.91K USD Point-in-time
Other assets OtherAssetsNoncurrent $20.89K USD Point-in-time
Other assets OtherAssetsNoncurrent $35.19K USD Point-in-time
Total other assets OtherAssetsTotalNoncurrent $19.17M USD Point-in-time
Total other assets OtherAssetsTotalNoncurrent $19.46M USD Point-in-time
Total assets Assets $44.55M USD Point-in-time
Total assets Assets $35.18M USD Point-in-time
Accounts payable AccountsPayableCurrent $2.79M USD Point-in-time
Accounts payable AccountsPayableCurrent $4.05M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $4.22M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $4.01M USD Point-in-time
Lease liability - operating lease OperatingLeaseLiabilityCurrent $305.64K USD Point-in-time
Lease liability - operating lease OperatingLeaseLiabilityCurrent $217.67K USD Point-in-time
Lease liability - finance lease FinanceLeaseLiabilityCurrent $246.79K USD Point-in-time
Lease liability - finance lease FinanceLeaseLiabilityCurrent $197.10K USD Point-in-time
Total current liabilities LiabilitiesCurrent $7.30M USD Point-in-time
Total current liabilities LiabilitiesCurrent $8.73M USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet $107.00K USD Point-in-time
Deferred tax liability DeferredIncomeTaxLiabilitiesNet $107.00K USD Point-in-time
Lease liability - operating lease OperatingLeaseLiabilityNoncurrent $388.90K USD Point-in-time
Lease liability - operating lease OperatingLeaseLiabilityNoncurrent $537.94K USD Point-in-time
Lease liability - finance lease FinanceLeaseLiabilityNoncurrent $93.43K USD Point-in-time
Lease liability - finance lease FinanceLeaseLiabilityNoncurrent $83.90K USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $573.96K USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $6.92K USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $1.16M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $735.76K USD Point-in-time
Authorized shares 500,000, none issued and outstanding PreferredStockValue - USD Point-in-time
Authorized shares 500,000, none issued and outstanding PreferredStockValue - USD Point-in-time
Authorized shares 150,000,000 and 100,000,000, respectively; issued and outstanding shares 118,518,445 and 98,035,829, respectively. CommonStockValue $98.04K USD Point-in-time
Authorized shares 150,000,000 and 100,000,000, respectively; issued and outstanding shares 118,518,445 and 98,035,829, respectively. CommonStockValue $118.52K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $174.89M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $161.54M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-136.35M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-138.50M USD Point-in-time
Total stockholders' equity StockholdersEquity $13.49M USD Point-in-time
Total stockholders' equity StockholdersEquity $14.45M USD Point-in-time
Total stockholders' equity StockholdersEquity $25.29M USD Point-in-time
Total stockholders' equity StockholdersEquity $36.51M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $35.18M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $44.55M USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Net revenue RevenueFromContractWithCustomerIncludingAssessedTax $10.62M USD 1 Quarter
Net revenue RevenueFromContractWithCustomerIncludingAssessedTax $14.93M USD 1 Quarter
Cost of revenue CostOfGoodsAndServicesSold $3.44M USD 1 Quarter
Cost of revenue CostOfGoodsAndServicesSold $1.44M USD 1 Quarter
Gross profit GrossProfit $11.49M USD 1 Quarter
Gross profit GrossProfit $9.17M USD 1 Quarter
Marketing costs (traffic acquisition costs or TAC) SearchCosts $9.62M USD 1 Quarter
Marketing costs (traffic acquisition costs or TAC) SearchCosts $7.31M USD 1 Quarter
Compensation SalariesAndWages $2.74M USD 1 Quarter
Compensation SalariesAndWages $2.34M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $1.72M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $2.06M USD 1 Quarter
Total operating expenses OperatingExpenses $11.77M USD 1 Quarter
Total operating expenses OperatingExpenses $14.03M USD 1 Quarter
Operating loss OperatingIncomeLoss $-2.59M USD 1 Quarter
Operating loss OperatingIncomeLoss $-2.53M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-22.39K USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-152.51K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $-140.31K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $470.00K USD 1 Quarter
Net loss NetIncomeLoss $-2.83M USD 1 Quarter
Net loss NetIncomeLoss $-2.15M USD 1 Quarter
Net loss (in dollars per share) EarningsPerShareBasicAndDiluted $-0.05 USD 1 Quarter
Net loss (in dollars per share) EarningsPerShareBasicAndDiluted $-0.02 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 53.64M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 114.43M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 53.64M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 114.43M shares 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-2.83M USD 1 Quarter
Net loss NetIncomeLoss $-2.15M USD 1 Quarter
Third party rights agreement termination PaymentsForThirdPartyRightsAgreement - USD 1 Quarter
Third party rights agreement termination PaymentsForThirdPartyRightsAgreement $420.00K USD 1 Quarter
Derecognition of contingencies DerecognitionOfContingencies $110.00K USD 1 Quarter
Derecognition of contingencies DerecognitionOfContingencies - USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $771.90K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $835.75K USD 1 Quarter
Depreciation-Right of Use Assets DepreciationDepletionandAmortizationRightofUseAssets $80.12K USD 1 Quarter
Depreciation-Right of Use Assets DepreciationDepletionandAmortizationRightofUseAssets $105.68K USD 1 Quarter
Stock based compensation ShareBasedCompensation $208.90K USD 1 Quarter
Stock based compensation ShareBasedCompensation $394.87K USD 1 Quarter
Amortization of financing fees AmortizationOfFinancingCosts $10.20K USD 1 Quarter
Amortization of financing fees AmortizationOfFinancingCosts $1.25K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts - USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $-18.00K 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 AmortizationOfOriginalIssueDiscountInterestExpense - USD 1 Quarter
Amortization of OID interest expense AmortizationOfOriginalIssueDiscountInterestExpense $10.79K USD 1 Quarter
Mark to market fair value of derivative IncreaseDecreaseInDerivativeLiabilities - USD 1 Quarter
Mark to market fair value of derivative IncreaseDecreaseInDerivativeLiabilities $71.55K 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
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.74M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-496.35K 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 $136.59K USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-97.45K USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $108.17K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $-1.26M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $594.76K USD 1 Quarter
Net cash (used in)/provided by operating activities NetCashProvidedByUsedInOperatingActivities $-2.44M USD 1 Quarter
Net cash (used in)/provided by 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 $411.40K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-411.40K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-310.85K USD 1 Quarter
Proceeds from sale of common stock, net ProceedsFromIssuanceOfCommonStock $13.14M USD 1 Quarter
Proceeds from sale of common stock, net ProceedsFromIssuanceOfCommonStock $16.50M USD 2 Qtrs
Proceeds from sale of common stock, net ProceedsFromIssuanceOfCommonStock $14.30M USD Point-in-time
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
Net payments on line of credit RepaymentsOfLinesOfCredit - USD 1 Quarter
Net payments on line of credit RepaymentsOfLinesOfCredit $1.88M USD 1 Quarter
Payments on finance lease obligations FinanceLeasePrincipalPayments $59.22K USD 1 Quarter
Payments on finance lease obligations FinanceLeasePrincipalPayments $220.22K USD 1 Quarter
Proceeds from exercise of options ProceedsFromStockOptionsExercised - USD 1 Quarter
Proceeds from exercise of options ProceedsFromStockOptionsExercised $1.57K USD 1 Quarter
SBA loan repayment PaymentsForPaycheckProtectionProgramAndSmallBusinessAdministrationLoan $149.90K USD 1 Quarter
SBA loan repayment PaymentsForPaycheckProtectionProgramAndSmallBusinessAdministrationLoan - USD 1 Quarter
Net taxes paid on restricted stock unit grants exercised PaymentsRelatedToTaxWithholdingForShareBasedCompensation $21.18K USD 1 Quarter
Net taxes paid on restricted stock unit grants exercised PaymentsRelatedToTaxWithholdingForShareBasedCompensation $161.24K USD 1 Quarter
Net cash provided by/(used in) financing activities NetCashProvidedByUsedInFinancingActivities $12.77M USD 1 Quarter
Net cash provided by/(used in) financing activities NetCashProvidedByUsedInFinancingActivities $-412.83K USD 1 Quarter
Net change cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $97.82K USD 1 Quarter
Net change cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $9.91M USD 1 Quarter
Cash and cash equivalent, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $470.81K USD Point-in-time
Cash and cash equivalent, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $372.99K USD Point-in-time
Cash and cash equivalent, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.89M USD Point-in-time
Cash and cash equivalent, beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.81M USD Point-in-time
Cash and cash equivalent, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $470.81K USD Point-in-time
Cash and cash equivalent, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $372.99K USD Point-in-time
Cash and cash equivalent, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.89M USD Point-in-time
Cash and cash equivalent, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.81M USD Point-in-time
Interest paid InterestPaidNet $126.24K USD 1 Quarter
Interest paid InterestPaidNet $21.66K 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 RightOfUseAssetsObtainedForLeaseLiabilities - USD 1 Quarter
Assets purchased under finance lease obligations RightOfUseAssetsObtainedForLeaseLiabilities $364.55K USD 1 Quarter
Assets purchased under operating lease obligations RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability - USD 1 Quarter
Assets purchased under operating lease obligations RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $303.03K USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $13.49M USD Point-in-time
Beginning balance StockholdersEquity $14.45M USD Point-in-time
Beginning balance StockholdersEquity $25.29M USD Point-in-time
Beginning balance StockholdersEquity $36.51M USD Point-in-time
Net loss NetIncomeLoss $-2.83M USD 1 Quarter
Net loss NetIncomeLoss $-2.15M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $208.90K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $394.87K 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
Shares withheld for taxes on vest restricted stock AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $161.24K USD 1 Quarter
Convertible Note Conversion StockIssuedDuringPeriodValueConversionOfConvertibleSecurities $468.67K USD 1 Quarter
Proceeds from exercise of options AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $1.57K USD 1 Quarter
Sale of common stock, net StockIssuedDuringPeriodValueNewIssues $1.21M USD 1 Quarter
Sale of common stock, net StockIssuedDuringPeriodValueNewIssues $13.14M USD 1 Quarter
Ending balance StockholdersEquity $13.49M USD Point-in-time
Ending balance StockholdersEquity $14.45M USD Point-in-time
Ending balance StockholdersEquity $25.29M USD Point-in-time
Ending balance StockholdersEquity $36.51M USD Point-in-time

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

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