10-K Filing

INUVO, INC. CIK: 829323 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0000829323-23-000010`
Period End Date	20221231
Filing Date	20230310
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	inuv-20221231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 34 Cash Flow Statement 65 Stockholders Equity 24

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.44M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$202.90K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.48M	USD	Point-in-time
Marketable securities - short term	`MarketableSecuritiesCurrent`	$1.93M	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
Marketable securities - short term	`MarketableSecuritiesCurrent`	$1.53M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,440,678 and $202,904, respectively	`AccountsReceivableNetCurrent`	$9.27M	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
Accounts receivable, net of allowance for doubtful accounts of $1,440,678 and $202,904, respectively	`AccountsReceivableNetCurrent`	$11.12M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$1.41M	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
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$798.98K	USD	Point-in-time
Preferred stock shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$23.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.38M	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
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.51M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.67M	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	120.14M	shares	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	120.14M	shares	Point-in-time
Right of use assets - operating lease	`OperatingLeaseRightOfUseAsset`	$641.31K	USD	Point-in-time
Right of use assets - operating lease	`OperatingLeaseRightOfUseAsset`	$310.16K	USD	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	118.75M	shares	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	118.75M	shares	Point-in-time
Right of use assets - finance lease	`FinanceLeaseRightOfUseAsset`	$201.90K	USD	Point-in-time
Right of use assets - finance lease	`FinanceLeaseRightOfUseAsset`	$168.75K	USD	Point-in-time
Referral and support services agreement advance	`ReferralAgreement`	$1.50M	USD	Point-in-time
Referral and support services agreement advance	`ReferralAgreement`	$800.00K	USD	Point-in-time
Referral and support services agreement advance	`ReferralAgreement`	$1.10M	USD	Point-in-time
Marketable securities - long term	`MarketableSecuritiesNoncurrent`	$660.13K	USD	Point-in-time
Marketable securities - long term	`MarketableSecuritiesNoncurrent`	$859.51K	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$5.65M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$6.72M	USD	Point-in-time
Goodwill	`Goodwill`	$9.85M	USD	Point-in-time
Goodwill	`Goodwill`	$9.85M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$35.72K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$66.92K	USD	Point-in-time
Total other assets	`OtherAssetsTotalNoncurrent`	$19.41M	USD	Point-in-time
Total other assets	`OtherAssetsTotalNoncurrent`	$17.51M	USD	Point-in-time
Total assets	`Assets`	$44.00M	USD	Point-in-time
Total assets	`Assets`	$35.56M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.84M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.04M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$5.16M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$5.37M	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityCurrent`	$340.48K	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityCurrent`	$287.52K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityCurrent`	$101.00K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityCurrent`	$102.95K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.66M	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`	$23.88K	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityNoncurrent`	$300.83K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityNoncurrent`	$105.41K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityNoncurrent`	$70.60K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$13.30K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$10.73K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$212.21K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$526.54K	USD	Point-in-time
Preferred stock, $0.001 par value: Authorized shares - 500,000 - none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value: Authorized shares - 500,000 - none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value: Authorized shares 200,000,000; issued and outstanding shares 120,137,124 and 118,747,447 respectively;	`CommonStockValue`	$118.75K	USD	Point-in-time
Common stock, $0.001 par value: Authorized shares 200,000,000; issued and outstanding shares 120,137,124 and 118,747,447 respectively;	`CommonStockValue`	$120.14K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$178.77M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$176.59M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-84.87K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$53.74K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-157.06M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-143.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$25.29M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$32.81M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$21.75M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$44.00M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$35.56M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$75.60M	USD	Annual
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$59.83M	USD	Annual
Cost of revenue	`CostOfRevenue`	$15.93M	USD	Annual
Cost of revenue	`CostOfRevenue`	$30.24M	USD	Annual
Gross profit	`GrossProfit`	$45.36M	USD	Annual
Gross profit	`GrossProfit`	$43.90M	USD	Annual
Marketing costs	`MarketingExpense`	$36.92M	USD	Annual
Marketing costs	`MarketingExpense`	$33.10M	USD	Annual
Compensation	`SalariesAndWages`	$12.46M	USD	Annual
Compensation	`SalariesAndWages`	$11.38M	USD	Annual
General and administrative	`SellingGeneralAndAdministrativeExpense`	$7.20M	USD	Annual
General and administrative	`SellingGeneralAndAdministrativeExpense`	$8.62M	USD	Annual
Total operating expenses	`OperatingExpenses`	$51.68M	USD	Annual
Total operating expenses	`OperatingExpenses`	$58.01M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-12.65M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-7.77M	USD	Annual
Financing, other	`FinancingInterestExpense`	$86.98K	USD	Annual
Financing, other	`FinancingInterestExpense`	$21.11K	USD	Annual
Other (expense)/income, net	`NonoperatingIncomeExpense`	$256.98K	USD	Annual
Other (expense)/income, net	`NonoperatingIncomeExpense`	$-435.55K	USD	Annual
Net loss	`NetIncomeLoss`	$-7.60M	USD	Annual
Net loss	`NetIncomeLoss`	$-13.11M	USD	Annual
Unrealized (loss)/gain on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-138.60K	USD	Annual
Unrealized (loss)/gain on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$53.74K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.55M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-13.25M	USD	Annual
Net loss, basic (in usd per share)	`EarningsPerShareBasic`	$-0.11	USD	Annual
Net loss, basic (in usd per share)	`EarningsPerShareBasic`	$-0.06	USD	Annual
Net loss, diluted (in usd per share)	`EarningsPerShareDiluted`	$-0.11	USD	Annual
Net loss, diluted (in usd per share)	`EarningsPerShareDiluted`	$-0.06	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	117.61M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	119.83M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	119.83M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	117.61M	shares	Annual

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.60M	USD	Annual
Net loss	`NetIncomeLoss`	$-13.11M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.60M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.14M	USD	Annual
Amortization of Right of Use Assets-Finance Leases	`FinanceAndOperatingLeaseRightOfUseAssetAmortization`	$322.75K	USD	Annual
Amortization of Right of Use Assets-Finance Leases	`FinanceAndOperatingLeaseRightOfUseAssetAmortization`	$103.93K	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$2.35M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$2.18M	USD	Annual
Loss on marketable securities	`GainLossOnInvestments`	$-435.55K	USD	Annual
Loss on marketable securities	`GainLossOnInvestments`	$-266.76K	USD	Annual
Amortization of financing fees	`AmortizationOfFinancingCosts`	$12.50K	USD	Annual
Amortization of financing fees	`AmortizationOfFinancingCosts`	$2.50K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$1.27M	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$7.49K	USD	Annual
Stock warrant expense	`AmortizationOfInterestExpense`	-	USD	Annual
Stock warrant expense	`AmortizationOfInterestExpense`	$33.04K	USD	Annual
Derecognition of contingencies	`DerecognitionOfContingencies`	$110.00K	USD	Annual
Derecognition of contingencies	`DerecognitionOfContingencies`	$10.00K	USD	Annual
Third party rights agreement termination	`ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress`	-	USD	Annual
Third party rights agreement termination	`ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress`	$420.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.12M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.05M	USD	Annual
Referral and support services agreement advance	`IncreaseDecreaseInContractWithCustomerAsset`	$1.10M	USD	Annual
Referral and support services agreement advance	`IncreaseDecreaseInContractWithCustomerAsset`	$-300.00K	USD	Annual
Prepaid expenses, unbilled revenue and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$992.98K	USD	Annual
Prepaid expenses, unbilled revenue and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-578.01K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$3.20M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$796.46K	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.26M	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-205.76K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.57M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.28M	USD	Annual
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$1.69M	USD	Annual
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$1.60M	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$3.14M	USD	Annual
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$1.69M	USD	Annual
Proceeds from the sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$142.48K	USD	Annual
Proceeds from the sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$1.72M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.60M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.67M	USD	Annual
Proceeds from sale of common stock, net of expenses	`ProceedsFromIssuanceOfCommonStock`	$13.14M	USD	Annual
Proceeds from sale of common stock, net of expenses	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Payments on finance/capital leases	`FinanceLeasePrincipalPayments`	$107.54K	USD	Annual
Payments on finance/capital leases	`FinanceLeasePrincipalPayments`	$257.68K	USD	Annual
Net taxes paid on RSU grants exercised	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$272.05K	USD	Annual
Net taxes paid on RSU grants exercised	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$196.89K	USD	Annual
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$1.57K	USD	Annual
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	Annual
SBA loan repayment	`PaymentsForPaycheckProtectionProgramAndSmallBusinessAdministrationLoan`	$149.90K	USD	Annual
SBA loan repayment	`PaymentsForPaycheckProtectionProgramAndSmallBusinessAdministrationLoan`	-	USD	Annual
Net cash (used in)/provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.46M	USD	Annual
Net cash (used in)/provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-304.43K	USD	Annual
Net change cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.59M	USD	Annual
Net change cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.54M	USD	Annual
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93M	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.48M	USD	Point-in-time
Cash, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.89M	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93M	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.48M	USD	Point-in-time
Cash, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.89M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$55.48K	USD	Annual
Interest paid	`InterestPaidNet`	$18.61K	USD	Annual
Assets purchased under finance lease obligations	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$125.83K	USD	Annual
Assets purchased under finance lease obligations	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$70.77K	USD	Annual
Assets purchased under operating lease obligations	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$344.31K	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	118.75M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	118.75M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$25.29M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$32.81M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$21.75M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-7.60M	USD	Annual
Net loss	`NetIncomeLoss`	$-13.11M	USD	Annual
Unrealized gain (loss) on debt securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-138.60K	USD	Annual
Unrealized gain (loss) on debt securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$53.74K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.35M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.18M	USD	Annual
Proceeds from exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.57K	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, net of issuance cost	`StockIssuedDuringPeriodValueNewIssues`	$13.14M	USD	Annual
Shares withheld for taxes on vested restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$272.05K	USD	Annual
Shares withheld for taxes on vested restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$196.89K	USD	Annual
Stock warrants issued for referral agreement	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$33.04K	USD	Annual
Stock warrants issued for referral agreement	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$19.52K	USD	Annual
Ending balance (in shares)	`CommonStockSharesOutstanding`	118.75M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	118.75M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$25.29M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$32.81M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$21.75M	USD	Point-in-time

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