10-Q Filing

INUVO, INC. CIK: 829323 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000829323-23-000021`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	inuv-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 89 Income Statement 34 Cash Flow Statement 58 Stockholders Equity 20

Balance Sheet 89 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.44M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.40M	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
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.97M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.48M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.74M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	500,000.00	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93M	USD	Point-in-time
Marketable securities - short term	`MarketableSecuritiesCurrent`	-	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Marketable securities - short term	`MarketableSecuritiesCurrent`	$1.53M	USD	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
Accounts receivable, net of allowance for doubtful accounts of $1,401,803 and $1,440,678, respectively.	`AccountsReceivableNetCurrent`	$11.12M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,401,803 and $1,440,678, respectively.	`AccountsReceivableNetCurrent`	$9.12M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	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
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$798.98K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$970.41K	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$12.06M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.38M	USD	Point-in-time
Common stock shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.67M	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	121.64M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.69M	USD	Point-in-time
Common stock shares issued (in shares)	`CommonStockSharesIssued`	120.14M	shares	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	120.14M	shares	Point-in-time
Common stock shares outstanding (in shares)	`CommonStockSharesOutstanding`	121.64M	shares	Point-in-time
Goodwill	`Goodwill`	$9.85M	USD	Point-in-time
Goodwill	`Goodwill`	$9.85M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$5.40M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$5.65M	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`	$725.00K	USD	Point-in-time
Marketable securities - long term	`MarketableSecuritiesNoncurrent`	$660.13K	USD	Point-in-time
Marketable securities - long term	`MarketableSecuritiesNoncurrent`	-	USD	Point-in-time
Right of use assets - operating lease	`OperatingLeaseRightOfUseAsset`	$310.16K	USD	Point-in-time
Right of use assets - operating lease	`OperatingLeaseRightOfUseAsset`	$220.74K	USD	Point-in-time
Right of use assets - finance lease	`FinanceLeaseRightOfUseAsset`	$168.75K	USD	Point-in-time
Right of use assets - finance lease	`FinanceLeaseRightOfUseAsset`	$138.11K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$66.92K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$66.92K	USD	Point-in-time
Total other assets	`OtherAssetsTotalNoncurrent`	$17.51M	USD	Point-in-time
Total other assets	`OtherAssetsTotalNoncurrent`	$16.41M	USD	Point-in-time
Total assets	`Assets`	$30.16M	USD	Point-in-time
Total assets	`Assets`	$35.56M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.04M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$4.93M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$5.16M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$592.87K	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityCurrent`	$209.66K	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityCurrent`	$287.52K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityCurrent`	$86.28K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityCurrent`	$101.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.33M	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`	$12.32K	USD	Point-in-time
Lease liability - operating lease	`OperatingLeaseLiabilityNoncurrent`	$23.88K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityNoncurrent`	$70.60K	USD	Point-in-time
Lease liability - finance lease	`FinanceLeaseLiabilityNoncurrent`	$50.86K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$10.73K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$7.25K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$212.21K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$177.43K	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 200,000,000; issued and outstanding shares 121,640,362 and 120,137,124, respectively.	`CommonStockValue`	$120.14K	USD	Point-in-time
Authorized shares 200,000,000; issued and outstanding shares 121,640,362 and 120,137,124, respectively.	`CommonStockValue`	$121.64K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$178.77M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$179.03M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-84.87K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-157.06M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-160.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.65M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$31.18M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$21.75M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$32.81M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$35.56M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$30.16M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$11.85M	USD	1 Quarter
Net revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$18.61M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$8.66M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$3.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.66M	USD	1 Quarter
Marketing costs	`SearchCosts`	$7.09M	USD	1 Quarter
Marketing costs	`SearchCosts`	$7.17M	USD	1 Quarter
Compensation	`SalariesAndWages`	$3.16M	USD	1 Quarter
Compensation	`SalariesAndWages`	$3.42M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.73M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.58M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.05M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.09M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.11M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-3.44M	USD	1 Quarter
Financing expense, net	`FinancingInterestExpense`	$999.00	USD	1 Quarter
Financing expense, net	`FinancingInterestExpense`	$19.12K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$14.42K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$17.70K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.44M	USD	1 Quarter
Unrealized gain (loss) on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-98.16K	USD	1 Quarter
Unrealized gain (loss) on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$84.87K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.36M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.19M	USD	1 Quarter
Net loss, basic (in usd per share)	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Net loss, basic (in usd per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Net loss, diluted (in usd per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Net loss, diluted (in usd per share)	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	119.28M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	120.97M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	120.97M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	119.28M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.44M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$689.71K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$639.03K	USD	1 Quarter
Depreciation-Right of Use Assets - Financing	`FinanceAndOperatingLeaseRightOfUseAssetAmortization`	$24.26K	USD	1 Quarter
Depreciation-Right of Use Assets - Financing	`FinanceAndOperatingLeaseRightOfUseAssetAmortization`	$30.64K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$671.16K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$432.08K	USD	1 Quarter
Grant expense	`GrantExpenseDerecognitionOfContingenciesAndGrants`	$-10.00K	USD	1 Quarter
Grant expense	`GrantExpenseDerecognitionOfContingenciesAndGrants`	$5.00K	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	$2.08K	USD	1 Quarter
Amortization of financing fees	`AmortizationOfFinancingCosts`	$2.50K	USD	1 Quarter
Recovery of doubtful accounts	`ProvisionForDoubtfulAccounts`	$-38.88K	USD	1 Quarter
Recovery of doubtful accounts	`ProvisionForDoubtfulAccounts`	$-81.75K	USD	1 Quarter
Gain on marketable securities	`GainLossOnInvestments`	$17.70K	USD	1 Quarter
Gain on marketable securities	`GainLossOnInvestments`	$14.42K	USD	1 Quarter
Stock warrant expense	`FairValueAdjustmentOfWarrants`	$12.48K	USD	1 Quarter
Stock warrant expense	`FairValueAdjustmentOfWarrants`	$-9.87K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.04M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$702.42K	USD	1 Quarter
Referral and support services agreement advance	`IncreaseDecreaseInContractWithCustomerAsset`	$-75.00K	USD	1 Quarter
Referral and support services agreement advance	`IncreaseDecreaseInContractWithCustomerAsset`	$-75.00K	USD	1 Quarter
Prepaid expenses, unbilled revenue and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$849.22K	USD	1 Quarter
Prepaid expenses, unbilled revenue and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$171.43K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-977.60K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-240.10K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-327.92K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-2.54M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.58M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.23M	USD	1 Quarter
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$411.24K	USD	1 Quarter
Purchases of equipment and capitalized development costs	`PaymentsToAcquireProductiveAssets`	$466.63K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$1.08M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	1 Quarter
Proceeds from the sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$2.29M	USD	1 Quarter
Proceeds from the sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$548.59K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-999.12K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.88M	USD	1 Quarter
Net proceeds from line of credit	`ProceedsFromLinesOfCredit`	$592.87K	USD	1 Quarter
Net proceeds from line of credit	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$24.41K	USD	1 Quarter
Payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$34.47K	USD	1 Quarter
Net taxes paid on restricted stock unit grants exercised	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$128.52K	USD	1 Quarter
Net taxes paid on restricted stock unit grants exercised	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$166.87K	USD	1 Quarter
Net cash provided by/(used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-152.93K	USD	1 Quarter
Net cash provided by/(used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$391.53K	USD	1 Quarter
Net change cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-961.83K	USD	1 Quarter
Net change cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.73M	USD	1 Quarter
Cash and cash equivalent, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.97M	USD	Point-in-time
Cash and cash equivalent, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.48M	USD	Point-in-time
Cash and cash equivalent, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.74M	USD	Point-in-time
Cash and cash equivalent, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93M	USD	Point-in-time
Cash and cash equivalent, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.97M	USD	Point-in-time
Cash and cash equivalent, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.48M	USD	Point-in-time
Cash and cash equivalent, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.74M	USD	Point-in-time
Cash and cash equivalent, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$7.78K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$29.95K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$18.65M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$31.18M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$21.75M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$32.81M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-2.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.44M	USD	1 Quarter
Unrealized gain (loss) on debt securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-98.16K	USD	1 Quarter
Unrealized gain (loss) on debt securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$84.87K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$432.08K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$671.16K	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 vested restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$128.52K	USD	1 Quarter
Shares withheld for taxes on vested restricted stock	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$166.87K	USD	1 Quarter
Reversal of expense related to a change in warrant vesting	`AdjustmentsToAdditionalPaidInCapitalChangeInWarrantVesting`	$9.87K	USD	1 Quarter
Stock warrants issued for referral agreement	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$12.48K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$18.65M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$31.18M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$21.75M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$32.81M	USD	Point-in-time

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