SITO Mobile, Ltd.

Single Touch Interactive, Inc.

Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 8,744,545 $ 2,615,184
Accounts receivable, net 8,842,256 4,938,250
Other prepaid expenses 229,039 111,435
Asset held for sale - net 870,716 1,810,242
Total current assets 18,686,556 9,475,111
Property and equipment, net 410,688 506,001
Other assets    
Capitalized software development costs, net 1,698,992 1,117,480
Intangible assets:    
Patents 461,730 445,473
Patent applications cost 854,088 897,087
Other intangible assets, net 1,439,007 1,714,477
Goodwill 6,444,225 6,444,225
Deferred loan costs, net 37,676 78,116
Other assets including security deposits 112,362 79,098
Total other assets 11,048,080 10,775,956
Total assets 30,145,324 20,757,068
Current liabilities    
Accounts payable 3,184,237 4,083,160
Accrued expenses 2,180,944 1,167,122
Deferred revenue 245,407 468,213
Current obligations under capital lease 3,446 3,199
Note payable, net - current portion 2,896,893 3,984,219
Liabilities held for sale 607,236 929,410
Total current liabilities 9,118,163 10,635,323
Long-term liabilities    
Obligations under capital lease 2,756 6,201
Note payable, net 3,952,827 4,934,966
Total long-term liabilities 3,955,583 4,941,167
Total liabilities 13,073,746 15,576,490
Commitments and contingencies - See notes 16
Stockholders' Equity    
Preferred stock, $.0001 par value, 5,000,000 shares authorized; none outstanding
Common stock, $.001 par value; 100,000,000 shares authorized, 20,681,047 shares issued and outstanding as of December 31, 2016 and $.001 par value; 300,000,000 shares authorized, 17,157,520 shares issued and outstanding as of December 31, 2015 20,680 17,156
Additional paid-in capital 157,829,709 144,538,247
Accumulated deficit (140,778,811) (139,374,825)
Total stockholders' equity 17,071,578 5,180,578
Total liabilities and stockholders' equity $ 30,145,324 $ 20,757,068
v3.7.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Revenue    
Media placement $ 28,911,717 $ 12,140,854
Licensing and royalties 515,238 664,336
Total revenue 29,426,955 12,805,190
Costs and Expenses    
Cost of revenue 13,292,244 6,113,211
Sales and marketing 10,057,328 4,557,798
General and administrative 6,900,431 6,101,116
Depreciation and amortization 608,649 508,180
Total costs and expenses 30,858,652 17,280,305
(Loss) from continuing operations (1,431,697) (4,475,115)
Other Income (Expense)    
Interest expense (1,738,231) (1,781,386)
Net (loss) before income taxes (3,169,928) (6,256,501)
Provision for income taxes (114,278)
Net (loss) from continuing operations (3,284,206) (6,256,501)
Discontinued Operations    
Income from operations of discontinued component 1,880,220 1,827,458
Income tax benefit
Net income from discontinued operations 1,880,220 1,827,458
Net loss $ (1,403,986) $ (4,429,043)
Basic net income (loss) per share    
Continuing operations $ (0.18) $ (0.39)
Discontinued operations 0.10 0.11
Basic net loss per share $ (0.08) $ (0.28)
Basic weighted average shares outstanding 18,247,364 16,093,722
v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities    
Net (loss) $ (1,403,986) $ (4,429,043)
Less: income from discontinued operations, net of tax 1,880,220 1,827,458
Loss from continuing operations (3,284,206) (6,256,501)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:    
Depreciation expense 129,718 90,284
Amortization expense - software development costs 662,003 311,574
Amortization expense - patents 203,459 182,373
Amortization expense - discount of debt 767,393 627,162
Amortization expense - deferred costs 40,440 54,804
Amortization expense - intangible assets 275,470 235,523
Provision for bad debt 536,204 331,460
Stock based compensation 1,332,946 774,204
Changes in operating assets and liabilities:    
(Increase) in accounts receivable, net (4,440,287) (3,660,200)
(increase) in prepaid expenses (117,602) (15,779)
(Increase) decrease in other assets (19,118) 49,117
(Decrease) increase in accounts payable (898,919) 2,808,293
Increase in accrued expenses 1,013,817 291,290
(Decrease) in deferred revenue (222,806) (224,415)
Increase in accrued interest 247,810 402,927
Net cash (used in) provided by operating activities - continuing operations (3,773,678) (3,997,884)
Net cash provided by operating activities - discontinued operations 2,884,196 3,574,545
Net cash (used in) operating activities (889,482) (423,339)
Cash Flows from Investing Activities    
Patents and patent applications costs (176,717) (390,454)
Purchase of property and equipment (52,264) (496,434)
Capitalized software development costs (1,243,506) (1,222,279)
Purchase of intangible assets (1,300,000)
Net cash (used in) investing activities - continuing operations (1,472,487) (3,409,167)
Net cash (used in) investing activities - discontinued operations (370,867) (388,654)
Net cash (used in) investing activities (1,843,354) (3,797,821)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock 12,569,074 2,109,055
Stock issuance costs (1,180,000) (75,000)
Restructuring of debt (100,000)
Principal reduction on obligation under capital lease (1,709) (2,970)
Principal reduction on repayment of debt (2,416,668) (666,668)
Net cash provided by financing activities - continuing operations 8,870,697 1,364,417
Net cash (used in) by financing activities - discontinued operations (8,500) (16,745)
Net cash (used in) provided by financing activities 8,862,197 1,347,672
Net increase (decrease) in cash and cash equivalents 6,129,361 (2,873,488)
Cash and cash equivalents - beginning of year 2,615,184 5,488,672
Cash and cash equivalents - ending of year 8,744,545 2,615,184
Supplemental Information:    
Interest expense paid 529,895 751,053
Income taxes paid $ 34,629 $ 9,632
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