SITO Mobile, Ltd.

Single Touch Interactive, Inc.

Financials

v3.7.0.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 6,951,574 $ 8,744,545
Accounts receivable, net 7,618,272 8,842,256
Other prepaid expenses 286,308 229,039
Assets held for sale - net 364,883 870,716
Total current assets 15,221,037 18,686,556
Property and equipment, net 507,384 410,688
Other assets    
Capitalized software development costs, net 1,805,289 1,698,992
Intangible assets:    
Patents 409,134 461,730
Patent applications cost 887,846 854,088
Other intangible assets, net 1,371,257 1,439,007
Goodwill 6,444,225 6,444,225
Other assets 111,643 150,038
Total other assets 11,029,394 11,048,080
Total assets 26,757,815 30,145,324
Current liabilities    
Accounts payable 3,049,080 3,184,237
Accrued expenses 2,483,300 2,180,944
Deferred revenue 235,320 245,407
Current obligations under capital lease 3,510 3,446
Note payable, net - current portion 6,218,856 2,896,893
Liabilities held for sale 412,132 607,236
Total current liabilities 12,402,198 9,118,163
Long-term liabilities    
Obligations under capital lease 1,854 2,756
Note payable, net 3,952,827
Total long-term liabilities 1,854 3,955,583
Total liabilities 12,404,052 13,073,746
Commitments and contingencies - See note 15
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 and 20,681,047 shares issued and outstanding, respectively 20,680 20,680
Additional paid-in capital 158,171,361 157,829,709
Accumulated deficit (143,838,278) (140,778,811)
Total stockholders' equity 14,353,763 17,071,578
Total liabilities and stockholders' equity $ 26,757,815 $ 30,145,324
v3.7.0.1
Unaudited Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue    
Media placement $ 6,522,132 $ 4,861,500
Licensing and royalties 122,829 135,419
Total revenue 6,644,961 4,996,919
Costs and Expenses    
Cost of revenue 3,209,599 2,366,107
Sales and marketing 3,531,385 2,046,743
General and administrative 2,461,442 1,829,506
Depreciation and amortization 161,764 154,505
Total costs and expenses 9,364,190 6,396,861
(Loss) income from operations (2,719,229) (1,399,942)
Other Income (Expense)    
Interest expense (391,614) (439,800)
Net (loss) before income taxes (3,110,843) (1,839,742)
Provision for income taxes
Net (loss) from continuing operations (3,110,843) (1,839,742)
Discontinued Operations    
Income from operations of discontinued component 51,376 669,046
Income tax benefit
Net income from discontinued operations 51,376 669,046
Net (loss) $ (3,059,467) $ (1,170,696)
Basic net income (loss) per share    
Continuing operations $ (0.15) $ (0.11)
Discontinued operations 0.00 0.04
Basic net loss per share $ (0.15) $ (0.07)
Basic weighted average shares outstanding 20,681,047 17,221,412
v3.7.0.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operating Activities    
(Loss) from continuing operations $ (3,110,843) $ (1,839,742)
Adjustments to reconcile net (loss) to net cash (used in) provided by operating activities:    
Depreciation expense 41,418 33,597
Amortization expense - software development costs 212,483 133,349
Amortization expense - patents 52,597 48,688
Amortization expense - discount of debt 186,184 171,076
Amortization expense - deferred costs 8,828 12,164
Amortization expense - intangible assets 67,750 72,220
Provision for bad debt 39,945 251,872
Loss on disposition of assets 6,024
Stock based compensation 341,259 372,117
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable, net 1,184,039 (486,819)
(Increase) in prepaid expenses (57,269) (20,409)
Decrease in other assets 29,567 829
(Decrease) increase in accounts payable (135,157) 503,817
Increase in accrued expenses 302,355 296,817
(Decrease) in deferred revenue (10,087) (217,988)
Increase in accrued interest 7,952 69,461
Net cash (used in) operating activities - continuing operations (832,955) (598,951)
Net cash provided by operating activities - discontinued operations 46,626 1,092,359
Net cash (used in) provided by operating activities (786,329) 493,408
Cash Flows from Investing Activities    
Patents and patent applications costs (33,759) (49,625)
Purchase of property and equipment (167,856) (2,295)
Proceeds from sale of wireless applications business 350,000
Proceeds from sale of property and equipment 27,000
Capitalized software development costs (318,780) (286,158)
Net cash (used in) investing activities - continuing operations (143,395) (338,078)
Net cash (used in) investing activities - discontinued operations (37,409) (140,379)
Net cash used in investing activities (180,804) (478,457)
Cash Flows from Financing Activities    
Restructuring of debt (100,000)
Principal reduction on obligation under capital lease (838) (778)
Principal reduction on repayment of debt (825,000) (841,668)
Net cash (used in) financing activities - continuing operations (825,838) (942,446)
Net cash (used in) financing activities - discontinued operations (4,239)
Net cash (used in) financing activities (825,838) (946,685)
Net (decrease) increase in cash and cash equivalents (1,792,971) (931,734)
Cash and cash equivalents - beginning of period 8,744,545 2,615,184
Cash and cash equivalents - ending of period 6,951,574 1,683,450
Supplemental Information:    
Interest expense paid $ 190,363 $ 181,845
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