SITO Mobile, Ltd.

Single Touch Interactive, Inc.

Financials

v3.7.0.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 3,176,550 $ 8,744,545
Accounts receivable, net 9,980,386 8,842,256
Other prepaid expenses 540,183 229,039
Assets from discontinued operations - net 14,390 870,716
Total current assets 13,711,509 18,686,556
Property and equipment, net 500,581 410,688
Other assets    
Capitalized software development costs, net 1,852,959 1,698,992
Intangible assets:    
Patents 478,517 461,730
Patent applications cost 836,785 854,088
Other intangible assets, net 1,303,507 1,439,007
Goodwill 6,444,225 6,444,225
Other assets including security deposits 112,815 150,038
Total other assets 11,028,808 11,048,080
Total assets 25,240,898 30,145,324
Current liabilities    
Accounts payable 6,109,088 3,184,237
Accrued expenses 1,935,235 2,180,944
Deferred revenue, current portion 408,225 245,407
Other current liabilities, including security deposit 7,500
Current obligations under capital lease 3,576 3,446
Note payable, net - current portion 4,399,981 2,896,893
Liabilities from discontinued operations - net 266,011 607,236
Total current liabilities 13,129,616 9,118,163
Long-term liabilities    
Obligations under capital lease 936 2,756
Deferred revenue, noncurrent portion 985,685
Note payable, net 3,952,827
Total long-term liabilities 986,621 3,955,583
Total liabilities 14,116,237 13,073,746
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, 20,715,564 shares issued and outstanding as of June 30, 2017 and $.001 par value; 100,000,000 shares authorized, 20,681,047 shares issued and outstanding as of December 31, 2016 20,715 20,680
Additional paid-in capital 158,428,152 157,829,709
Accumulated deficit (147,324,206) (140,778,811)
Total stockholders' equity 11,124,661 17,071,578
Total liabilities and stockholders' equity $ 25,240,898 $ 30,145,324
v3.7.0.1
Unaudited Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue        
Media placement $ 10,725,454 $ 8,297,880 $ 17,247,586 $ 13,159,380
Licensing and royalties 78,667 125,946 201,496 261,365
Total revenue 10,804,121 8,423,826 17,449,082 13,420,745
Costs and Expenses        
Cost of revenue 5,626,862 3,770,916 9,021,923 6,214,053
Sales and marketing 3,735,131 2,690,959 7,212,042 4,814,733
General and administrative 4,087,978 1,204,559 6,418,432 2,880,004
Depreciation and amortization 120,923 149,871 282,687 304,376
Total costs and expenses 13,570,894 7,816,305 22,935,084 14,213,166
(Loss) income from operations (2,766,773) 607,521 (5,486,002) (792,421)
Other Income (Expense)        
Interest expense (352,147) (445,091) (743,761) (884,891)
Net (loss) before income taxes (3,118,920) 162,430 (6,229,763) (1,677,312)
Provision for income taxes
Net (loss) income from continuing operations (3,118,920) 162,430 (6,229,763) (1,677,312)
Discontinued Operations        
(Loss) income from operations of discontinued component (367,008) 562,825 (315,632) 1,231,871
Income taxes
Net (loss) income from discontinued operations (367,008) 562,825 (315,632) 1,231,871
Net (loss) income $ (3,485,928) $ 725,255 $ (6,545,395) $ (445,441)
Basic net income (loss) per share        
Continuing operations $ (0.15) $ 0.01 $ (0.30) $ (0.10)
Discontinued operations (0.02) 0.03 (0.02) 0.07
Basic net loss per share $ (0.17) $ 0.04 $ (0.32) $ (0.03)
Basic weighted average shares outstanding 20,693,809 17,355,478 20,687,463 17,288,445
Diluted earnings (loss) per share        
Continuing operations $ 0.01
Discontinued operations 0.03
Diluted net earnings (loss) per share $ 0.04
Diluted weighted average shares outstanding 19,831,509
v3.7.0.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Cash Flows from Operating Activities        
Net (loss) income $ (3,485,928) $ 725,255 $ (6,545,395) $ (445,441)
Less: (loss) income from discontinued operations, net of tax (367,008) 562,825 (315,632) 1,231,871
Net (loss) income from continuing operations (3,118,920) 162,430 (6,229,763) (1,677,312)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:        
Depreciation expense 34,707 32,691 76,125 66,288
Amortization expense - software development costs 225,611 152,749 438,093 286,098
Amortization expense - patents 18,465 49,431 71,062 98,119
Amortization expense - discount of debt 178,255 198,910 364,439 369,986
Amortization expense - deferred costs 8,453 9,432 17,281 21,596
Amortization expense - intangible assets 67,750 67,750 135,500 139,970
Provision for bad debt 126,924 95,005 166,869 346,877
Loss on disposition of assets 6,024
Stock based compensation 254,228 184,546 595,487 556,663
Changes in operating assets and liabilities:        
(Increase) in accounts receivable, net (2,489,039) (2,771,968) (1,305,001) (3,258,787)
(Increase) decrease in prepaid expenses (253,874) 64,857 (311,144) 44,448
Decrease (increase) in other assets (9,625) (10,794) 19,942 (9,965)
Increase in accounts payable 3,060,001 1,291,847 2,924,852 1,795,664
(Decrease) increase in accrued expenses (548,068) 246,574 (245,709) 543,391
Increase in deferred revenue 1,158,591 249,054 1,148,503 31,065
Increase in other liabilities 7,500 7,500
Increase in accrued interest 50,370 60,474 58,322 129,935
Net cash (used in) provided by operating activities - continuing operations (1,228,671) 82,988 (2,061,618) (515,964)
Net cash (used in) provided by operating activities - discontinued operations (159,252) 838,884 237,374 1,931,244
Net cash (used in) provided by operating activities (1,387,923) 921,872 (1,824,244) 1,415,280
Cash Flows from Investing Activities        
Patents and patent applications costs (36,787) (41,449) (70,546) (91,074)
Purchase of property and equipment (31,182) (9,852) (199,046) (12,147)
Proceeds from sale of property and equipment 27,000
Capitalized software development costs (273,280) (252,453) (592,060) (538,611)
Net cash (used in) investing activities - continuing operations (341,249) (303,754) (834,652) (641,832)
Net cash (used in) investing activities - discontinued operations (90,220) (37,409) (230,599)
Net cash (used in) investing activities (341,249) (393,974) (872,061) (872,431)
Cash Flows from Financing Activities        
Proceeds from issuance of common stock 2,500 2,500
Restructuring of debt (100,000)
Principal reduction on obligation under capital lease (852) 697 (1,690) (81)
Principal reduction on repayment of debt (2,047,500) (525,000) (2,872,500) (1,366,668)
Net cash (used in) financing activities - continuing operations (2,045,852) (524,303) (2,871,690) (1,466,749)
Net cash (used in) financing activities - discontinued operations (4,261) (8,500)
Net cash (used in) financing activities (2,045,852) (528,564) (2,871,690) (1,475,249)
Net (decrease) increase in cash and cash equivalents (3,775,024) (666) (5,567,995) (932,400)
Cash and cash equivalents - beginning of period 6,951,574 1,683,450 8,744,545 2,615,184
Cash and cash equivalents - ending of period 3,176,550 1,682,784 3,176,550 1,682,784
Supplemental Information:        
Interest expense paid 120,527 115,812 310,890 297,657
Income taxes paid $ 14,806 $ 17,729 $ 14,806 $ 17,729
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