SITO Mobile, Ltd.

Single Touch Interactive, Inc.

Financials

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 9,836,888 $ 2,615,184
Accounts receivable, net 9,813,623 6,167,816
Other prepaid expenses 287,707 123,692
Total current assets 19,938,218 8,906,692
Property and equipment, net 458,348 585,356
Other assets    
Capitalized software development costs, net 1,858,921 1,600,813
Intangible assets:    
Patents 514,327 445,473
Patent applications cost 811,248 897,087
Other intangible assets, net 1,506,757 1,714,477
Goodwill 6,444,225 6,444,225
Deferred loan costs, net 47,023 78,116
Other assets including security deposits 108,938 84,829
Total other assets 11,291,439 11,265,020
Total assets 31,688,005 20,757,068
Current liabilities    
Accounts payable 4,412,043 4,828,600
Accrued expenses 1,953,505 1,277,896
Deferred revenue 431,780 532,909
Current obligations under capital lease 3,402 11,699
Note payable, net - current portion 2,475,304 3,984,219
Total current liabilities 9,276,034 10,635,323
Long-term liabilities    
Obligations under capital lease 3,622 6,201
Note payable, net 4,644,983 4,934,966
Total long-term liabilities 4,648,605 4,941,167
Total liabilities 13,924,639 15,576,490
Commitments and contingencies - See notes 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, 20,587,770 shares issued and outstanding as of September 30, 2016 and $.001 par value; 300,000,000 shares authorized, 17,157,520 shares issued and outstanding as of December 31, 2015 20,587 17,156
Additional paid-in capital 157,061,545 144,538,247
Accumulated deficit (139,318,766) (139,374,825)
Total stockholders' equity 17,763,366 5,180,578
Total liabilities and stockholders' equity $ 31,688,005 $ 20,757,068
v3.5.0.2
Unaudited Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue        
Media placement $ 8,424,099 $ 3,023,222 $ 21,583,479 $ 6,804,752
Wireless applications 1,790,135 1,346,642 4,735,213 4,738,271
Licensing and royalties 127,196 144,469 388,561 419,008
Total revenue 10,341,430 4,514,333 26,707,253 11,962,031
Costs and Expenses        
Cost of revenue 4,648,156 2,163,333 12,135,274 5,614,836
Sales and marketing 2,798,283 1,198,469 7,561,188 2,951,750
General and administrative 1,792,440 2,253,446 5,143,764 4,892,354
Loss on impairment of long-lived asset 831,000 831,000
Depreciation and amortization 164,269 208,891 489,073 354,333
Total costs and expenses 9,403,148 6,655,139 25,329,299 14,644,273
Income (loss) from operations 938,282 (2,140,806) 1,377,954 (2,682,242)
Other Income (Expense)        
Interest expense (436,782) (475,265) (1,321,895) (1,309,700)
Net income (loss) before income taxes 501,500 (2,616,071) 56,059 (3,991,942)
Provision for income taxes
Net income (loss) $ 501,500 $ (2,616,071) $ 56,059 $ (3,991,942)
Basic earnings (loss) per share $ 0.03 $ (0.16) $ 0.00 $ (0.25)
Basic weighted average shares outstanding 17,433,011 16,422,988 17,714,960 15,735,226
Diluted earnings (loss) per share $ 0.03 $ (0.16) $ 0.00 $ (0.25)
Diluted weighted average shares outstanding 19,573,308 16,422,988 19,762,037 15,735,226
v3.5.0.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Cash Flows from Operating Activities        
Net income (loss) $ 501,500 $ (2,616,071) $ 56,059 $ (3,991,942)
Adjustments to reconcile net income (loss) to net cash (used in) operating activities:        
Depreciation expense 43,774 47,117 130,489 107,665
Amortization expense - software development costs 292,956 230,689 816,649 557,101
Amortization expense - patents 52,744 49,001 150,863 133,895
Amortization expense - discount of debt 200,281 165,681 570,267 458,646
Amortization expense - deferred costs 9,497 14,478 31,093 40,078
Amortization expense - intangible assets 67,750 112,773 207,720 112,773
Provision for bad debt (10,673) 240,000 336,204 245,500
Loss on disposition of assets 237 4,868
Loss on impairment of long-lived asset 831,000 831,000
Stock based compensation 375,689 336,835 935,123 634,100
Changes in operating assets and liabilities:        
(Increase) in accounts receivable, net (983,224) (298,682) (3,982,011) (1,122,025)
(Increase) in prepaid expenses (196,655) (98,008) (164,015) (202,690)
Decrease (increase) in other assets 50,000 (9,965) 50,370
(Decrease) increase in accounts payable (2,425,512) 545,993 (418,040) (50,524)
Increase in accrued expenses 158,268 72,511 675,608 38,693
(Decrease) in deferred revenue (132,195) (280,214) (101,129) (156,655)
Increase in accrued interest 60,567 87,116 190,502 250,738
Net cash (used in) operating activities (1,984,996) (509,781) (569,715) (2,063,277)
Cash Flows from Investing Activities        
Patents and patent applications costs (42,803) (119,869) (133,877) (319,441)
Purchase of property and equipment (11,050) (140,922) (23,197) (473,243)
Proceeds from sale of property and equipment 700 700
Capitalized software development costs (305,546) (541,592) (1,074,756) (1,197,837)
Purchase of intangible assets (1,300,000) (1,300,000)
Net cash (used in) investing activities (358,699) (2,102,383) (1,231,130) (3,290,521)
Cash Flows from Financing Activities        
Proceeds from issuance of common stock 12,203,605 1,909,000 12,203,605 1,959,000
Stock issuance costs (1,180,000) (75,000) (1,180,000) (75,000)
Restructuring of debt (100,000)
Principal reduction on obligation under capital lease (807) (4,946) (9,388) (14,734)
Principal reduction on repayment of debt (525,000) (1,891,668)
Net cash provided by financing activities 10,497,798 1,829,054 9,022,549 1,869,266
Net increase (decrease) in cash and cash equivalents 8,154,103 (783,110) 7,221,704 (3,484,532)
Cash and cash equivalents - beginning of period 1,682,785 2,787,250 2,615,184 5,488,672
Cash and cash equivalents - ending of period 9,836,888 2,004,140 9,836,888 2,004,140
Supplemental Information:        
Interest expense paid 232,238 208,161 529,895 614,727
Income taxes paid $ 16,900 $ 4,600 $ 34,629 $ 4,600
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