SITO Mobile, Ltd.

Single Touch Interactive, Inc.

Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 3,611,438 $ 8,744,545
Accounts receivable, net 13,005,718 8,842,256
Prepaid expenses 374,380 229,039
Assets from discontinued operations 10,596 870,716
Total current assets 17,002,132 18,686,556
Property and equipment, net 449,949 410,688
Other assets    
Capitalized software development costs, net 1,485,285 1,698,992
Intangible assets:    
Patents 742,574 1,315,818
Other intangible assets, net 1,168,007 1,439,007
Goodwill 6,444,225 6,444,225
Other assets 92,420 150,038
Total other assets 9,932,511 11,048,080
Total assets 27,384,592 30,145,324
Current liabilities    
Accounts payable 6,506,902 3,184,237
Accrued expenses 9,911,540 2,180,944
Deferred revenue 245,407
Current obligations under capital lease 2,756 3,446
Note payable, net - current portion 2,896,893
Warrant liability 1,539,388
Liabilities from discontinued operations 210,789 607,236
Total current liabilities 18,171,375 9,118,163
Long-term liabilities    
Obligations under capital lease 2,756
Note payable, net 3,952,827
Total long-term liabilities 3,955,583
Total liabilities 18,175,375 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, 22,039,529 shares issued and outstanding as of December 31, 2017 and $.001 par value; 100,000,000 shares authorized, 20,681,047 shares issued and outstanding as of December 31, 2016 22,038 20,680
Additional paid-in capital 165,008,928 157,829,709
Accumulated deficit (155,817,749) (140,778,811)
Total stockholders' equity 9,213,217 17,071,578
Total liabilities and stockholders' equity $ 27,384,592 $ 30,145,324
v3.8.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Revenue    
Media placement $ 42,859,777 $ 28,911,717
Licensing and royalties 130,653 140,238
Total revenue 42,990,430 29,051,955
Cost of Revenue    
Cost of revenue 22,242,286 13,705,459
Gross profit 20,748,144 15,346,496
Operating Expenses [Abstract]    
Sales and marketing 14,522,230 10,470,543
General and administrative 16,029,040 6,074,001
Depreciation and amortization 3,500,000
Legal settlement - See notes 16 1,137,985 608,649
Total operating expenses 35,189,255 17,153,193
(Loss) from operations (14,441,111) (1,806,697)
Other Income (Expense)    
Earnings from joint venture 1,464,754 375,000
Loss on revaluation of warrant liability (477,810)
Interest expense, net of interest income (1,296,436) (1,738,231)
Net (loss) before income taxes (14,750,603) (3,169,928)
Income tax benefit (expense) 80,522 (114,278)
(Loss) from continuing operations (14,670,081) (3,284,206)
Discontinued Operations    
(Loss) income from operations of discontinued component (368,857) 1,880,220
Net (loss) income from discontinued operations (368,857) 1,880,220
Net (loss) $ (15,038,938) $ (1,403,986)
Basic and diluted net (loss) per share    
Continuing operations $ (0.69) $ (0.18)
Discontinued operations (0.02) 0.1
Basic and diluted net (loss) per share $ (0.71) $ (0.08)
Basic and diluted weighted average shares outstanding 21,249,985 18,247,364
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities    
Net (loss) $ (15,038,938) $ (1,403,986)
Less: (loss) income from discontinued operations, net of tax (368,857) 1,880,220
(Loss) from continuing operations (14,670,081) (3,284,206)
Adjustments to reconcile net (loss) o net cash (used in) operating activities:    
Depreciation expense 152,012 129,718
Amortization expense - software development costs 1,943,561 1,054,205
Amortization expense - patents 714,973 203,459
Amortization expense - discount of debt 794,548 767,393
Amortization expense - deferred costs 37,676 40,440
Amortization expense - intangible assets 271,000 275,470
Provision for bad debt 576,386 536,204
Loss on disposition of assets 6,024
Stock option compensation expense 2,165,392 1,332,946
Loss on revaluation of warrant liability 477,810
Restricted stock compensation expense 179,830
Changes in operating assets and liabilities:    
(Increase) in accounts receivable, net (4,739,849) (4,440,287)
(Increase) in prepaid expenses (145,341) (117,602)
Decrease (increase) in other assets 19,941 (19,118)
Increase (decrease) in accounts payable 3,322,662 (898,919)
Increase in accrued expenses 7,730,598 1,013,817
Increase (decrease) in deferred revenue (245,407) (222,806)
(Decrease) increase in accrued interest (727,603) 247,810
Net cash (used in) operating activities - continuing operations (3,190,074) (3,773,678)
Net cash (used in) provided by operating activities - discontinued operations (217,640) 2,884,196
Net cash (used in) operating activities (3,407,714) (889,482)
Cash Flows from Investing Activities    
Patents and patent applications costs (141,728) (176,717)
Purchase of property and equipment (224,296) (52,264)
Proceeds from sale of property and equipment 27,000
Capitalized software development costs (675,649) (1,243,506)
Net cash (used in) investing activities - continuing operations (1,014,673) (1,472,487)
Net cash provided by (used in) investing activities - discontinued operations (312,947) (370,867)
Net cash (used in) investing activities (701,726) (1,843,354)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock and warrants 6,000,000 11,500,001
Proceeds from exercise of stock options 221,431 1,069,073
Stock issuance costs (324,988) (1,180,000)
Restructuring of debt (100,000)
Principal reduction on obligation under capital lease (3,446) (1,709)
Principal reduction on repayment of debt (6,916,664) (2,416,668)
Net cash (used in) provided by financing activities - continuing operations (1,023,667) 8,870,697
Net cash (used in) financing activities - discontinued operations (8,500)
Net cash (used in) provided by financing activities (1,023,667) 8,862,197
Net (decrease) increase in cash and cash equivalents (5,133,107) 6,129,361
Cash and cash equivalents - beginning of period 8,744,545  
Cash and cash equivalents - ending of period 3,611,438 8,744,545
Supplemental Information:    
Interest expense paid 843,756 529,895
Income taxes paid $ 14,806 $ 34,629
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