SITO Mobile, Ltd.

Single Touch Interactive, Inc.

Financials

v3.19.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 789,528 $ 2,597,246
Accounts receivable, net 15,674,306 10,206,664
Other assets, current 194,935 469,041
Total current assets 16,658,769 13,272,951
Property and equipment, net 250,363 331,635
Other assets    
Capitalized software development costs, net   861,699
Intangible assets:    
Patents 583,681 630,857
Other intangible assets, net 583,971 897,007
Goodwill 6,444,225 6,444,225
Other assets 123,722 125,543
Operating Lease ROU Assets, net 172,404 311,717
Total other assets 7,908,003 9,271,048
Total assets 24,817,135 22,875,634
Current liabilities    
Accounts payable 13,102,216 4,377,805
Accrued expenses 2,936,196 4,610,146
Other current liabilities 658,434 3,571
Deferred revenue 100,000 264,493
Operating lease liabilities 184,724 307,536
Note payable, net of discount 1,154,614
Warrant liability 145,564 174,684
Total current liabilities 18,281,748 9,738,235
Long-term liabilities    
Operating lease liabilities 27,062
Other liabilities 5,850 7,644
Total long-term liabilities 5,850 34,706
Total liabilities 18,287,598 9,772,941
Commitments and contingencies
Stockholders' Equity    
Common stock, $.001 par value; 100,000,000 shares authorized, 25,641,812 shares issued and outstanding as of June 30, 2019; and 25,529,078 December 31, 2018, respectively 25,642 25,529
Additional paid-in capital 187,862,312 185,983,896
Accumulated deficit (181,358,417) (172,906,732)
Total stockholders' equity 6,529,537 13,102,693
Total liabilities and stockholders' equity $ 24,817,135 $ 22,875,634
v3.19.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenue        
Media placement $ 13,892,216 $ 8,428,564 $ 22,322,592 $ 19,573,216
Total revenue 13,892,216 8,428,564 22,322,592 19,573,216
Cost of Revenue        
Cost of revenue 9,414,674 4,402,154 14,987,411 11,100,030
Gross profit 4,477,542 4,026,410 7,335,181 8,473,186
Operating Expenses        
Sales and marketing 3,355,001 5,512,821 7,393,117 10,781,989
General and administrative 2,564,711 4,423,630 5,965,883 9,364,096
Depreciation and amortization 173,799 171,536 322,625 357,341
Loss on impairment of long-lived assets 2,088,820 2,088,820
Total operating expenses 8,182,331 10,107,987 15,770,445 20,503,426
Loss from operations (3,704,789) (6,081,577) (8,435,264) (12,030,240)
Other Income (Expense)        
Gain on revaluation of warrant liability 348,881 334,304 29,120 975,520
Other income 16,894 31,551 17,282 117,630
Interest (expense) income, net (60,151) 1,919 (60,306) 5,893
Loss before income taxes (3,399,165) (5,713,803) (8,449,168) (10,931,197)
Income tax expense (3,037) (22,059) (2,517) (53,444)
Net loss $ (3,402,202) $ (5,735,862) $ (8,451,685) $ (10,984,641)
Basic and diluted net (loss) per share $ (0.13) $ (0.23) $ (0.33) $ (0.45)
Basic and diluted weighted average shares outstanding 25,641,812 25,128,681 25,593,853 24,430,373
v3.19.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities    
Net loss $ (8,451,685) $ (10,984,641)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 103,522 82,072
Amortization expense - software development costs 318,126 416,243
Amortization expense - patents 81,782 139,600
Amortization expense - intangible assets 135,500 135,500
Amortization expense - other assets 1,821 911
Operating leases rent expense 153,191 155,072
Accretion of discount to notes payable 45,258
Loss on disposition of assets 5,871
Gain on revaluation of warrant liability (29,120) (975,520)
Loss on impairment of assets 2,088,820
Stock option compensation expense 778,080 2,160,154
Restricted stock compensation expense 509,805 1,705,146
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable, net (5,467,642) 4,810,580
Decrease (increase) in prepaid expenses 274,106 (472,924)
(Increase) decrease in other assets (9,324)
Increase (decrease) in accounts payable 8,724,411 (2,800,441)
Decrease in accrued expenses (1,673,950) (5,776,021)
Increase in other current liabilities 654,863 17,038
Decrease in operating lease liabilities (163,751) (167,640)
Decrease in deferred revenue (164,493) (57,036)
Net cash used in operating activities (2,081,356) (11,615,360)
Cash Flows from Investing Activities    
Patents and patent applications costs (34,606) (46,298)
Purchase of property and equipment (22,250) (40,791)
Capitalized software development costs (1,367,712) (69,044)
Net cash used in investing activities (1,424,568) (156,133)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock 13,784,501
Proceeds from the exercise of stock options 116,251
Shares issued for annual bonus to executives 894,150
Proceeds from issuance of notes payable 1,109,356
Proceeds from sale of warrants associated with issuance of notes payable 590,644
Principal reduction on finance lease liabilities (1,794) (3,277)
Net cash provided by financing activities 1,698,206 14,791,625
Net (decrease) increase in cash and cash equivalents (1,807,718) 3,020,132
Cash and cash equivalents - beginning of period 2,597,246 3,611,438
Cash and cash equivalents - end of period 789,528 6,631,570
Supplemental Information:    
Interest expense paid 10,138 672
Income taxes paid 1,667 51,279
Investing Activities    
Finance lease ROU assets acquired 14,173
Operating Lease Interest Accretion to ROU Asset (13,878) (28,471)
Operating lease liability accretion $ 13,878 $ 28,471
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