SITO Mobile, Ltd.

Single Touch Interactive, Inc.

Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 11,937,009 $ 3,611,438
Accounts receivable, net 8,957,459 13,005,718
Other prepaid expenses 526,770 374,380
Assets from discontinued operations 10,596
Total current assets 21,421,238 17,002,132
Property and equipment, net 451,970 449,949
Other assets    
Capitalized software development costs, net 1,320,638 1,485,285
Intangible assets:    
Patents 678,758 742,574
Other intangible assets, net 1,100,257 1,168,007
Goodwill 6,444,225 6,444,225
Other assets 106,745 92,420
Total other assets 9,650,623 9,932,511
Total assets 31,523,831 27,384,592
Current liabilities    
Accounts payable 3,988,230 6,506,902
Accrued expenses 6,607,997 9,911,540
Deferred revenue 57,857
Current obligations under capital lease 5,682 2,756
Warrant liability 898,172 1,539,388
Liabilities from discontinued operations 210,789
Total current liabilities 11,557,938 18,171,375
Long-term liabilities    
Obligations under capital lease 10,328
Total long-term liabilities 10,328
Total liabilities 11,568,266 18,171,375
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, 25,115,570 shares issued and outstanding as of March 31, 2018; and 22,039,529 shares issued and outstanding as of December 31, 2017 25,114 22,038
Additional paid-in capital 180,995,931 165,008,928
Accumulated deficit (161,065,480) (155,817,749)
Total stockholders' equity 19,955,565 9,213,216
Total liabilities and stockholders' equity $ 31,523,831 $ 27,384,592
v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenue    
Media placement $ 11,144,652 $ 6,522,132
Licensing and royalties 30,616
Total revenue 11,144,652 6,552,748
Cost of Revenue    
Cost of revenue 6,697,876 3,395,061
Gross profit 4,446,776 3,157,687
Operating Expenses    
Sales and marketing 5,260,251 3,476,911
General and administrative 4,949,383 2,330,454
Depreciation and amortization 184,757 161,764
Total operating expenses 10,394,391 5,969,129
Loss from operations (5,947,615) (2,811,442)
Other Income (Expense)    
Earnings from joint venture 92,213
Gain on revaluation of warrant liability 641,216
Other income 86,079
Interest income (expense), net 3,974 (391,614)
Net loss before income taxes (5,216,346) (3,110,843)
Income tax expense (31,385)
Net loss from continuing operations (5,247,731) (3,110,843)
Discontinued Operations    
Income from operations of discontinued component 51,376
Net income from discontinued operations 51,376
Net loss $ (5,247,731) $ (3,059,467)
Basic and diluted net (loss) per share    
Continuing operations $ (0.22) $ (0.15)
Discontinued operations 0
Basic and diluted net (loss) per share $ (0.22) $ (0.15)
Basic and diluted weighted average shares outstanding 23,724,307 20,681,047
v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities    
Net loss $ (5,247,731) $ (3,059,467)
Less: income from discontinued operations, net of tax 51,376
Net loss from continuing operations (5,247,731) (3,110,843)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 40,544 41,418
Amortization expense - software development costs 208,554 212,483
Amortization expense - patents 76,463 52,597
Amortization expense - discount of debt 186,184
Amortization expense - deferred costs 8,828
Amortization expense - intangible assets 67,750 67,750
Provision for bad debt 39,945
Loss on disposition of assets 5,871 6,024
Gain on revaluation of warrant liability (641,216)
Stock option compensation expense 1,137,246 341,260
Restricted stock compensation expense 952,082
Changes in operating assets and liabilities:    
Decrease in accounts receivable, net 4,048,259 1,184,039
(Increase) in prepaid expenses (152,390) (57,269)
(Increase) decrease in other assets (10,680) 29,567
(Decrease) in accounts payable (2,663,396) (135,157)
(Decrease) increase in accrued expenses (3,309,912) 302,355
(Decrease) in deferred revenue (1,839) (10,086)
Increase in accrued interest 7,952
Net cash used in operating activities - continuing operations (5,490,395) (832,953)
Net cash provided by operating activities - discontinued operations 46,626
Net cash used in operating activities (5,490,395) (786,327)
Cash Flows from Investing Activities    
Patents and patent applications costs (12,647) (33,759)
Purchase of property and equipment (41,486) (167,856)
Proceeds from sale of property and equipment 27,000
Capitalized software development costs (43,906) (318,780)
Net cash used in investing activities - continuing operations (98,039) (493,395)
Net cash provided by investing activities - discontinued operations 312,591
Net cash used in investing activities (98,039) (180,804)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock 14,842,750
Proceeds from exercise of stock options 116,251
Stock issuance costs (1,058,249)
Principal reduction on obligation under capital lease 13,253 (838)
Principal reduction on repayment of debt (825,000)
Net cash provided by (used in) financing activities - continuing operations 13,914,005 (825,838)
Net cash provided by financing activities - discontinued operations
Net cash provided by (used in) financing activities 13,914,005 (825,838)
Net increase (decrease) in cash and cash equivalents 8,325,571 (1,792,969)
Cash and cash equivalents - beginning of period 3,611,438 8,744,545
Cash and cash equivalents - ending of period 11,937,009 6,951,576
Supplemental Information:    
Interest expense paid 51 190,363
Income taxes paid $ 31,625
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