SITO Mobile, Ltd.

Single Touch Interactive, Inc.

Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 2,597,246 $ 3,611,438
Accounts receivable, net 10,206,664 13,005,718
Other prepaid expenses 469,041 374,380
Assets from discontinued operations 10,596
Total current assets 13,272,951 17,002,132
Property and equipment, net 343,572 449,949
Other assets    
Capitalized software development costs, net 861,699 1,485,285
Intangible assets:    
Patents, net 630,857 742,574
Other intangible assets, net 897,007 1,168,007
Goodwill 6,444,225 6,444,225
Other assets 114,101 92,420
Total other assets 8,947,889 9,932,511
Total assets 22,564,412 27,384,592
Current liabilities    
Accounts payable 4,377,805 6,506,902
Accrued expenses 4,610,146 9,911,540
Deferred revenue 264,493
Current obligations under capital lease 3,571 2,756
Warrant liability 174,684 1,539,388
Liabilities from discontinued operations 210,789
Total current liabilities 9,430,699 18,171,375
Long-term liabilities    
Obligations under capital lease 7,644
Total long-term liabilities 7,644
Total liabilities 9,438,343 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, 25,529,078; and 22,039,529 shares issued and outstanding as of December 31, 2018 and 2017 respectively 25,529 22,039
Additional paid-in capital 185,983,896 165,008,927
Accumulated deficit (172,883,356) (155,817,749)
Total stockholders' equity 13,126,069 9,213,217
Total liabilities and stockholders' equity $ 22,564,412 $ 27,384,592
v3.19.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Revenue    
Media placement $ 39,746,351 $ 42,859,777
Licensing and royalties 130,653
Total revenue 39,746,351 42,990,430
Cost of Revenue    
Cost of revenue 21,343,912 22,242,286
Gross profit 18,402,439 20,748,144
Operating Expenses    
Sales and marketing 19,213,687 14,522,230
General and administrative 17,009,684 16,029,040
Legal settlement - See notes 16 3,500,000
Depreciation and amortization 647,680 1,137,985
Total operating expenses 36,871,051 35,189,255
Loss from operations (18,468,612) (14,441,111)
Other Income (Expense)    
Earnings from joint venture 1,464,754
Gain (loss) on revaluation of warrant liability 1,364,704 (477,810)
Other income 118,753
Interest income (expense), net 1,830 (1,296,436)
Loss before income taxes (16,983,325) (14,750,603)
Income tax (expense) benefit (82,282) 80,522
Net loss from continuing operations (17,065,607) (14,670,081)
Discontinued Operations    
Loss from discontinued operations (368,857)
Net loss from discontinued operations (368,857)
Net loss $ (17,065,607) $ (15,038,938)
Basic and diluted net loss per share    
Continuing operations $ (0.68) $ (0.69)
Discontinued operations (0.02)
Basic and diluted net loss per share $ (0.68) $ (0.71)
Basic and diluted weighted average shares outstanding 24,926,197 21,249,985
v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities    
Net loss $ (17,065,607) $ (15,038,938)
Less: loss from discontinued operations, net of tax (368,857)
Net loss from continuing operations (17,065,607) (14,670,081)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 161,879 152,012
Amortization expense - software development costs 764,375 889,357
Amortization expense - patents 213,722 714,973
Amortization expense - discount of debt 794,548
Amortization expense - deferred costs 37,676
Amortization expense - intangible assets 271,000 271,000
Provision for bad debt 225,522 576,386
Loss on disposition of assets 6,951 6,024
(Gain) loss on revaluation of warrant liability (1,364,704) 477,810
Stock option compensation expense 3,930,521 2,165,392
Restricted stock compensation expense 2,253,036 179,830
Changes in operating assets and liabilities:    
Decrease (Increase) in accounts receivable, net 2,573,532 (4,739,849)
(Increase) in prepaid expenses (94,661) (145,341)
(Increase) decrease in other assets (21,681) 19,941
(Decrease) increase in accounts payable (2,129,097) 3,322,662
(Decrease) increase in accrued expenses (4,407,244) 7,730,597
Increase (Decrease) in deferred revenue 264,493 (245,407)
Decrease in accrued interest (727,603)
Net cash used in operating activities - continuing operations (14,417,963) (3,190,074)
Net cash used in operating activities - discontinued operations (207,144) (217,640)
Net cash used in operating activities (14,625,107) (3,407,714)
Cash Flows from Investing Activities    
Patents and patent applications costs (102,005) (141,728)
Purchase of property and equipment (41,068) (224,296)
Proceeds from sale of property and equipment 27,000
Capitalized software development costs (140,789) (675,649)
Net cash used in investing activities - continuing operations (283,862) (1,014,673)
Net cash provided by investing activities - discontinued operations 312,947
Net cash used in investing activities (283,862) (701,726)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock 14,842,750 6,000,000
Proceeds from exercise of stock options 116,251 221,431
Stock issuance costs (1,058,249) (324,988)
Principal reduction on obligation under capital lease (5,975) (3,446)
Principal reduction on repayment of debt (6,916,664)
Net cash provided by (used in) financing activities - continuing operations 13,894,777 (1,023,667)
Net cash provided by (used in) financing activities - discontinued operations
Net cash provided by (used in) financing activities 13,894,777 (1,023,667)
Net increase (decrease) in cash and cash equivalents (1,014,192) (5,133,107)
Cash and cash equivalents - beginning of year 3,611,438 8,744,545
Cash and cash equivalents - end of year 2,597,246 3,611,438
Supplemental Information:    
Interest expense paid 9,876 843,756
Income taxes paid 99,372 14,806
Investing Activities    
Equipment acquired under capital lease 14,434
Financing Activities    
Settlement of accrued expense by issuance of 222,425 shares of common stock $ 894,150
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