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Financial Statements

  Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update)
Cash & Equivalents 10.80 0.89
Short Term Investments 0.00 0.00
Cash and Short Term Investments 10.80 0.89
Accounts Receivable - Trade, Gross 14.36 24.79
Provision for Doubtful Accounts -0.41 -0.74
Accounts Receivable - Trade, Net 13.96 24.05
Total Receivables, Net 13.96 24.05
Prepaid Expenses 0.85 1.27
Restricted Cash - Current 4.30 5.05
Deferred Income Tax - Current Asset 0.00 0.00
Other Current Assets, Total 4.30 5.05
Total Current Assets 29.91 31.26
Buildings - Gross 0.88 1.61
Machinery/Equipment - Gross 12.33 18.68
Construction in Progress - Gross 0.81 0.00
Other Property/Plant/Equipment - Gross 3.83 4.27
Property/Plant/Equipment, Total - Gross 17.85 24.57
Accumulated Depreciation, Total -12.00 -18.69
Property/Plant/Equipment, Total - Net 5.85 5.88
Goodwill, Net 0.00 0.00
Intangibles - Gross 47.31 47.31
Accumulated Intangible Amortization -42.57 -40.20
Intangibles, Net 4.73 7.10
LT Investment - Affiliate Companies 0.00 0.00
LT Investments - Other 0.00 0.00
Long Term Investments 0.00 0.00
Deferred Income Tax - Long Term Asset 0.00 0.00
Other Long Term Assets 0.64 0.66
Other Long Term Assets, Total 0.64 0.66
Total Assets 41.13 44.90
Accounts Payable 7.23 14.08
Accrued Expenses 3.28 2.89
Notes Payable/Short Term Debt 10.19 3.75
Current Portion of Long Term Debt/Capital Leases 1.45 0.00
Customer Advances 0.09 0.36
Other Current Liabilities 0.30 1.24
Other Current liabilities, Total 0.40 1.59
Total Current Liabilities 22.54 22.31
Long Term Debt 0.06 0.00
Total Long Term Debt 0.06 0.00
Total Debt 11.69 3.75
Other Long Term Liabilities 2.19 1.50
Other Liabilities, Total 2.19 1.50
Total Liabilities 24.79 23.81
Preferred Stock - Non Redeemable 0.00 0.00
Preferred Stock - Non Redeemable, Net 0.00 0.00
Common Stock 0.01 0.01
Common Stock, Total 0.01 0.01
Additional Paid-In Capital 366.09 364.03
Retained Earnings (Accumulated Deficit) -349.77 -342.95
Total Equity 16.34 21.10
Total Liabilities & Shareholders' Equity 41.13 44.90
Shares Outstanding – Common Stock Primary Issue 13.17 13.15
Total Common Shares Outstanding 13.17 13.15
Treasury Shares – Common Primary Issue 0.00 0.00
Shares Outstanding - Preferred Issue 1 0.00 0.00
Total Preferred Shares Outstanding 0.00 0.00
Employees 149.00 171.00
Number of Common Shareholders 152.00 161.00
Accumulated Intangible Amortization 42.57 40.20
Deferred Revenue - Current 0.09 0.36
Total Current Assets less Inventory 29.91 31.26
Quick Ratio 1.33 1.40
Current Ratio 1.33 1.40
Net Debt 0.89 2.85
Tangible Book Value 11.60 13.99
Tangible Book Value per Share 0.88 1.06
Total Long Term Debt, Supplemental 1.51 0.00
Long Term Debt Maturing within 1 Year 1.45 0.00
Long Term Debt Maturing in Year 2 0.03 0.00
Long Term Debt Maturing in Year 3 0.03 0.00
Long Term Debt Maturing in Year 4 0.00 0.00
Long Term Debt Maturing in Year 5 0.00 0.00
Long Term Debt Maturing in 2-3 Years 0.06 0.00
Long Term Debt Maturing in 4-5 Years 0.00 0.00
Long Term Debt Maturing in Year 6 & Beyond 0.00 0.00
Total Operating Leases 3.21 4.66
Operating Lease Payments Due in Year 1 1.19 1.43
Operating Lease Payments Due in Year 2 0.88 0.92
Operating Lease Payments Due in Year 3 0.80 0.79
Operating Lease Payments Due in Year 4 0.53 0.79
Operating Lease Payments Due in Year 5 0.20 0.53
Operating Lease Payments Due in 2-3 Years 1.68 1.72
Operating Lease Payments Due in 4-5 Years 0.72 1.31
Standardized Operating Lease Payments Due in Year 6 and Beyond -0.38 0.20
  Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Update)
Net Sales 76.57 113.98 125.59
Revenue 76.57 113.98 125.59
Total Revenue 76.57 113.98 125.59
Cost of Revenue 52.89 91.41 101.32
Cost of Revenue, Total 52.89 91.41 101.32
Gross Profit 23.68 22.57 24.27
Selling/General/Administrative Expense 19.02 22.48 24.90
Labor & Related Expense 1.90 2.21 3.60
Selling/General/Administrative Expenses, Total 20.92 24.69 28.50
Research & Development 6.57 8.85 13.84
Depreciation 1.71 4.37 4.90
Amortization of Intangibles, Operating -- -- --
Depreciation/Amortization 1.71 4.37 4.90
Litigation -- -- --
Impairment-Assets Held for Use 0.00 0.00 16.12
Other Unusual Expense (Income) -- -- --
Unusual Expense (Income) 0.00 0.00 16.12
Total Operating Expense 82.09 129.32 164.66
Operating Income -5.52 -15.34 -39.07
Interest Expense - Non-Operating -- -- --
Interest Expense, Net Non-Operating -- -- --
Interest Income, Non-Operating -- -- --
Investment Income, Non-Operating -- -- --
Interest/Investment Income, Non-Operating -- -- --
Interest Income (Expense), Net Non-Operating -1.52 0.12 0.25
Interest Income (Expense), Net-Non-Operating, Total -1.52 0.12 0.25
Gain (Loss) on Sale of Assets -- -- --
Other Non-Operating Income (Expense) 0.24 -- --
Other, Net 0.24 -- --
Net Income Before Taxes -6.81 -15.22 -38.82
Income Tax – Total 0.01 0.01 -0.01
Income After Tax -6.82 -15.23 -38.82
Net Income Before Extraordinary Items -6.82 -15.23 -38.82
Extraordinary Item -- 0.00 0.00
Total Extraordinary Items -- 0.00 0.00
Net Income -6.82 -15.23 -38.82
Income Available to Common Excluding Extraordinary Items -6.82 -15.23 -38.82
Income Available to Common Stocks Including Extraordinary Items -6.82 -15.23 -38.82
Basic Weighted Average Shares 13.14 13.07 12.76
Basic EPS Excluding Extraordinary Items -0.52 -1.17 -3.04
Basic EPS Including Extraordinary Items -0.52 -1.17 -3.04
Dilution Adjustment -- -- --
Diluted Net Income -6.82 -15.23 -38.82
Diluted Weighted Average Shares 13.14 13.07 12.76
Diluted EPS Excluding Extraordinary Items -0.52 -1.17 -3.04
Diluted EPS Including Extraordinary Items -0.52 -1.17 -3.04
DPS - Common Stock Primary Issue -- -- --
Gross Dividends - Common Stock 0.00 0.00 0.00
Total Special Items 0.00 0.00 16.12
Normalized Income Before Taxes -6.81 -15.22 -22.71
Effect of Special Items on Income Taxes 0.00 0.00 5.64
Income Taxes Excluding Impact of Special Items 0.01 0.01 5.63
Normalized Income After Taxes -6.82 -15.23 -28.34
Normalized Income Available to Common -6.82 -15.23 -28.34
Basic Normalized EPS -0.52 -1.17 -2.22
Diluted Normalized EPS -0.52 -1.17 -2.22
Amortization of Intangibles, Supplemental 2.40 4.90 --
Depreciation, Supplemental 1.30 1.60 8.54
Interest Expense, Supplemental -- -- --
Rental Expense, Supplemental 1.70 2.03 1.70
Stock-Based Compensation, Supplemental 1.98 2.40 4.87
Advertising Expense, Supplemental -- -- --
Research & Development Expense, Supplemental 6.57 8.85 13.84
Audit-Related Fees, Supplemental -- 0.53 0.52
Audit-Related Fees -- 0.01 0.01
Tax Fees, Supplemental -- 0.01 0.01
All Other Fees Paid to Auditor, Supplemental -- -- --
Gross Margin 30.93 19.80 19.33
Operating Margin -7.21 -13.46 -31.11
Pretax Margin -8.89 -13.35 -30.91
Effective Tax Rate -- -- --
Net Profit Margin -8.91 -13.36 -30.91
Normalized EBIT -5.52 -15.34 -22.96
Normalized EBITDA -1.82 -8.84 -14.41
Current Tax - Domestic -- 0.00 0.03
Current Tax - Foreign -- 0.00 0.00
Current Tax - Local 0.01 0.01 -0.01
Current Tax - Total 0.01 0.01 0.03
Deferred Tax - Domestic -0.56 -2.07 -6.21
Deferred Tax - Foreign -- 0.00 0.00
Deferred Tax - Local -0.16 -0.42 -1.19
Deferred Tax - Total -0.72 -2.48 -7.40
Other Tax 0.72 2.48 7.37
Income Tax - Total 0.01 0.01 -0.01
Defined Contribution Expense - Domestic 0.10 0.30 0.30
Total Pension Expense 0.10 0.30 0.30
Traffic Acquisition Costs (TAC) -- -- 6.97
  Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Update)
Net Income/Starting Line -6.82 -15.23 -38.82
Depreciation – Supplemental 3.62 6.45 8.54
Depreciation/Depletion 3.62 6.45 8.54
Deferred Taxes -- -- 0.69
Unusual Items 0.01 -0.19 16.09
Other Non-Cash Items 2.54 2.94 5.32
Non-Cash Items 2.54 2.75 21.41
Accounts Receivable 9.72 2.30 -1.45
Prepaid Expenses 0.42 -0.02 0.81
Other Assets 0.02 -0.15 -0.28
Accounts Payable -7.28 -3.49 3.83
Accrued Expenses -0.33 -2.03 2.33
Other Liabilities
Changes in Working Capital 2.56 -3.39 5.25
Cash from Operating Activities 1.90 -9.42 -2.92
Purchase of Fixed Assets -0.60 -1.64 -0.90
Purchase/Acquisition of Intangibles -- --
Capital Expenditures -0.60 -1.64 -0.90
Acquisition of Business
Sale/Maturity of Investment -- 0.25 0.13
Investment, Net --
Purchase of Investments -- --
Other Investing Cash Flow Items, Total -- 0.25 0.13
Cash from Investing Activities -0.60 -1.39 -0.77
Other Financing Cash Flow --
Financing Cash Flow Items --
Sale/Issuance of Common -- -- 0.20
Repurchase/Retirement of Common -- --
Common Stock, Net -- -- 0.20
Sale/Issuance of Preferred
Preferred Stock, Net
Options Exercised 0.08 0.41 0.10
Warrants Converted
Issuance (Retirement) of Stock, Net 0.08 0.41 0.30
Short Term Debt Issued 99.64 73.97
Short Term Debt Reduction -93.20 -70.22
Short Term Debt, Net 6.44 3.75
Long Term Debt Issued 1.38
Long Term Debt Reduction -0.04 -1.00 -8.00
Long Term Debt, Net 1.34 -1.00 -8.00
Issuance (Retirement) of Debt, Net 7.78 2.75 -8.00
Cash from Financing Activities 7.86 3.15 -7.70
Net Change in Cash 9.16 -7.65 -11.39
Net Cash - Beginning Balance 5.95 13.60 24.99
Net Cash - Ending Balance 15.11 5.95 13.60
Cash Interest Paid 0.85 0.18 0.12
Cash Taxes Paid 0.85 0.01 0.00