Bridgeline Digital, Inc. (NASDAQ: BLIN), The Digital Engagement
Company™, today announced financial results for its fiscal second
quarter ended March 31, 2019.
“One of Bridgeline’s focus in 2019 is to reduce
customer acquisition cost through strategic expansion of its
customer base and product suite in the crowded Marketing Technology
sector. Bridgeline has made two strategic acquisitions; we acquired
the Celebros assets from SeeVolution and the OrchestraCMS assets
from Stantive. These acquisitions include over 100 new customers
with strong gross margin and annual recurring revenue,” said Ari
Kahn, Bridgeline’s President and Chief Executive Officer. “The
acquisitions include exciting new technologies such as eCommerce
search with Natural Language Processing Artificial Intelligence and
100% native Salesforce.com integration. They also launch a strong
partnership with Salesforce.com that we expect to help accelerate
sales.”
Second Quarter Summary:
- Subscription and perpetual license revenue was $1.0 million in
the second quarter of fiscal 2019, compared to $1.5 million in the
second quarter of fiscal 2018.
- Recurring revenue was $1.3 million in the second quarter of
fiscal 2019, compared to $1.7 million in the second quarter of
fiscal 2018.
- SaaS revenue was $940,000 in the second quarter of fiscal 2019,
compared to $1.3 million in the second quarter of fiscal 2018.
- Hosting revenue was $241,000 in the second quarter of fiscal
2019, compared to $293,000 in the second quarter of fiscal
2018.
- Services revenue was $911,000 in the second quarter of fiscal
2019, compared to $1.9 million in the second quarter of fiscal
2018.
- Operating expenses, excluding restructuring and
acquisition-related expenses of $304,000, were $2.5 million in the
second quarter of fiscal 2019, compared to $2.3 million in the
second quarter of fiscal 2018.
- We recorded a non-cash charge to interest expense of $10.3
million related to the allocation of proceeds from the sale of
Series C Preferred Stock and associated warrants.
Year to Date Summary:
- Subscription and perpetual license revenue was $2.1 million in
the first six months of fiscal 2019, compared to $3.1 million in
the first six months of fiscal 2018.
- Recurring revenue was $2.4 million in the first six months of
fiscal 2019, compared to $3.6 million in the first six months of
fiscal 2018.
- SaaS revenue was $1.7 million in the first six months of fiscal
2019, compared to $2.8 million in the first six months of fiscal
2018.
- Hosting revenue was $498,000 in the first six months of fiscal
2019, compared to $596,000 in the first six months of fiscal
2018.
- Services revenue was $2.0 million in the first six months of
fiscal 2019, compared to $4.0 million in the first six months of
fiscal 2018.
- Operating expenses, excluding restructuring and
acquisition-related expenses of $304,000, and a goodwill impairment
charge of $3.7 million, were reduced to $4.5 million in the first
six months of fiscal 2019 compared to $4.6 million the first six
months of fiscal 2018.
- We recorded a non-cash charge to interest expense of $10.3
million related to the allocation of proceeds from the sale of
Series C Preferred Stock and associated warrants.
Financial Results
Second Quarter
Revenue for the second quarter of fiscal 2019 was
$2.2 million, compared to $3.7 million in the second quarter of
fiscal 2018. Subscription and perpetual license revenue was $1.0
million in the second quarter of fiscal 2019, compared to $1.5
million in the second quarter of fiscal 2018. Recurring revenue was
$1.3 million in the second quarter of fiscal 2019, compared to $1.7
million in the second quarter of fiscal 2018. SaaS revenue was
$940,000 in the second quarter of fiscal 2019, compared to $1.3
million in the second quarter of fiscal 2018. Hosting revenue was
$241,000 in the second quarter of fiscal 2019, compared to $293,000
in the second quarter of fiscal 2018. Services revenue was $911,000
in the second quarter of fiscal 2019, compared to $1.9 million in
the second quarter of 2018.
Operating expenses, excluding restructuring and
acquisition-related expenses of 304,000, were $2.5 million in the
second quarter of fiscal 2019, compared to $2.3 million in the
second quarter of fiscal 2018. Loss from Operations, excluding
restructuring and acquisition-related expenses of $304,000 was $1.7
million in the second quarter of fiscal 2019, compared to $435,000
in the second quarter of fiscal 2018.
Net loss, excluding restructuring and
acquisition-related expenses of $304,000, a non-cash charge to
extinguish debt of $221,000, and a non-cash charge to interest
expense for the fair value allocation of the Preferred C Stock
warrants of $10.3 million, was $1.7 million in the second quarter
of fiscal 2019, compared to a net loss of $499,000 in the second
quarter of fiscal 2018.
Adjusted EBITDA was a loss of $1.5 million in the
second quarter of fiscal 2019, compared to a loss of $185,000 in
the second quarter of fiscal 2018.
Year to Date
Revenue for the first six months of fiscal 2019 was
$4.6 million, compared to $7.7 million in the first six months of
fiscal 2018. Subscription and perpetual license revenue was $2.1
million in the first six months of fiscal 2019, compared to $3.1
million in the first six months of fiscal 2018. Recurring revenue
was $2.4 million in the first six months of fiscal 2019, compared
to $3.6 million in the first six months of fiscal 2018. SaaS
revenue was $1.7 million in the first six months of fiscal 2019,
compared to $2.8 million in the first six months of fiscal 2018.
Hosting revenue was $498,000 for the first six months of fiscal
2019, compared to $596,000 in the first six months of fiscal 2018.
Services revenue was $2.0 million in the first six months of fiscal
2019, compared to $4.0 million in the first six months of fiscal
2018.
Operating expenses, excluding restructuring and
acquisition-related expenses of $304,000, and a goodwill impairment
charge of $3.7 million, were reduced to $4.5 million in the first
six months of fiscal 2019, compared to $4.6 million in the first
six months of fiscal 2018. Loss from Operations, excluding
restructuring and acquisition-related expenses of $304,000, and a
goodwill impairment charge of $3.7 million, was $2.7 million in the
first six months of fiscal 2019, compared to $778,000 in the first
six months of fiscal 2018.
Net loss, excluding restructuring and
acquisition-related expenses of $304,000, a goodwill impairment
charge of $3.7 million, a non-cash charge to extinguish debt of
$221,000, and a non-cash charge to interest expense for the fair
value allocation of the Preferred C Stock warrants of $10.3
million, was $2.9 million in the first six months of fiscal 2019,
compared to a net loss of $929,000 in the first six months of
fiscal 2018.
Adjusted EBITDA was a loss of $2.4 million in the
first six months of fiscal 2019, compared to a loss of $279,000 in
the first six months of fiscal 2018.
Non-GAAP Financial Measures
This press release contains the following non-GAAP
financial measures: non-GAAP adjusted net income/(loss), non-GAAP
adjusted earnings/(loss) per diluted share, Adjusted EBITDA and
Adjusted EBITDA per diluted share.
Non-GAAP adjusted net income/(loss) and non-GAAP
adjusted earnings/(loss) per diluted share are calculated as net
income/(loss) or net income/(loss) per share on a diluted basis,
excluding, where applicable, amortization of intangible assets,
stock-based compensation, goodwill impairment charges,
restructuring and acquisition-related costs, preferred stock
dividends and any related tax effects.
Adjusted EBITDA and Adjusted EBITDA per diluted
share are defined as earnings before interest, taxes, depreciation
and amortization, stock-based compensation charges, goodwill
impairment charges, restructuring and acquisition-related costs,
early extinguishment of debt, preferred stock dividends and any
related tax effects. Bridgeline uses non-GAAP adjusted net
income/(loss) and Adjusted EBITDA as supplemental measures of our
performance that are not required by, or presented in accordance
with, accounting principles generally accepted in the United States
(“GAAP”).
Bridgeline’s management does not consider these
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP. The principal
limitation of these non-GAAP financial measures is that they
exclude significant expenses and income that are required by GAAP
to be recorded in the Company's financial statements. In addition,
they are subject to inherent limitations as they reflect the
exercise of judgments by management about which expenses and income
are excluded or included in determining these non-GAAP financial
measures. In order to compensate for these limitations, Bridgeline
management presents non-GAAP financial measures in connection with
GAAP results. Bridgeline urges investors to review the
reconciliation of its non-GAAP financial measures to the comparable
GAAP financial measures, which is included in this press release,
and not to rely on any single financial measure to evaluate
Bridgeline's financial performance.
Our definitions of non-GAAP adjusted net
income/(loss) and Adjusted EBITDA may differ from and therefore may
not be comparable with similarly titled measures used by other
companies, thereby limiting their usefulness as comparative
measures. As a result of the limitations that non-GAAP adjusted net
income and Adjusted EBITDA have as an analytical tool, investors
should not consider them in isolation, or as a substitute for
analysis of our operating results as reported under GAAP.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
All statements included in this press release,
other than statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking
statements can often be identified by words such as "anticipates,"
"expects," "intends," "plans," "predicts," "believes," "seeks,"
"estimates," "may," "will," "should," "would," "could,"
"potential," "continue," "ongoing," or similar expressions, and
variations or negatives of these words. These forward-looking
statements are not guarantees of future results and are subject to
risks, uncertainties and assumptions, including, but not limited
to, the impact of the weakness in the U.S. and international
economies on our business, our inability to manage our future
growth effectively or profitably, fluctuations in our revenue and
quarterly results, our license renewal rate, the impact of
competition and our ability to maintain margins or market share,
the limited market for our common stock, the volatility of the
market price of our common stock, the ability to maintain our
listing on the NASDAQ Capital market, the ability to raise capital,
the performance of our products, our ability to respond to rapidly
evolving technology and customer requirements, our ability to
protect our proprietary technology, the security of our software,
our dependence on our management team and key personnel, our
ability to hire and retain future key personnel, or our ability to
maintain an effective system of internal controls as well as other
risks described in our filings with the Securities and Exchange
Commission. Any of such risks could cause our actual results to
differ materially and adversely from those expressed in any
forward-looking statement. We expressly disclaim any obligation to
update any forward-looking statement.
About Bridgeline Digital
Bridgeline Digital, The Digital Engagement
Company™, helps customers maximize the performance of their full
digital experience from websites and intranets to online stores and
campaigns. Bridgeline’s Unbound platform is a Digital Experience
Platform that deeply integrates Web Content Management, eCommerce,
Marketing Automation, Site Search, Authenticated Portals, Social
Media Management, Translation and Web Analytics to help the goal of
assisting marketers to help organizations deliver digital
experiences that attract, engage, nurture and convert their
customers across all channels and streamline business
operations. Headquartered in Burlington, Mass., Bridgeline has
thousands of quality customers that range from small- and
medium-sized organizations to Fortune 1000 companies. To learn
more, please visit www.bridgeline.com or call (800) 603-9936.
Contact:Company ContactBridgeline
Digital, Inc.Carole A. TynerChief Financial Officer(781)
497-3020ctyner@bridgeline.com
|
|
BRIDGELINE DIGITAL, INC. |
RECONCILIATION OF GAAP TO NON-GAAP RESULTS |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
March 31 |
|
March 31 |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Reconciliation of GAAP net loss
to |
|
|
|
|
|
|
|
|
non-GAAP
adjusted net loss: |
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(12,600 |
) |
|
$ |
(757 |
) |
|
$ |
(17,634 |
) |
|
$ |
(1,262 |
) |
|
Amortization of intangible
assets |
|
|
62 |
|
|
|
71 |
|
|
|
66 |
|
|
|
143 |
|
|
Stock-based compensation |
|
|
38 |
|
|
|
122 |
|
|
|
135 |
|
|
|
247 |
|
|
Goodwill impairment
charge |
|
|
- |
|
|
|
- |
|
|
|
3,732 |
|
|
|
- |
|
|
Restructuring and acquisition
related charges |
|
|
304 |
|
|
|
181 |
|
|
|
304 |
|
|
|
181 |
|
|
Preferred stock dividends |
|
|
78 |
|
|
|
77 |
|
|
|
157 |
|
|
|
152 |
|
|
Non-GAAP adjusted net
loss |
|
$ |
(12,118 |
) |
|
$ |
(306 |
) |
|
$ |
(13,240 |
) |
|
$ |
(539 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net loss per diluted share
to |
|
|
|
|
|
|
|
|
non-GAAP
adjusted net loss per diluted share: |
|
|
|
|
|
|
|
|
|
GAAP net loss per share |
|
$ |
(41.52 |
) |
|
$ |
(8.95 |
) |
|
$ |
(67.36 |
) |
|
$ |
(14.98 |
) |
|
Amortization of intangible
assets |
|
|
0.20 |
|
|
|
0.84 |
|
|
|
0.25 |
|
|
|
1.70 |
|
|
Stock-based compensation |
|
|
0.13 |
|
|
|
1.44 |
|
|
|
0.52 |
|
|
|
2.93 |
|
|
Goodwill impairment
charge |
|
|
- |
|
|
|
- |
|
|
|
14.26 |
|
|
|
- |
|
|
Restructuring and acquisition
related charges |
|
|
1.00 |
|
|
|
2.14 |
|
|
|
1.16 |
|
|
|
2.15 |
|
|
Preferred stock dividends |
|
|
0.26 |
|
|
|
0.91 |
|
|
|
0.60 |
|
|
|
1.80 |
|
|
Non-GAAP adjusted net loss per
diluted share |
|
$ |
(39.93 |
) |
|
$ |
(3.62 |
) |
|
$ |
(50.57 |
) |
|
$ |
(6.40 |
) |
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net loss to Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(12,600 |
) |
|
$ |
(757 |
) |
|
$ |
(17,634 |
) |
|
$ |
(1,262 |
) |
|
Provision for income tax |
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
1 |
|
|
Interest expense, net |
|
|
10,330 |
|
|
|
75 |
|
|
|
10,547 |
|
|
|
161 |
|
|
Unamortized debt discount /
extinguishment of debt |
|
|
221 |
|
|
|
- |
|
|
|
221 |
|
|
|
- |
|
|
Amortization of intangible
assets |
|
|
62 |
|
|
|
71 |
|
|
|
66 |
|
|
|
143 |
|
|
Depreciation |
|
|
14 |
|
|
|
29 |
|
|
|
34 |
|
|
|
65 |
|
|
Goodwill impairment
charge |
|
|
- |
|
|
|
- |
|
|
|
3,732 |
|
|
|
- |
|
|
Restructuring and acquisition
related charges |
|
|
304 |
|
|
|
181 |
|
|
|
304 |
|
|
|
181 |
|
|
Other amortization |
|
|
7 |
|
|
|
17 |
|
|
|
22 |
|
|
|
33 |
|
|
Stock-based compensation |
|
|
38 |
|
|
|
122 |
|
|
|
135 |
|
|
|
247 |
|
|
Preferred stock dividends |
|
|
78 |
|
|
|
77 |
|
|
|
157 |
|
|
|
152 |
|
|
Adjusted EBITDA |
|
$ |
(1,546 |
) |
|
$ |
(185 |
) |
|
$ |
(2,412 |
) |
|
$ |
(279 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net loss per diluted share
to |
|
|
|
|
|
|
|
|
Adjusted
EBITDA per diluted share: |
|
|
|
|
|
|
|
|
|
GAAP net loss per share |
|
$ |
(41.52 |
) |
|
$ |
(8.95 |
) |
|
$ |
(67.36 |
) |
|
$ |
(14.98 |
) |
|
Provision for income tax |
|
|
- |
|
|
|
- |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
Interest and other expense,
net |
|
|
34.04 |
|
|
|
0.89 |
|
|
|
40.29 |
|
|
|
1.91 |
|
|
Unamortized debt discount /
extinguishment of debt |
|
|
0.73 |
|
|
|
- |
|
|
|
0.84 |
|
|
|
- |
|
|
Amortization of intangible
assets |
|
|
0.20 |
|
|
|
0.84 |
|
|
|
0.25 |
|
|
|
1.70 |
|
|
Depreciation |
|
|
0.05 |
|
|
|
0.34 |
|
|
|
0.13 |
|
|
|
0.77 |
|
|
Goodwill impairment
charge |
|
|
- |
|
|
|
- |
|
|
|
14.26 |
|
|
|
- |
|
|
Restructuring and acquisition
related charges |
|
|
1.00 |
|
|
|
2.14 |
|
|
|
1.16 |
|
|
|
2.15 |
|
|
Other amortization |
|
|
0.02 |
|
|
|
0.20 |
|
|
|
0.08 |
|
|
|
0.39 |
|
|
Stock-based compensation |
|
|
0.13 |
|
|
|
1.44 |
|
|
|
0.52 |
|
|
|
2.93 |
|
|
Preferred stock dividends |
|
|
0.26 |
|
|
|
0.91 |
|
|
|
0.60 |
|
|
|
1.81 |
|
|
Adjusted EBITDA per diluted
share |
|
$ |
(5.09 |
) |
|
$ |
(2.19 |
) |
|
$ |
(9.21 |
) |
|
$ |
(3.31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRIDGELINE DIGITAL, INC. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Dollars in thousands, except share and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
March 31 |
|
March 31 |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital engagement
services |
|
$ |
911 |
|
|
$ |
1,921 |
|
|
$ |
1,984 |
|
|
$ |
3,981 |
|
|
Subscription and
perpetual licenses |
|
|
1,044 |
|
|
|
1,499 |
|
|
|
2,089 |
|
|
|
3,105 |
|
|
Managed service
hosting |
|
|
241 |
|
|
|
293 |
|
|
|
498 |
|
|
|
596 |
|
|
|
Total revenue |
|
|
2,196 |
|
|
|
3,713 |
|
|
|
4,571 |
|
|
|
7,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital engagement
services |
|
|
579 |
|
|
|
1,292 |
|
|
|
1,434 |
|
|
|
2,689 |
|
|
Subscription and
perpetual licenses |
|
|
753 |
|
|
|
513 |
|
|
|
1,176 |
|
|
|
993 |
|
|
Managed service
hosting |
|
|
75 |
|
|
|
86 |
|
|
|
138 |
|
|
|
166 |
|
|
|
Total cost of revenue |
|
|
1,407 |
|
|
|
1,891 |
|
|
|
2,748 |
|
|
|
3,848 |
|
|
|
Gross profit |
|
|
789 |
|
|
|
1,822 |
|
|
|
1,823 |
|
|
|
3,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
1,001 |
|
|
|
878 |
|
|
|
1,815 |
|
|
|
1,908 |
|
|
Support |
|
|
144 |
|
|
|
72 |
|
|
|
235 |
|
|
|
146 |
|
|
General and
administrative |
|
|
744 |
|
|
|
795 |
|
|
|
1,431 |
|
|
|
1,531 |
|
|
Research and
development |
|
|
489 |
|
|
|
408 |
|
|
|
907 |
|
|
|
815 |
|
|
Depreciation and
amortization |
|
|
78 |
|
|
|
104 |
|
|
|
104 |
|
|
|
212 |
|
|
Goodwill
impairment charge |
|
|
- |
|
|
|
- |
|
|
|
3,732 |
|
|
|
- |
|
|
Restructuring and
acquisition-related |
|
|
304 |
|
|
|
181 |
|
|
|
304 |
|
|
|
181 |
|
|
|
Total operating expenses |
|
|
2,760 |
|
|
|
2,438 |
|
|
|
8,528 |
|
|
|
4,793 |
|
Loss from
operations |
|
|
(1,971 |
) |
|
|
(616 |
) |
|
|
(6,705 |
) |
|
|
(959 |
) |
|
Interest and other
expense, net |
|
|
(10,330 |
) |
|
|
(64 |
) |
|
|
(10,547 |
) |
|
|
(150 |
) |
|
Unamortized debt
discount / extinguishment of debt |
|
|
(221 |
) |
|
|
- |
|
|
|
(221 |
) |
|
|
- |
|
Loss before income
taxes |
|
|
(12,522 |
) |
|
|
(680 |
) |
|
|
(17,473 |
) |
|
|
(1,109 |
) |
|
Income Taxes |
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
1 |
|
Net loss |
|
|
$ |
(12,522 |
) |
|
$ |
(680 |
) |
|
$ |
(17,477 |
) |
|
$ |
(1,110 |
) |
Dividends on
convertible preferred stock |
|
|
(78 |
) |
|
|
(77 |
) |
|
|
(157 |
) |
|
|
(152 |
) |
Net loss
applicable to common shareholders |
|
$ |
(12,600 |
) |
|
$ |
(757 |
) |
|
$ |
(17,634 |
) |
|
$ |
(1,262 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(41.52 |
) |
|
$ |
(8.95 |
) |
|
$ |
(67.36 |
) |
|
$ |
(14.98 |
) |
Number of weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
303,443 |
|
|
|
84,543 |
|
|
|
261,800 |
|
|
|
84,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRIDGELINE DIGITAL, INC. |
CONSOLIDATED BALANCE SHEETS |
(Dollars in thousands, except share and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31 |
|
September 30 |
|
|
|
|
|
2018 |
|
2018 |
Current
Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
1,615 |
|
|
$ |
644 |
|
|
Accounts
receivable and unbilled revenues, net |
|
|
2,550 |
|
|
|
1,721 |
|
|
Prepaid
expenses |
|
|
1,552 |
|
|
|
452 |
|
|
Other current
assets |
|
|
523 |
|
|
|
21 |
|
|
|
|
Total current assets |
|
|
6,240 |
|
|
|
2,838 |
|
Property and
equipment, net |
|
|
327 |
|
|
|
80 |
|
Intangible assets,
net |
|
|
3,988 |
|
|
|
20 |
|
Goodwill |
|
|
5,346 |
|
|
|
7,782 |
|
Other assets |
|
|
214 |
|
|
|
280 |
|
|
|
|
Total assets |
|
$ |
16,115 |
|
|
$ |
11,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
1,454 |
|
|
$ |
1,577 |
|
|
Accrued
liabilities |
|
|
805 |
|
|
|
580 |
|
|
Debt, current
portion |
|
|
- |
|
|
|
1,017 |
|
|
Deferred
revenue |
|
|
1,352 |
|
|
|
594 |
|
|
|
|
Total current liabilities |
|
|
3,611 |
|
|
|
3,768 |
|
Debt, net of
current portion |
|
|
- |
|
|
|
2,574 |
|
Warrant
liabilities |
|
|
20,622 |
|
|
|
- |
|
Other long-term
liabilities |
|
|
27 |
|
|
|
234 |
|
|
|
|
Total liabilities |
|
|
24,260 |
|
|
|
6,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
|
|
|
|
|
Preferred stock - $0.001 par value; 1,000,000
shares authorized; |
|
|
|
|
|
|
|
|
|
|
Series C Convertible Preferred Stock: |
|
|
|
|
|
|
|
|
|
|
|
11,000 shares authorized at
March 31, 2019 |
|
|
- |
|
|
|
- |
|
|
|
Series A Convertible Preferred Stock: |
|
|
|
|
|
|
|
|
|
|
|
264,000 and 262,310 at March
31, 2019 and 264,000 and 262,364 at September 30, 2018 issued and
outstanding (liquidation preference $2,624 at March 31, 2019) |
|
|
- |
|
|
|
- |
|
|
Common stock - $0.001 par value; 50,000,000
shares authorized; |
|
|
|
|
|
|
|
|
|
|
324,826 at March 31, 2019 and 84,005 at September 30, 2018 issued
and outstanding |
|
|
- |
|
|
|
- |
|
|
Additional paid-in-capital |
|
|
71,541 |
|
|
|
66,553 |
|
|
Accumulated deficit |
|
|
(79,334 |
) |
|
|
(61,778 |
) |
|
Accumulated other comprehensive loss |
|
|
(352 |
) |
|
|
(351 |
) |
|
|
|
Total stockholders'
equity |
|
|
(8,145 |
) |
|
|
4,424 |
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
16,115 |
|
|
$ |
11,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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