Quarterly report pursuant to Section 13 or 15(d)

Guarantor and Non-Guarantor Financial Statements

v3.10.0.1
Guarantor and Non-Guarantor Financial Statements
6 Months Ended
Sep. 30, 2018
Condensed Financial Information Disclosure [Abstract]  
Guarantor and Non-Guarantor Financial Statements
Guarantor and Non-Guarantor Financial Statements
On September 28, 2016, the Company sold to the Initial Purchaser $16,000 principal amount of 8.75% convertible notes maturing on September 23, 2020, unless converted, repurchased, or redeemed in accordance with their terms prior to such date. The Notes were issued under the Indenture, as amended and supplemented to date, between Digital Turbine, Inc., US Bank National Association, as trustee, and certain wholly-owned subsidiaries of the Company, specifically, DT USA, DT Media, DT EMEA, and DT APAC. Given the Notes are unconditionally guaranteed as to the payment of principal, premium, if any, and interest on a senior unsecured basis by four of the wholly-owned subsidiaries of the Company, the Company is required by SEC Reg S-X 210.3-10 to include, in a footnote, consolidating financial information for the same periods with a separate column for:
The parent company;
The subsidiary guarantors on a combined basis;
Any other subsidiaries of the parent company on a combined basis;
Consolidating adjustments; and
The total consolidated amounts.
The following consolidated financial information includes:
(1) Consolidated balance sheets as of September 30, 2018 and March 31, 2018; consolidated statements of operations for the three and six months ended September 30, 2018 and 2017; and consolidated statements of cash flows for the six months ended September 30, 2018 and 2017 of (a) Digital Turbine, Inc. as the parent, (b) the guarantor subsidiaries, (c) the non-guarantor subsidiaries, and (d) Digital Turbine, Inc. on a consolidated basis; and
(2) Elimination entries necessary to consolidate Digital Turbine, Inc., as the parent, with its guarantor and non-guarantor subsidiaries.
Digital Turbine, Inc. owns 100% of all of the guarantor subsidiaries, and as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of and for the three and six months ended September 30, 2018 or 2017.

Consolidated Balance Sheet
as of September 30, 2018 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
ASSETS
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
Cash
 
$
205

 
$
7,823

 
$
321

 
$
8,349

Restricted cash
 
256

 
175

 

 
431

Accounts receivable, net of allowance of $866
 

 
20,604

 
258

 
20,862

Deposits
 
34

 
114

 
4

 
152

Prepaid expenses and other current assets
 
312

 
394

 
10

 
716

Current assets held for disposal
 

 
3,515

 
157

 
3,672

Total current assets
 
807

 
32,625

 
750

 
34,182

Property and equipment, net
 
576

 
2,470

 
7

 
3,053

Deferred tax assets
 
655

 

 

 
655

Intangible assets, net
 
1

 
560

 

 
561

Goodwill
 
1,065

 
40,201

 
1,000

 
42,266

TOTAL ASSETS
 
$
3,104

 
$
75,856

 
$
1,757

 
$
80,717

INTERCOMPANY
 
 
 
 
 
 
 
 
Intercompany payable / (receivable), net
 
113,747

 
(96,749
)
 
(16,998
)
 

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
Accounts payable
 
$
1,068

 
$
25,684

 
$

 
$
26,752

Accrued license fees and revenue share
 

 
5,322

 
395

 
5,717

Accrued compensation
 
34

 
512

 
35

 
581

Short-term debt, net of debt issuance costs and discounts of $120
 
1,480

 

 

 
1,480

Other current liabilities
 
1,060

 
376

 
41

 
1,477

Current liabilities held for disposal
 

 
5,639

 
276

 
5,915

Total current liabilities
 
3,642

 
37,533

 
747

 
41,922

Convertible notes, net of debt issuance costs and discounts of $1,482
 
3,418

 

 

 
3,418

Convertible note embedded derivative liability
 
1,728

 

 

 
1,728

Warrant liability
 
1,484

 

 

 
1,484

Total liabilities
 
10,272

 
37,533

 
747

 
48,552

Stockholders' equity
 
 
 
 
 
 
 
 
Preferred stock
 
 
 
 
 
 
 
 
Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares authorized, 100,000 issued and outstanding (liquidation preference of $1,000)
 
100

 

 

 
100

Common stock
 
 
 
 
 
 
 
 
$0.0001 par value: 200,000,000 shares authorized; 78,214,570 issued and 77,480,114 outstanding at September 30, 2018
 
10

 

 

 
10

Additional paid-in capital
 
320,361

 

 

 
320,361

Treasury stock (754,599 shares at September 30, 2018)
 
(71
)
 

 

 
(71
)
Accumulated other comprehensive loss
 
30

 
(1,489
)
 
1,136

 
(323
)
Accumulated deficit
 
(213,851
)
 
(56,937
)
 
(17,124
)
 
(287,912
)
Total stockholders' equity
 
106,579

 
(58,426
)
 
(15,988
)
 
32,165

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
116,851

 
$
(20,893
)
 
$
(15,241
)
 
$
80,717


Consolidated Balance Sheet
as of March 31, 2018 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
ASSETS
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
Cash
 
$
501

 
$
11,800

 
$
419

 
$
12,720

Restricted cash
 
156

 
175

 

 
331

Accounts receivable, net of allowance of $512
 

 
16,777

 
273

 
17,050

Deposits
 
34

 
113

 
4

 
151

Prepaid expenses and other current assets
 
330

 
406

 
14

 
750

Current assets held for disposal
 

 
8,610

 
143

 
8,753

Total current assets
 
1,021

 
37,881

 
853

 
39,755

Property and equipment, net
 
257

 
2,485

 
15

 
2,757

Deferred tax assets
 
596

 

 

 
596

Intangible assets, net
 

 
1,231

 

 
1,231

Goodwill
 

 
41,268

 
1,000

 
42,268

TOTAL ASSETS
 
$
1,874

 
$
82,865

 
$
1,868

 
$
86,607

INTERCOMPANY
 
 
 
 
 
 
 
 
Intercompany payable / (receivable), net
 
117,873

 
(114,234
)
 
(3,639
)
 

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
Accounts payable
 
$
1,031

 
$
18,841

 
$
23

 
$
19,895

Accrued license fees and revenue share
 

 
7,989

 
243

 
8,232

Accrued compensation
 
2,285

 
661

 
20

 
2,966

Short-term debt, net of debt issuance costs and discounts of $205
 
1,445

 

 

 
1,445

Other current liabilities
 
911

 
231

 

 
1,142

Current liabilities held for disposal
 

 
12,246

 
480

 
12,726

Total current liabilities
 
5,672

 
39,968

 
766

 
46,406

Convertible notes, net of debt issuance costs and discounts of $1,827
 
3,873

 

 

 
3,873

Convertible note embedded derivative liability
 
4,676

 

 

 
4,676

Warrant liability
 
3,980

 

 

 
3,980

Total liabilities
 
18,201

 
39,968

 
766

 
58,935

Stockholders' equity
 
 
 
 
 
 
 
 
Preferred stock
 
 
 
 
 
 
 
 
Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares authorized, 100,000 issued and outstanding (liquidation preference of $1,000)
 
100

 

 

 
100

Common stock
 
 
 
 
 
 
 
 
$0.0001 par value: 200,000,000 shares authorized; 76,843,278 issued and 76,108,822 outstanding at March 31, 2018
 
10

 

 

 
10

Additional paid-in capital
 
318,066

 

 

 
318,066

Treasury stock (754,599 shares at March 31, 2018)
 
(71
)
 

 

 
(71
)
Accumulated other comprehensive loss
 
(15
)
 
(621
)
 
311

 
(325
)
Accumulated deficit
 
(216,544
)
 
(70,716
)
 
(2,848
)
 
(290,108
)
Total stockholders' equity
 
101,546

 
(71,337
)
 
(2,537
)
 
27,672

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
119,747

 
$
(31,369
)
 
$
(1,771
)
 
$
86,607


Consolidated Statement of Operations and Comprehensive Loss
for the three months ended September 30, 2018 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Elimination
 
Consolidated Total
Net revenues
 
$

 
$
43,766

 
$
180

 
$
(20,092
)
 
$
23,854

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
35,804

 
90

 
(20,092
)
 
15,802

Other direct cost of revenues
 

 
508

 

 

 
508

Total cost of revenues
 

 
36,312

 
90

 
(20,092
)
 
16,310

Gross profit
 

 
7,454

 
90

 

 
7,544

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
82

 
2,435

 
120

 

 
2,637

Sales and marketing
 
234

 
1,483

 
196

 

 
1,913

General and administrative
 
1,252

 
1,345

 
82

 

 
2,679

Total operating expenses
 
1,568

 
5,263

 
398

 

 
7,229

Income / (loss) from operations
 
(1,568
)
 
2,191

 
(308
)
 

 
315

Interest and other income / (expense), net
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(134
)
 
(1
)
 

 

 
(135
)
Foreign exchange transaction gain / (loss)
 

 
15

 
(14
)
 

 
1

Change in fair value of convertible note embedded derivative liability
 
952

 

 

 

 
952

Change in fair value of warrant liability
 
926

 

 

 

 
926

Loss on extinguishment of debt
 
(15
)
 

 

 

 
(15
)
Other income / (expense)
 
24

 
(24
)
 
1

 

 
1

Total interest and other income / (expense), net
 
1,753

 
(10
)
 
(13
)
 

 
1,730

Income / (loss) from continuing operations before income taxes
 
185

 
2,181

 
(321
)
 

 
2,045

Income tax benefit
 
(23
)
 

 

 

 
(23
)
Net income / (loss) from continuing operations, net of taxes
 
208

 
2,181

 
(321
)
 

 
2,068

Loss from discontinued operations
 

 
(356
)
 

 

 
(356
)
Net loss from discontinued operations, net of taxes
 

 
(356
)
 

 

 
(356
)
Net income / (loss)
 
$
208

 
$
1,825

 
$
(321
)
 
$

 
$
1,712

Comprehensive income / (loss)
 
$
208

 
$
1,825

 
$
(321
)
 
$

 
$
1,712

Consolidated Statement of Operations and Comprehensive Loss
for the six months ended September 30, 2018 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Elimination
 
Consolidated Total
Net revenues
 
$

 
$
84,693

 
$
384

 
$
(39,111
)
 
$
45,966

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
69,949

 
180

 
(39,111
)
 
31,018

Other direct cost of revenues
 

 
1,015

 

 

 
1,015

Total cost of revenues
 

 
70,964

 
180

 
(39,111
)
 
32,033

Gross profit
 

 
13,729

 
204

 

 
13,933

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
172

 
5,339

 
235

 

 
5,746

Sales and marketing
 
358

 
2,991

 
400

 

 
3,749

General and administrative
 
2,414

 
2,835

 
134

 

 
5,383

Total operating expenses
 
2,944

 
11,165

 
769

 

 
14,878

Income / (loss) from operations
 
(2,944
)
 
2,564

 
(565
)
 

 
(945
)
Interest and other income / (expense), net
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(454
)
 

 

 

 
(454
)
Foreign exchange transaction gain / (loss)
 

 
25

 
(16
)
 

 
9

Change in fair value of convertible note embedded derivative liability
 
2,572

 

 

 

 
2,572

Change in fair value of warrant liability
 
2,496

 

 

 

 
2,496

Loss on extinguishment of debt
 
(15
)
 

 

 

 
(15
)
Other income / (expense)
 
918

 
(1,040
)
 
(4
)
 

 
(126
)
Total interest and other income / (expense), net
 
5,517

 
(1,015
)
 
(20
)
 

 
4,482

Income / (loss) from continuing operations before income taxes
 
2,573

 
1,549

 
(585
)
 

 
3,537

Income tax benefit
 
(59
)
 

 

 

 
(59
)
Net income / (loss) from continuing operations, net of taxes
 
2,632

 
1,549

 
(585
)
 

 
3,596

Income / (loss) from discontinued operations
 
(37
)
 
(1,372
)
 
9

 

 
(1,400
)
Net income / (loss) from discontinued operations, net of taxes
 
(37
)
 
(1,372
)
 
9

 

 
(1,400
)
Net income / (loss)
 
$
2,595

 
$
177

 
$
(576
)
 
$

 
$
2,196

Comprehensive income / (loss)
 
$
2,595

 
$
177

 
$
(576
)
 
$

 
$
2,196








Consolidated Statement of Operations and Comprehensive Loss
for the three months ended September 30, 2017 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Elimination
 
Consolidated Total
Net revenues
 
$

 
$
29,026

 
$
267

 
$
(13,388
)
 
$
15,905

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
23,183

 
70

 
(13,388
)
 
9,865

Other direct cost of revenues
 

 
430

 

 

 
430

Total cost of revenues
 

 
23,613

 
70

 
(13,388
)
 
10,295

Gross profit
 

 
5,413

 
197

 

 
5,610

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
7

 
2,216

 
18

 

 
2,241

Sales and marketing
 
72

 
1,143

 
69

 

 
1,284

General and administrative
 
2,393

 
1,038

 
120

 

 
3,551

Total operating expenses
 
2,472

 
4,397

 
207

 

 
7,076

Income / (loss) from operations
 
(2,472
)
 
1,016

 
(10
)
 

 
(1,466
)
Interest and other income / (expense), net
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(659
)
 
(3
)
 

 

 
(662
)
Foreign exchange transaction loss
 

 
(47
)
 

 

 
(47
)
Change in fair value of convertible note embedded derivative liability
 
(3,344
)
 

 

 

 
(3,344
)
Change in fair value of warrant liability
 
(1,164
)
 

 

 

 
(1,164
)
Loss on extinguishment of debt
 
(882
)
 

 

 

 
(882
)
Other income
 
(24
)
 
102

 

 

 
78

Total interest and other income / (expense), net
 
(6,073
)
 
52

 

 

 
(6,021
)
Income / (loss) from continuing operations before income taxes
 
(8,545
)
 
1,068

 
(10
)
 

 
(7,487
)
Income tax provision
 
(884
)
 

 

 

 
(884
)
Net income / (loss) from continuing operations, net of taxes
 
(7,661
)
 
1,068

 
(10
)
 

 
(6,603
)
Income / (loss) from discontinued operations
 
(73
)
 
620

 
(402
)
 

 
145

Net income / (loss) from discontinued operations, net of taxes
 
(73
)
 
620

 
(402
)
 

 
145

Net income / (loss)
 
$
(7,734
)
 
$
1,688

 
$
(412
)
 
$

 
$
(6,458
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 

 
211

 
(216
)
 

 
(5
)
Comprehensive income / (loss)
 
$
(7,734
)
 
$
1,899

 
$
(628
)
 
$

 
$
(6,463
)

Consolidated Statement of Operations and Comprehensive Loss
for the six months ended September 30, 2017 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Elimination
 
Consolidated Total
Net revenues
 

 
56,093

 
517

 
(25,552
)
 
31,058

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
44,904

 
105

 
(25,552
)
 
19,457

Other direct cost of revenues
 

 
839

 

 
 
 
839

Total cost of revenues
 

 
45,743

 
105

 
(25,552
)
 
20,296

Gross profit
 

 
10,350

 
412

 

 
10,762

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
12

 
4,373

 
30

 

 
4,415

Sales and marketing
 
174

 
2,125

 
122

 

 
2,421

General and administrative
 
4,645

 
2,070

 
194

 

 
6,909

Total operating expenses
 
4,831

 
8,568

 
346

 

 
13,745

Income / (loss) from operations
 
(4,831
)
 
1,782

 
66

 

 
(2,983
)
Interest and other income / (expense), net
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(1,369
)
 

 

 

 
(1,369
)
Foreign exchange transaction loss
 

 
(110
)
 

 

 
(110
)
Change in fair value of convertible note embedded derivative liability
 
(4,652
)
 

 

 

 
(4,652
)
Change in fair value of warrant liability
 
(1,628
)
 

 

 

 
(1,628
)
Loss on extinguishment of debt
 
(882
)
 

 

 

 
(882
)
Other income
 
(21
)
 
102

 

 

 
81

Total interest and other income / (expense), net
 
(8,552
)
 
(8
)
 

 

 
(8,560
)
Income / (loss) from continuing operations before income taxes
 
(13,383
)
 
1,774

 
66

 

 
(11,543
)
Income tax provision
 
(853
)
 

 

 

 
(853
)
Net income / (loss) from continuing operations, net of taxes
 
(12,530
)
 
1,774

 
66

 

 
(10,690
)
Income / (loss) from discontinued operations
 
(73
)
 
576

 
(446
)
 

 
57

Net income / (loss) from discontinued operations, net of taxes
 
(73
)
 
576

 
(446
)
 

 
57

Net income / (loss)
 
(12,603
)
 
2,350

 
(380
)
 

 
(10,633
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 

 
(5
)
 

 

 
(5
)
Comprehensive income / (loss)
 
(12,603
)
 
2,345

 
(380
)
 

 
(10,638
)







Consolidated Statement of Cash Flows
for the six months ended September 30, 2018 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
Cash flows from operating activities
 
 
 
 
 
 
 
 
Net income / (loss) from continuing operations, net of taxes
 
$
2,632

 
$
1,549

 
$
(585
)
 
$
3,596

Adjustments to reconcile net income / (loss) from continuing operations to net cash used in operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
17

 
1,417

 
2

 
1,436

Loss on disposal of fixed assets
 

 

 

 

Change in allowance for doubtful accounts
 

 
319

 
35

 
354

Amortization of debt discount and debt issuance costs
 
188

 

 

 
188

Stock-based compensation
 
942

 

 

 
942

Stock-based compensation for services rendered
 
208

 

 

 
208

Change in fair value of convertible note embedded derivative liability
 
(2,572
)
 

 

 
(2,572
)
Change in fair value of warrant liability
 
(2,496
)
 

 

 
(2,496
)
Loss on extinguishment of debt
 
15

 

 

 
15

(Increase) / decrease in assets:
 
 
 
 
 
 
 
 
Accounts receivable
 

 
(4,549
)
 
383

 
(4,166
)
Deferred tax assets
 
(59
)
 

 

 
(59
)
Prepaid expenses and other current assets
 
18

 
10

 
5

 
33

Increase / (decrease) in liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
38

 
6,986

 
(167
)
 
6,857

Accrued license fees and revenue share
 

 
(2,594
)
 
79

 
(2,515
)
Accrued compensation
 
(2,250
)
 
(113
)
 
(15
)
 
(2,378
)
Accrued interest
 
3

 

 

 
3

Other current liabilities
 
4,422

 
(3,564
)
 
(450
)
 
408

Other non-current liabilities
 
(11
)
 

 

 
(11
)
Cash provided by / (used in) operating activities - continuing operations
 
1,095

 
(539
)
 
(713
)
 
(157
)
Cash used in operating activities - discontinued operations
 

 
(2,648
)
 
(450
)
 
(3,098
)
Net cash provided by / (used in) operating activities
 
1,095

 
(3,187
)
 
(1,163
)
 
(3,255
)
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
Capital expenditures
 
(336
)
 
(749
)
 

 
(1,085
)
Proceeds from intercompany transfer of assets between subsidiaries
 
(1,065
)
 

 
1,065

 

Cash provided by / (used in) investing activities - continuing operations
 
(1,401
)
 
(749
)
 
1,065

 
(1,085
)
Cash used in investing activities - discontinued operations
 

 
(41
)
 

 
(41
)
Net cash provided by / (used in) investing activities
 
(1,401
)
 
(790
)
 
1,065

 
(1,126
)
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
Options exercised
 
160

 

 

 
160

Repayment of debt obligations
 
(50
)
 

 

 
(50
)
Net cash used in financing activities
 
110

 

 

 
110

 
 
 
 
 
 
 
 
 
Net change in cash
 
(196
)
 
(3,977
)
 
(98
)
 
(4,271
)
 
 
 
 
 
 
 
 
 
Cash and restricted cash, beginning of period
 
657

 
11,975

 
419

 
13,051

 
 
 
 
 
 
 
 
 
Cash and restricted cash, end of period
 
$
461

 
$
7,998

 
$
321

 
$
8,780


Consolidated Statement of Cash Flows
for the six months ended September 30, 2017 (Unaudited)
(in thousands, except par value and share amounts)
 
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated Total
Cash flows from operating activities
 
 
 
 
 
 
 
 
Net income / (loss) from continuing operations, net of taxes
 
$
(12,530
)
 
$
1,774

 
$
66

 
$
(10,690
)
Adjustments to reconcile net income / (loss) from continuing operations to net cash used in operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
9

 
872

 
408

 
1,289

Amortization of debt discount and debt issuance costs
 
680

 

 

 
680

Change in allowance for doubtful accounts
 

 
219

 
(15
)
 
204

Stock-based compensation
 
1,360

 

 

 
1,360

Stock-based compensation for services rendered
 
150

 

 

 
150

Change in fair value of convertible note embedded derivative liability
 
4,652

 

 

 
4,652

Change in fair value of warrant liability
 
1,628

 

 

 
1,628

Loss on extinguishment of debt
 
882

 

 

 
882

(Increase) / decrease in assets:
 
 
 
 
 
 
 
 
Accounts receivable
 

 
(5,697
)
 
215

 
(5,482
)
Deposits
 

 
4

 

 
4

Deferred tax assets
 
(336
)
 

 

 
(336
)
Prepaid expenses and other current assets
 
33

 
30

 
(11
)
 
52

Increase / (decrease) in liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
(272
)
 
5,006

 
(35
)
 
4,699

Accrued license fees and revenue share
 

 
740

 
88

 
828

Accrued compensation
 
501

 
164

 

 
665

Accrued interest
 
(24
)
 

 

 
(24
)
Other current liabilities
 
2,096

 
(1,669
)
 
(500
)
 
(73
)
Other non-current liabilities
 
(529
)
 

 

 
(529
)
Intercompany movement of cash
 
3

 
(28
)
 
25

 

Cash provided by / (used in) operating activities - continuing operations
 
(1,697
)
 
1,415

 
241

 
(41
)
Cash provided by / (used in) operating activities - discontinued operations
 
46

 
(1,047
)
 
(338
)
 
(1,339
)
Net cash provided by / (used in) operating activities
 
(1,651
)
 
368

 
(97
)
 
(1,380
)
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
Capital expenditures
 

 
(743
)
 
(5
)
 
(748
)
Cash provided by / (used in) investing activities - continuing operations
 
 
 
(743
)
 
(5
)
 
(748
)
Cash provided by / (used in) investing activities - discontinued operations
 

 
(75
)
 

 
(75
)
Net cash used in investing activities
 

 
(818
)
 
(5
)
 
(823
)
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
Proceeds from short-term borrowings
 
2,500

 

 

 
2,500

Payment of debt issuance costs
 
(346
)
 

 

 
(346
)
Options exercised
 
19

 

 

 
19

Repayment of debt obligations
 
(247
)
 

 

 
(247
)
Net cash provided by financing activities
 
1,926

 

 

 
1,926