Financial Results*(unaudited)
Three Months Ended Six Months Ended
June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015
GAAP Results
Revenue $1,062,474 $615,358 $1,911,086 $1,027,241
Operating Income (Loss) 694 (143,319) 7,590 (81,078)
Net Income (Loss) (407,430) (298,990) (810,247) (293,149)
Diluted Net Income (Loss)
Per Share ($0.01) ($0.01) ($0.01) ($0.01)
Weighted average common
shares outstanding:
Diluted 56,959,303 55,285,873 57,020,292 55,159,574
Non-GAAP Results
Adjusted EBITDA $242,111 $187,591 $462,620 $299,273
* Certain reclassifications have been made to the 2015 data to conform to the current year presentation. These reclassifications had no effect on reported income (losses).
Quarterly Summary of Results
Tapinator, Inc. recorded gross revenues of $1,062,474 and a net loss of $407,430 for the three-month period ended June 30, 2016. This compares to revenue of $615,358 and net loss of $298,990 for the same period in 2015. The net loss was primarily attributable to non-cash financing related charges associated with the Company's $2.0 million convertible debenture financing completed during the second quarter of 2015, together with increased marketing costs and increased amortization of capitalized software costs.
For the six-month period ended June 30, 2015, the Company recorded gross revenues of $1,911,086 and a net loss of $810,247. This compares to revenue of $1,027,241 and net loss of $293,149 for the same period in 2015. The net loss was primarily attributable to non-cash financing related charges associated with the Company's $2.0 million convertible debenture financing completed during the second quarter of 2015, together with increased marketing costs and increased amortization of capitalized software costs.
For the three-month period ended June 30, 2016, the Company generated operating income of $694, as compared to an incurred operating loss of $143,319 for the comparable three-month period ended June 30, 2015. The increase in operating income is primarily due to operating leverage on the higher level of revenues.
For the six-month period ended June 30, 2016, the Company generated operating income of $7,590, as compared to an incurred operating loss of $81,078 for the comparable six-month period ended June 30, 2015. The increase in operating income is primarily due to operating leverage on the higher level of revenues.
For the three-month period ended June 30, 2016, the Company achieved adjusted EBITDA (a non-GAAP earnings measure discussed below) of $242,111, as compared to adjusted EBITDA of $187,591 for the comparable three-month period ended June 30, 2015. The increase in adjusted EBITDA is primarily due to operating leverage on the higher level of revenues.
For the six-month period ended June 30, 2016, the Company achieved adjusted EBITDA (a non-GAAP earnings discussed below) of $462,620, as compared to adjusted EBITDA of $299,273 for the comparable six-month period ended June 30, 2015. The increase in adjusted EBITDA is primarily due to operating leverage on the higher level of revenues.
Tapinator's cash balance decreased to $834,736 as of June 30, 2015 from the period ended December 31, 2015, when the cash balance was $1,487,196. The decrease in cash is primarily due to a principal repayment of $560,000 and interest payments of $89,600 related to the Company's Senior Secured Convertible Debenture. As previously disclosed in a press release dated August 2, 2016, the Company successfully refinanced this Debenture in July 2016, resulting in a new Senior Secured Convertible Debenture that matures in May 2018.
AI
