KIDOZ INC.
OTCMKTS: KDOZF $0.4269 0.0%
Balance Sheet
As at March 31, 2019 December 31, 2018
Assets
Current assets:
Cash 1,831,085 641,536
Accounts receivable less allowance for doubtful accounts $27,666 (December 31, 2018 - $27,666) (Note 4) 1,064,951 12,103
Prepaid expenses 137,621 99,739
Total Current Assets 3,033,657 753,378
Equipment, net 31,227 16,255
Goodwill and indentified intangible assets (Note 3) 19,904,122 0
Operating lease right-of-use assets (Note 10) 42,296 0
Security deposit 10,713 0
Total Assets 23,022,015 769,633
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable 252,970 15,404
Accrued liabilities 357,650 64,937
Accounts payable and accrued liabilities - related party (Note 12) 7,075 10,464
Operating lease liabilities - current portion (Note 10) 34,625 0
Short term loan (Note 7) 137,665 0
Total Current Liabilities 789,985 90,805
Operating lease liabilities, net of current portion (Note 10) 7,671 0
Total Liabilities 797,656 90,805
Commitments (Note 9)
Stockholders' Equity (Note 8):
Common stock, no par value, unlimited shares authorized, 131,124,989 shares issued and outstanding (December 31, 2018 - 73,674,703) 48,924,303 26,552,468
Accumulated deficit -26,724,524 -25,898,220
Accumulated other comprehensive income: Foreign currency translation adjustment 24,580 24,580
Total Stockholders' Equity 22,224,359 678,828
Total Liabilities and Stockholders' Equity 23,022,015 769,633
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Statements of Income
2019 2018
Revenue:
Ad tech advertising revenue 230,862 0
Content revenue 75,094 24,351
Total revenue 305,956 24,351
Cost of sales: 177,961 0
Total cost of sales 177,961 0
Gross profit 127,995 24,351
Operating expenses:
Acquisition of subsidiary (Note 3) 195,063 0
Depreciation and amortization 1,748 1,089
Directors fees 1,000 1,500
General and administrative 105,928 83,708
Promissory note accretion interest (Note 6) 0 18,796
Salaries, wages, consultants and benefits 288,663 161,422
Selling and marketing 86,352 157,184
Stock-based compensation (Note 8) 4,980 3,693
Content and software development (Note 5) 254,457 270,619
Total operating expenses 938,191 698,011
Loss before other income (expense) and income taxes -810,196 -673,660
Other income (expense):
Foreign exchange (loss) gain -16,162 9,403
Interest and other income 54 4
Loss on derivative liability - warrants (Note 6) 0 -171,115
Loss before income taxes -826,304 -835,368
Income tax expense 0 0
Loss after tax -826,304 -835,368
Other comprehensive income (loss) 0 0
Comprehensive loss -826,304 -835,368
Basic and diluted loss per common share -0.01 -0.01
Weighted average common shares outstanding, basic 90,909,789 68,254,870
Weighted average common shares outstanding, diluted 90,909,789 68,254,870
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Cash Flows
2019 2018
Cash flows from operating activities:
Net loss -826,304 -835,368
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 1,748 1,089
Accretion of promissory note 0 15,895
Loss on derivative liability - warrants 0 171,115
Promissory note - accrued interest 0 2,901
Stock-based compensation 4,980 3,693
Changes in operating assets and liabilities:
Accounts receivable 22,047 -4,541
Prepaid expenses -15,629 -25,624
Accounts payable and accrued liabilities 215,325 13,428
Net cash used in operating activities -597,833 -657,412
Cash flows from investing activities:
Acquisition of equipment -1,847 -5,097
Acquisition of subsidiary 183,264 0
Security deposits -10,713 0
Net cash provided by (used in) investing activities 170,704 -5,097
Cash flows from financing activities:
Private placement, net 1,763,200 2,280,142
Repayment of short-term loan -146,522 0
Warrant exercised 0 6,600
Net cash generated by financing activities 1,616,678 2,286,742
Change in cash 1,189,549 1,624,233
Cash, beginning of period 641,536 478,397
Cash, end of period 1,831,085 2,102,630
Supplementary information:
Interest paid -1,346 0
Income taxes paid 0 0
Non-cash investing activity - operating lease right to use asset -53,060 0
Non-cash investing activity - operating lease liabilities 53,060 0
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