EZTD Inc

CIK:0001175442|SEC Filings

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenues	$ 4,545	$ 6,947	$ 16,509	$ 19,492
Operating expenses:
Sales and marketing	4,625	5,601	16,261	15,132
General and administrative	2,264	1,362	6,500	3,202
Research and development	591	477	1,531	1,361
Stock-based compensation	192	369	761	1,279
Expenses related to legal settlement			1,500
Total operating expenses	7,672	7,809	26,553	20,974
Operating loss	(3,127)	(862)	(10,044)	(1,482)
Financial expenses, net	93	312	1,483	2,229
Net loss before taxes on income	(3,220)	(1,174)	(11,527)	(3,711)
Taxes on income
Net loss attributable to the Company	$ (3,220)	$ (1,174)	$ (11,527)	$ (3,711)
Total basic net loss per share	$ (0.64)	$ (0.36)	$ (2.49)	$ (1.16)
Weighted average number of shares of common stock used in computing basic net loss per share	5,018,902	3,277,050	4,627,124	3,203,391

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (11,527)	$ (3,711)
Adjustments required to reconcile net loss to net cash used in operating activities:
Stock-based compensation	761	1,279
Depreciation and amortization	1,127	325
Fair value of warrants granted	33	1,279
Accrued interest and amortization of discount and exchange differences of loans	67	(146)
Decrease in receivables from credit card companies	1,006	425
Decrease (Increase) in other current assets	227	(788)
Increase (Decrease)in accounts payable	616	(69)
Increase (decrease) in obligation to customers and other payables	824	(232)
Increase in financial liabilities	1,793	497
Increase in severance pay, net	88	99
Increase (decrease) in related parties payables	14	(81)
Net cash used in operating activities	(4,971)	(1,123)
Cash flows from investing activities:
Purchase of property and equipment	(1,849)	(1,129)
Decrease (Increase) in segregated client cash accounts	(1,614)	379
Acquisition of license in Japan		(400)
Increase in restricted cash	(71)	1
Net cash used in investing activities	(3,534)	(1,149)
Cash flows from financing activities:
Issuance of shares and warrants	6,349	798
Short term bank credit	1,998
Prepayment on account of shares	52	882
Proceeds received from convertible loans	684	1,000
Repayment of short-term loan	(578)
Repayment of convertible loans		(408)
Net cash provided by financing activities	8,505	2,272
Decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Supplemental disclosure of cash flows information:
Interest paid	271	256
Conversion of convertible loan to shares	$ 783	$ 364

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Segregated client cash accounts	$ 3,115	$ 1,501
Restricted cash	112	42
Receivable from credit card companies	868	1,874
Other current assets	629	856
Total current assets	4,724	4,273
NON-CURRENT ASSETS:
Property and equipment, net	958	795
Intangible assets, net	2,533	1,974
Total non-current assets	3,491	2,769
Total assets	8,215	7,042
LIABILITIES AND EQUITY CURRENT LIABILITIES:
Short term bank credit	1,998
Short term loan		594
Obligation to customers	2,390	3,922
Financial liabilities	1,902	109
Convertible loans	4,927	4,943
Accounts payable	1,851	1,235
Accrued expenses and other accounts payable	4,279	1,909
Total current liabilities	17,347	12,712
LONG TERM LIABILITIES:
Accrued severance pay, net	318	230
Total liabilities	17,665	12,942
EQUITY (DEFICIT):
Common stock of $0.03 par value: Authorized: 10,000,000 shares at September 30, 2016 and December 31, 2015; Issued and outstanding: 5,181,948 shares at September 30, 2016 and 3,863,260 shares at December 31, 2015	155	116
Prepayment on account of shares	52
Additional paid-in capital	42,760	34,875
Accumulated deficit	(52,417)	(40,891)
Equity (deficit)	(9,450)	(5,900)
Total liabilities and equity	$ 8,215	$ 7,042