Image Metrics, Inc.

CIK:0001317639|SEC Filings

Comprehensive Loss

12 Months Ended

Sep. 30, 2011

Comprehensive Income Note Disclosure [Abstract]

10.	Comprehensive Loss

The table below reconciles the Company’s net loss with its comprehensive loss, (in thousands):

	September 30,
	2011		2010
Net income (loss)	$	19	$	(9,654	)
Foreign currency translation adjustments		59		9	)
Comprehensive loss	$	78	$	(9,645	)

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Operating activities:
Net Income (loss)	$ 19	$ (9,654)
Adjustments to reconcile net income ( loss) to net cash used for operating activities:
Depreciation and amortization	106	196
Stock-based compensation	430	421
Non-cash interest expense	(2,439)	1,623
Foreign currency transaction loss (gain) and other	(37)	164
Loss on Optasia	0	729
Changes in assets and liabilities:
Restricted cash	60	40
Accounts receivable	125	163
Prepaid expenses, other current and other non-current assets	72	81
Deferred revenue	(5,513)	(2,823)
Accounts payable	(558)	853
Accrued expenses and other liabilities	496	(563)
Total adjustments	(7,258)	884
Net cash used for operating activities	(7,239)	(8,770)
Investing activities:
Purchase of fixed assets	(68)	(158)
Net cash used for investing activities	(68)	(158)
Financing activities:
Proceeds from exercise of stock options	0	2
Payments on nonconvertible notes	(262)	(418)
Payments on convertible notes	(143)	(566)
Proceeds from issuance of nonconvertible notes	0	0
Proceeds from issuance of Convertible Notes and warrants to related parties	0	1,375
Proceeds from issuance of Convertible Notes and warrants to nonrelated parties	7,161	4,925
Proceeds from sale of stock and warrants	339	3,231
Payment of debt issuance costs	0	(80)
Net cash provided by financing activities	7,095	8,469
Effects of exchange rates on cash and cash equivalents	(59)	31
Net increase (decrease) in cash and cash equivalents	(271)	(428)
Cash and cash equivalents, beginning of year	375	803
Cash and cash equivalents, end of year	104	375
Supplemental disclosure of cash flow information:
Interest	49	136
Income taxes	1	1
Non-cash financing activities:
Conversion of notes payable to Series A Preferred Shares	0	5,921
Issuance of warrants in connection with convertible notes payable	0	341
Beneficial conversion feature recorded in connection with convertible notes payable	0	630
Forgiveness of debt	9	0
Exchange of warrants	0	231
Asset acquisition of Big Stage Enterprises
Assets acquired	(3,287)	0
Assumption of debt	575	0
Issuance of common stock	2,600	0
Series A Convertible Preferred Stock [Member]
Non-cash financing activities:
Beneficial conversion feature in connection with convertible preferred stock	65	670
Series B Convertible Preferred Stock [Member]
Non-cash financing activities:
Beneficial conversion feature in connection with convertible preferred stock	$ 0	$ 470

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2011	Sep. 30, 2010
Assets
Cash and cash equivalents	$ 104	$ 375
Restricted cash	0	60
Accounts receivable	134	259
Prepaid and other current assets	102	175
Total current assets	340	869
Property and equipment (net)	100	139
Other intangibles (net)	3,287	0
Total other assets	0	139
Total assets	3,727	1,008
Liabilities and shareholders' deficit
Accounts payable	834	1,392
Accrued expenses and other current liabilities	1,151	656
Deferred revenue	186	5,699
Notes payable, net of discounts	383	319
Convertible notes payable, net of discount	8,976	1,912
Convertible notes payable to related party, net of discount	650	599
Warrant liability	104	2,646
Total current liabilities	12,284	13,223
Notes payable (noncurrent portion)	272	0
Notes payable to related party (noncurrent portion)	0	0
Total liabilities	12,556	13,223
Shareholders' deficit
Common Stock, $0.001 par value. Authorized 75,000,000 shares; issued and outstanding 18,295,226 and 15,869,277 shares at September 30, 2011 and September 30, 2010, respectively	18	16
Additional paid-in-capital	21,150	17,933
Accumulated deficit	(37,364)	(37,318)
Accumulated other comprehensive loss	(187)	(246)
Total shareholders' deficit	(8,829)	(12,215)
Total liabilities and shareholders' deficit	3,727	1,008
Series A Convertible Preferred Stock [Member]
Shareholders' deficit
Series A Convertible Preferred stock, $0.001 par value. Authorized 20,000,000 shares; issued and outstanding 10,580,536 and 10,330,536 shares at September 30, 2011 and September 30, 2010, respectively	$ 7,554	$ 7,400