0001683168-18-001366.txt : 20180515 0001683168-18-001366.hdr.sgml : 20180515 20180515160120 ACCESSION NUMBER: 0001683168-18-001366 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180515 DATE AS OF CHANGE: 20180515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Mobiquity Technologies, Inc. CENTRAL INDEX KEY: 0001084267 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING [7310] IRS NUMBER: 113427886 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51160 FILM NUMBER: 18836162 BUSINESS ADDRESS: STREET 1: 35 TORRINGTON LANE CITY: SHOREHAM STATE: NY ZIP: 11786 BUSINESS PHONE: 516-256-7766 MAIL ADDRESS: STREET 1: 35 TORRINGTON LANE CITY: SHOREHAM STATE: NY ZIP: 11786 FORMER COMPANY: FORMER CONFORMED NAME: ACE MARKETING & PROMOTIONS INC DATE OF NAME CHANGE: 19990414 10-Q 1 mobiquity_10q-033118.htm FORM 10-Q

Table of Contents

 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2018

 


COMMISSION FILE NUMBER: 000-51160

 

MOBIQUITY TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

 

NEW YORK   11-3427886
(State of jurisdiction of Incorporation)   (I.R.S. Employer Identification No.)

 

35 Torrington Lane
SHOREHAM, NY 11786

(Address of principal executive offices)

 

(516) 246-9422

(Registrant's telephone number)

 

(Former name, address and fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒    No ☐

 

Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the 12 preceding months (or such shorter period that the registrant was required to submit and post such file).

Yes ☒    No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one)

 

  Large accelerated filer  o Accelerated filer  o
  Non-accelerated filer  o Smaller reporting company  x
  Emerging growth company  o  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐    No ☒

 

As of May 7, 2018, the registrant had a total of 206,825,600 shares of Common Stock outstanding.

 

 

 

   

 

 

MOBIQUITY TECHNOLOGIES, INC.

 

FORM 10-Q QUARTERLY REPORT

TABLE OF CONTENTS

 

    PAGE  
PART I. FINANCIAL INFORMATION        
         
Item 1. Consolidated Financial Statements (Unaudited)        
         
Condensed Consolidated Balance Sheets as of March 31, 2018 (unaudited) and December 31, 2017 (audited)     3  
         
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2018 and March 31, 2017 (unaudited)     4  
         
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and March 31, 2017 (unaudited)     5  
         
Notes to Condensed Consolidated Financial Statements (unaudited)     6  
         
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations     14  
         
Item 3 Quantitative and Qualitative Disclosures     17  
         
Item 4. Controls and Procedures     17  
         
PART II. OTHER INFORMATION        
         
Item 1. Legal Proceedings     18  
         
Item la. Risk Factors     18  
         
Item 2. Changes in Securities     18  
         
Item 3. Defaults Upon Senior Securities     18  
         
Item 4. Mine Safety Disclosures     18  
         
Item 5. Other Information     18  
         
Item 6. Exhibits and Reports on Form 8-K     19  
         
SIGNATURES     21  

 

 

 

 

 2 

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS.

MOBIQUITY

TECHNOLOGIES, INC.

 

Condensed Consolidated Balance Sheets        
   March 31,   December 31, 
   2018   2017 
   (Unaudited)     
Assets          
           
Current Assets:          
Cash and cash equivalents  $155,100   $56,470 
Accounts receivable, net   30,431    18,576 
Prepaid expenses and other current assets   –    17,638 
Total Current Assets   185,531    92,684 
           
Intangible assets, net   5,060    9,960 
           
Other assets   11,275    11,275 
Total Assets  $201,866   $113,919 
           
Liabilities and Stockholders' Deficit          
           
Current Liabilities:          
Accounts payable  $253,440   $458,280 
Accrued expenses   948,070    735,431 
Derivative liability   10,541,670    666,123 
Note payable   100    54,644 
Convertible promissory notes, net   3,737,410    3,149,498 
Total Current Liabilities   15,480,690    5,063,976 
           
AAA Preferred Stock, $.0001 par value; 5,000,000 shares authorized 850,588 and 850,588 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively   11,552,513    11,552,513 
           
Stockholders' Deficit:          
Preferred Stock, $.0001 par value; 5,000,000 shares authorized, 240,000 and 240,000 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively   25    25 
Common stock, $.0001 par value; 900,000,000 and 900,000,000 shares authorized; 199,375,600 and 198,375,600 shares issued and outstanding at March 31, 2018, and December 31, 2017, respectively   19,950    19,850 
Additional paid-in capital   45,134,709    44,776,029 
Accumulated deficit   (71,986,021)   (61,298,474)
Total Stockholders' Deficit   (26,831,337)   (16,502,570)
Total Liabilities and Stockholders' Deficit  $201,866   $113,919 

 

See notes to condensed consolidated financial statements.

 

 

 

 3 

 

 

MOBIQUITY

TECHNOLOGIES, INC.

 

Condensed Consolidated Statements of Operations        
Three Months Ended March 31, (Unaudited)   2018     2017  
                 
                 
Revenues     38,703       81,787  
                 
Cost of Revenues     61,117       96,292  
                 
Gross Profit (Loss)     (22,414 )     (14,505 )
                 
Operating Expenses:                
Selling, general and administrative     891,004       1,679,335  
Total Operating Expenses     891,004       1,679,335  
                 
Loss from Operations     (913,418 )     (1,693,840 )
                 
Other Income (Expense):                
Interest expense     (546,012 )     (1,133,548 )
Change in derivative liability     (8,983,210 )     462,193  
Initial derivative expense     (244,906)       (1,038,439 )
Loss on extinguishment of debt     –       (2,706,197 )
Total Other Income (Expense)     (9,774,128 )     (4,415,991 )
                 
Loss from continuing operations     (10,687,546 )   $ (6,109,831 )
                 
Other Comprehensive Income     –       13,047  
                 
Discontinued operations                
Loss from operations of discontinued entity     –       (175,316 )
                 
Net Comprehensive Loss   $ (10,687,546 )   $ (6,272,100 )
                 
                 
Net Loss Per Common Share:                
For continued operations   $ (0.05 )   $ (0.05 )
Basic and Diluted   $ (0.05 )   $ (0.06 )
                 
Weighted Average Common Shares Outstanding:                
Basic and Diluted     198,883,933       111,234,302  

 

See notes to condensed consolidated financial statements.

 

 

 

 4 

 

MOBIQUITY

TECHNOLOGIES, INC.

 

Condensed Consolidated Statements of Cash Flows        
Three Months Ended March 31, (Unaudited)   2018    2017 
           
Cash Flows from Operating Activities:          
Net loss  $(10,687,546)  $(6,109,831)
           
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation Expense   –    78 
Amortization - Intangible Assets   4,900    7,150 
Amortization - Debt discount   336,843    641,363 
Common stock issued for services   –    314,310 
Common stock issued for incentives   

31,375

    – 
Change in derivative liability   8,983,210    (462,193)
Stock-based compensation   327,405    273,092 
Initial derivative expense   244,906    1,038,439 
Loss on extinguishment of debt   –    2,706,197 
Loss on disposal of assets   –    12,241 
Expenses paid from note   –    567,737 
Changes in operating assets and liabilities:          
Accounts receivable   (11,855)   80,927 
Inventory   –    (5,945)
Prepaid expenses and other assets   17,638    20,033 
Accounts payable   (204,841)   (167,543)
Accrued expenses and other current liabilities   35,002    (81,554)
Accrued interest   177,637    345,515 
Total adjustments   9,942,220    5,289,847 
Net Cash Used in Operating Activities   (745,326)   (819,984)
Net Cash Used in Operating Activities-discontinued operations   –    (175,316)
           
Cash Flows from Investing Activities:          
Net Cash Used in Investing Activities   –    – 
           
Cash Flows from Financing Activities:          
Proceeds from the issuance of notes, net   898,500    1,300,000 
Proceeds from issuance of common stock   –    311,250 
Proceeds received from exercising warrants   –    95,834 
Cash paid for accrued interest   –    (3,140)
Cash received from bank loans   66,500    – 
Cash paid on bank loans   (121,044)   – 
Net Cash Provided by Financing Activities   843,956    1,703,944 
           
Net change in Cash and Cash Equivalents   98,630    708,644 
Cash and Cash Equivalents, beginning of period   56,470    213,184 
Cash and Cash Equivalents, end of period  $155,100   $921,828 
           
Supplemental Disclosure Information:          
Cash paid for interest  $–   $– 
Cash paid for taxes  $–   $– 
           
Non-cash Financing and Investing Activities:          
Stock issued for interest  $31,375   $670,631 
Conversion of note and interest into AAA Preferred and Common Stock  $–   $12,749,771 
Recognition of debt discount  $

748,931

   $– 

 

See notes to condensed consolidated financial statements.

 

 5 

 

 


MOBIQUITY TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(UNAUDITED)

  

 

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

NATURE OF OPERATIONS – On September 10, 2013, Mobiquity Technologies, Inc. changed its name from Ace Marketing & Promotions, Inc. “the Company” or “Mobiquity”). We operate through a wholly-owned U.S. subsidiary, named, Mobiquity Networks, Inc. Mobiquity Networks owns 100% of Mobiquity Wireless S.L.U, a company incorporated in Spain. This corporation had an office in Spain to support our U.S. operations, which office was closed in the fourth quarter of 2016. Ace Marketing, its legacy marketing and promotions business was successfully sold on October 1, 2017, allowing us to focus our full attention to Mobiquity Networks.

 

Mobiquity Technologies, Inc., a New York corporation (the “Company”), is the parent company of its operating subsidiary; Mobiquity Networks, Inc. (“Mobiquity Networks”). The Company’s wholly-owned subsidiary, Mobiquity Networks has evolved and grown from a mobile advertising technology company focused on driving Foot-traffic throughout its indoor network, into a next generation location data intelligence company. Mobiquity Networks provides precise unique, at-scale location data and insights on consumer’s real-world behavior and trends for use in marketing and research. With its combined first party location data via its advanced SDK and its various exclusive data sets; Mobiquity Networks provides one of the most accurate and scaled solution for mobile data collection and analysis, utilizing multiple geo-location technologies. Mobiquity Networks is seeking to implement several new revenue streams from its data collection and analysis, including, but not limited to; Advertising, Data Licensing, Footfall Reporting, Attribution Reporting, Real Estate Planning, Financial Forecasting and Custom Research.

 

GOING CONCERN - The accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern. The Company's continued existence is dependent upon the Company's ability to obtain additional debt and/or equity financing to advance its new technology revenue stream. The Company has incurred losses from continued operations for the quarter ended March 31, 2018 of $10,687,546. As of March 31, 2018, the Company has an accumulated deficit of $71,986,021. The Company has had negative cash flows from operating activities of $745,326, for the quarter ended March 31, 2018. These factors raise substantial doubt about the ability of the Company to continue as a going concern.

 

Management has plans to address the Company’s financial situation as follows:

 

In the near term, management plans to continue to focus on raising the funds necessary to implement the Company’s business plan related to technology. Management will continue to seek out equity and/or debt financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that lenders and investors will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raises doubts about the Company’s ability to continue as a going concern.

 

In the long term, management believes that the Company’s projects and initiatives will be successful and will provide cash flow to the Company that will be used to finance the Company’s future growth. However, there can be no assurances that the Company’s efforts to raise equity and debt at acceptable terms or that the planned activities will be successful, or that the Company will ultimately attain profitability. The Company’s long-term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to achieve adequate profitability and cash flows from operations to sustain its operations.

 

PRINCIPLES OF CONSOLIDATION - The accompanying consolidated financial statements include the accounts of Mobiquity Technologies, Inc., formerly known as Ace Marketing & Promotions, Inc., and its wholly owned subsidiary, Mobiquity Networks, Inc.

 

The Condensed Balance Sheets as of March 31, 2018, the Condensed Statements of Operations for the three months ended March 31, 2018 and 2017 and the Condensed Statements of Cash Flows for the three months ended March 31, 2018 and 2017 have been prepared by us without audit, and in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. In our opinion, the accompanying unaudited condensed financial statements contain all adjustments necessary to present fairly in all material respects our financial position as of March 31, 2018, results of operations for the three months ended March 31, 2018 and 2017 and cash flows for the three months ended March 31, 2018 and 2017. All such adjustments are of a normal recurring nature. The results of operations and cash flows for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. We have evaluated subsequent events through the filing of this Form 10-Q with the SEC, and determined there have not been any events that have occurred that would require adjustments to our unaudited Condensed Financial Statements.

 

 

 

 6 

 

 

ESTIMATES - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

FAIR VALUE OF FINANCIAL INSTRUMENTS- The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.

 

The following are the hierarchical levels of inputs to measure fair value:

 

  · Level 1 - Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.
     
  · Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
     
  · Level 3 - Unobservable inputs reflecting the Company's assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

 

The carrying amounts of the Company's financial assets and liabilities, such as cash, prepaid expenses, other current assets, accounts payable & accrued expenses, certain notes payable and notes payable - related party, approximate their fair values because of the short maturity of these instruments. 

 

The Company accounts for its derivative liabilities, at fair value, on a recurring basis under level 3.  

 

    Level 1     Level 2     Level 3     Total  
Fair value of derivatives   $ –     $ -     $ 10,541,670     $ 10,541,670  

 

Embedded Conversion Features

 

The Company evaluates embedded conversion features within convertible debt under ASC 815 "Derivatives and Hedging" to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 "Debt with Conversion and Other Options" for consideration of any beneficial conversion feature.

 

Derivative Financial Instruments

 

The Company has financial instruments that are considered derivatives or contain embedded features subject to derivative accounting related to 19 convertible notes issued totaling $4,234,000 which have a variable conversion price equal to 50% of the lowest volume weighted average price in the 30 days prior to conversion. The notes have maturity dates ranging from February 2, 2018 – October 21, 2018. The Company also has financial instruments that are considered derivatives or contain embedded features subject to derivative accounting related to 2,200,000 warrants which included a ratchet provision in the conversion price of $.05 as part of a conversion of preferred AAA shares, and 1,000,000 warrants which included a ratchet provision in the conversion price of $.055 as part of a placement fee related to a note. Embedded derivatives are valued separately from the host instrument and are recognized as derivative liabilities in the Company’s balance sheet. The Company measures these instruments at their estimated fair value and recognizes changes in their estimated fair value in results of operations during the period of change. The Company has estimated the fair value of these embedded derivatives for convertible debentures and associated warrants using a multinomial lattice model as of March 31, 2018. The fair values of the derivative instruments are measured each quarter, which resulted in a loss of $8,983,210 and derivative expense of $244,906 during the three months ended March 31, 2018. As of March 31, 2018, the fair market value of the derivatives aggregated $10,541,670 using the following assumptions: estimated 0.1 to 4.1-year term, estimated volatility of 196.98% to 394.26%, and a discount rate of 0.00% to 2.09%.

 

 

 

 7 

 

 

CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with a maturity of three months or less, as well as bank money market accounts, to be cash equivalents. As of March 31, 2018 and December 31, 2017, the balances were $155,100 and $56,470, respectively.

 

CONCENTRATION OF CREDIT RISK - Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables and cash and cash equivalents.

 

Concentration of credit risk with respect to trade receivables is generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across geographic areas principally within the United States. The Company routinely addresses the financial strength of its customers and, as a consequence, believes that its receivable credit risk exposure is limited. Our current receivables at March 31, 2018 are with five customers. Two customers constitute 77.79% of our sales. Customer A percentage of sales was 53.12% and customer B was 24.67%

 

The Company places its temporary cash investments with high credit quality financial institutions. At times, the Company maintains bank account balances, which exceed FDIC limits. As of March 31, 2018 and December 31, 2017, the Company did not exceeded FDIC limits.

 

REVENUE RECOGNITION – Revenue represents amounts earned for data licensing arrangements consisting of flat fee, per use basis or revenue share. Licensee is sent data on a daily basis, has use of the data for a period of time based on the contract life between one month to one year.

 

We recognize revenues in the period in which the data transmission is provided to the licensee.

 

Under these policies, the Company evaluates each of these criteria as follows:

 

·Evidence of an arrangement. We consider a signed insertion order or contract by the licensee or its agency to be evidence of an arrangement.

 

·Delivery. Delivery is considered to occur daily with the transmission of the data from our network servers to the licensee.

 

·Fixed or determinable fee. The Company recognizes revenue for data license arrangements ratably over the term of the insertion order or contract. Our arrangements with the licensee is noted in the signed contracts which specifies the price to be paid and due date of remittance. Contracts that include fixed-fee data transmission are invoiced upon acceptance of the insertion order or contract and billed at time of delivery. The Company’s terms as stated in the contracts. Final billing is based on usage of delivered data. At the end of the period (usually monthly) an acknowledgment of data amount delivered is sent to licensee, who then verifies usage and at the point a final invoice is generated.

 

·Collection is deemed reasonably assured. We deem collection reasonably assured if we expect that the licensee will be able to pay the amounts under the arrangement as payments become due. Collection is deemed not reasonably assured when a licensee is perceived to be in financial distress, which may be evidenced by weak industry conditions, a bankruptcy filing, or previously billed amounts that are past due. If we determine that collection is not reasonably assured, then we would defer the revenue and recognize the revenue upon cash collection.

 

·No other warranties and or obligations are implied or due once the data transmission has been completed with the licensee.

 

MOBIQUITY NETWORKS – Revenue is recognized with the billing of an advertising contract or data sale. The customer signs a contract directly with us for an advertising campaign with mutually agreed upon term and is billed on the start date of the advertising campaign, which are normally in short duration periods. The second type of revenue is through the licensing of our data. Revenue from data can occur in two ways; the first is a direct feed, which is billed at the end of each month. The second way is through the purchasing of audience segments. When an audience segment is purchased, we bill the buyer upon delivery, which is usually 1-2 days for the order date.

 

ALLOWANCE FOR DOUBTFUL ACCOUNTS - Management must make estimates of the collectability of accounts receivable. Management specifically analyzes accounts receivable and analyzes historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. As of March 31, 2018 and December 31, 2017, allowance for doubtful accounts were $0 and $0, respectively.

 

 

 

 8 

 

 

PROPERTY AND EQUIPMENT - Property and equipment are stated at cost. Depreciation is expensed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are being amortized using the straight-line method over the estimated useful lives of the related assets or the remaining term of the lease. The costs of additions and improvements, which substantially extend the useful life of a particular asset, are capitalized. Repair and maintenance costs are charged to expense. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the account and the gain or loss on disposition is reflected in operating income.

 

LONG LIVED ASSETS - Long-lived assets such as property, equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. The Company recognized no impairment losses for the period ended March 31, 2018.

 

PATENTS and TRADEMARKS - Patents and trademarks developed during the prior years were capitalized for the period of development and testing. Expenditures during the planning stage and after implementation have been expensed in accordance with ASC 985.

 

ADVERTISING COSTS - Advertising costs are expensed as incurred. For the quarter ended March 31, 2018 and for the year ended December 31, 2017, there were no advertising costs.

 

ACCOUNTING FOR STOCK BASED COMPENSATION. Stock based compensation cost is measured at the grant date fair value of the award and is recognized as expense over the requisite service period. The Company uses the Black-Sholes option-pricing model to determine fair value of the awards, which involves certain subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected term”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”) and the number of options for which vesting requirements will not be completed (“forfeitures”). Changes in the subjective assumptions can materially affect estimates of fair value stock-based compensation, and the related amount recognized on the consolidated statements of operations. Refer to Note 8 “Stock Option Plans” in the Notes to Consolidated Financial Statements in this report for a more detailed discussion.

 

BENEFICIAL CONVERSION FEATURES - Debt instruments that contain a beneficial conversion feature are recorded as deemed interest to the holders of the convertible debt instruments. The beneficial conversion is calculated as the difference between the fair values of the underlying common stock less the proceeds that have been received for the debt instrument limited to the value received.

 

INCOME TAXES - Deferred income taxes are recognized for temporary differences between financial statement and income tax basis of assets and liabilities for which income tax or tax benefits are expected to be realized in future years. A valuation allowance is established to reduce deferred tax assets, if it is more likely than not, that all or some portion of such deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date.

 

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - Revenue from Contracts with Customers (Topic 606). The company adopted Revenue Recognition Standard, ASC 606 on January 1, 2018 and after for the recognition for our revenue policy.

 

We have completed our assessment of the impact under the new revenue standard on our condensed financial statements. Based on our assessment, we have concluded that our financial statements will not be materially impacted upon adoption.

 

NOTE 2: LOSS PER SHARE

 

Basic loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Dilutive loss per share gives effect to stock options and warrants, which are considered to be dilutive common stock equivalents. Basic loss per common share was computed by dividing net loss by the weighted average number of shares of common stock outstanding. The number of common shares potentially issuable upon the exercise of certain options and warrants that were excluded from the diluted loss per common share calculation was approximately 325,811,673 because they are anti-dilutive as a result of a net loss for the three months ended March 31, 2018.

 

 

 

 9 

 

 

NOTE 3: CONVERTIBLE DEBT AND DERIVATIVE LIABILITIES

 

Summary of Convertible Promissory Notes:

 

    March 31,     December 31,  
    2018     2017  
    (Unaudited)     (Unaudited)  
Arnost Note   $ –     $ –  
CAVU Notes, net     100,000       100,000  
Berg Note (a)     50,000       50,000  
                 
Secured Notes (b) net of discounts of $646,590 for March 31, 2018 and $234,502 for December 31, 2017     3,587,410       2,999,498  
Total Debt     3,737,410       3,149,498  
Current portion of debt     3,737,410       3,149,498  
Long-term portion of debt   $ –     $ –  

 

In the first quarter of 2018, the Company entered into agreements with non-affiliated persons to provide $1,000,000 of short term secured debt financing in four monthly tranches. The Company will issue in connection with each tranche, a six-month secured convertible promissory note. In connection with this transaction, the Company agreed to issue an origination fee of 1,000,000 shares of restricted common stock. Alexander Capital L.P. acted as Placement Agent and Advisor for this transaction. Each of these new notes are on the terms of the Company's 10% Senior Secured debt.

 

The Company's 10% Senior Secured Debt consists of 19 convertible notes issued totaling $4,234,000. These notes mature 6 months from the date of issuance, accrue interest at 10%, and had a base conversion price of $.05. As of March 31, 2018, the 10% Senior Secured Debt notes are in default for breach of covenants due to notes which have matured during the period not being settled. The default on these notes triggered an increase in the interest rate from 10% to 24% on the principal balance, a 9% late fee being charged on interest accrued, and a variable conversion price equal to 50% of the lowest volume weighted average price in the 30 days prior to conversion. On February 27, 2018 the Company reduced the base conversion price from $.05 to $.02. The Company accounted for this modification per ASC 470-50 "Modifications and Extinguishments". Due to the variable rate in effect from the default provisions of the 10% Senior Secured Debt notes this reduction in base conversion price had no material change on the value of the notes.

 

A recap of the derivative liability is as follows:

 

Derivative Liability 2018
Beginning balance  $(666,123)
New Issuances   (244,906)
Discount on new issuances   (647,431)
Gain (Loss) on revaluation of derivative liability   (8,983,210)
Ending balance  $(10,541,670)

 

 

NOTE 4: STOCKHOLDERS’ (DEFICIT)

  

Shares issued for Original Interest Discount

 

During the quarter ended March 31, 2018, the Company issued 1,000,000 shares of common stock at a price per share between $0.03 and $0.04 for original issue discount on receipt of $1,000,000 in 10% secured convertible promissory notes.

 

NOTE 5: STOCK-BASED COMPENSATION

 

Compensation costs related to share-based payment transactions, including employee stock options, are recognized in the financial statements utilizing the straight line method for the cost of these awards.

 

The Company's results for the three month period ended March 31, 2018 and 2017 include employee share-based compensation expense totaling $327,405 and $273,092, respectively. Such amounts have been included in the Condensed Consolidated Statements of Operations within selling, general and administrative expenses. No income tax benefit has been recognized in the statement of operations for share-based compensation arrangements due to a history of operating losses.

 

 

 

 10 

 

 

The following table summarizes stock-based compensation expense for the three months ended March 31, 2018 and 2017:

 

   Three Months Ended
March 31,		 
   2018   2017 
Employee stock-based compensation - option grants  $273,945   $150,592 
Employee stock-based compensation - stock grants   –    – 
Non-Employee stock-based compensation - option grants   53,460    11,500 
Non-Employee stock-based compensation - stock grants   –    – 
Non-Employee stock-based compensation-stock warrant   –    111,000 
           
Total  $327,405   $273,092 

 

NOTE 6: STOCK OPTION PLAN

 

In the first quarter of 2016, the Board approved and stockholders ratified a 2016 Employee Benefit and Consulting Services Compensation Plan covering 10,000,000 shares (the “2016 Plan”) and approving moving all options which exceeded the 2009 Plan limits to the 2016 Plan. The Company also had approved 2005 and 2009 Plans covering 4,000,000 shares and 10,000,000 shares, respectively.

 

All stock options under the Plans are granted at or above the fair market value of the common stock at the grant date. Employee and non-employee stock options vest over varying periods and generally expire either 5 or 10 years from the grant date. The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model. For option grants, the Company will take into consideration payments subject to the provisions of ASC 718 "Stock Compensation", previously Revised SFAS No. 123 "Share-Based Payment" ( "SFAS 123 (R)"). The fair values of these restricted stock awards are equal to the market value of the Company's stock on the date of grant, after taking into certain discounts. The expected volatility is based upon historical volatility of our stock and other contributing factors. The expected term is based upon observation of actual time elapsed between date of grant and exercise of options for all employees. Previously, such assumptions were determined based on historical data.

 

The weighted average assumptions made in calculating the fair values of options granted under the Plans during the three months ended March 31, 2018 and 2017 are as follows:

 

   Three Months Ended
March 31,		 
   2018   2017 
Expected volatility   173.00%    146.77% 
Expected dividend yield   –    – 
Risk-free interest rate   2.43%    1.89% 
Expected term (in years)   5    5 

  

                  Weighted        
            Weighted     Average        
            Average     Remaining     Aggregate  
            Exercise     Contractual     Intrinsic  
      Share     Price     Term     Value  
                           
  Outstanding, January 1, 2018       17,515,001       0.39       4.43     $ –  
  Granted       19,250,000       .05       5.00       –  
  Exercised       –                          
  Cancelled       (11,015,001 )                        
  Outstanding, March 31, 2018       25,750,000       0.12       3.91       4,000  
  Options exercisable, March 31, 2018       25,750,000       0.12       3.91     $ 4,000  

 

 

 

 

 11 

 

 

The weighted-average grant-date fair value of options granted during the three months ended March 31, 2018 and 2017 was $0.05 and $0.03, respectively.

 

The aggregate intrinsic value of options outstanding and options exercisable at March 31, 2018 is calculated as the difference between the exercise price of the underlying options and the market price of the Company's common stock for the shares that had exercise prices, that were lower than the $0.04 closing price of the Company's common stock on March 31, 2018.

 

As of March 31, 2018, the fair value of unamortized compensation cost related to unvested stock option awards was $0.

 

The weighted average assumptions made in calculating the fair value of warrants granted during the three months ended March 31, 2018 and 2017 are as follows:

 

    Three Months Ended
March 31,		  
    2018     2017  
Expected volatility     0.00 %     151.49 %
Expected dividend yield     –       –  
Risk-free interest rate     0.00 %     151.49 %
Expected term (in years)     0.00       5.00   

 

                  Weighted        
            Weighted     Average        
            Average     Remaining     Aggregate  
            Exercise     Contractual     Intrinsic  
      Share     Price     Term     Value  
  Outstanding, January 1, 2018       11,814,167     $ 0.20       2.58     $ –  
  Granted                                  
  Exercised                                  
  Cancelled       (540,000 )                        
  Outstanding, March 31, 2018       11,274,167     $ 0.19       2.50       –  
  Options warrants exercisable, March 31, 2018       11,274,167     $ 0.19       2.50     $ –  

 

NOTE 7: COMMITMENTS AND CONTINGENCIES

 

COMMITMENTS –

 

In March of 2014, we entered into a month-to-month lease agreement for approximately 400 square feet of office space located in Manhattan, NY at a monthly cost of $3,700. In May of 2015 we moved to a larger location with the same landlord on a month to month basis for $4,700 each month. In 2017 the Company is leasing on a month-to-month basis two fully furnished executive suites in Manhattan at a monthly cost of approximately $6,700. These executive suites are located at 85 Broadway, 16th Floor, Suites 16-035 and 16-040, New York, NY 10010.

 

There are currently no minimum future rentals under non-cancelable lease commitments.

 

Rent and real estate tax expense was approximately $18,812 and $449,883 for the quarters ended March 31, 2018 and 2017, respectively.

 

Transactions with major customers

 

During the quarter ended March 31, 2018, two customers accounted for approximately 78% of revenues and for the year ended March 31, 2017, three customers accounted for all our revenues.

 

 

 

 12 

 

 

NOTE 8: SUBSEQUENT EVENTS

 

There are no subsequent events required to be disclosed in the Notes to Financial Statements through the date of the report, except as follows:

 

In May of 2018, the Company received two unsecured Convertible Promissory Notes totaling $250,000, which include 7,000,000 shares of common stock for the prepayment of interest. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 13 

 

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

FORWARD-LOOKING STATEMENTS

 

The information contained in this Form 10-Q and documents incorporated herein by reference are intended to update the information contained in the Company's Form 10-K for its fiscal year ended December 31, 2017 which includes our audited financial statements for the year ended December 31, 2017 and such information presumes that readers have access to, and will have read, the "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors" and other information contained in such Form 10-K and other Company filings with the Securities and Exchange Commission ("SEC").

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, and actual results could be significantly different than those discussed in this Form 10-Q. Certain statements contained in Management's Discussion and Analysis, particularly in "Liquidity and Capital Resources," and elsewhere in this Form 10-Q are forward-looking statements. These statements discuss, among other things, expected growth, future revenues and future performance. Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. The forward-looking statements are subject to risks and uncertainties including, without limitation, the following: (a) changes in levels of competition from current competitors and potential new competition, (b) possible loss of customers, and (c) the company's ability to attract and retain key personnel, (d) The Company's ability to manage other risks, uncertainties and factors inherent in the business and otherwise discussed in this 10-Q and in the Company's other filings with the SEC. The foregoing should not be construed as an exhaustive list of all factors that could cause actual results to differ materially from those expressed in forward-looking statements made by us. All forward-looking statements included in this document are made as of the date hereof, based on information available to the Company on the date thereof, and the Company assumes no obligation to update any forward-looking statements.

 

Company Overview

 

The Company’s wholly-owned subsidiary, Mobiquity Networks has evolved and grown from a mobile advertising technology company focused on driving Foot-traffic throughout its indoor network, into a next generation location data intelligence company. Mobiquity Networks provides precise unique, at-scale location data and insights on consumer’s real-world behavior and trends for use in marketing and research. With its combined first party location data via its advanced SDK and its various exclusive data sets; Mobiquity Networks provides one of the most accurate and scaled solution for mobile data collection and analysis, utilizing multiple geo-location technologies. Mobiquity Networks is seeking to implement several new revenue streams from its data collection and analysis, including, but not limited to; Advertising, Data Licensing, Footfall Reporting, Attribution Reporting, Fraud Prevention, Real Estate Planning, Financial Forecasting and Custom Research.

 

As mentioned in previous filings, Mobiquity Technologies’ will be focusing its full attention on Mobiquity Networks, which it believes represents a large growth opportunity. Subsequently, former subsidiary, Ace Marketing, its legacy marketing and promotions business was successfully sold on October 1, 2017 and is no longer part of Mobiquity Technologies or its business plan.

 

Critical Accounting Policies

 

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States.  The preparation of financial statements requires management to make estimates and disclosures on the date of the financial statements. On an on-going basis, we evaluate our estimates including, but not limited to, those related to revenue recognition. We use authoritative pronouncements, historical experience and other assumptions as the basis for making judgments. Actual results could differ from those estimates. We believe that the following critical accounting policies affect our more significant judgments and estimates in the preparation of our financial statements.

 

 

 

 14 

 

 

Revenue Recognition –Revenue is recognized with the billing of an advertising contract or data sale. The customer signs a contract directly with us for an advertising campaign with mutually agreed upon term and is billed on the start date of the advertising campaign, which are normally in short duration periods. The second type of revenue is through the licensing of our data. Revenue from data can occur in two ways; the first is a direct feed, which is billed at the end of each month. The second way is through the purchasing of audience segments. When an audience segment is purchased, we bill the buyer upon delivery, which is usually 1-2 days for the order date.

  

Allowance For Doubtful Accounts. We are required to make judgments based on historical experience and future expectations, as to the realizability of our accounts receivable. We make these assessments based on the following factors: (a) historical experience, (b) customer concentrations, customer credit worthiness, (d) current economic conditions, and (e) changes in customer payment terms.

 

Accounting For Stock Based Compensation. Stock based compensation cost is measured at the grant date fair value of the award and is recognized as expense over the requisite service period. The company uses the Black-Sholes option-pricing model to determine fair value of the awards, which involves certain subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected term”), the estimated volatility of the company’s common stock price over the expected term (“volatility”) and the number of options for which vesting requirements will not be completed (“forfeitures”). Changes in the subjective assumptions can materially affect estimates of fair value stock-based compensation, and the related amount recognized on the consolidated statements of operations.

  

Plan of Operation

 

Mobiquity Networks derives its revenue utilizing the revenue streams mentioned above. All the products used to derive revenue for the Company are reliant on the collection of data. To achieve management’s revenue goals moving forward, we have developed a strategy to increase the two main driving forces behind our data collection. One strategy is to increase the total number of users we see on a monthly basis (“MAU”), and the second strategy is to increase the total number of locations (Places) available to see our MAU’s over the same time period. We are currently seeing approximately 50,000,000 unique mobile devices on a monthly basis. The ability to see and collect the data required from these unique devices comes from the installation of our proprietary Software Development Kit (SDK) into various mobile applications (Apps) or through a direct server-to-server data feed from our App partners. To continue to grow the total number of unique devices we can see on a monthly basis, we need to increase our App partnerships. We believe our unique offering to potential App partners gives us a competitive advantage over others in the industry. The task of partnering with Apps is handled internally by our business development team.

 

As of April 2018, we had over 2,000,000 Places in our proprietary Places database, and we expect growth to over 4,000,000 Places by the fourth quarter of 2018, thus exponentially increasing the amount of data we collect. We have been able to steadily increase the number of locations available in our Places database through the use of both open source and proprietary technologies. The task of growing our Places database is handled by our internal technology team. The Company currently utilizes both internal and outsourced resources to market and sell its product offerings. Management intends to hire additional sales personnel in the last three quarters of 2018 as working capital permits.

 

Results of Operations

 

Quarter Ended March 31, 2018 versus Quarter Ended March 31, 2017

 

The following table sets forth certain selected condensed statement of operations data for the periods indicated in dollars. In addition, we note that the period-to-period comparison may not be indicative of future performance.

 

   Quarter Ended 
   March 31,
2018		   March 31,
2017		 
Revenue  $38,703   $81,787 
Cost of Revenues   (61,117)   (96,292)
Gross (Loss)   (22,414)   (14,505)
Selling, General and Administrative Expenses   (891,004)   (1,679,335)
Loss from operations   (913,418)   (1,693,840)

 

 

 

 15 

 

 

We generated revenues of $38,703 in the first quarter of 2018 as compared to $81,787 in the same period for fiscal 2017, a change in revenues of $43,084. In 2018, we are seeking to implement several new revenue streams from data collection and analysis including, but not limited to; Advertising, Data Licensing, Footfall Reporting, Attribution Reporting, Real Estate Planning, Financial Forecasting and Custom Research.

 

Cost of revenues was $61,117 or 157.9% of revenues in the first quarter of 2018 as compared to 96,292 or 117.7% of revenues in the same fiscal period of fiscal 2017. Cost of revenues include web services for storage of our data and web engineers who are building and maintaining our platforms. The generated savings, on a percentage basis, arise with our increased sales. Our ability to capture and store data for sales does not translate to increased cost of sales.

 

Gross loss was $22,414 or 57.9% of revenues for the first quarter of 2018 as compared to $14,505 in the same fiscal period of 2017 or 17.7% of revenues. As revenues from the use of our technologies increases, it is expected that our margins will increase significantly.

 

Selling, general, and administrative expenses were $891,049 for the first quarter of fiscal 2018 compared to $1,679,335 in the comparable period of the prior year, a decrease of approximately $788,331. Such operating cost reductions include payroll and related expenses, commissions, insurance, rents, fee payments to malls, professional (consulting) and public awareness fees. The corporation has been trimming expenses in order to shift its efforts in obtaining a new revenue stream. Our increased efforts in cutting expenses by streamlining staff has fueled the savings in salaries. The other major savings is in the reduction of our rent expense. With our change in revenue stream we no longer need access to the mall locations which has reduced our costs by close to two million dollars.

 

The net loss from operations for the first quarter of fiscal 2018 was $913,418 as compared to $1,693,840 for the comparable period of the prior year. The continuing operating loss is attributable to the focused effort in creating the infrastructure required to move forward with our Mobiquity network business.

 

No benefit for income taxes is provided for in the reported periods due to the full valuation allowance on the net deferred tax assets. Our ability to be profitable in the future is dependent upon the successful introduction and usage of our data collection and analysis including Advertising, Data Licensing, Footfall Reporting, Attribution Reporting, Real Estate Planning, Financial Forecasting and Custom Research services.

 

Liquidity and Capital Resources

 

The Company had cash and cash equivalents of $155,100 at March 31, 2018. Cash used in operating activities for the three months ended March 31, 2018 was $745,326. This resulted primarily from a net loss of $10,687,546, offset by stock based payments of $327,405 an increase in accounts receivable of $11,855, a decrease in prepaid expenses and other assets of $17,638, a decrease of accounts payable and accrued expenses of $7,799, the non-cash items of the change in fair value of derivative liabilities of $8,983,210, derivative expense of $244,906, the amortization of discount on convertible debt of $336,843, and stock, incentive expensed of $31,375. Net cash was provided by financing activities of $843,956 from the proceeds of the issuance of notes, net $898,500 for the quarter ended March 31, 2018.

 

The Company had cash and cash equivalents of $921,828 at March 31, 2017. Cash used in operating activities for the three months ended March 31, 2017 was $819,984. This resulted primarily from a net loss of $6,109,831, offset by stock based payments of $273,092, a decrease in accounts receivable of $80,927, a decrease in prepaid expenses and other assets of $20,033, an increase of accounts payable and accrued expenses of $96,418, and the non-cash items of the change in fair value of derivative liabilities of $462,193, derivative expense of $1,038,439, the loss on settlement of debt of $2,706,197, and amortization of debt discount of $641,363. Net cash was provided by financing activities of $1,703,944 from the sale of the Company's Common Stock for the quarter ended March 31, 2017 of $311,250, proceeds from the exercise of warrants of $95,834 and net proceeds from the issuance and extinguishment of notes of $1,300,000.

 

Our company commenced operations in 1998 and was initially funded by our three founders, each of whom has made demand loans to our company that have been repaid. Since 1999, we have relied on equity financing and borrowings from outside investors to supplement our cash flow from operations and expect this to continue in 2018 and beyond until cash flow from our proximity marketing operations become substantial.

 

 

 

 16 

 

 

Recent Financings

 

In 2016 and 2017, we have completed various financings. See Item 5 under “Recent Sales of Unregistered Securities” in our Form 10-K for the fiscal year ended December 31, 2017.

 

2017 Loan Agreements and Certain Transactions

 

As of May 7, 2018, the Company has outstanding 206,825,600 shares of common stock, 850,588 shares of Series AAA preferred stock and $4,384,000 of convertible notes. The convertible notes consist of $4,234,000 of secured notes and $150,000 of unsecured notes.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. Our primary exposure to market risk is interest rate risk associated with our short term money market investments. The Company does not have any financial instruments held for trading or other speculative purposes and does not invest in derivative financial instruments, interest rate swaps or other investments that alter interest rate exposure. The Company does not have any credit facilities with variable interest rates.

 

ITEM 4. CONTROLS AND PROCEDURES

 

We maintain disclosure controls and procedures, which are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

 

Under the supervision and with the participation of our management, including our CEO and CFO, an evaluation was performed on the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this quarterly report. Based on that evaluation, our management, including our CEO and CFO, concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this report.

 

There were no changes in the Company's internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting.

 

 

 

 

 

 

 17 

 

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

As of the filing date of this Form 10-Q, we are not a party to any pending legal proceedings.

 

ITEM 1A. RISK FACTORS

 

As a Smaller Reporting Company as defined Rule 12b-2 of the Exchange Act and in item 10(f)(1) of Regulation S-K, we are electing scaled disclosure reporting obligations and therefore are not required to provide the information requested by this Item 1A.

  

ITEM 2. CHANGES IN SECURITIES.

 

(a) From January 1, 2018 through March 31, 2018, we had no sales or issuances of unregistered capital stock, except as referenced above and in the table below:

 

Date of Sale   Title of Security   Number Sold   Consideration Received and Description of Underwriting or Other Discounts to Market
Price or Convertible
Security, Afforded to
Purchasers		   Exemption
from
Registration
Claimed		   If Option, Warrant or Convertible
Security, terms
of exercise or
conversion
Jan. – March 2018   Convertible notes and Common Stock

  $1,000,00 in principal and 1,000,000 common shares   $1,000,000 received, $105,500 in commissions   Rule 506   Not applicable

  

In the three months ended March 31, 2017, there were no repurchases by the Company of its Common Stock.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

Not applicable.

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

Not applicable.

 

ITEM 5. OTHER INFORMATION.

 

Not applicable.

 

 

 

 18 

 

 

ITEM 6. EXHIBITS.

 

Exhibit    
Number   Exhibit Title
3.1   Certificate of Incorporation filed March 26, 1998 (1)
3.2   Amendment to Certificate of Incorporation filed June 10, 1999 (1)
3.3   Amendment to Certificate of Incorporation approved by stockholders in 2005(1)
3.4   Amendment to Certificate of Incorporation dated September 11, 2008 (11)
3.5   Amendment to Certificate of Incorporation dated October 7, 2009 (11)
3.6   Amendment to Certificate of Incorporation dated May 18, 2012 (11)
3.7   Amendment to Certificate of Incorporation dated September 10, 2013 (17)
3.8   Amended By-Laws (1)
3.9   2014 Amendment to By-Laws (19)
3.10   Amendment to Certificate of Incorporation filed December 22, 2015 (23)
3.11   Amendment to Certificate of Incorporation dated March 24, 2016 (21)
3.12   Amendment to Certificate of Incorporation (22)
10.1   Employment Agreement - Michael Trepeta (2)
10.2   Employment Agreement - Dean Julia (2)
10.3   Amendments to Employment Agreement - Michael Trepeta (5) (7)
10.4   Amendments to Employment Agreement - Dean L. Julia (5) (7)
10.5   Joint Venture Agreement with Atrium Enterprises Ltd. (6)
10.6   Agreement with Aon Consulting (6)
10.7   Amendment to Exhibits 10.3 and 10.4 dated April 7, 2010 (10)
10.8   Office Lease for Garden City, NY (9)
10.9   Amendment to Employment Agreement – Dean L. Julia (11)
10.10   Amendment to Employment Agreement – Michael D. Trepeta (11)
10.11   Convertible Promissory Note (12)
10.12   Registration Rights Agreement dated June 12, 2012 by and between the company and TCA (13)
10.13   Equity Agreement dated June 12, 2012 by and between the company and TCA (13)
10.14   Amendment to Dean L. Julia’s Employment Agreement (16)
10.15   Amendment to Michael D. Trepeta’s Employment Agreement (16)
10.16   Common Stock Purchase Agreement with Aspire Capital (18)
10.17   Termination of TCA Registration Rights Agreement and Equity Agreement (18)
10.18   Employment Agreement – Sean Trepeta (19)
10.19   Employment Agreement – Paul Bauersfeld (19)
10.20   Employment Agreement – Thomas Arnost (20)
10.21   December 2013 Agreement with Thomas Arnost modifying secured debt purchased by Arnost from TCA (19)
10.22   Letter Agreement dated December 9, 2014 with Thomas Arnost to extend expiration date of secured note to December 31, 2015 (19)
10.23   Letter Agreement dated July 8, 2013 with Thomas Arnost to provide letter of credit for $1,350,000 (19)
10.24   Letter Agreement dated July 8, 2013 with SNW Properties to provide letter of credit for $1,350,000 (19)
10.25   Letter Agreement dated December 15, 2014 with Carl E. Berg (19)
10.26   Separation Agreement with Michael D. Trepeta (24)
10.27   Form of convertible promissory note. (22)
11.1   Statement re: Computation of per share earnings. See Statement of Operations and Notes to Financial Statements

 

 

 

 19 

 

 

14.1   Code of Ethics/Code of Conduct (Incorporated by reference to Form 10-K for the year ended December 31, 2014)
21.1   Subsidiaries of the Issuer (15)
31.1   Rule 13a-14(a) Certification in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 (*)
31.2   Rule 13a-14(a) Certification in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 (*)
32.1   Certification pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (*)
32.2   Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (*)
99.1   2005 Employee Benefit and Consulting Services Compensation Plan (2)
99.2   Form of Class A Warrant (2)
99.3   Form of Class B Warrant (2)
99.4   Amendment to 2005 Plan (4)
99.5   Form of Class C Warrant (8)
99.6   2009 Employee Benefit and Consulting Services Compensation Plan (3)
99.7   Form of Class D Warrant (3)
99.8   Form of Class E Warrant (10)
99.9   Form of Class F Warrant (10)
99.10   Form of Class G Warrant (10)
99.11   Form of Class H Warrant (10)
99.12   Form of Class AA Warrant (11)
99.13   Form of Class BB Warrant (11)
99.14   Form of Class CC Warrant (19)
101.INS   XBRL Instance Document (*)
101.SCH   Document, XBRL Taxonomy Extension (*)
101.CAL   Calculation Linkbase, XBRL Taxonomy Extension Definition (*)
101.DEF   Linkbase, XBRL Taxonomy Extension Labels (*)
101.LAB   Linkbase, XBRL Taxonomy Extension (*)
101.PRE   Presentation Linkbase (*)

________________

* Filed herewith.

(1) Incorporated by reference to Registrant's Registration Statement on Form 10-SB as filed with the Commission on February 10, 2005.
(2) Incorporated by reference to Registrant’s Registration Statement on Form 10-SB/A filed with the Commission March 18, 2005.
(3) Incorporated by reference to Form 10-K filed for the fiscal year ended December 31, 2009.
(4) Incorporated by reference to the Registrant's Form 10-QSB/A filed with the Commission on August 15, 2005.
(5) Incorporated by reference to the Registrant's Form 10-KSB for its fiscal year ended December 31, 2005.
(6) Incorporated by reference to the Registrant's Form 10-KSB for its fiscal year ended December 31, 2006.
(7) Incorporated by reference to the Registrant's Form 8-K dated September 21, 2007.
(8) Incorporated by reference to the Registrant's Form 10-QSB for its quarter ended September 30, 2006.
(9) Incorporated by reference to the Registrant's Form 10-K for its fiscal year ended December 31, 2011.
(10) Incorporated by reference to the Registrant’s Form 10-Q for the quarter ended June 30, 2011.
(11) Incorporated by reference to the Registrant's Form 10-K for its fiscal year ended December 31, 2012.
(12) Incorporated by reference to the Registrant’s Form 8-K dated June 14, 2012.
(13) Incorporated by reference to the Registrant’s Form 8-K dated June 15, 2012.
(14) Incorporated by reference to the Registrant’s Form 8-K dated June 6, 2013.
(15) Incorporated by reference to the Registrant's Form 10-K for its fiscal year ended December 31, 2013.
(16) Incorporated by reference to Form 8-K filed June 6, 2013.
(17) Incorporated by reference to Form 8-K filed September 11, 2013.
(18) Incorporated by reference to Form 8-K filed April 1, 2014.
(19) Incorporated by reference to Form 8-K filed with the SEC on December 24, 2014.

(20)

(21)

Incorporated by reference to Form 8-K dated December 2, 2014.

Incorporated by reference to Form 8-K dated March 24, 2016.

(22) Incorporated by reference to Form 8-K dated March 1, 2017.

(23)

(24)

Incorporated by reference to Form 10-K for the fiscal year ended December 31, 2015.

Incorporated by reference to Form 10-K for the fiscal year ended December 31, 2016.

 

 

 

 

 20 

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  MOBIQUITY TECHNOLOGIES, INC.
     
Date: May 15, 2018 By: /s/ Dean L. Julia
    Dean L. Julia,
    Co-Principal Executive Officer
     
     
Date: May 15, 2018 By: /s/ Sean McDonnell
    Sean McDonnell,
    Principal Financial Officer

 

 

 

 

 

 

 

 

 

 

 21 

 EX-31.1 2 mobiquity_ex3101.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

EXHIBIT 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

I, Dean L. Julia, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Mobiquity Technologies, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

      a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

      b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

      c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

      d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

      a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

      b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: May 15, 2018 /s/ DEAN L. JULIA
  DEAN L. JULIA,
  PRINCIPAL EXECUTIVE OFFICER

 

 

 EX-31.2 3 mobiquity_ex3102.htm CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

EXHIBIT 31.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

 

I, Sean McDonnell, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Mobiquity Technologies, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

      a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

      b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

      c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

      d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

      a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

      b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: May 15, 2018 /s/ SEAN MCDONNELL                  
  SEAN MCDONNELL, PRINCIPAL FINANCIAL OFFICER

 

 EX-32.1 4 mobiquity_ex3201.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

EXHIBIT 32.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350

 

 

In connection with the Quarterly Report of Mobiquity Technologies, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Dean L. Julia, Co-Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

  /s/ DEAN L. JULIA    
  DEAN L. JULIA
  PRINCIPAL EXECUTIVE OFFICER
Date: May 15, 2018  

 

 EX-32.2 5 mobiquity_ex3202.htm CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

EXHIBIT 32.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18U.S.C. SECTION 1350

 

In connection with the Quarterly Report of Mobiquity Technologies, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Sean McDonnell, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

  /s/ SEAN MCDONNELL
  SEAN MCDONNELL
  PRINCIPAL FINANCIAL OFFICER
Date: May 15, 2018  

 

 

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Weighted average contractural term - beginning Weighted average contractural term - exercisable Weighted average contractural term - granted Weighted average exercise price - exercisable Warrants exercisable Weighted average contractural term - beginning Shares Weighted Average Exercise Price Weighted Average Remaining Contractural Term Common stock issued for incentives Convertible notes maturity range Stock issue for discount on note, shares Assets, Current Assets [Default Label] Liabilities, Current Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Interest Expense Nonoperating Income (Expense) Comprehensive Income (Loss), Net of Tax, Attributable to Parent Weighted Average Number of Shares Outstanding, Basic and Diluted Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments Gain (Loss) on Disposition of Assets Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Operating Activities Interest Paid, Capitalized, Investing Activities Repayments of Notes Payable Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Derivative Liability Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Issues Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers out of Level 3 Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations Class of Warrant or Right, Exercise Price of Warrants or Rights Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTermsBeginnin ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTermsGranted Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTermsExercisable Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share EX-101.PRE 11 mobq-20180331_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2018
May 07, 2018
Document And Entity Information    
Entity Registrant Name Mobiquity Technologies, Inc.  
Entity Central Index Key 0001084267  
Document Type 10-Q  
Document Period End Date Mar. 31, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   206,825,600
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2018  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash and cash equivalents $ 155,100 $ 56,470
Accounts receivable, net 30,431 18,576
Prepaid expenses and other current assets 0 17,638
Total Current Assets 185,531 92,684
Intangible assets, net 5,060 9,960
Other Assets 11,275 11,275
Total Assets 201,866 113,919
Current Liabilities:    
Accounts payable 253,440 458,280
Accrued expenses 948,070 735,431
Derivative liability 10,541,670 666,123
Note payable 100 54,644
Convertible promissory notes, net 3,737,410 3,149,498
Total Current Liabilities 15,480,690 5,063,976
Stockholders' Deficit:    
Common stock, $.0001 par value; 900,000,000 and 900,000,000 shares authorized; 199,375,600 and 198,375,600 shares issued and outstanding at March 31, 2018, and December 31, 2017, respectively 19,950 19,850
Additional paid-in capital 45,134,709 44,776,029
Accumulated deficit (71,986,021) (61,298,474)
Total Stockholders' Deficit (26,831,337) (16,502,570)
Total Liabilities and Stockholders' Deficit 201,866 113,919
Preferred Stock [Member]    
Stockholders' Deficit:    
Preferred Stock 25 25
AAA Preferred Stock [Member]    
Stockholders' Deficit:    
Preferred Stock $ 11,552,513 $ 11,552,513
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2018
Dec. 31, 2017
Common stock par value $ .0001 $ 0.0001
Common stock shares authorized 900,000,000 900,000,000
Common stock shares issued 199,375,600 198,375,600
Common stock outstanding 199,375,600 198,375,600
Preferred Stock [Member]    
Preferred Stock par value $ 0.0001 $ 0.0001
Preferred Stock shares authorized 5,000,000 5,000,000
Preferred Stock shares issued 240,000 240,000
Preferred stock shares outstanding 240,000 240,000
AAA Preferred Stock [Member]    
Preferred Stock par value $ .0001 $ .0001
Preferred Stock shares authorized 5,000,000 5,000,000
Preferred Stock shares issued 850,588 850,588
Preferred stock shares outstanding 850,588 850,588
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Revenues $ 38,703 $ 81,787
Cost of revenues 61,117 96,292
Gross profit (Loss) (22,414) (14,505)
Operating Expenses:    
Selling, general and administrative 891,004 1,679,335
Total Operating Expenses 891,004 1,679,335
Loss from Operations (913,418) (1,693,840)
Other Income (Expense):    
Interest expense (546,012) (1,133,548)
Change in derivative liability (8,983,210) 462,193
Initial derivative expense (244,906) (1,038,439)
Loss on extinguishment of debt 0 (2,706,197)
Total Other Income (Expense) (9,774,128) (4,415,991)
Loss from continuing operations (10,687,546) (6,109,831)
Other Comprehensive (Loss) 0 13,047
Discontinued operations:    
Loss from operations of discontinued entity 0 (175,316)
Net Comprehensive Loss $ (10,687,546) $ (6,272,100)
Net Loss Per Common Share:    
For continued operations $ (0.05) $ (0.05)
Basic and diluted $ (0.05) $ (0.06)
Weighted Average Common Shares Outstanding:    
Basic and diluted 198,883,933 111,234,302
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities:    
Net loss $ (10,687,546) $ (6,109,831)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation Expense 0 78
Amortization - Intangible Assets 4,900 7,150
Amortization - Debt discount 336,843 641,363
Common stock issued for services 0 314,310
Common stock issued for incentives 31,375 0
Change in derivative liability 8,983,210 (462,193)
Stock-based compensation 327,405 273,092
Initial derivative expense 244,906 1,038,439
Loss on extinguishment of debt 0 2,706,197
Loss on disposal of assets 0 12,241
Expenses paid from note 0 567,737
Changes in operating assets and liabilities:    
Accounts receivable (11,855) 80,927
Inventory 0 (5,945)
Prepaid expenses and other assets 17,638 20,033
Accounts payable (204,841) (167,543)
Accrued expenses and other current liabilities 35,002 (81,554)
Accrued interest 177,637 345,515
Total adjustments 9,942,220 5,289,847
Net Cash Used in Operating Activities (745,326) (819,984)
Net Cash Used in Operating Activities-discontinued operations 0 (175,316)
Cash Flows from Investing Activities:    
Net Cash Used in Investing Activities 0 0
Cash Flows from Financing Activities:    
Proceeds from the issuance of notes, net 898,500 1,300,000
Proceeds from issuance of common stock 0 311,250
Proceeds received from exercising warrants 0 95,834
Cash paid for accrued interest 0 (3,140)
Cash received from bank loans 66,500 0
Cash paid on bank loans (121,044) 0
Net Cash Provided by Financing Activities 843,956 1,703,944
Net change in Cash and Cash Equivalents 98,630 708,644
Cash and Cash Equivalents, beginning of period 56,470 213,184
Cash and Cash Equivalents, end of period 155,100 921,828
Supplemental Disclosure Information:    
Cash paid for interest 0 0
Cash paid for taxes 0 0
Non-cash Disclosures:    
Stock issued for interest 31,375 670,631
Conversion of note and interest into AAA Preferred and Common Stock 0 12,749,771
Recognition of debt discount $ 748,931 $ 0
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS – On September 10, 2013, Mobiquity Technologies, Inc. changed its name from Ace Marketing & Promotions, Inc. “the Company” or “Mobiquity”). We operate through a wholly-owned U.S. subsidiary, named, Mobiquity Networks, Inc. Mobiquity Networks owns 100% of Mobiquity Wireless S.L.U, a company incorporated in Spain. This corporation had an office in Spain to support our U.S. operations, which office was closed in the fourth quarter of 2016. Ace Marketing, its legacy marketing and promotions business was successfully sold on October 1, 2017, allowing us to focus our full attention to Mobiquity Networks.

 

Mobiquity Technologies, Inc., a New York corporation (the “Company”), is the parent company of its operating subsidiary; Mobiquity Networks, Inc. (“Mobiquity Networks”). The Company’s wholly-owned subsidiary, Mobiquity Networks has evolved and grown from a mobile advertising technology company focused on driving Foot-traffic throughout its indoor network, into a next generation location data intelligence company. Mobiquity Networks provides precise unique, at-scale location data and insights on consumer’s real-world behavior and trends for use in marketing and research. With its combined first party location data via its advanced SDK and its various exclusive data sets; Mobiquity Networks provides one of the most accurate and scaled solution for mobile data collection and analysis, utilizing multiple geo-location technologies. Mobiquity Networks is seeking to implement several new revenue streams from its data collection and analysis, including, but not limited to; Advertising, Data Licensing, Footfall Reporting, Attribution Reporting, Real Estate Planning, Financial Forecasting and Custom Research.

 

GOING CONCERN - The accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern. The Company's continued existence is dependent upon the Company's ability to obtain additional debt and/or equity financing to advance its new technology revenue stream. The Company has incurred losses from continued operations for the quarter ended March 31, 2018 of $10,687,546. As of March 31, 2018, the Company has an accumulated deficit of $71,986,021. The Company has had negative cash flows from operating activities of $745,326, for the quarter ended March 31, 2018. These factors raise substantial doubt about the ability of the Company to continue as a going concern.

 

Management has plans to address the Company’s financial situation as follows:

 

In the near term, management plans to continue to focus on raising the funds necessary to implement the Company’s business plan related to technology. Management will continue to seek out equity and/or debt financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that lenders and investors will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raises doubts about the Company’s ability to continue as a going concern.

 

In the long term, management believes that the Company’s projects and initiatives will be successful and will provide cash flow to the Company that will be used to finance the Company’s future growth. However, there can be no assurances that the Company’s efforts to raise equity and debt at acceptable terms or that the planned activities will be successful, or that the Company will ultimately attain profitability. The Company’s long-term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to achieve adequate profitability and cash flows from operations to sustain its operations.

 

PRINCIPLES OF CONSOLIDATION - The accompanying consolidated financial statements include the accounts of Mobiquity Technologies, Inc., formerly known as Ace Marketing & Promotions, Inc., and its wholly owned subsidiary, Mobiquity Networks, Inc.

 

The Condensed Balance Sheets as of March 31, 2018, the Condensed Statements of Operations for the three months ended March 31, 2018 and 2017 and the Condensed Statements of Cash Flows for the three months ended March 31, 2018 and 2017 have been prepared by us without audit, and in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. In our opinion, the accompanying unaudited condensed financial statements contain all adjustments necessary to present fairly in all material respects our financial position as of March 31, 2018, results of operations for the three months ended March 31, 2018 and 2017 and cash flows for the three months ended March 31, 2018 and 2017. All such adjustments are of a normal recurring nature. The results of operations and cash flows for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. We have evaluated subsequent events through the filing of this Form 10-Q with the SEC, and determined there have not been any events that have occurred that would require adjustments to our unaudited Condensed Financial Statements.

 

ESTIMATES - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

FAIR VALUE OF FINANCIAL INSTRUMENTS- The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.

 

The following are the hierarchical levels of inputs to measure fair value:

 

  · Level 1 - Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.
     
  · Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
     
  · Level 3 - Unobservable inputs reflecting the Company's assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

 

The carrying amounts of the Company's financial assets and liabilities, such as cash, prepaid expenses, other current assets, accounts payable & accrued expenses, certain notes payable and notes payable - related party, approximate their fair values because of the short maturity of these instruments. 

 

The Company accounts for its derivative liabilities, at fair value, on a recurring basis under level 3.  

 

    Level 1     Level 2     Level 3     Total  
Fair value of derivatives   $ –     $ -     $ 10,541,670     $ 10,541,670  

 

Embedded Conversion Features

 

The Company evaluates embedded conversion features within convertible debt under ASC 815 "Derivatives and Hedging" to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 "Debt with Conversion and Other Options" for consideration of any beneficial conversion feature.

 

Derivative Financial Instruments

 

The Company has financial instruments that are considered derivatives or contain embedded features subject to derivative accounting related to 19 convertible notes issued totaling $4,234,000 which have a variable conversion price equal to 50% of the lowest volume weighted average price in the 30 days prior to conversion. The notes have maturity dates ranging from February 2, 2018 – October 21, 2018. The Company also has financial instruments that are considered derivatives or contain embedded features subject to derivative accounting related to 2,200,000 warrants which included a ratchet provision in the conversion price of $.05 as part of a conversion of preferred AAA shares, and 1,000,000 warrants which included a ratchet provision in the conversion price of $.055 as part of a placement fee related to a note. Embedded derivatives are valued separately from the host instrument and are recognized as derivative liabilities in the Company’s balance sheet. The Company measures these instruments at their estimated fair value and recognizes changes in their estimated fair value in results of operations during the period of change. The Company has estimated the fair value of these embedded derivatives for convertible debentures and associated warrants using a multinomial lattice model as of March 31, 2018. The fair values of the derivative instruments are measured each quarter, which resulted in a loss of $8,983,210 and derivative expense of $244,906 during the three months ended March 31, 2018. As of March 31, 2018, the fair market value of the derivatives aggregated $10,541,670 using the following assumptions: estimated 0.1 to 4.1-year term, estimated volatility of 196.98% to 394.26%, and a discount rate of 0.00% to 2.09%.

 

CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with a maturity of three months or less, as well as bank money market accounts, to be cash equivalents. As of March 31, 2018 and December 31, 2017, the balances were $155,100 and $56,470, respectively.

 

CONCENTRATION OF CREDIT RISK - Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables and cash and cash equivalents.

 

Concentration of credit risk with respect to trade receivables is generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across geographic areas principally within the United States. The Company routinely addresses the financial strength of its customers and, as a consequence, believes that its receivable credit risk exposure is limited. Our current receivables at March 31, 2018 are with five customers. Two customers constitute 77.79% of our sales. Customer A percentage of sales was 53.12% and customer B was 24.67%

 

The Company places its temporary cash investments with high credit quality financial institutions. At times, the Company maintains bank account balances, which exceed FDIC limits. As of March 31, 2018 and December 31, 2017, the Company did not exceeded FDIC limits.

 

REVENUE RECOGNITION – Revenue represents amounts earned for data licensing arrangements consisting of flat fee, per use basis or revenue share. Licensee is sent data on a daily basis, has use of the data for a period of time based on the contract life between one month to one year.

 

We recognize revenues in the period in which the data transmission is provided to the licensee.

 

Under these policies, the Company evaluates each of these criteria as follows:

 

·Evidence of an arrangement. We consider a signed insertion order or contract by the licensee or its agency to be evidence of an arrangement.

 

·Delivery. Delivery is considered to occur daily with the transmission of the data from our network servers to the licensee.

 

·Fixed or determinable fee. The Company recognizes revenue for data license arrangements ratably over the term of the insertion order or contract. Our arrangements with the licensee is noted in the signed contracts which specifies the price to be paid and due date of remittance. Contracts that include fixed-fee data transmission are invoiced upon acceptance of the insertion order or contract and billed at time of delivery. The Company’s terms as stated in the contracts. Final billing is based on usage of delivered data. At the end of the period (usually monthly) an acknowledgment of data amount delivered is sent to licensee, who then verifies usage and at the point a final invoice is generated.

 

·Collection is deemed reasonably assured. We deem collection reasonably assured if we expect that the licensee will be able to pay the amounts under the arrangement as payments become due. Collection is deemed not reasonably assured when a licensee is perceived to be in financial distress, which may be evidenced by weak industry conditions, a bankruptcy filing, or previously billed amounts that are past due. If we determine that collection is not reasonably assured, then we would defer the revenue and recognize the revenue upon cash collection.

 

·No other warranties and or obligations are implied or due once the data transmission has been completed with the licensee.

 

MOBIQUITY NETWORKS – Revenue is recognized with the billing of an advertising contract or data sale. The customer signs a contract directly with us for an advertising campaign with mutually agreed upon term and is billed on the start date of the advertising campaign, which are normally in short duration periods. The second type of revenue is through the licensing of our data. Revenue from data can occur in two ways; the first is a direct feed, which is billed at the end of each month. The second way is through the purchasing of audience segments. When an audience segment is purchased, we bill the buyer upon delivery, which is usually 1-2 days for the order date.

 

ALLOWANCE FOR DOUBTFUL ACCOUNTS - Management must make estimates of the collectability of accounts receivable. Management specifically analyzes accounts receivable and analyzes historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. As of March 31, 2018 and December 31, 2017, allowance for doubtful accounts were $0 and $0, respectively.

 

PROPERTY AND EQUIPMENT - Property and equipment are stated at cost. Depreciation is expensed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are being amortized using the straight-line method over the estimated useful lives of the related assets or the remaining term of the lease. The costs of additions and improvements, which substantially extend the useful life of a particular asset, are capitalized. Repair and maintenance costs are charged to expense. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the account and the gain or loss on disposition is reflected in operating income.

 

LONG LIVED ASSETS - Long-lived assets such as property, equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. The Company recognized no impairment losses for the period ended March 31, 2018.

  

PATENTS and TRADEMARKS - Patents and trademarks developed during the prior years were capitalized for the period of development and testing. Expenditures during the planning stage and after implementation have been expensed in accordance with ASC 985.

 

ADVERTISING COSTS - Advertising costs are expensed as incurred. For the quarter ended March 31, 2018 and for the year ended December 31, 2017, there were no advertising costs.

 

ACCOUNTING FOR STOCK BASED COMPENSATION. Stock based compensation cost is measured at the grant date fair value of the award and is recognized as expense over the requisite service period. The Company uses the Black-Sholes option-pricing model to determine fair value of the awards, which involves certain subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected term”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”) and the number of options for which vesting requirements will not be completed (“forfeitures”). Changes in the subjective assumptions can materially affect estimates of fair value stock-based compensation, and the related amount recognized on the consolidated statements of operations. Refer to Note 8 “Stock Option Plans” in the Notes to Consolidated Financial Statements in this report for a more detailed discussion.

 

BENEFICIAL CONVERSION FEATURES - Debt instruments that contain a beneficial conversion feature are recorded as deemed interest to the holders of the convertible debt instruments. The beneficial conversion is calculated as the difference between the fair values of the underlying common stock less the proceeds that have been received for the debt instrument limited to the value received.

 

INCOME TAXES - Deferred income taxes are recognized for temporary differences between financial statement and income tax basis of assets and liabilities for which income tax or tax benefits are expected to be realized in future years. A valuation allowance is established to reduce deferred tax assets, if it is more likely than not, that all or some portion of such deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date.

 

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - Revenue from Contracts with Customers (Topic 606). The company adopted Revenue Recognition Standard, ASC 606 on January 1, 2018 and after for the recognition for our revenue policy.

 

We have completed our assessment of the impact under the new revenue standard on our condensed financial statements. Based on our assessment, we have concluded that our financial statements will not be materially impacted upon adoption.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
2. LOSS PER SHARE
 3 Months Ended
Mar. 31, 2018
Net Loss Per Common Share:  
LOSS PER SHARE

Basic loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Dilutive loss per share gives effect to stock options and warrants, which are considered to be dilutive common stock equivalents. Basic loss per common share was computed by dividing net loss by the weighted average number of shares of common stock outstanding. The number of common shares potentially issuable upon the exercise of certain options and warrants that were excluded from the diluted loss per common share calculation was approximately 325,811,673 because they are anti-dilutive as a result of a net loss for the three months ended March 31, 2018.
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3. CONVERTIBLE DEBT AND DERIVATIVE LIABILITIES
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
CONVERTIBLE DEBT AND DERIVATIVE LIABILITIES

NOTE 3: CONVERTIBLE DEBT AND DERIVATIVE LIABILITIES

 

Summary of Convertible Promissory Notes:

 

    March 31,     December 31,  
    2018     2017  
    (Unaudited)     (Unaudited)  
Arnost Note   $ –     $ –  
CAVU Notes, net     100,000       100,000  
Berg Note (a)     50,000       50,000  
                 
Secured Notes (b) net of discounts of $646,590 for March 31, 2018 and $234,502 for December 31, 2017     3,587,410       2,999,498  
Total Debt     3,737,410       3,149,498  
Current portion of debt     3,737,410       3,149,498  
Long-term portion of debt   $ –     $ –  

 

In the first quarter of 2018, the Company entered into agreements with non-affiliated persons to provide $1,000,000 of short term secured debt financing in four monthly tranches. The Company will issue in connection with each tranche, a six-month secured convertible promissory note. In connection with this transaction, the Company agreed to issue an origination fee of 1,000,000 shares of restricted common stock. Alexander Capital L.P. acted as Placement Agent and Advisor for this transaction. Each of these new notes are on the terms of the Company's 10% Senior Secured debt.

 

The Company's 10% Senior Secured Debt consists of 19 convertible notes issued totaling $4,234,000. These notes mature 6 months from the date of issuance, accrue interest at 10%, and had a base conversion price of $.05. As of March 31, 2018, the 10% Senior Secured Debt notes are in default for breach of covenants due to notes which have matured during the period not being settled. The default on these notes triggered an increase in the interest rate from 10% to 24% on the principal balance, a 9% late fee being charged on interest accrued, and a variable conversion price equal to 50% of the lowest volume weighted average price in the 30 days prior to conversion. On February 27, 2018 the Company reduced the base conversion price from $.05 to $.02. The Company accounted for this modification per ASC 470-50 "Modifications and Extinguishments". Due to the variable rate in effect from the default provisions of the 10% Senior Secured Debt notes this reduction in base conversion price had no material change on the value of the notes.

 

A recap of the derivative liability is as follows:

 

Derivative Liability 2018
Beginning balance  $(666,123)
New Issuances   (244,906)
Discount on new issuances   (647,431)
Gain (Loss) on revaluation of derivative liability   (8,983,210)
Ending balance  $(10,541,670)

 
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
4. STOCKHOLDERS' DEFICIT
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
STOCKHOLDERS' DEFICIT

Shares issued for Original Interest Discount

 

During the quarter ended March 31, 2018, the Company issued 1,000,000 shares of common stock at a price per share between $0.03 and $0.04 for original issue discount on receipt of $1,000,000 in 10% secured convertible promissory notes.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
5. STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION

Compensation costs related to share-based payment transactions, including employee stock options, are recognized in the financial statements utilizing the straight line method for the cost of these awards.

 

The Company's results for the three month period ended March 31, 2018 and 2017 include employee share-based compensation expense totaling $327,405 and $273,092, respectively. Such amounts have been included in the Condensed Consolidated Statements of Operations within selling, general and administrative expenses. No income tax benefit has been recognized in the statement of operations for share-based compensation arrangements due to a history of operating losses.

 

The following table summarizes stock-based compensation expense for the three months ended March 31, 2018 and 2017:

 

    Three Months Ended
March 31,		  
    2018     2017  
Employee stock-based compensation - option grants   $ 273,945     $ 150,592  
Employee stock-based compensation - stock grants     –       –  
Non-Employee stock-based compensation - option grants     53,460       11,500  
Non-Employee stock-based compensation - stock grants     –       –  
Non-Employee stock-based compensation-stock warrant     –       111,000  
                 
Total   $ 327,405     $ 273,092  

 
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6. STOCK OPTION PLAN
 3 Months Ended
Mar. 31, 2018
Retirement Benefits [Abstract]  
STOCK OPTION PLANS

In the first quarter of 2016, the Board approved and stockholders ratified a 2016 Employee Benefit and Consulting Services Compensation Plan covering 10,000,000 shares (the “2016 Plan”) and approving moving all options which exceeded the 2009 Plan limits to the 2016 Plan. The Company also had approved 2005 and 2009 Plans covering 4,000,000 shares and 10,000,000 shares, respectively.

 

All stock options under the Plans are granted at or above the fair market value of the common stock at the grant date. Employee and non-employee stock options vest over varying periods and generally expire either 5 or 10 years from the grant date. The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model. For option grants, the Company will take into consideration payments subject to the provisions of ASC 718 "Stock Compensation", previously Revised SFAS No. 123 "Share-Based Payment" ( "SFAS 123 (R)"). The fair values of these restricted stock awards are equal to the market value of the Company's stock on the date of grant, after taking into certain discounts. The expected volatility is based upon historical volatility of our stock and other contributing factors. The expected term is based upon observation of actual time elapsed between date of grant and exercise of options for all employees. Previously, such assumptions were determined based on historical data.

 

The weighted average assumptions made in calculating the fair values of options granted under the Plans during the three months ended March 31, 2018 and 2017 are as follows:

 

    Three Months Ended
March 31,		  
    2018     2017  
Expected volatility     173.00%       146,77%  
Expected dividend yield     –       –  
Risk-free interest rate     2.43%       1.89%  
Expected term (in years)     5       5  

  

                  Weighted        
            Weighted     Average        
            Average     Remaining     Aggregate  
            Exercise     Contractual     Intrinsic  
      Share     Price     Term     Value  
                           
  Outstanding, January 1, 2018       17,515,001       0.39       4.43     $ –  
  Granted       19,250,000       .05       5.00       –  
  Exercised       –                          
  Cancelled       (11,015,001 )                        
  Outstanding, March 31, 2018       25,750,000       0.12       3.91       4,000  
  Options exercisable, March 31, 2018       25,750,000       0.12       3.91     $ 4,000  

 

The weighted-average grant-date fair value of options granted during the three months ended March 31, 2018 and 2017 was $0.05 and $0.03, respectively.

 

The aggregate intrinsic value of options outstanding and options exercisable at March 31, 2018 is calculated as the difference between the exercise price of the underlying options and the market price of the Company's common stock for the shares that had exercise prices, that were lower than the $0.04 closing price of the Company's common stock on March 31, 2018.

 

As of March 31, 2018, the fair value of unamortized compensation cost related to unvested stock option awards was $0.

 

The weighted average assumptions made in calculating the fair value of warrants granted during the three months ended March 31, 2018 and 2017 are as follows:

 

    Three Months Ended
March 31,		  
    2018     2017  
Expected volatility     0.00 %     151.49 %
Expected dividend yield     –       –  
Risk-free interest rate     0.00 %     151.49 %
Expected term (in years)     0.00       5.00   

 

                  Weighted        
            Weighted     Average        
            Average     Remaining     Aggregate  
            Exercise     Contractual     Intrinsic  
      Share     Price     Term     Value  
  Outstanding, January 1, 2018       11,814,167     $ 0.20       2.58     $ –  
  Granted                                  
  Exercised                                  
  Cancelled       (540,000 )                        
  Outstanding, March 31, 2018       11,274,167     $ 0.19       2.50       –  
  Options warrants exercisable, March 31, 2018       11,274,167     $ 0.19       2.50     $ –  

 
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7. COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

COMMITMENTS –

 

In March of 2014, we entered into a month-to-month lease agreement for approximately 400 square feet of office space located in Manhattan, NY at a monthly cost of $3,700. In May of 2015 we moved to a larger location with the same landlord on a month to month basis for $4,700 each month. In 2017 the Company is leasing on a month-to-month basis two fully furnished executive suites in Manhattan at a monthly cost of approximately $6,700. These executive suites are located at 85 Broadway, 16th Floor, Suites 16-035 and 16-040, New York, NY 10010.

 

There are currently no minimum future rentals under non-cancelable lease commitments.

 

Rent and real estate tax expense was approximately $18,812 and $449,883 for the quarters ended March 31, 2018 and 2017, respectively.

 

Transactions with major customers

 

During the quarter ended March 31, 2018, two customers accounted for approximately 78% of revenues and for the year ended March 31, 2017, three customers accounted for all our revenues.
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8. SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

There are no subsequent events required to be disclosed in the Notes to Financial Statements through the date of the report, except as follows:

 

In May of 2018, the Company received two unsecured Convertible Promissory Notes totaling $250,000, which include 7,000,000 shares of common stock for the prepayment of interest. 

 
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
NATURE OF OPERATIONS

NATURE OF OPERATIONS – On September 10, 2013, Mobiquity Technologies, Inc. changed its name from Ace Marketing & Promotions, Inc. “the Company” or “Mobiquity”). We operate through a wholly-owned U.S. subsidiary, named, Mobiquity Networks, Inc. Mobiquity Networks owns 100% of Mobiquity Wireless S.L.U, a company incorporated in Spain. This corporation had an office in Spain to support our U.S. operations, which office was closed in the fourth quarter of 2016. Ace Marketing, its legacy marketing and promotions business was successfully sold on October 1, 2017, allowing us to focus our full attention to Mobiquity Networks.

 

Mobiquity Technologies, Inc., a New York corporation (the “Company”), is the parent company of its operating subsidiary; Mobiquity Networks, Inc. (“Mobiquity Networks”). The Company’s wholly-owned subsidiary, Mobiquity Networks has evolved and grown from a mobile advertising technology company focused on driving Foot-traffic throughout its indoor network, into a next generation location data intelligence company. Mobiquity Networks provides precise unique, at-scale location data and insights on consumer’s real-world behavior and trends for use in marketing and research. With its combined first party location data via its advanced SDK and its various exclusive data sets; Mobiquity Networks provides one of the most accurate and scaled solution for mobile data collection and analysis, utilizing multiple geo-location technologies. Mobiquity Networks is seeking to implement several new revenue streams from its data collection and analysis, including, but not limited to; Advertising, Data Licensing, Footfall Reporting, Attribution Reporting, Real Estate Planning, Financial Forecasting and Custom Research.
GOING CONCERN

GOING CONCERN - The accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern. The Company's continued existence is dependent upon the Company's ability to obtain additional debt and/or equity financing to advance its new technology revenue stream. The Company has incurred losses from continued operations for the quarter ended March 31, 2018 of $10,687,546. As of March 31, 2018, the Company has an accumulated deficit of $71,986,021. The Company has had negative cash flows from operating activities of $745,326, for the quarter ended March 31, 2018. These factors raise substantial doubt about the ability of the Company to continue as a going concern.

 

Management has plans to address the Company’s financial situation as follows:

 

In the near term, management plans to continue to focus on raising the funds necessary to implement the Company’s business plan related to technology. Management will continue to seek out equity and/or debt financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that lenders and investors will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raises doubts about the Company’s ability to continue as a going concern.

 

In the long term, management believes that the Company’s projects and initiatives will be successful and will provide cash flow to the Company that will be used to finance the Company’s future growth. However, there can be no assurances that the Company’s efforts to raise equity and debt at acceptable terms or that the planned activities will be successful, or that the Company will ultimately attain profitability. The Company’s long-term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to achieve adequate profitability and cash flows from operations to sustain its operations.
PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION - The accompanying consolidated financial statements include the accounts of Mobiquity Technologies, Inc., formerly known as Ace Marketing & Promotions, Inc., and its wholly owned subsidiary, Mobiquity Networks, Inc.

 

The Condensed Balance Sheets as of March 31, 2018, the Condensed Statements of Operations for the three months ended March 31, 2018 and 2017 and the Condensed Statements of Cash Flows for the three months ended March 31, 2018 and 2017 have been prepared by us without audit, and in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. In our opinion, the accompanying unaudited condensed financial statements contain all adjustments necessary to present fairly in all material respects our financial position as of March 31, 2018, results of operations for the three months ended March 31, 2018 and 2017 and cash flows for the three months ended March 31, 2018 and 2017. All such adjustments are of a normal recurring nature. The results of operations and cash flows for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. We have evaluated subsequent events through the filing of this Form 10-Q with the SEC, and determined there have not been any events that have occurred that would require adjustments to our unaudited Condensed Financial Statements.
ESTIMATES

ESTIMATES - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS- The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level.

 

The following are the hierarchical levels of inputs to measure fair value:

 

  · Level 1 - Observable inputs that reflect quoted market prices in active markets for identical assets or liabilities.
     
  · Level 2 - Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
     
  · Level 3 - Unobservable inputs reflecting the Company's assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

 

The carrying amounts of the Company's financial assets and liabilities, such as cash, prepaid expenses, other current assets, accounts payable & accrued expenses, certain notes payable and notes payable - related party, approximate their fair values because of the short maturity of these instruments. 

 

The Company accounts for its derivative liabilities, at fair value, on a recurring basis under level 3.  

 

    Level 1     Level 2     Level 3     Total  
Fair value of derivatives   $ –     $ -     $ 10,541,670     $ 10,541,670  

 

Embedded Conversion Features

 

The Company evaluates embedded conversion features within convertible debt under ASC 815 "Derivatives and Hedging" to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment under ASC 815, the instrument is evaluated under ASC 470-20 "Debt with Conversion and Other Options" for consideration of any beneficial conversion feature.

 

Derivative Financial Instruments

 

The Company has financial instruments that are considered derivatives or contain embedded features subject to derivative accounting related to 19 convertible notes issued totaling $4,234,000 which have a variable conversion price equal to 50% of the lowest volume weighted average price in the 30 days prior to conversion. The notes have maturity dates ranging from February 2, 2018 – October 21, 2018. The Company also has financial instruments that are considered derivatives or contain embedded features subject to derivative accounting related to 2,200,000 warrants which included a ratchet provision in the conversion price of $.05 as part of a conversion of preferred AAA shares, and 1,000,000 warrants which included a ratchet provision in the conversion price of $.055 as part of a placement fee related to a note. Embedded derivatives are valued separately from the host instrument and are recognized as derivative liabilities in the Company’s balance sheet. The Company measures these instruments at their estimated fair value and recognizes changes in their estimated fair value in results of operations during the period of change. The Company has estimated the fair value of these embedded derivatives for convertible debentures and associated warrants using a multinomial lattice model as of March 31, 2018. The fair values of the derivative instruments are measured each quarter, which resulted in a loss of $8,983,210 and derivative expense of $244,906 during the three months ended March 31, 2018. As of March 31, 2018, the fair market value of the derivatives aggregated $10,541,670 using the following assumptions: estimated 0.1 to 4.1-year term, estimated volatility of 196.98% to 394.26%, and a discount rate of 0.00% to 2.09%.
CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with a maturity of three months or less, as well as bank money market accounts, to be cash equivalents. As of March 31, 2018 and December 31, 2017, the balances were $155,100 and $56,470, respectively.
CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK - Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables and cash and cash equivalents.

 

Concentration of credit risk with respect to trade receivables is generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across geographic areas principally within the United States. The Company routinely addresses the financial strength of its customers and, as a consequence, believes that its receivable credit risk exposure is limited. Our current receivables at March 31, 2018 are with five customers. Two customers constitute 77.79% of our sales. Customer A percentage of sales was 53.12% and customer B was 24.67%

 

The Company places its temporary cash investments with high credit quality financial institutions. At times, the Company maintains bank account balances, which exceed FDIC limits. As of March 31, 2018 and December 31, 2017, the Company did not exceeded FDIC limits.
REVENUE RECOGNITION

REVENUE RECOGNITION – Revenue represents amounts earned for data licensing arrangements consisting of flat fee, per use basis or revenue share. Licensee is sent data on a daily basis, has use of the data for a period of time based on the contract life between one month to one year.

 

We recognize revenues in the period in which the data transmission is provided to the licensee.

 

Under these policies, the Company evaluates each of these criteria as follows:

 

·Evidence of an arrangement. We consider a signed insertion order or contract by the licensee or its agency to be evidence of an arrangement.

 

·Delivery. Delivery is considered to occur daily with the transmission of the data from our network servers to the licensee.

 

·Fixed or determinable fee. The Company recognizes revenue for data license arrangements ratably over the term of the insertion order or contract. Our arrangements with the licensee is noted in the signed contracts which specifies the price to be paid and due date of remittance. Contracts that include fixed-fee data transmission are invoiced upon acceptance of the insertion order or contract and billed at time of delivery. The Company’s terms as stated in the contracts. Final billing is based on usage of delivered data. At the end of the period (usually monthly) an acknowledgment of data amount delivered is sent to licensee, who then verifies usage and at the point a final invoice is generated.

 

·Collection is deemed reasonably assured. We deem collection reasonably assured if we expect that the licensee will be able to pay the amounts under the arrangement as payments become due. Collection is deemed not reasonably assured when a licensee is perceived to be in financial distress, which may be evidenced by weak industry conditions, a bankruptcy filing, or previously billed amounts that are past due. If we determine that collection is not reasonably assured, then we would defer the revenue and recognize the revenue upon cash collection.

 

·No other warranties and or obligations are implied or due once the data transmission has been completed with the licensee.

 

MOBIQUITY NETWORKS – Revenue is recognized with the billing of an advertising contract or data sale. The customer signs a contract directly with us for an advertising campaign with mutually agreed upon term and is billed on the start date of the advertising campaign, which are normally in short duration periods. The second type of revenue is through the licensing of our data. Revenue from data can occur in two ways; the first is a direct feed, which is billed at the end of each month. The second way is through the purchasing of audience segments. When an audience segment is purchased, we bill the buyer upon delivery, which is usually 1-2 days for the order date.
ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS - Management must make estimates of the collectability of accounts receivable. Management specifically analyzes accounts receivable and analyzes historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. As of March 31, 2018 and December 31, 2017, allowance for doubtful accounts were $0 and $0, respectively.
PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT - Property and equipment are stated at cost. Depreciation is expensed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are being amortized using the straight-line method over the estimated useful lives of the related assets or the remaining term of the lease. The costs of additions and improvements, which substantially extend the useful life of a particular asset, are capitalized. Repair and maintenance costs are charged to expense. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the account and the gain or loss on disposition is reflected in operating income.
LONG-LIVED ASSETS

LONG LIVED ASSETS - Long-lived assets such as property, equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. The Company recognized no impairment losses for the period ended March 31, 2018.
PATENTS AND TRADEMARKS

PATENTS and TRADEMARKS - Patents and trademarks developed during the prior years were capitalized for the period of development and testing. Expenditures during the planning stage and after implementation have been expensed in accordance with ASC 985.
ADVERTISING COSTS

ADVERTISING COSTS - Advertising costs are expensed as incurred. For the quarter ended March 31, 2018 and for the year ended December 31, 2017, there were no advertising costs.
ACCOUNTING FOR STOCK BASED COMPENSATION

ACCOUNTING FOR STOCK BASED COMPENSATION. Stock based compensation cost is measured at the grant date fair value of the award and is recognized as expense over the requisite service period. The Company uses the Black-Sholes option-pricing model to determine fair value of the awards, which involves certain subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected term”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”) and the number of options for which vesting requirements will not be completed (“forfeitures”). Changes in the subjective assumptions can materially affect estimates of fair value stock-based compensation, and the related amount recognized on the consolidated statements of operations. Refer to Note 8 “Stock Option Plans” in the Notes to Consolidated Financial Statements in this report for a more detailed discussion.
BENEFICIAL CONVERSIONS

BENEFICIAL CONVERSION FEATURES - Debt instruments that contain a beneficial conversion feature are recorded as deemed interest to the holders of the convertible debt instruments. The beneficial conversion is calculated as the difference between the fair values of the underlying common stock less the proceeds that have been received for the debt instrument limited to the value received.
INCOME TAXES

INCOME TAXES - Deferred income taxes are recognized for temporary differences between financial statement and income tax basis of assets and liabilities for which income tax or tax benefits are expected to be realized in future years. A valuation allowance is established to reduce deferred tax assets, if it is more likely than not, that all or some portion of such deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - Revenue from Contracts with Customers (Topic 606). The company adopted Revenue Recognition Standard, ASC 606 on January 1, 2018 and after for the recognition for our revenue policy.

 

We have completed our assessment of the impact under the new revenue standard on our condensed financial statements. Based on our assessment, we have concluded that our financial statements will not be materially impacted upon adoption.
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Fair value of derivatives
    Level 1     Level 2     Level 3     Total  
Fair value of derivatives   $ –     $ -     $ 10,541,670     $ 10,541,670  
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
3. CONVERTIBLE PROMISSORY NOTES (Tables)
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Summary of Convertible Promissory Notes
    March 31,     December 31,  
    2018     2017  
    (Unaudited)     (Unaudited)  
Arnost Note   $ –     $ –  
CAVU Notes, net     100,000       100,000  
Berg Note (a)     50,000       50,000  
                 
Secured Notes (b) net of discounts of $646,590 for March 31, 2018 and $234,502 for December 31, 2017     3,587,410       2,999,498  
Total Debt     3,737,410       3,149,498  
Current portion of debt     3,737,410       3,149,498  
Long-term portion of debt   $ –     $ –  
Schedule of Derivative Instruments
Derivative Liability 2018
Beginning balance   $ (666,123 )
New Issuances     (244,906 )
Discount on new issuances     (647,431 )
Gain (Loss) on revaluation of derivatives     (8,983,210 )
Ending balance   $ (10,541,670 )
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
5. STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock-based compensation expense
    Three Months Ended
March 31,		  
    2018     2017  
Employee stock-based compensation - option grants   $ 273,945     $ 150,592  
Employee stock-based compensation - stock grants     –       –  
Non-Employee stock-based compensation - option grants     53,460       11,500  
Non-Employee stock-based compensation - stock grants     –       –  
Non-Employee stock-based compensation-stock warrant     –       111,000  
                 
Total   $ 327,405     $ 273,092  
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
6. STOCK OPTION PLAN (Tables)
 3 Months Ended
Mar. 31, 2018
Options  
Assumptions used
    Three Months Ended
March 31,		  
    2018     2017  
Expected volatility     173.00%       146,77%  
Expected dividend yield     –       –  
Risk-free interest rate     2.43%       1.89%  
Expected term (in years)     5       5  
Schedule of options outstanding
                  Weighted        
            Weighted     Average        
            Average     Remaining     Aggregate  
            Exercise     Contractual     Intrinsic  
      Share     Price     Term     Value  
                           
  Outstanding, January 1, 2018       17,515,001       0.39       4.43     $ –  
  Granted       19,250,000       .05       5.00       –  
  Exercised       –                          
  Cancelled       (11,015,001 )                        
  Outstanding, March 31, 2018       25,750,000       0.12       3.91       4,000  
  Options exercisable, March 31, 2018       25,750,000       0.12       3.91     $ 4,000  
Warrants  
Assumptions used
    Three Months Ended
March 31,		  
    2018     2017  
Expected volatility     0.00 %     151.49 %
Expected dividend yield     –       –  
Risk-free interest rate     0.00 %     151.49 %
Expected term (in years)     0.00       5.00   
Schedule of warrants outstanding
                  Weighted        
            Weighted     Average        
            Average     Remaining     Aggregate  
            Exercise     Contractual     Intrinsic  
      Share     Price     Term     Value  
  Outstanding, January 1, 2018       11,814,167     $ 0.20       2.58     $ –  
  Granted                                  
  Exercised                                  
  Cancelled       (540,000 )                        
  Outstanding, March 31, 2018       11,274,167     $ 0.19       2.50       –  
  Options warrants exercisable, March 31, 2018       11,274,167     $ 0.19       2.50     $ –  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
1. Summary of Significant Accounting Policies (Details - Fair value)
Mar. 31, 2018
USD ($)
Fair value of derviatives $ 10,541,670
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]  
Fair value of derviatives 0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]  
Fair value of derviatives 0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]  
Fair value of derviatives $ 10,541,670
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
1. Summary of Significant Policies (Details Narrative) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
Accumulated deficit $ (71,986,021)   $ (61,298,474)  
Net Loss from continuing operations (10,687,546) $ (6,109,831) (10,245,493)  
Cash flows from operations (745,326)      
Convertible notes outstanding $ 4,234,000      
Convertible notes maturity range February 2, 2018 to October 21, 2018      
Gain (loss) on derivatives $ (8,983,210)      
Derivative expense 244,906 1,038,439    
Fair market value of derivatives 10,541,670      
Cash and cash equivalents 155,100 $ 921,828 56,470 $ 213,184
Allowance for doubtful accounts 0   0  
Impairment losses on long lived assets 0      
Inventory reserve 0   0  
Advertising costs $ 0   $ 0  
Antidilutive shares excluded from earnings per share calculation 325,811,673   110,453,240  
Warrants [Member] | AAA Preferred Stock [Member]        
Warrants outstanding 2,200,000      
Warrants [Member] | Placement fee related to Note [Member]        
Warrants outstanding 1,000,000      
Sales Revenue, Net [Member] | Two customers [Member]        
Concentration risk percentage 78.00%      
Sales Revenue, Net [Member] | Customer A [Member]        
Concentration risk percentage 53.12%      
Sales Revenue, Net [Member] | Customer B [Member]        
Concentration risk percentage 24.67%      
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
2. Loss Per Share (Details Narrative) - shares
 3 Months Ended 12 Months Ended
Mar. 31, 2018
Dec. 31, 2017
Net Loss Per Common Share:    
Number of anti-dilutive common shares 325,811,673 110,453,240
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
3. Convertible Debt and Derivative Liabilities (Details - Promissory Notes) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Total debt $ 3,737,410 $ 3,149,498
Current portion of debt 3,737,410 3,149,498
Long-term portion of debt 0 0
Discount on notes   234,502
Arnost Note    
Total debt 0 0
Cavu Notes    
Total debt 100,000 100,000
Discount on notes 0 0
Berg Notes    
Total debt 50,000 50,000
Secured Notes [Member]    
Total debt 3,587,410 $ 2,999,498
Discount on notes $ 646,590  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
3. Convertible Debt And Derivative Liabilities (Details- Derivative Instruments )
 3 Months Ended
Mar. 31, 2018
USD ($)
Debt Disclosure [Abstract]  
Beginning balance $ (666,123)
New Issuances (244,906)
Discount on new issuances (647,431)
Gain (Loss) on revaluation of derivatives (8,983,210)
Ending balance $ (10,541,670)
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
4. Stockholders' Deficit (Details Narrative)
 3 Months Ended
Mar. 31, 2018
shares
Common Stock [Member]  
Class of Stock [Line Items]  
Stock issued for discount on note, shares 1,000,000
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
5. Stock-Based Compensation (Details) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Share-based compensation $ 327,405 $ 273,092
Employee stock-based compensation - Option Grants    
Share-based compensation 273,945 150,592
Employee stock-based compensation - Stock Grants    
Share-based compensation 0 0
Non-Employee stock-based compensation - Option Grants    
Share-based compensation 53,460 11,500
Non-Employee stock-based compensation - Stock Grants    
Share-based compensation 0 0
Non-Employee stock-based compensation - Stock Warrant    
Share-based compensation $ 0 $ 111,000
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
5. Stock-Based Compensation (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]    
Share-based compensation $ 327,405 $ 273,092
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
6. Stock Option Plan (Details - Assumptions)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Options    
Expected volatility 173.00% 146.77%
Expected dividend yield 0.00% 0.00%
Risk-free interest rate 2.43% 1.89%
Expected term (in years) 5 years 5 years
Warrants    
Expected volatility 0.00% 151.49%
Expected dividend yield 0.00% 0.00%
Risk-free interest rate 0.00% 151.49%
Expected term (in years)   5 years
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
6. Stock Option Plan (Details - Option Activity) - Options
 3 Months Ended
Mar. 31, 2018
USD ($)
$ / shares
shares
Shares  
Shares outstanding - beginning 17,515,001
Shares granted 19,250,000
Shares exercised 0
Shares cancelled and expired (11,015,001)
Shares outstanding - ending 25,750,000
Shares exercisable 25,750,000
Weighted Average Exercise Price  
Weighted average exercise price - beginning | $ / shares $ 0.39
Weighted average exercise price - shares granted | $ / shares 0.05
Weighted average exercise price - ending | $ / shares 0.12
Weighted average exercise price - exercisable | $ / shares $ 0.12
Weighted Average Remaining Contractural Term  
Weighted average contractural term - beginning 4 years 5 months 5 days
Weighted average contractural term - granted 5 years
Weighted average contractural term - ending 3 years 10 months 28 days
Weighted average contractural term - exercisable 3 years 10 months 28 days
Aggregate Intrinsic Value  
Aggregate intrinsic value - beginning | $ $ 0
Aggregate intrinsic value - granted | $ 0
Aggregate intrinsic value - ending | $ 4,000
Aggregate intrinsic value - exercisable | $ $ 4,000
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
6. Stock Options Plan (Details - Warrants Outstanding) - Warrants
 3 Months Ended
Mar. 31, 2018
USD ($)
$ / shares
shares
Shares  
Shares outstanding - beginning 11,814,167
Shares Cancelled (540,000)
Shares outstanding - ending 11,274,167
Shares exercisable 11,274,167
Weighted Average Exercise Price  
Weighted average exercise price - beginning | $ / shares $ 0.2
Weighted average exercise price - ending | $ / shares 0.19
Weighted average exercise price - exercisable | $ / shares $ 0.19
Weighted Average Remaining Contractural Term  
Weighted average contractural term - beginning 2 years 6 months 29 days
Weighted average contractural term - ending 2 years 6 months
Weighted average contractural term - exercisable 2 years 6 months
Aggregate Intrinsic Value  
Aggregate intrinsic value - beginning | $ $ 0
Aggregate intrinsic value - ending | $ 0
Aggregate intrinsic value - exercisable | $ $ 0
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
6. Stock Option Plan (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Unamortized compensation cost related to stock option awards $ 0  
2016 Plan [Member]    
Shares authorized for plan 10,000,000  
Options    
Weighted average grant date fair value of options $ 0.05 $ 0.03
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
7. Commitments and Contingencies (Details Narrative) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2017
Rent and real estate expense $ 18,812 $ 449,883  
Sales Revenue, Net [Member] | Two customers [Member]      
Concentration risk percentage 78.00%    
Sales Revenue, Net [Member] | Three customers [Member]      
Concentration risk percentage     100.00%
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