UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
Mark One)
| x | Quarterly report pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period
ended January 31, 2016.
OR
| ¨ | Transition report pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from
to
Commission File Number 0-18275
ITEX CORPORATION
(Exact name of registrant as specified in
its charter)
Nevada |
|
93-0922994 |
(State or other jurisdiction of
incorporation or organization) |
|
(IRS Employer
Identification No.) |
3326 160th Ave SE, Suite 100, Bellevue, WA 98008-6418 |
(Address of principal executive offices)
(Registrant’s telephone number including
area code)
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 x No
¨
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).
Yes x No
¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2
of the Exchange Act. (Check one):
¨ |
Large accelerated filer |
¨ |
Accelerated filer |
¨ |
Non-accelerated filer |
x |
Smaller reporting company |
(Do not check if a smaller |
|
|
reporting company) |
|
|
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨
No x
As of January 31, 2016, we had 2,104,776
shares of common stock outstanding (including unvested restricted stock).
ITEX CORPORATION
FORM 10-Q
INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ITEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
| |
January 31, 2016 | | |
July 31, 2015 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 2,441 | | |
$ | 2,047 | |
Accounts receivable, net of allowance of $374 and $439 | |
| 743 | | |
| 398 | |
Prepaid expenses | |
| 109 | | |
| 174 | |
Loans and advances | |
| 18 | | |
| 8 | |
Deferred tax asset, net of allowance of $15 and $15 | |
| 554 | | |
| 554 | |
Notes receivable | |
| 269 | | |
| 291 | |
Other current assets | |
| 23 | | |
| 11 | |
Total current assets | |
| 4,157 | | |
| 3,483 | |
| |
| | | |
| | |
Property and equipment, net of accumulated depreciation of $412 and $397 | |
| 24 | | |
| 38 | |
Goodwill | |
| 3,191 | | |
| 3,191 | |
Deferred tax asset, net of allowance of $84 and $84 and net of current portion | |
| 2,945 | | |
| 3,124 | |
Intangible assets, net of accumulated amortization of $3,352 and $3,325 | |
| 75 | | |
| 102 | |
Notes receivable - net of current portion | |
| 666 | | |
| 792 | |
Other long-term assets | |
| 6 | | |
| 10 | |
Total assets | |
| 11,064 | | |
| 10,740 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts and other expenses payable | |
| 47 | | |
| 50 | |
Commissions payable to brokers | |
| - | | |
| 259 | |
Accrued commissions to brokers | |
| 960 | | |
| 659 | |
Accrued expenses | |
| 236 | | |
| 261 | |
Deferred revenue | |
| 21 | | |
| 27 | |
Advance payments | |
| 108 | | |
| 112 | |
Total current liabilities | |
| 1,372 | | |
| 1,368 | |
| |
| | | |
| | |
Total liabilities | |
| 1,372 | | |
| 1,368 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Common stock, $0.01 par value; 9,000 shares authorized; 1,943 shares and 1,890 shares issued and outstanding, respectively | |
| 19 | | |
| 19 | |
Additional paid-in capital | |
| 22,535 | | |
| 22,361 | |
Stockholder notes receivable | |
| (4 | ) | |
| (6 | ) |
Accumulated deficit | |
| (12,858 | ) | |
| (13,002 | ) |
Total stockholders' equity | |
| 9,692 | | |
| 9,372 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 11,064 | | |
$ | 10,740 | |
The accompanying notes are an integral part
of these consolidated financial statements.
ITEX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except
per share amounts)
| |
Three-months Ended January 31, | | |
Six-months Ended January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
(unaudited) | | |
| | |
(unaudited) | | |
| |
| |
| | |
| | |
| | |
| |
Revenue: | |
| | | |
| | | |
| | | |
| | |
Marketplace revenue and other revenue | |
$ | 2,980 | | |
$ | 3,238 | | |
$ | 5,793 | | |
$ | 6,355 | |
| |
| | | |
| | | |
| | | |
| | |
Costs and expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of Marketplace revenue | |
| 1,861 | | |
| 2,012 | | |
| 3,602 | | |
| 3,936 | |
Corporate salaries, wages and employee benefits | |
| 509 | | |
| 512 | | |
| 941 | | |
| 956 | |
Selling, general and administrative | |
| 308 | | |
| 554 | | |
| 711 | | |
| 1,069 | |
Depreciation and amortization | |
| 21 | | |
| 23 | | |
| 44 | | |
| 46 | |
| |
| 2,699 | | |
| 3,101 | | |
| 5,298 | | |
| 6,007 | |
| |
| | | |
| | | |
| | | |
| | |
Income from operations | |
| 281 | | |
| 137 | | |
| 495 | | |
| 348 | |
| |
| | | |
| | | |
| | | |
| | |
Other income/(expense) | |
| | | |
| | | |
| | | |
| | |
Interest, net | |
| 12 | | |
| 26 | | |
| 33 | | |
| 49 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| 12 | | |
| 26 | | |
| 33 | | |
| 49 | |
| |
| | | |
| | | |
| | | |
| | |
Income before income taxes | |
| 293 | | |
| 163 | | |
| 528 | | |
| 397 | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| 96 | | |
| 55 | | |
| 176 | | |
| 134 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 197 | | |
$ | 108 | | |
$ | 352 | | |
$ | 263 | |
| |
| | | |
| | | |
| | | |
| | |
Net income per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.10 | | |
$ | 0.04 | | |
$ | 0.18 | | |
$ | 0.10 | |
Diluted | |
$ | 0.10 | | |
$ | 0.04 | | |
$ | 0.18 | | |
$ | 0.10 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 1,928 | | |
| 2,630 | | |
| 1,912 | | |
| 2,619 | |
Diluted | |
| 1,928 | | |
| 2,632 | | |
| 1,912 | | |
| 2,622 | |
The accompanying notes are an integral part
of these consolidated financial statements.
ITEX CORPORATION
CONSOLIDATED STATEMENT OF STOCKHOLDERS’
EQUITY
FOR THE SIX-MONTHS ENDED JANUARY 31,
2016
(In thousands)
(Unaudited)
| |
| | |
Additional | | |
Stockholder | | |
| | |
| |
| |
Common Stock | | |
Paid-in | | |
Note | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Capital | | |
Receivable | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance at July 31, 2015 | |
| 1,890 | | |
$ | 19 | | |
$ | 22,361 | | |
$ | (6 | ) | |
$ | (13,002 | ) | |
$ | 9,372 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock repurchased and retired | |
| (6 | ) | |
| - | | |
| (20 | ) | |
| - | | |
| - | | |
| (20 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Payments on stockholder notes receivable | |
| - | | |
| - | | |
| - | | |
| 2 | | |
| - | | |
| 2 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock based compensation expense | |
| 59 | | |
| - | | |
| 194 | | |
| - | | |
| - | | |
| 194 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Dividend payment | |
| - | | |
| - | | |
| - | | |
| - | | |
| (208 | ) | |
| (208 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| 352 | | |
| 352 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at January 31, 2016 | |
| 1,943 | | |
$ | 19 | | |
$ | 22,535 | | |
$ | (4 | ) | |
$ | (12,858 | ) | |
$ | 9,692 | |
The accompanying notes are an integral part
of these consolidated financial statements.
ITEX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| |
Six-months ended January 31, | |
| |
2016 | | |
2015 | |
| |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net income | |
$ | 352 | | |
$ | 263 | |
Items to reconcile to net cash provided by operations: | |
| | | |
| | |
Depreciation and amortization | |
| 44 | | |
| 46 | |
Stock based compensation | |
| 194 | | |
| 202 | |
Bad debt expense | |
| 108 | | |
| 163 | |
Change in deferred income taxes | |
| 179 | | |
| 135 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (453 | ) | |
| (339 | ) |
Prepaid expenses | |
| 65 | | |
| (5 | ) |
Loans and advances | |
| (10 | ) | |
| (4 | ) |
Other assets | |
| (9 | ) | |
| (9 | ) |
Accounts payable | |
| (3 | ) | |
| (10 | ) |
Commissions payable to brokers | |
| (259 | ) | |
| (267 | ) |
Accrued commissions to brokers | |
| 301 | | |
| 304 | |
Accrued expenses | |
| (25 | ) | |
| 40 | |
Deferred revenue | |
| (6 | ) | |
| (8 | ) |
Advance payments | |
| (4 | ) | |
| (15 | ) |
Net cash provided by operating activities | |
| 474 | | |
| 496 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Payments on note payable | |
| - | | |
| (3 | ) |
Purchase of property and equipment | |
| (2 | ) | |
| (1 | ) |
Payments received from notes receivable | |
| 148 | | |
| 183 | |
Advances on Loans | |
| - | | |
| (31 | ) |
Net cash provided by investing activities | |
| 146 | | |
| 148 | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Principal payments on stockholder notes receivable | |
| 2 | | |
| 28 | |
Repurchase of common stock | |
| (20 | ) | |
| (42 | ) |
Cash dividend paid to Common Shareholders | |
| (208 | ) | |
| (286 | ) |
Net cash used in financing activities | |
| (226 | ) | |
| (300 | ) |
| |
| | | |
| | |
Net increase in cash and cash equivalents | |
| 394 | | |
| 344 | |
Cash and cash equivalents at beginning of period | |
| 2,047 | | |
| 3,673 | |
Cash and cash equivalents at end of period | |
$ | 2,441 | | |
$ | 4,017 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Cash paid for taxes | |
$ | 22 | | |
$ | 3 | |
The accompanying notes are an integral part
of these consolidated financial statements.
ITEX CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 –
DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (In thousands, except per share amounts)
Description of the Company
ITEX Corporation (“ITEX”, “Company”,
“we” or “us”) was incorporated in October 1985 in the State of Nevada. Through our independent licensed
broker and franchise network (individually, “broker,” and together the “Broker Network”) in the United
States and Canada, we operate a “Marketplace” in which products and services are exchanged by Marketplace members utilizing
“ITEX dollars.” ITEX dollars are only usable in the Marketplace and allow thousands of member businesses (our “members”)
to acquire products and services without exchanging cash. We administer the Marketplace and provide record-keeping and payment
transaction processing services for our members.
Unaudited Interim Financial Information
We have prepared the accompanying consolidated
financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for
interim financial reporting. These consolidated financial statements are unaudited and, in our opinion, include all adjustments,
consisting of normal recurring adjustments and accruals necessary for a fair presentation of our consolidated balance sheets, operating
results, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have
been omitted in accordance with the rules and regulations of the SEC. The preparation of financial statements in conformity with
GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and
the disclosure of contingent liabilities as of the date of the financial statements and the reported amount of revenue and expenses
during the reporting period. These consolidated financial statements should be read in conjunction with the audited consolidated
financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of
our 2015 Annual Report on Form 10-K filed with the SEC on October 13, 2015.
Principles of Consolidation
The consolidated financial statements include
the accounts of ITEX Corporation and its wholly owned subsidiary BXI Exchange, Inc. All inter-company accounts and transactions
have been eliminated in consolidation.
Use of Estimates
Management has made a number of estimates
and assumptions relating to the reporting of revenues, expenses, assets and liabilities and the disclosure of contingent assets
and liabilities to prepare these consolidated financial statements. Actual results could differ from these estimates.
Goodwill
We
analyzed goodwill as of January 31, 2016 using a the same discounted cash flow methodology with a risk-adjusted weighted average
cost of cost of capital (WACC) as used at the year ended July 31, 2015. Our evaluation determined that goodwill was not impaired
at January 31, 2016.
Income Per Share
We prepare our financial statements using
both basic and diluted earnings per share. Basic earnings per share excludes potential dilution and is computed by dividing income
available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per
share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or
converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. As of January
31, 2016, we had no contracts to issue common stock. The Company also had 161 unvested shares of restricted stock of which no shares
were dilutive for the three and six-month periods ended January 31, 2016.
The following table presents a reconciliation
of the denominators used in the computation of net income per common share basic and net income per common share – diluted
for the three and six-month periods ended January 31, 2016 and 2015 (in thousands, except per share data) (unaudited):
| |
Three-months Ended January 31, | | |
Six-months Ended January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
| | |
| | |
| | |
| |
Net income available for common shareholders | |
$ | 197 | | |
$ | 108 | | |
$ | 352 | | |
$ | 263 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted avg. outstanding shares of common stock | |
| 1,912 | | |
| 2,630 | | |
| 1,928 | | |
| 2,619 | |
Dilutive effect of restricted shares | |
| - | | |
| 2 | | |
| - | | |
| 3 | |
Common stock and equivalents | |
| 1,912 | | |
| 2,632 | | |
| 1,928 | | |
| 2,622 | |
Earnings per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.10 | | |
$ | 0.04 | | |
$ | 0.18 | | |
$ | 0.10 | |
Diluted | |
$ | 0.10 | | |
$ | 0.04 | | |
$ | 0.18 | | |
$ | 0.10 | |
Recent Accounting Pronouncements
In November 2015, the FASB issued Accounting
Standards Update (ASU) 2015-17, Balance Sheet Classification of Deferred Taxes, intended to improve how deferred taxes are classified
on organizations’ balance sheets. The ASU eliminates the current requirement for organizations to present deferred tax liabilities
and assets as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all
deferred tax assets and liabilities as noncurrent. The pronouncement is effective for reporting periods beginning after December
15, 2016. Early adoption is permitted as of the beginning of an interim or annual period. The adoption of ASU 2015-17 is not expected
to have any material impact on the Company’s consolidated financial statements.
In
February, 2016, the FASB issued ASU 2016-02, which amends the FASB Accounting Standards Codification and creates Topic 842, “Leases.”
The new topic supersedes Topic 840, “Leases,” and increases transparency and comparability among organizations
by recognizing lease assets and lease liabilities on the balance sheet and requires disclosures of key information about leasing
arrangements. The guidance is effective for reporting periods beginning after December 15, 2018. ASU 2016-02 mandates
a modified retrospective transition method. The Company is currently assessing the impact this guidance will have on its
consolidated financial statements.
There have been no other recent accounting
pronouncements or changes in accounting pronouncements during the six-months ended January 31, 2016, as compared to the recent
accounting pronouncements described in the Company’s Annual Report on Form 10-K, that are of significance, or potential significance
to the Company.
NOTE 2 –
COMMITMENTS
The Company leases office space under operating
leases. Lease commitments include a lease for the Company’s corporate headquarters in Bellevue, Washington. The Company operates
on this lease under a month-to-month basis. As of January 31, 2016, there are no future minimum commitments under this operating
lease.
The lease expense for our executive office
space for the three-months ended January 31, 2016 and 2015 was $21 and $40, respectively. For the six-months ended January 31,
2016 and 2015 lease expense was $42 and $81, respectively.
NOTE 3 –
LEGAL PROCEEDINGS AND LITIGATION CONTINGENCIES
From time to time we are subject to a variety
of claims and litigation incurred in the ordinary course of business. In our opinion, the outcome of our pending legal proceedings,
individually or in the aggregate, will not have a material adverse effect on our business operations, results of operations, cash
flows or financial condition.
Management has regular litigation reviews,
including updates from outside counsel, to assess the need for accounting recognition or disclosure of contingencies relating to
pending lawsuits. The Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable,
and the amount can be reasonably estimated. The Company does not record liabilities when the likelihood that the liability has
been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably
possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Company
discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our litigation contingency
disclosures, “significant” includes material matters as well as other items which management believes should be disclosed.
Management
judgment is required related to contingent liabilities and the outcome of litigation because both are difficult to predict. Litigation
is subject to inherent uncertainties and unfavorable rulings could occur. Although management currently does not believe resolving
any pending proceeding will have a material adverse impact on our financial statements, management’s view of these matters
may change in the future. A material adverse impact on our financial statements could occur
in the future if the effect of an unfavorable final outcome becomes probable and reasonably estimable.
NOTE 4 –
INCOME TAXES
Income tax expense during interim periods
is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently
occurring items which are recorded in the interim period.
The effective Federal and State tax rate
related to our provision for income taxes in the three and six-months ended January 31, 2016 is similar to that used in the corresponding
periods ended January 31, 2015.
The computation of the annual estimated
effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the
expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent
and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting
estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional
information becomes known or as the tax environment changes.
For the three and six-month periods ended
January 31, 2016, we have recognized income tax expense of $96 and $176, respectively for our estimated federal and state
income tax provision including both current and deferred income taxes. Realization of our deferred tax asset is dependent upon
future earnings in specific tax jurisdictions, the timing and amount of which are uncertain. As of January 31, 2016
the net deferred tax asset was $3,499.
We account for any uncertainty in income
taxes by recognizing the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will
be sustained on examination by the taxing authorities, based on the technical merits of the position. We measure the tax benefits
recognized in the financial statements from such a position based on the largest benefit that has a greater than 50% likelihood
of being realized upon ultimate resolution. The application of income tax law is inherently complex. As such, we are required to
make subjective assumptions and judgments regarding income tax exposures. The result of the reassessment of our tax positions did
not have an impact on the consolidated financial statements.
NOTE 5 –
STOCKHOLDERS’ EQUITY (in thousands, except per share amounts)
The Company has
5,000 shares of preferred stock authorized at $0.01 par value. No preferred shares were issued or outstanding as of January 31,
2016.
On March 9, 2010, the
Company announced a $2,000 stock repurchase program. The program authorizes the repurchase of shares in open market purchases or
privately negotiated transactions, has no expiration date and may be modified or discontinued by the Board of Directors at any
time. During the six-month period ended January 31, 2016, the Company repurchased 6 shares of common stock for $20. During the
six-month period ended January 31, 2015, the Company repurchased 14 shares of common stock for $42.
NOTE 6 –
STOCK-BASED PAYMENTS (in thousands, except per share amounts)
We account for stock-based compensation
in accordance with the related guidance. Under the fair value recognition provisions, we estimate stock-based compensation cost
at the grant date based on the fair value of the award. We recognize that expense ratably over the requisite service period of
the award. We recognized $136 and $134 of stock based compensation expense for the three-month periods ended January 31, 2016 and
2015, respectively and $194 and $202 of stock based compensation expense for the six-month periods ended January 31, 2016 and 2015,
respectively
At January 31, 2016, 161
shares of common stock granted under the 2004 Plan remained unvested and no unvested shares under the 2014 plan existed. At January
31, 2016, 293 shares remained available for future grants under the 2014 plan and the Company had $488 of unrecognized compensation
expense, expected to be recognized in the future over a weighted-average period of approximately six years.
NOTE 7 –
SUBSEQUENT EVENTS
None.
ITEM 2. MANAGEMENT’S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (in thousands, except per share amounts)
In addition to current and historical information,
this Quarterly Report on Form 10-Q contains forward-looking statements. These statements relate to our future operations, prospects,
potential products, services, developments, business strategies or our future financial performance. Forward-looking statements
reflect our expectations and assumptions only as of the date of this report and are subject to risks and uncertainties. Actual
events or results may differ materially. We have included a detailed discussion of certain risks and uncertainties that could cause
actual results and events to differ materially from our forward-looking statements in the section titled “Risk Factors”
in Item 1A of our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on October 13, 2015. We undertake
no obligation to update or revise publicly any forward-looking statement after the date of this report, whether as a result of
new information, future events or otherwise.
Overview
ITEX operates a marketplace (the “Marketplace”)
in which products and services are exchanged by Marketplace members utilizing ITEX dollars. ITEX dollars
are only usable in the Marketplace and allow thousands of member businesses (our “members”) to acquire products and
services without exchanging cash. We service our member businesses through our independent licensed brokers and franchise network
(individually, “broker” and together, the “Broker Network”) in the United States and Canada. We administer
the Marketplace and provide record-keeping and payment transaction processing services for our members. We generate revenue by
charging members percentage-based transaction fees, association fees, and other fees assessed in United States dollars and Canadian
dollars where applicable (collectively and as reported on our financial statements, “USD” or “Cash”).
For each calendar year, we divide our operations
into 13 four-week billing and commission cycles always ending on a Thursday (“operating cycle”). For financial statement
purposes, our fiscal year is from August 1 to July 31 (“year”, “2016” for August 1, 2015 to July 31, 2016,
“2015” for August 1, 2014 to July 31, 2015). Our second quarter is the three-month period from November 1, 2015 to
January 31, 2016 (“three-month period ended January 31”). Our first six months is from August 1, 2015 to January 31,
2016. We report our results as of the last day of each calendar month (“accounting cycle”). The timing of billing and
collection activities after the end of the billing cycle does not correspond with the end of the accounting period, therefore this
timing difference results in the fluctuations of the balances of cash, accounts receivable, commissions payable and accrued commissions
on the consolidated balance sheets and consolidated statements of cash flows.
Each operating cycle we generally charge
our members association fees of $20 USD ($260 USD annually) and $10 ITEX dollars ($130 ITEX dollars annually). We also charge transaction
fees in USD from both the buyer and seller computed as a percentage of the ITEX dollar value of the transaction.
The following summarizes our operational
and financial highlights for the quarter and our outlook (in thousands except per share data):
| · | Comparative Results. For the three-months ended January 31, 2016, as compared to the three-months ended January
31, 2015, our revenue decreased by $258, or 8%, from $3,238 to $2,980. Our income from operations increased by $144 or 105%, from
$137 to $281. For the six-month period ended January 31, 2016, as compared to the six-month period ended January 31, 2015, our
revenue decreased by $562, or 9%, from $6,355 to $5,793. Income from operations increased by $147 or 42%, from $348 to $495. |
| · | Revenue Sources. Our decrease in revenues for the three and six-months ended January 31, 2016 reflects a reduction
in our transaction volume and a reduction in our membership base. For the three-months ended January 31, 2016, as compared to the
three-months ended January 31, 2015 association revenue decreased $102, or 10% from $1,040 to $938 and our transaction revenue
decreased $168, or 8% from $2,070 to $1,902. For the six-months ended January 31, 2016, as compared to the six-months ended January
31, 2015 association revenue decreased $178, or 9% from $2,088 to $1,910 and our transaction revenue decreased $363, or 9% from
$4,026 to $3,663. |
| · | Revenue Trends. Our reduction in revenue this quarter was due to a reduction in members and a corresponding reduction
in transaction and association fees generated from our members. Based on reported revenues and informal market information available
to us, trade exchanges overall are faced with a general decline in year-over-year revenue. We believe this reflects, in part, the
effect of enhanced competition. Trade exchanges currently compete with a wide variety of online and offline companies providing
products and services to consumers and merchants, including big box stores. There are numerous avenues to move excess inventory
or products and services. We have approximately 33% recurring revenues from association fees. Approximately two-thirds of our revenues
each year come from transactions fees assessed during that year. We believe the expansion of our membership base will increase
our recurring revenues. We continue to seek to increase our revenue by: |
| o | enhancing our internet applications; |
| o | offering expanded tools and features with ITEX MobileSM; |
| o | marketing the benefits of participation in the Marketplace; |
| o | expanding Marketplace offerings of goods and services; |
| o | adding and retaining qualified brokers. |
In order to add new brokers we are sustaining our
broker recruiting incentives. Through our Broker Mentor program, existing brokers recruit prospective brokers and provide ongoing
training to the prospective broker until certain performance thresholds are met. Upon meeting the performance thresholds, the prospective
broker is offered a franchise for a reduced fee.
Financial Position. At January 31, 2016, we had
a cash balance of $2,441, compared to a balance of $2,047 at July 31, 2015. Our net cash flows provided by operating activities
were $474 for the six-month period ended January 31, 2016, compared to $496 for the corresponding period the previous year.
RESULTS OF OPERATIONS
Unaudited Condensed Results (in thousands, except per
share data):
| |
Three-months ended January 31, | | |
Six-months ended January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
| | |
| | |
| | |
| |
Marketplace revenue and other revenue | |
$ | 2,980 | | |
$ | 3,238 | | |
$ | 5,793 | | |
$ | 6,355 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of marketplace revenue | |
$ | 1,861 | | |
$ | 2,012 | | |
$ | 3,602 | | |
$ | 3,936 | |
Operating expenses | |
| 838 | | |
| 1,089 | | |
| 1,696 | | |
| 2,071 | |
Income from operations | |
| 281 | | |
| 137 | | |
| 495 | | |
| 348 | |
| |
| | | |
| | | |
| | | |
| | |
Other income, net | |
| 12 | | |
| 26 | | |
| 33 | | |
| 49 | |
Income before income taxes | |
| 293 | | |
| 163 | | |
| 528 | | |
| 397 | |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| 96 | | |
| 55 | | |
| 176 | | |
| 134 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 197 | | |
$ | 108 | | |
$ | 352 | | |
$ | 263 | |
| |
| | | |
| | | |
| | | |
| | |
Net income per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.10 | | |
$ | 0.04 | | |
$ | 0.18 | | |
$ | 0.10 | |
Diluted | |
$ | 0.10 | | |
$ | 0.04 | | |
$ | 0.18 | | |
$ | 0.10 | |
| |
| | | |
| | | |
| | | |
| | |
Average common and equivalent shares: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 1,928 | | |
| 2,630 | | |
| 1,912 | | |
| 2,619 | |
Diluted | |
| 1,928 | | |
| 2,630 | | |
| 1,912 | | |
| 2,619 | |
Revenue for the three-months ended January
31, 2016, as compared to the corresponding period of fiscal 2015 decreased by $258, or 8%. Revenue for the six-month period ended
January 31, 2016, as compared to the corresponding six-month period of fiscal 2015, decreased by $562, or 9%. The decrease in revenues
for the three and six-months ended January 31, 2016 was from a reduction in transaction volume along with a reduction in the number
of members.
Cost of Marketplace revenue consists of
commissions paid to brokers, payment of processing fees and other expenses directly correlated to Marketplace revenue, decreased
by $151, or 8% for the three-month period ended January 31, 2016, compared to the corresponding period of fiscal 2015. Cost of
Marketplace revenue decreased by $334, or 8% for the six-month period ended January 31, 2016, compared to the corresponding period
of fiscal 2015. The cost of Marketplace revenue decreases, on percentage of revenue basis, were in line with the corresponding
decrease in association and transaction revenues.
Operating expenses which include corporate
salaries, wages and employee benefits, selling, general and administrative, depreciation and amortization decreased by $251 or
23% for the three-months ended January 31, 2016, compared to the corresponding period of fiscal 2015. Operating expenses decreased
by $375, or 18% for the six-month period ended January 31, 2016, compared to the corresponding period of fiscal 2015.
The decrease in operating expenses in the
three-months ended January 31, 2016, as compared to the corresponding period of the prior fiscal year, resulted primarily from
a $246 decrease in selling and G&A. The decrease in operating expenses in the six-months ended January 31, 2016, as compared
to the corresponding period of fiscal 2015, resulted primarily from a $358 decrease in selling and G&A and a $15 decrease in
salaries and benefits.
Income from operations for the three-months
ended January 31, 2016, as compared to the corresponding quarter of fiscal 2015, increased by $144, or 105%. Income from operations
for the six-month period ended January 31, 2016, as compared to the corresponding period of fiscal 2015, increased by $147, or
42%.
Net income for the three-months ended January
31, 2016, as compared to the corresponding period of fiscal 2015, increased by $89, or 82%. Net income for the six-month period
ended January 31, 2016 as compared to the corresponding period of fiscal 2015, increased by $89, or 34%.
Earnings per share, both basic and diluted,
increased by $0.06, or 150% to $0.10 per share in the three-months ended January 31, 2016 compared to the three-months ended January
31, 2015. Earnings per share, both basic and diluted, increased $0.08, or 80% to $0.18 per share for the six-month period ended
January 31, 2016 compared to the six-month period ended January 31, 2015.
Revenue, Costs and Expenses
The following table sets forth our selected
consolidated financial information for the three and six-months ended January 31, 2016 and 2015 with amounts expressed as a percentage
of total revenues (in thousands) (unaudited):
| |
Three-months ended January 31, | | |
Six-months ended January 31, | |
| |
2016 | | |
2015 | | |
2016 | | |
2015 | |
| |
| | |
| | |
| | |
| | |
| |
| |
Amount | | |
Percent | | |
Amount | | |
Percent | | |
Amount | | |
Percent | | |
Amount | | |
Percent | |
Revenue: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Marketplace revenue and other revenue | |
$ | 2,980 | | |
| 100 | % | |
$ | 3,238 | | |
| 100 | % | |
$ | 5,793 | | |
| 100 | % | |
$ | 6,355 | | |
| 100 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs and expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cost of Marketplace revenue | |
| 1,861 | | |
| 62 | % | |
| 2,012 | | |
| 62 | % | |
| 3,602 | | |
| 62 | % | |
| 3,936 | | |
| 62 | % |
Salaries, wages and employee benefits | |
| 509 | | |
| 16 | % | |
| 512 | | |
| 16 | % | |
| 941 | | |
| 16 | % | |
| 956 | | |
| 15 | % |
Selling, general and administrative | |
| 308 | | |
| 10 | % | |
| 554 | | |
| 17 | % | |
| 711 | | |
| 12 | % | |
| 1,069 | | |
| 17 | % |
Depreciation and amortization | |
| 21 | | |
| 1 | % | |
| 23 | | |
| 1 | % | |
| 44 | | |
| 1 | % | |
| 46 | | |
| 1 | % |
| |
| 2,699 | | |
| 91 | % | |
| 3,101 | | |
| 96 | % | |
| 5,298 | | |
| 91 | % | |
| 6,007 | | |
| 95 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income from operations | |
| 281 | | |
| 9 | % | |
| 137 | | |
| 4 | % | |
| 495 | | |
| 9 | % | |
| 348 | | |
| 5 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest income, net | |
| 12 | | |
| 1 | % | |
| 26 | | |
| 1 | % | |
| 33 | | |
| 0 | % | |
| 49 | | |
| 1 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income before income taxes | |
| 293 | | |
| 10 | % | |
| 163 | | |
| 5 | % | |
| 528 | | |
| 9 | % | |
| 397 | | |
| 3 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| 96 | | |
| 3 | % | |
| 55 | | |
| 2 | % | |
| 176 | | |
| 3 | % | |
| 134 | | |
| 2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 197 | | |
| 7 | % | |
$ | 108 | | |
| 3 | % | |
$ | 352 | | |
| 6 | % | |
$ | 263 | | |
| 4 | % |
Marketplace revenue
Marketplace revenue consists of transaction
fees, association fees and other revenues net. Revenue also includes a nominal amount of ITEX dollars (non-cash). The following
are the components of Marketplace revenue that are included in the consolidated statements of income (in thousands) (unaudited):
| |
Three-months ended January 31, | | |
Percent | | |
Six-months ended January 31, | | |
Percent | |
| |
2016 | | |
2015 | | |
increase (decrease) | | |
2016 | | |
2015 | | |
(decrease) | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| | |
| |
Transaction fees | |
$ | 1,902 | | |
$ | 2,070 | | |
| -8 | % | |
$ | 3,663 | | |
$ | 4,026 | | |
| -9 | % |
Association fees | |
| 938 | | |
| 1,040 | | |
| -10 | % | |
| 1,910 | | |
| 2,088 | | |
| -9 | % |
Other revenue | |
| 140 | | |
| 128 | | |
| 9 | % | |
| 220 | | |
| 241 | | |
| -9 | % |
| |
$ | 2,980 | | |
$ | 3,238 | | |
| -8 | % | |
$ | 5,793 | | |
$ | 6,355 | | |
| -9 | % |
Marketplace revenue decreased by $258, or
8%, for the three-months ended January 31, 2016, as compared to the corresponding period ended January 31, 2015. Marketplace revenue
decreased by $562, or 9% for the six-month period ended January 31, 2016, as compared to the six-month period ended January 31,
2015.
Transaction fee revenue for the three-months
ended January 31, 2016, as compared to the corresponding quarter of fiscal 2015, decreased by $168, or 8%. Transaction fee revenue
for the six-month period ended January 31, 2016, as compared to the corresponding period of fiscal 2015, decreased by $363, or
9%. The decrease for both the three and the six-month periods is the result of lower transaction volume.
Association fee revenue for the three-months
ended January 31, 2016, as compared to the corresponding quarter of fiscal 2015, decreased by $102, or 10%. Association fee revenue
for the six-month period ended January 31, 2016, as compared to the corresponding period of fiscal 2015, decreased by $178, or
9%. The decrease for both the three and the six-month periods is due to a decrease in net active membership accounts.
Other revenue for the three-months ended
January 31, 2016, as compared to the corresponding quarter of fiscal 2015, increased by $12, or 9%. Other revenue for the six-months
ended January 31, 2016, as compared to the corresponding quarter of fiscal 2015, decreased by $21, or 9%.
ITEX Dollar Revenue
As described in the notes to our consolidated
financial statements, we receive ITEX dollars from members’ transaction and association fees, and, to a lesser extent, from
other member fees. ITEX dollars earned from members are later used by us in revenue sharing and incentive arrangements with our
Broker Network, including co-op advertising for members, as well as for certain general corporate expenses. ITEX dollars are only
usable in our Marketplace.
Occasionally we spend ITEX dollars in the
Marketplace for our corporate needs. As discussed in the notes to our consolidated financial statements, we record ITEX dollar
revenue in the amounts ultimately equal to expenses we incurred and paid for in ITEX dollars, resulting in an overall net effect
of $0 on the operating and net income lines. We recorded $80 and $73 as ITEX dollar revenue for the three-months ended January
31, 2016 and 2015, respectively. We recorded $102 and $123 as ITEX dollar revenue for the six-months ended January 31, 2016 and
2015, respectively.
The corresponding ITEX dollar expenses in
the three and six-month periods ended January 31, 2016 were for equipment, legal services, printing, outside services, and miscellaneous
expenses. We plan to continue to utilize ITEX dollars for our corporate purposes in future periods.
Cost of Marketplace Revenue
Cost of marketplace revenue consists of
commissions paid to brokers, payment of processing fees and other expenses directly correlated to Marketplace revenue. The following
are the main components of cost of marketplace revenue that are included in the consolidated statements of income (in thousands)
(unaudited):
| |
Three-months ended January 31, | | |
Percent | | |
Six-months ended January 31, | | |
Percent | |
| |
2016 | | |
2015 | | |
(decrease) | | |
2016 | | |
2015 | | |
(decrease) | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Transaction fee commissions | |
$ | 1,447 | | |
$ | 1,561 | | |
| -7 | % | |
$ | 2,763 | | |
$ | 3,022 | | |
| -9 | % |
Association fee commissions | |
| 348 | | |
| 380 | | |
| -8 | % | |
| 696 | | |
| 751 | | |
| -7 | % |
Other costs of revenue | |
| 66 | | |
| 71 | | |
| -7 | % | |
| 143 | | |
| 163 | | |
| -12 | % |
| |
$ | 1,861 | | |
$ | 2,012 | | |
| -8 | % | |
$ | 3,602 | | |
$ | 3,936 | | |
| -8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs of Marketplace revenue as percentage of total revenue | |
| 62 | % | |
| 62 | % | |
| | | |
| 62 | % | |
| 62 | % | |
| | |
Costs of Marketplace revenue for the three-months
ended January 31, 2016, as compared to the three-months ended January 31, 2015, decreased by $151, or 8%. Costs of Marketplace
revenue for the six-month period ended January 31, 2016, as compared to six-month period ended January 31, 2015, decreased by $334,
or 8%. The overall decrease in costs of Marketplace revenue corresponds to the decrease in total Marketplace revenue for the same
periods. Costs of Marketplace revenue as a percentage of total revenue was the same for both the three and six-month periods ended
January 2016.
Transaction fee commissions decreased by
$114, or 7% for the three-months ended January 31, 2016, as compared to the corresponding period of fiscal 2015. Transaction fee
commissions decreased by $259, or 9% for the six-month period ended January 31, 2016 as compared to the corresponding period of
fiscal 2015. The reduction in the three and six-month periods was due to a corresponding decrease in transaction fee revenue for
the comparable periods.
Association fee commissions decreased by
$32, or 8% for the three-month period ended January 31, 2016 as compared to the corresponding periods of fiscal 2015. The decrease
in commissions was due to the corresponding decrease in association fee revenue for the same period. Association fee commissions
decreased by $55, or 7% for the six-month period ended January 31, 2016 as compared to the corresponding periods of fiscal 2015.
The decrease in commissions for the three and six-month periods was due to the corresponding decrease in association fee revenue
for the comparable periods.
Other costs of revenue consist of miscellaneous
Marketplace-related expenses such as marketing and credit card processing fees and other commissions not associated with association
or transaction revenue. Other costs of revenue decreased by $5, or 7% for the three-month period ended January 31, 2016 as compared
to the corresponding period of 2015. Other costs of revenue increased by $20 or 12% for the six-month period ended January 31,
2016 as compared to the corresponding period of 2015.
Corporate Salaries, Wages and Employee
Benefits
Corporate salaries, wages and employee benefits
include expenses for employee salaries and wages, payroll taxes, 401(k), payroll related insurance, healthcare benefits, stock-based
compensation, recruiting costs and other personnel related items.
Corporate salaries, wages and employee benefits
expenses decreased by $3 and $15 or 1% and 2%, respectively for the three and six-month periods ended January 31, 2016 as compared
to the corresponding periods of fiscal 2015. The decrease in both periods is primarily related to a reduction in headcount during
the six-months ended January 31, 2016.
Selling, General and Administrative Expenses
Selling, general and administrative expenses
(“SG&A”), include consulting, legal and professional services, as well as expenses for rent and utilities, marketing,
business travel, insurance, bad debts, business taxes, and other expenses. As discussed above in “ITEX Dollar Revenue,”
certain ITEX dollar expenses are also included.
SG&A expenses for the decreased by $246
and by $358, or 44% and 33%, respectively, for the three and six-month periods ended January 31, 2016, as compared to the three
and six-month periods ended January 31, 2015. Our selling, general and administrative expenses also decreased as a percentage of
total revenues in the periods presented.
The decrease is due primarily
to a decrease in foreign currency expense due to the Canadian dollar declining in value against the US dollar and bad debt expense.
Foreign currency expense decreased for the three and six-month periods ended January 31, 2016 by $114 and by $139, or 97% and 94%,
respectively, compared to the three and six-months ended January 31, 2015. Bad debt expense decreased for the three and six-month
periods ended January 31, 2015 by $29 and by $55, or 34%, respectively, compared to the three and six-months ended January 31,
2015. In addition, legal fees for the three and six-month periods ended January 31, 2016 decreased by $57 and by $100, or 59% and
52% as compared to the comparable periods in 2015.
Depreciation and Amortization
Depreciation and amortization expenses include
depreciation on our fixed assets and amortization of our intangible assets.
Depreciation and amortization decreased
by $2 and $2, or 9% and 4%, respectively, for the three and the six-month periods ended January 31, 2016, as compared to the three
and six-month periods ended January 31, 2015. The decrease is primarily related to the completion of the amortization of a non-compete
agreement and membership lists associated with acquisition of certain assets.
Other income
Other income includes interest received
on notes receivable and promissory notes. Interest income is derived primarily from our notes receivable for corporate-owned office
sales and general loans to brokers.
Income Taxes
We recognized a $96 and $176 provision for
income taxes, in the three and six-month periods ended January 31, 2016, respectively, as compared to the $55 and $134 provision
for income taxes in the three and six-month periods ended January 31, 2015. Provision for income taxes increased by $41 and $42,
respectively for the three and six-months ended January 31, 2016, as compared to the corresponding period of fiscal 2015. The increase
in income taxes in 2016 was due to the increase in taxable income in the comparable periods.
The Federal effective tax rate related to
our provision for income taxes in the three and six-months ended January 31, 2016 is similar to that used in the same periods ended
January 31, 2015. The State effective tax rate related to our provision for income taxes in the three and six-months ended January
31, 2016 and 2015 is lower than statutory rates due to the resolution of certain state tax positions which led to a reduction in
the accrued expenses on our consolidated balance sheet for uncertain tax positions related primarily to state jurisdictions.
LIQUIDITY AND CAPITAL RESOURCES
We finance our ongoing operations primarily
from existing cash, investing activities, and cash flows from operations. As of January 31, 2016, and July 31, 2015, we had $2,441
and $2,047, respectively, in cash.
The following table
presents a summary of our cash flows for the six-months ended January 31, 2016 and 2015 (in thousands) (unaudited):
| |
Six-months ended January 31, | |
| |
2016 | | |
2015 | |
| |
| | |
| |
Cash provided by operating activities | |
$ | 474 | | |
$ | 496 | |
Cash provided by investing activities | |
| 146 | | |
| 148 | |
Cash used in financing activities | |
| (226 | ) | |
| (300 | ) |
Increase in cash | |
$ | 394 | | |
$ | 344 | |
We believe that our financial condition
is stable and that our cash balances, other liquid assets, and cash flows from operating activities provide adequate resources
to fund ongoing operating requirements.
Inflation has not had a material impact
on our business. Inflation affecting the U.S. dollar is not expected to have a material effect on our operations in the foreseeable
future.
Operating Activities
For the six-months ended January 31, 2016
net cash provided by operating activities was $474 compared with $496 in the six-months ended January 31, 2015 a decrease of $22
or 4%. The decrease in net cash provided by the operating activities is a result of the increase in net income offset by the net
change in operating assets and liabilities.
The difference
between our net income and our net cash provided by operating activities was attributable to non-cash expenses included in net
income, and changes in the operating assets and liabilities, as presented below (in thousands) (unaudited):
| |
Six-months ended January 31, | |
| |
2016 | | |
2015 | |
| |
| | |
| |
Net income | |
$ | 352 | | |
$ | 263 | |
Add: non-cash expenses | |
| 525 | | |
| 462 | |
Changes in operating assets and liabilities | |
| (403 | ) | |
| (229 | ) |
Net cash provided by operating activities | |
$ | 474 | | |
$ | 496 | |
Non-cash expenses
are primarily associated with the amortization of intangible assets, depreciation and amortization of property and equipment, stock-based
compensation expense, the changes in the deferred portion of the provision (benefit) for income taxes and bad debt.
Investing Activities
Net cash provided by investing activities
was primarily the result of the collections on notes receivable from corporate office sales and broker loans.
For the six-months ended January 31, 2016,
net cash provided by investing activities was $146 compared with $148 provided by investing activities in the six-months ended
January 31, 2015, a decrease of $2, or 1%. In the six-months ended January 31, 2016, the net cash provided by investing activities
was primarily related to $148 in note receivable principal collections offset by $2 in purchases of property and equipment.
Financing Activities
Our net cash used in financing activities
consists of cash dividends to stockholders, discretionary repurchases of our common stock and principal payments on stockholders’
notes receivable.
For the six-months ended January 31, 2016,
net cash used in financing activities was $226 compared with $300 used in financing activities in the six-months ended January
31, 2015, a decrease of cash used in financing activities of $74, or 25%. The decrease is primarily due to a $78 decrease in dividends
paid during the six-months ended January 31, 2016, when compared to the previous comparable period.
In the six-months ended
January 31, 2016, we declared and paid $208 in cash
dividends
to our stockholders compared to $286 in cash dividends paid to our stockholders in
the six-months ended January 31, 2015.
Commitments
The Company leases
office space under operating leases. Lease commitments include a lease for the Company’s corporate headquarters in Bellevue,
Washington. The Company operates on this lease under a month-to-month basis. As of January 31, 2016, there are no future minimum
commitments under this operating lease.
The lease expense for our executive office
space for the six-months ended January 31, 2016 and 2015 was $42 and $81, respectively.
Critical Accounting Policies and
Estimates
Our discussion
and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have
been prepared in accordance with accounting principles generally accepted in the U.S. The preparation of financial statements
in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions
that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate
significant estimates used in preparing our financial statements, including those related to:
| · | revenue recognition, including allowances for uncollectible accounts; |
| · | accounting for ITEX dollar activities; |
| · | the allocation of purchase price in business combinations; |
| · | valuation of notes receivable; |
| · | evaluation of impairment of goodwill and other long-lived assets; |
| · | accounting for goodwill and other long-lived intangible assets; |
| · | accounting for income taxes; |
| · | share-based compensation; and |
We base our estimates
on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results
of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates if our assumptions change or if actual circumstances differ
from those in our assumptions.
For a summary of all of our significant
accounting policies, including the critical accounting policies discussed above, see Note 1, Summary of Significant Accounting
Policies, to our consolidated financial statements filed with our 2015 annual report on Form 10-K.
Recent Accounting Pronouncements
For a discussion of new accounting pronouncements
and their impact on the Company, see Note 1 of the Notes to Consolidated Financial Statements included in this Form 10-Q.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK
Not applicable.
ITEM 4. CONTROLS AND PROCEDURES
(a) Disclosure controls and procedures.
Under the supervision and with the participation
of our management, including the Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our
disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report.
Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures are effective as of the end of
the period covered by this report.
(b) Changes in internal control over financial reporting.
There have been no changes in our internal
controls over financial reporting during our most recent quarter that we believe have materially affected, or are reasonably likely
to materially affect, our internal controls over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
See Note 3 ― “Legal Proceedings
and Litigation Contingencies” included in the “Notes to Consolidated Financial Statements” for information
regarding legal proceedings.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
Purchases of Equity Securities by the Issuer and Affiliated
Purchasers
The following table provides information
about our purchases or any affiliated purchaser during the three-months ended January 31, 2016 of equity securities that are registered
by us pursuant to Section 12 of the Exchange Act.
| |
(a) | | |
(b) | | |
(c) | | |
(d) | |
Period | |
Total Number of Shares Purchased | | |
Average Price Paid per Share | | |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | |
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |
11/01/15 - 11/30/15 | |
| - | | |
| - | | |
| - | | |
| - | |
12/01/15 – 12/31/15 | |
| 261 | | |
$ | 3.10 | | |
| 261 | | |
$ | 1,025,151 | |
01/01/16 - 01/31/16 | |
| 4,832 | | |
$ | 3.41 | | |
| 4,832 | | |
$ | 1,008,674 | |
| (1) | Amounts shown in this column reflect amounts remaining
under the $2.0 million stock repurchase program, authorized by the Board of Directors and announced on March 9, 2010. The program
authorizes the repurchase of shares in open market purchases or privately negotiated transactions, has no expiration date and
may be modified or discontinued by the Board of Directors at any time. |
Item
6. Exhibits
Exhibit
Number |
Description |
|
|
31.1 |
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 |
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1** |
Certification by Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2** |
Certification by Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS |
XBRL Instance Document |
101.SCH |
XBRL Taxonomy Extension Schema |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase |
101.LAB |
XBRL Taxonomy Extension Label Linkbase |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase |
|
|
** |
Furnished, not filed |
SIGNATURES
In accordance with the requirements of the
Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
ITEX CORPORATION |
|
(Registrant) |
|
|
|
Date: March 10, 2016 |
By: |
/s/ Steven White |
|
|
Steven White |
|
|
Chief Executive Officer |
|
|
(Duly Authorized Officer) |
|
|
|
Date: March 10, 2016 |
By: |
/s/ John Wade |
|
|
John Wade |
|
|
Chief Financial Officer |
EXHIBIT 31.1
CERTIFICATION
I, Steven White, certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of ITEX Corporation; |
| 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 disclosure controls and procedures and presented in this report our conclusion
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 (the registrant’s fourth fiscal quarter in the case of an annual report)
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: March 10, 2016
|
/s/ Steven White |
|
Steven White |
|
Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATION
I, John Wade, certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of ITEX Corporation; |
| 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: |
| c. | 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; |
| d. | 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; |
| e. | Evaluated the effectiveness of the registrant disclosure controls and procedures and presented in this report our conclusion
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 |
| f. | 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 (the registrant’s fourth fiscal quarter in the case of an annual report)
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: March 10, 2016
|
/s/ John Wade |
|
John Wade |
|
Chief Financial Officer |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
(18 U.S.C. SECTION 1350)
In connection with the Quarterly Report
of ITEX Corporation, a Nevada corporation (the “Company”) on Form 10-Q for the quarter ended January 31, 2016, as filed
with the Securities and Exchange Commission (the “Report”), Steven White, Chief Executive Officer of the Company, does
hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:
| (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 results of operations
of the Company. |
/s/ Steven White |
|
Steven White |
|
Chief Executive Officer |
|
March 10, 2016
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
(18 U.S.C. SECTION 1350)
In connection with the Quarterly Report
of ITEX Corporation, a Nevada corporation (the “Company”) on Form 10-Q for the quarter ended January 31, 2016, as filed
with the Securities and Exchange Commission (the “Report”), John Wade, Chief Financial Officer of the Company, does
hereby certify pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:
| (3) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (4) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
/s/ John Wade |
|
John Wade |
|
Chief Financial Officer |
|
March 10, 2016
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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jan. 31, 2016 |
Jul. 31, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 2,441
|
$ 2,047
|
Accounts receivable, net of allowance of $374 and $439 |
743
|
398
|
Prepaid expenses |
109
|
174
|
Loans and advances |
18
|
8
|
Deferred tax asset, net of allowance of $15 and $15 |
554
|
554
|
Notes receivable |
269
|
291
|
Other current assets |
23
|
11
|
Total current assets |
4,157
|
3,483
|
Property and equipment, net of accumulated depreciation of $412 and $397 |
24
|
38
|
Goodwill |
3,191
|
3,191
|
Deferred tax asset, net of allowance of $84 and $84 and net of current portion |
2,945
|
3,124
|
Intangible assets, net of accumulated amortization of $3,352 and $3,325 |
75
|
102
|
Notes receivable - net of current portion |
666
|
792
|
Other long-term assets |
6
|
10
|
Total assets |
11,064
|
10,740
|
Current liabilities: |
|
|
Accounts and other expenses payable |
47
|
50
|
Commissions payable to brokers |
0
|
259
|
Accrued commissions to brokers |
960
|
659
|
Accrued expenses |
236
|
261
|
Deferred revenue |
21
|
27
|
Advance payments |
108
|
112
|
Total current liabilities |
1,372
|
1,368
|
Total Liabilities |
$ 1,372
|
$ 1,368
|
Commitments and contingencies |
|
|
Stockholders’ equity: |
|
|
Common stock, $0.01 par value; 9,000 shares authorized; 1,943 shares and 1,890 shares issued and outstanding, respectively |
$ 19
|
$ 19
|
Additional paid-in capital |
22,535
|
22,361
|
Stockholder notes receivable |
(4)
|
(6)
|
Accumulated deficit |
(12,858)
|
(13,002)
|
Total stockholders' equity |
9,692
|
9,372
|
Total liabilities and stockholders’ equity |
$ 11,064
|
$ 10,740
|
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v3.3.1.900
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands |
Jan. 31, 2016 |
Jul. 31, 2015 |
Allowance for doubtful accounts receivable |
$ 374
|
$ 439
|
Deferred tax assets, valuation allowance, current |
15
|
15
|
Accumulated depreciation of property and equipment |
412
|
397
|
Allowance for deferred tax asset, noncurrent |
84
|
84
|
Accumulated amortization of intangible assets |
$ 3,352
|
$ 3,325
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
9,000
|
9,000
|
Common stock, shares issued (in shares) |
1,943
|
1,890
|
Common stock, shares outstanding (in shares) |
1,943
|
1,890
|
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v3.3.1.900
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Revenue: |
|
|
|
|
Marketplace revenue and other revenue |
$ 2,980
|
$ 3,238
|
$ 5,793
|
$ 6,355
|
Costs and expenses: |
|
|
|
|
Cost of Marketplace revenue |
1,861
|
2,012
|
3,602
|
3,936
|
Corporate salaries, wages and employee benefits |
509
|
512
|
941
|
956
|
Selling, general and administrative |
308
|
554
|
711
|
1,069
|
Depreciation and amortization |
21
|
23
|
44
|
46
|
Costs and Expenses, Total |
2,699
|
3,101
|
5,298
|
6,007
|
Income from operations |
281
|
137
|
495
|
348
|
Other income/(expense) |
|
|
|
|
Interest, net |
12
|
26
|
33
|
49
|
Nonoperating Income (Expense), Total |
12
|
26
|
33
|
49
|
Income before income taxes |
293
|
163
|
528
|
397
|
Income tax expense |
96
|
55
|
176
|
134
|
Net income |
$ 197
|
$ 108
|
$ 352
|
$ 263
|
Net income per common share: |
|
|
|
|
Basic (in dollars per share) |
$ 0.1
|
$ 0.04
|
$ 0.18
|
$ 0.1
|
Diluted (in dollars per share) |
$ 0.1
|
$ 0.04
|
$ 0.18
|
$ 0.1
|
Weighted average shares outstanding: |
|
|
|
|
Basic (in shares) |
1,928
|
2,630
|
1,912
|
2,619
|
Diluted (in shares) |
1,928
|
2,632
|
1,912
|
2,622
|
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CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jan. 31, 2016 - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Stockholder Note Receivable [Member] |
Accumulated Deficit [Member] |
Balance at Jul. 31, 2015 |
$ 9,372
|
$ 19
|
$ 22,361
|
$ (6)
|
$ (13,002)
|
Balance (in shares) at Jul. 31, 2015 |
|
1,890
|
|
|
|
Common Stock repurchased and retired |
(20)
|
$ 0
|
(20)
|
0
|
0
|
Common Stock repurchased and retired (in shares) |
|
(6)
|
|
|
|
Payments on stockholder notes receivable |
2
|
$ 0
|
0
|
2
|
0
|
Payments on stockholder notes receivable (in shares) |
|
0
|
|
|
|
Stock based compensation expense |
194
|
$ 0
|
194
|
0
|
0
|
Stock based compensation expense (in shares) |
|
59
|
|
|
|
Dividend payment |
(208)
|
$ 0
|
0
|
0
|
(208)
|
Dividend payment (in shares) |
|
0
|
|
|
|
Net income |
352
|
$ 0
|
0
|
0
|
352
|
Balance at Jan. 31, 2016 |
$ 9,692
|
$ 19
|
$ 22,535
|
$ (4)
|
$ (12,858)
|
Balance (in shares) at Jan. 31, 2016 |
|
1,943
|
|
|
|
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v3.3.1.900
DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jan. 31, 2016 |
Accounting Policies [Abstract] |
|
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] |
NOTE 1 DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (In thousands, except per share amounts) Description of the Company ITEX Corporation (“ITEX”, “Company”, “we” or “us”) was incorporated in October 1985 in the State of Nevada. Through our independent licensed broker and franchise network (individually, “broker,” and together the “Broker Network”) in the United States and Canada, we operate a “Marketplace” in which products and services are exchanged by Marketplace members utilizing “ITEX dollars.” ITEX dollars are only usable in the Marketplace and allow thousands of member businesses (our “members”) to acquire products and services without exchanging cash. We administer the Marketplace and provide record-keeping and payment transaction processing services for our members. Unaudited Interim Financial Information We have prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of our consolidated balance sheets, operating results, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amount of revenue and expenses during the reporting period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our 2015 Annual Report on Form 10-K filed with the SEC on October 13, 2015. Principles of Consolidation The consolidated financial statements include the accounts of ITEX Corporation and its wholly owned subsidiary BXI Exchange, Inc. All inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates Management has made a number of estimates and assumptions relating to the reporting of revenues, expenses, assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ from these estimates. Goodwill We analyzed goodwill as of January 31, 2016 using a the same discounted cash flow methodology with a risk-adjusted weighted average cost of cost of capital (WACC) as used at the year ended July 31, 2015. Our evaluation determined that goodwill was not impaired at January 31, 2016. Income Per Share We prepare our financial statements using both basic and diluted earnings per share. Basic earnings per share excludes potential dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. As of January 31, 2016, we had no contracts to issue common stock. The Company also had 161 unvested shares of restricted stock of which no shares were dilutive for the three and six-month periods ended January 31, 2016. The following table presents a reconciliation of the denominators used in the computation of net income per common share basic and net income per common share diluted for the three and six-month periods ended January 31, 2016 and 2015 (in thousands, except per share data) (unaudited): | | Three-months Ended January 31, | | Six-months Ended January 31, | | | | 2016 | | 2015 | | 2016 | | 2015 | | | | | | | | | | | | | | | | Net income available for common shareholders | | $ | 197 | | $ | 108 | | $ | 352 | | $ | 263 | | | | | | | | | | | | | | | | Weighted avg. outstanding shares of common stock | | | 1,912 | | | 2,630 | | | 1,928 | | | 2,619 | | Dilutive effect of restricted shares | | | - | | | 2 | | | - | | | 3 | | Common stock and equivalents | | | 1,912 | | | 2,632 | | | 1,928 | | | 2,622 | | Earnings per share: | | | | | | | | | | | | | | Basic | | $ | 0.10 | | $ | 0.04 | | $ | 0.18 | | $ | 0.10 | | Diluted | | $ | 0.10 | | $ | 0.04 | | $ | 0.18 | | $ | 0.10 | | Recent Accounting Pronouncements In November 2015, the FASB issued Accounting Standards Update (ASU) 2015-17, Balance Sheet Classification of Deferred Taxes, intended to improve how deferred taxes are classified on organizations’ balance sheets. The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all deferred tax assets and liabilities as noncurrent. The pronouncement is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted as of the beginning of an interim or annual period. The adoption of ASU 2015-17 is not expected to have any material impact on the Company’s consolidated financial statements. In February, 2016, the FASB issued ASU 2016-02, which amends the FASB Accounting Standards Codification and creates Topic 842, “Leases.” The new topic supersedes Topic 840, “Leases,” and increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requires disclosures of key information about leasing arrangements. The guidance is effective for reporting periods beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. There have been no other recent accounting pronouncements or changes in accounting pronouncements during the six-months ended January 31, 2016, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K, that are of significance, or potential significance to the Company.
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v3.3.1.900
COMMITMENTS
|
6 Months Ended |
Jan. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments Disclosure [Text Block] |
NOTE 2 COMMITMENTS The Company leases office space under operating leases. Lease commitments include a lease for the Company’s corporate headquarters in Bellevue, Washington. The Company operates on this lease under a month-to-month basis. As of January 31, 2016, there are no future minimum commitments under this operating lease. The lease expense for our executive office space for the three-months ended January 31, 2016 and 2015 was $21 and $40, respectively. For the six-months ended January 31, 2016 and 2015 lease expense was $42 and $81, respectively.
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v3.3.1.900
LEGAL PROCEEDINGS AND LITIGATION CONTINGENCIES
|
6 Months Ended |
Jan. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] |
|
Legal Matters and Contingencies [Text Block] |
NOTE 3 LEGAL PROCEEDINGS AND LITIGATION CONTINGENCIES From time to time we are subject to a variety of claims and litigation incurred in the ordinary course of business. In our opinion, the outcome of our pending legal proceedings, individually or in the aggregate, will not have a material adverse effect on our business operations, results of operations, cash flows or financial condition. Management has regular litigation reviews, including updates from outside counsel, to assess the need for accounting recognition or disclosure of contingencies relating to pending lawsuits. The Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable, and the amount can be reasonably estimated. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Company discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our litigation contingency disclosures, “significant” includes material matters as well as other items which management believes should be disclosed. Management judgment is required related to contingent liabilities and the outcome of litigation because both are difficult to predict. Litigation is subject to inherent uncertainties and unfavorable rulings could occur. Although management currently does not believe resolving any pending proceeding will have a material adverse impact on our financial statements, management’s view of these matters may change in the future. A material adverse impact on our financial statements could occur in the future if the effect of an unfavorable final outcome becomes probable and reasonably estimable.
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v3.3.1.900
INCOME TAXES
|
6 Months Ended |
Jan. 31, 2016 |
Income Tax Disclosure [Abstract] |
|
Income Tax Disclosure [Text Block] |
NOTE 4 INCOME TAXES Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The effective Federal and State tax rate related to our provision for income taxes in the three and six-months ended January 31, 2016 is similar to that used in the corresponding periods ended January 31, 2015. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. For the three and six-month periods ended January 31, 2016, we have recognized income tax expense of $96 and $176, respectively for our estimated federal and state income tax provision including both current and deferred income taxes. Realization of our deferred tax asset is dependent upon future earnings in specific tax jurisdictions, the timing and amount of which are uncertain. As of January 31, 2016 the net deferred tax asset was $3,499 . We account for any uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We measure the tax benefits recognized in the financial statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The application of income tax law is inherently complex. As such, we are required to make subjective assumptions and judgments regarding income tax exposures. The result of the reassessment of our tax positions did not have an impact on the consolidated financial statements.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
STOCKHOLDERS' EQUITY
|
6 Months Ended |
Jan. 31, 2016 |
Stockholders' Equity Note [Abstract] |
|
Stockholders' Equity Note Disclosure [Text Block] |
NOTE 5 STOCKHOLDERS’ EQUITY (in thousands, except per share amounts) The Company has 5,000 shares of preferred stock authorized at $0.01 par value. No preferred shares were issued or outstanding as of January 31, 2016. On March 9, 2010, the Company announced a $2,000 stock repurchase program. The program authorizes the repurchase of shares in open market purchases or privately negotiated transactions, has no expiration date and may be modified or discontinued by the Board of Directors at any time. During the six-month period ended January 31, 2016, the Company repurchased 6 shares of common stock for $20. During the six-month period ended January 31, 2015, the Company repurchased 14 shares of common stock for $42.
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.3.1.900
STOCK-BASED PAYMENTS
|
6 Months Ended |
Jan. 31, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
NOTE 6 STOCK-BASED PAYMENTS (in thousands, except per share amounts) We account for stock-based compensation in accordance with the related guidance. Under the fair value recognition provisions, we estimate stock-based compensation cost at the grant date based on the fair value of the award. We recognize that expense ratably over the requisite service period of the award. We recognized $136 and $134 of stock based compensation expense for the three-month periods ended January 31, 2016 and 2015, respectively and $194 and $202 of stock based compensation expense for the six-month periods ended January 31, 2016 and 2015, respectively. At January 31, 2016, 161 shares of common stock granted under the 2004 Plan remained unvested and no unvested shares under the 2014 plan existed. At January 31, 2016, 293 shares remained available for future grants under the 2014 plan and the Company had $488 of unrecognized compensation expense, expected to be recognized in the future over a weighted-average period of approximately six years.
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jan. 31, 2016 |
Accounting Policies [Abstract] |
|
Quarterly Financial Information Policy [Policy Text Block] |
Unaudited Interim Financial Information We have prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of our consolidated balance sheets, operating results, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amount of revenue and expenses during the reporting period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our 2015 Annual Report on Form 10-K filed with the SEC on October 13, 2015.
|
Consolidation, Policy [Policy Text Block] |
Principles of Consolidation The consolidated financial statements include the accounts of ITEX Corporation and its wholly owned subsidiary BXI Exchange, Inc. All inter-company accounts and transactions have been eliminated in consolidation.
|
Use of Estimates, Policy [Policy Text Block] |
Use of Estimates Management has made a number of estimates and assumptions relating to the reporting of revenues, expenses, assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ from these estimates.
|
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] |
Goodwill We analyzed goodwill as of January 31, 2016 using a the same discounted cash flow methodology with a risk-adjusted weighted average cost of cost of capital (WACC) as used at the year ended July 31, 2015. Our evaluation determined that goodwill was not impaired at January 31, 2016.
|
Earnings Per Share, Policy [Policy Text Block] |
Income Per Share We prepare our financial statements using both basic and diluted earnings per share. Basic earnings per share excludes potential dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. As of January 31, 2016, we had no contracts to issue common stock. The Company also had 161 unvested shares of restricted stock of which no shares were dilutive for the six-months ended January 31, 2016. The following table presents a reconciliation of the denominators used in the computation of net income per common share basic and net income per common share diluted for the three and six-month periods ended January 31, 2016 and 2015 (in thousands, except per share data) (unaudited): | | Three-months Ended January 31, | | Six-months Ended January 31, | | | | 2016 | | 2015 | | 2016 | | 2015 | | | | | | | | | | | | | | | | Net income available for common shareholders | | $ | 197 | | $ | 108 | | $ | 352 | | $ | 263 | | | | | | | | | | | | | | | | Weighted avg. outstanding shares of common stock | | | 1,912 | | | 2,630 | | | 1,928 | | | 2,619 | | Dilutive effect of restricted shares | | | - | | | 2 | | | - | | | 3 | | Common stock and equivalents | | | 1,912 | | | 2,632 | | | 1,928 | | | 2,622 | | Earnings per share: | | | | | | | | | | | | | | Basic | | $ | 0.10 | | $ | 0.04 | | $ | 0.18 | | $ | 0.10 | | Diluted | | $ | 0.10 | | $ | 0.04 | | $ | 0.18 | | $ | 0.10 | |
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recent Accounting Pronouncements In November 2015, the FASB issued Accounting Standards Update (ASU) 2015-17, Balance Sheet Classification of Deferred Taxes, intended to improve how deferred taxes are classified on organizations’ balance sheets. The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all deferred tax assets and liabilities as noncurrent. The pronouncement is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted as of the beginning of an interim or annual period. The adoption of ASU 2015-17 is not expected to have any material impact on the Company’s consolidated financial statements. In February, 2016, the FASB issued ASU 2016-02, which amends the FASB Accounting Standards Codification and creates Topic 842, “Leases.” The new topic supersedes Topic 840, “Leases,” and increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requires disclosures of key information about leasing arrangements. The guidance is effective for reporting periods beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. There have been no other recent accounting pronouncements or changes in accounting pronouncements during the six-months ended January 31, 2016, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K, that are of significance, or potential significance to the Company.
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- DefinitionDisclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.
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DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jan. 31, 2016 |
Accounting Policies [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
The following table presents a reconciliation of the denominators used in the computation of net income per common share basic and net income per common share diluted for the three and six-month periods ended January 31, 2016 and 2015 (in thousands, except per share data) (unaudited): | | Three-months Ended January 31, | | Six-months Ended January 31, | | | | 2016 | | 2015 | | 2016 | | 2015 | | | | | | | | | | | | | | | | Net income available for common shareholders | | $ | 197 | | $ | 108 | | $ | 352 | | $ | 263 | | | | | | | | | | | | | | | | Weighted avg. outstanding shares of common stock | | | 1,912 | | | 2,630 | | | 1,928 | | | 2,619 | | Dilutive effect of restricted shares | | | - | | | 2 | | | - | | | 3 | | Common stock and equivalents | | | 1,912 | | | 2,632 | | | 1,928 | | | 2,622 | | Earnings per share: | | | | | | | | | | | | | | Basic | | $ | 0.10 | | $ | 0.04 | | $ | 0.18 | | $ | 0.10 | | Diluted | | $ | 0.10 | | $ | 0.04 | | $ | 0.18 | | $ | 0.10 | |
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DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] |
|
|
|
|
Net income available for common shareholders |
$ 197
|
$ 108
|
$ 352
|
$ 263
|
Weighted avg. outstanding shares of common stock (in shares) |
1,928
|
2,630
|
1,912
|
2,619
|
Dilutive effect of restricted shares (in shares) |
0
|
2
|
0
|
3
|
Common stock and equivalents (in shares) |
1,928
|
2,632
|
1,912
|
2,622
|
Earnings per share: |
|
|
|
|
Basic (in dollars per share) |
$ 0.1
|
$ 0.04
|
$ 0.18
|
$ 0.1
|
Diluted (in dollars per share) |
$ 0.1
|
$ 0.04
|
$ 0.18
|
$ 0.1
|
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6 Months Ended |
|
Jan. 31, 2016 |
Jan. 31, 2015 |
Mar. 09, 2010 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) |
$ 0.01
|
|
|
Preferred Stock, Shares Authorized (in shares) |
5,000
|
|
|
Stock Repurchase Program, Authorized Amount |
|
|
$ 2,000
|
Stock Repurchased During Period, Shares |
6
|
14
|
|
Stock Repurchased During Period, Value |
$ 20
|
$ 42
|
|
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- DefinitionFace amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.
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3 Months Ended |
6 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share-based Compensation, Total |
$ 136
|
$ 134
|
$ 194
|
$ 202
|
Subsequent Event [Member] |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant |
293
|
|
293
|
|
Equity Incentive 2014 Plan [Member] |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options |
$ 488
|
|
$ 488
|
|
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition |
|
|
6 years
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number |
161
|
|
161
|
|
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