Kubient Inc
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Quick analysis of Kubient (30 sec.)

1. Valuation of Kubient (5 min.)

Live pricePrice per share (EOD)

$0.61

Book Value per Share

$0.87

2. Growth of Kubient (5 min.)

Is Kubient growing?

	Current year	Previous year	Grow	Grow %
How rich?	$12.8m	$29.8m	-$13.1m	-78.4%

How much money is Kubient making?

	Current year	Previous year	Grow	Grow %
Making money	-$3m	-$5.4m	$2.3m	?
Net Profit Margin	-678.0%	-426.4%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Kubient (5 min.)

4. Comparing to competitors in the Software-Application industry (5 min.)

Industry Rankings (Software-Application)

Richest
#529 / 842

Most Revenue
#727 / 842

Most Profit
#540 / 842

Most Efficient
#788 / 842

Fundamentals of Kubient

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very inefficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

1.1. Profitability of Kubient Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Kubient earns for each $1 of revenue.

Above 10% is considered healthy but always compare Kubient to the Software-Application industry mean.
A Net Profit Margin of -678.6% means that $-6.79 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Kubient Inc:

The MRQ is -678.6%. The company is making a huge loss. -2
The TTM is -678.0%. The company is making a huge loss. -2

Trends

Current period		Compared to		+/-
MRQ	-678.6%	TTM	-678.0%	-0.7%
TTM	-678.0%	YOY	-426.4%	-251.6%
TTM	-678.0%	5Y	-1,446.2%	+768.2%
5Y	-1,446.2%	10Y	-1,446.2%	0.0%

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
MRQ	-678.6%	-8.0%	-670.6%
TTM	-678.0%	-8.5%	-669.5%
YOY	-426.4%	-6.2%	-420.2%
5Y	-1,446.2%	-11.6%	-1,434.6%
10Y	-1,446.2%	-11.2%	-1,435.0%

Measures how much net profit Kubient earns for each $1 of revenue.

Revenue is the amount of profit Kubient generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Kubient earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Kubient to the Software-Application industry mean.
Can be used to compare companies within the Software-Application industry.

You typically want a high profit margin. This means that for each $1 in sales, Kubient makes more profit. This shows the investor how efficiently Kubient is operating in general and compared to other companies in the same industry. Kubient operates in the Software-Application industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Kubient. If profit margins remain low (compared to the Software-Application industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Kubient is -6.79. This means that Kubient earned $-6.79 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Software-Application industry is -8.0%.
What is the trend?
The trend is important because it shows you how Kubient is performing over time. The most recent quarter might be important if Kubient released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kubient up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Kubient with other companies in the same industry (Software-Application).
Net profit margin should rise over the years.
Can be influenced when Kubient sells assets (profit will increase while costs remain the same).
It won’t show what part of Kubient is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Kubient

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Kubient = -1,873
Total revenue MRQ Kubient = 276
$-1,873 / $276 = -6.79 or -678.6%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Kubient is using its assets to generate profit.

Above 5% is considered healthy but always compare Kubient to the Software-Application industry mean.
-12.3% Return on Assets means that Kubient generated $-0.12 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Kubient Inc:

The MRQ is -12.3%. Using its assets, the company is very inefficient in making profit. -2
The TTM is -16.2%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-12.3%	TTM	-16.2%	+3.9%
TTM	-16.2%	YOY	-17.0%	+0.8%
TTM	-16.2%	5Y	-39.2%	+23.0%
5Y	-39.2%	10Y	-39.2%	0.0%

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
MRQ	-12.3%	-1.9%	-10.4%
TTM	-16.2%	-2.2%	-14.0%
YOY	-17.0%	-1.4%	-15.6%
5Y	-39.2%	-2.5%	-36.7%
10Y	-39.2%	-2.6%	-36.6%

Shows how efficient Kubient is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Kubient to the Software-Application industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Kubient is using its resources to generate profit. If the return on assets (-12.3%) from Kubient are higher than the Software-Application mean (-1.9%) that means Kubient is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Kubient is -12.3%. This means the company generated $-0.12 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Software-Application industry is -1.9%.
What is the trend?
The trend is important because it shows you how Kubient is performing over time. The most recent quarter might be important if Kubient released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kubient up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Kubient

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Kubient = -1,873
Total assets MRQ (balance sheet) from Kubient = 15,232
-1,873 / 15,232 = -0.12 or -12.3%

ROA is an important ratio as it will tell you how effectively Kubient is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Kubient is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Kubient to the Software-Application industry mean.
-14.6% Return on Equity means Kubient generated $-0.15 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Kubient Inc:

The MRQ is -14.6%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is -18.5%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-14.6%	TTM	-18.5%	+3.8%
TTM	-18.5%	YOY	-20.4%	+2.0%
TTM	-18.5%	5Y	-6,865.9%	+6,847.5%
5Y	-6,865.9%	10Y	-6,865.9%	0.0%

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
MRQ	-14.6%	-2.3%	-12.3%
TTM	-18.5%	-3.6%	-14.9%
YOY	-20.4%	-1.6%	-18.8%
5Y	-6,865.9%	-3.5%	-6,862.4%
10Y	-6,865.9%	-4.4%	-6,861.5%

Shows how efficient Kubient is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Kubient to the Software-Application industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Software-Application industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Kubient is -14.6%. This means Kubient generated $-0.15 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Software-Application industry is -2.3%.
What is the trend?
The trend is important because it shows you how Kubient is performing over time. The most recent quarter might be important if Kubient released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kubient up to 10 years back (depending if Kubient existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Kubient

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Kubient = -1,873
Shareholders equity (balance sheet) MRQ Kubient = 12,804
-1,873 / 12,804 = -0.15 or -14.6%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Kubient Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Kubient is operating .

Measures how much profit Kubient makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Kubient to the Software-Application industry mean.
An Operating Margin of -910.7% means the company generated $-9.11 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Kubient Inc:

The MRQ is -910.7%. The company is operating very inefficient. -2
The TTM is -764.4%. The company is operating very inefficient. -2

Trends

Current period		Compared to		+/-
MRQ	-910.7%	TTM	-764.4%	-146.3%
TTM	-764.4%	YOY	-292.0%	-472.3%
TTM	-764.4%	5Y	-922.4%	+158.1%
5Y	-922.4%	10Y	-922.4%	0.0%

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
MRQ	-910.7%	-7.3%	-903.4%
TTM	-764.4%	-4.7%	-759.7%
YOY	-292.0%	-4.1%	-287.9%
5Y	-922.4%	-6.2%	-916.2%
10Y	-922.4%	-6.7%	-915.7%

Measures how efficient Kubient is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Kubient to the Software-Application industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Kubient is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Kubient is -910.7%. This means that Kubient earned $-9.11 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Software-Application industry is -7.3%.
What is the trend?
The trend is important because it shows you how Kubient is performing over time. The most recent quarter might be important if Kubient released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kubient up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Kubient

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Kubient = -2,513
Total revenue MRQ Kubient = 276
$-2,513 / $276 = -9.11 or -910.7%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Kubient is keeping operating costs low.

Below 1 is considered healthy (always compare to Software-Application industry mean).
An Operation Ratio of 10.29 means that the operating costs are $10.29 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Kubient Inc:

The MRQ is 10.288. The company is inefficient in keeping operating costs low. -1
The TTM is 6.759. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	10.288	TTM	6.759	+3.529
TTM	6.759	YOY	3.872	+2.887
TTM	6.759	5Y	9.631	-2.871
5Y	9.631	10Y	9.631	0.000

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
MRQ	10.288	1.303	+8.985
TTM	6.759	1.321	+5.438
YOY	3.872	1.282	+2.590
5Y	9.631	1.301	+8.330
10Y	9.631	1.239	+8.392

Measures how efficient Kubient is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Kubient to the Software-Application industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Kubient is 1,028.8%. This means that Kubient earned $10.29 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Software-Application industry is 1.30.
What is the trend?
The trend is important because it shows you how Kubient is performing over time. The most recent quarter might be important if Kubient released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kubient up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Kubient

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(50 +2,789) \ 276 = 10.29

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Kubient Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Kubient is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Software-Application industry mean).
A Current Ratio of 6.48 means the company has $6.48 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Kubient Inc:

The MRQ is 6.481. The company is very able to pay all its short-term debts. +2
The TTM is 7.890. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	6.481	TTM	7.890	-1.409
TTM	7.890	YOY	13.255	-5.364
TTM	7.890	5Y	6.125	+1.765
5Y	6.125	10Y	6.125	0.000

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
MRQ	6.481	1.728	+4.753
TTM	7.890	1.790	+6.100
YOY	13.255	1.952	+11.303
5Y	6.125	1.894	+4.231
10Y	6.125	1.900	+4.225

Measures if Kubient is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Software-Application industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Kubient if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Kubient is 6.48. This means Kubient has $6.48 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Software-Application industry is 1.73.
What is the trend?
The trend is important because it shows you how Kubient is performing over time. The most recent quarter might be important if Kubient released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kubient up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Kubient

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
15,222 \ 2,349) = 6.48

The current ratio measures if Kubient is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Kubient is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Kubient does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Kubient is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Kubient is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Kubient to the Software-Application industry mean.
A Quick Ratio of 6.33 means the company can pay off $6.33 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Kubient Inc:

The MRQ is 6.333. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 7.740. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	6.333	TTM	7.740	-1.407
TTM	7.740	YOY	13.116	-5.376
TTM	7.740	5Y	6.046	+1.693
5Y	6.046	10Y	6.046	0.000

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
MRQ	6.333	1.067	+5.266
TTM	7.740	1.145	+6.595
YOY	13.116	1.429	+11.687
5Y	6.046	1.358	+4.688
10Y	6.046	1.367	+4.679

1.4. Solvency of Kubient Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Kubient assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Kubient to Software-Application industry mean.
A Debt to Asset Ratio of 0.16 means that Kubient assets are financed with 15.9% credit (debt) and the remaining percentage (100% - 15.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Kubient Inc:

The MRQ is 0.159. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.140. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.159	TTM	0.140	+0.019
TTM	0.140	YOY	0.097	+0.043
TTM	0.140	5Y	1.119	-0.979
5Y	1.119	10Y	1.119	0.000

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
MRQ	0.159	0.453	-0.294
TTM	0.140	0.444	-0.304
YOY	0.097	0.447	-0.350
5Y	1.119	0.482	+0.637
10Y	1.119	0.488	+0.631

Measures how much % of Kubient assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Kubient than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Kubient to Software-Application industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Kubient is 0.16. This means means that Kubient is financed with 15.9% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Software-Application industry is 172.8%.
What is the trend?
The trend is important because it shows you how Kubient is performing over time. The most recent quarter might be important if Kubient released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kubient up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Kubient has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Kubient

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
2,428 \ 15,232 = 15.9% or 0.16.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Kubient is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Kubient to the Software-Application industry mean.
A Debt to Equity ratio of 19.0% means that company has $0.19 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Kubient Inc:

The MRQ is 0.190. The company is very able to pay all its debts with equity. +2
The TTM is 0.165. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.190	TTM	0.165	+0.025
TTM	0.165	YOY	0.112	+0.053
TTM	0.165	5Y	25.229	-25.065
5Y	25.229	10Y	25.229	0.000

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
MRQ	0.190	0.732	-0.542
TTM	0.165	0.732	-0.567
YOY	0.112	0.688	-0.576
5Y	25.229	0.793	+24.436
10Y	25.229	0.801	+24.428

Measures if Kubient is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Kubient is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Kubient is 0.19. This means that Kubient can pay off $0.19 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Software-Application industry is 0.73.
What is the trend?
The trend is important because it shows you how Kubient is performing over time. The most recent quarter might be important if Kubient released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kubient up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Kubient

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
2,428 \ 12,804 = 0.19 or 19.0%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Kubient Inc

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Kubient generates.

Above 15 is considered overpriced but always compare Kubient to the Software-Application industry mean.
A PE ratio of -5.02 means the investor is paying $-5.02 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Kubient Inc:

The EOD is -4.769. Company is losing money. -2
The MRQ is -5.020. Company is losing money. -2
The TTM is -5.543. Company is losing money. -2

Trends

Current period		Compared to		+/-
EOD	-4.769	MRQ	-5.020	+0.251
MRQ	-5.020	TTM	-5.543	+0.523
TTM	-5.543	YOY	-34.843	+29.300
TTM	-5.543	5Y	-12.821	+7.278
5Y	-12.821	10Y	-12.821	0.000

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
EOD	-4.769	-1.879	-2.890
MRQ	-5.020	-2.621	-2.399
TTM	-5.543	-3.215	-2.328
YOY	-34.843	-6.701	-28.142
5Y	-12.821	-2.080	-10.741
10Y	-12.821	-1.657	-11.164

Measures how much money you pay for each share for every $1 in earnings Kubient generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Kubient to the Software-Application industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Kubient is -5.02. This means the investor is paying $-5.02 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Software-Application industry is -2.62.
What is the trend?
The trend is important because it shows you how Kubient is performing over time. The most recent quarter might be important if Kubient released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Kubient up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Kubient

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
\ 14,319 = EPS
PE ratio MRQ = -5.02

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Kubient.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Kubient Inc:

The MRQ is -5.695. Very Bad. -2
The TTM is -5.172. Very Bad. -2

Trends

Current period		Compared to		+/-
MRQ	-5.695	TTM	-5.172	-0.523
TTM	-5.172	YOY	-73.385	+68.213
TTM	-5.172	5Y	-33.455	+28.282
5Y	-33.455	10Y	-33.455	0.000

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
MRQ	-5.695	3.504	-9.199
TTM	-5.172	4.586	-9.758
YOY	-73.385	10.416	-83.801
5Y	-33.455	28.331	-61.786
10Y	-33.455	41.372	-74.827

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Kubient is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Software-Application industry mean).
A PB ratio of 0.73 means the investor is paying $0.73 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Kubient Inc:

The EOD is 0.697. Very good. +2
The MRQ is 0.734. Very good. +2
The TTM is 0.846. Very good. +2

Trends

Current period		Compared to		+/-
EOD	0.697	MRQ	0.734	-0.037
MRQ	0.734	TTM	0.846	-0.112
TTM	0.846	YOY	2.320	-1.474
TTM	0.846	5Y	1.001	-0.155
5Y	1.001	10Y	1.001	0.000

Compared to industry (Software-Application)

Period	Company	Industry (mean)	+/-
EOD	0.697	2.748	-2.051
MRQ	0.734	2.964	-2.230
TTM	0.846	2.965	-2.119
YOY	2.320	4.692	-2.372
5Y	1.001	4.073	-3.072
10Y	1.001	4.338	-3.337

2. Total Gains per Share

2.4. Latest News of Kubient Inc

Does Kubient Inc still have the same value as the quarterly reports suggest? Recent changes may be an indication that the value of the company is changing. Read the news from Kubient Inc to keep up to date. Note: the news is often already included in the price.

Date	Title	Read
2023-06-04 14:40	SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates APGN, KBNT, DM, WTT	Read
2023-06-04 02:17	Lifshitz Law PLLC Announces Investigations of WTT, SSYS, DM, and KBNT	Read

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Kubient Inc.

3.1. Institutions holding Kubient Inc

Institutions are holding 19.656% of the shares of Kubient Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-03-31	Mithaq Capital SPC	13.864	7.0379	2012496	0	0
2022-12-31	Vanguard Group Inc	3.0902	0	448578	233	0.052
2022-12-31	Bank of New York Mellon Corp	0.6623	0	96145	-751	-0.7751
2022-12-31	Geode Capital Management, LLC	0.5968	0	86626	-233	-0.2683
2022-12-31	State Street Corporation	0.352	0	51100	0	0
2022-12-31	Equius Partners, Inc.	0.3315	0.0095	48125	0	0
2022-12-31	Renaissance Technologies Corp	0.279	0	40496	-1700	-4.0288
2022-12-31	Close Asset Management Limited	0.2067	0.001	30000	0	0
2022-12-31	Northern Trust Corp	0.1074	0	15585	0	0
2022-12-31	Empirical Financial Services, LLC	0.1033	0.0005	15000	0	0
2022-12-31	IFP Advisors, LLC	0.0344	0.0006	5000	0	0
2022-12-31	Tower Research Capital LLC	0.0128	0	1857	-893	-32.4727
2022-12-31	Morgan Stanley - Brokerage Accounts	0.0069	0	1000	-1	-0.0999
2022-12-31	BlackRock Inc	0.0046	0	662	0	0
2022-12-31	SIMPLEX TRADING, LLC	0.0013	0	185	-700	-79.096
2022-12-31	SignatureFD, LLC	0.0005	0	75	75	0
2022-12-31	Wells Fargo & Co	0.0004	0	61	61	0
2022-12-31	Bank of America Corp	0.0001	0	13	13	0
2022-12-31	UBS Group AG	0	0	0	-2635	-100
2022-09-30	Citadel Advisors Llc	0	0	0	-72236	-100
Total		19.6542	7.0495	2853004	-78767	-2.8%

3.2. Funds holding Kubient Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-03-31	Vanguard Total Stock Mkt Idx Inv	2.0363	0	295586	0	0
2022-12-31	Vanguard Instl Ttl Stck Mkt Idx Tr	2.0363	0	295586	0	0
2023-03-31	Vanguard Extended Market Index Investor	0.7992	0.0001	116009	-13103	-10.1486
2023-02-28	Fidelity® Extended Market Index	0.3856	0.0001	55974	0	0
2023-03-31	State St US Extended Mkt Indx NL Cl C	0.0992	0.0004	14400	0	0
2023-03-31	SSgA U.S. Extended Market Index Class I	0.0992	0.0004	14400	0	0
2023-03-31	Vanguard Instl Ttl Stk Mkt Idx InstlPls	0.0839	0	12180	0	0
2023-02-28	Fidelity® Total Market Index	0.0719	0	10430	0	0
2023-02-28	Fidelity® Series Total Market Index	0.0624	0	9055	0	0
2023-03-31	NT Ext Equity Mkt Idx Fd - NL	0.057	0.0001	8281	0	0
2023-03-31	NT Ext Equity Mkt Idx Fd - L	0.0498	0.0001	7229	0	0
2023-03-31	Northern Trust Extended Eq Market Idx	0.0498	0.0001	7229	0	0
2023-03-31	NT Ext Equity Mkt Idx Fd - DC - NL - T2	0.0483	0.0001	7009	286	4.2541
2023-03-31	Vanguard Balanced Index Inv	0.0475	0	6900	0	0
2023-02-28	Fidelity® NASDAQ Composite Index®	0.0449	0.0001	6524	0	0
2023-03-31	Vanguard U.S. Eq Idx £ Acc	0.0331	0	4800	0	0
2023-03-31	SSgA U.S. Total Market Index Strategy	0.0312	0.0001	4530	-12	-0.2642
2023-02-28	Spartan Total Market Index Pool E	0.0174	0	2530	0	0
2023-02-28	Spartan Extended Market Index Pool E	0.0146	0.0002	2113	0	0
2023-03-31	BlackRock Extended Mkt Composite	0.0046	0	662	0	0
Total		6.0722	0.0018	881427	-12829	-1.5%

3.3. Insider Transactions

Insiders are holding 23.83% of the shares of Kubient Inc.

Date	Owner	Type	Amount	Price	Post Transaction Amount
2021-08-19	Grainne M Coen	BUY	16000	3.22
2021-08-19	Joshua Adam Weiss	BUY	1500	3.35
2021-06-23	Christopher Francia	SELL	2815	5.42	87190
2021-03-05	Mithaq Capital Spc	BUY	12865	5.35
2020-10-09	Peter A Bordes Jr	BUY	19742	2.58

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Kubient Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-0.163	-0.215	+32%	0.016	-1089%	0.054	-399%	0.054	-399%
Book Value Growth	-	-	0.842	0.844	0%	1.024	-18%	96.809	-99%	96.809	-99%
Book Value Per Share	-	-	0.872	1.139	-23%	2.033	-57%	33.104	-97%	33.104	-97%
Book Value Per Share Growth	-	-	0.842	0.844	0%	1.024	-18%	96.809	-99%	96.809	-99%
Current Ratio	-	-	6.481	7.890	-18%	13.255	-51%	6.125	+6%	6.125	+6%
Debt To Asset Ratio	-	-	0.159	0.140	+14%	0.097	+65%	1.119	-86%	1.119	-86%
Debt To Equity Ratio	-	-	0.190	0.165	+15%	0.112	+69%	25.229	-99%	25.229	-99%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Eps	-	-	-0.127	-0.221	+73%	-0.175	+37%	-0.158	+24%	-0.158	+24%
Eps Growth	-	-	0.881	1.046	-16%	0.731	+21%	0.685	+29%	0.685	+29%
Free Cash Flow Per Share	-	-	-0.142	-0.164	+16%	-0.158	+12%	35.243	-100%	35.243	-100%
Free Cash Flow Per Share Growth	-	-	-0.995	0.730	-236%	0.751	-233%	904.175	-100%	904.175	-100%
Free Cash Flow To Equity Per Share	-	-	-0.148	-0.173	+17%	0.162	-191%	35.464	-100%	35.464	-100%
Free Cash Flow To Equity Per Share Growth	-	-	-0.730	0.383	-291%	1.653	-144%	3866.150	-100%	3866.150	-100%
Gross Profit Margin	-	-	1.353	1.353	0%	1.297	+4%	1.203	+12%	1.203	+12%
Intrinsic Value_10Y_max	-	-	1616.826	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-15.636	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	184.518	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-0.816	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	537.254	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-3.116	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	869.319	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-6.128	-	-	-	-	-	-	-	-
Net Profit Margin	-	-	-6.786	-6.780	0%	-4.264	-37%	-14.462	+113%	-14.462	+113%
Operating Margin	-	-	-9.107	-7.644	-16%	-2.920	-68%	-9.224	+1%	-9.224	+1%
Operating Ratio	-	-	10.288	6.759	+52%	3.872	+166%	9.631	+7%	9.631	+7%
Pb Ratio	0.697	-5%	0.734	0.846	-13%	2.320	-68%	1.001	-27%	1.001	-27%
Pe Ratio	-4.769	+5%	-5.020	-5.543	+10%	-34.843	+594%	-12.821	+155%	-12.821	+155%
Peg Ratio	-	-	-5.695	-5.172	-9%	-73.385	+1188%	-33.455	+487%	-33.455	+487%
Price Per Share	0.608	-5%	0.640	0.995	-36%	4.815	-87%	1.941	-67%	1.941	-67%
Price To Total Gains Ratio	-3.729	+5%	-3.925	-5.758	+47%	-34.835	+788%	-16.238	+314%	-16.238	+314%
Profit Growth	-	-	0.879	1.125	-22%	-0.540	+162%	-275.808	+31495%	-275.808	+31495%
Quick Ratio	-	-	6.333	7.740	-18%	13.116	-52%	6.046	+5%	6.046	+5%
Return On Assets	-	-	-0.123	-0.162	+32%	-0.170	+38%	-0.392	+219%	-0.392	+219%
Return On Equity	-	-	-0.146	-0.185	+26%	-0.204	+40%	-68.659	+46847%	-68.659	+46847%
Revenue Growth	-	-	0.573	0.675	-15%	1.431	-60%	19.301	-97%	19.301	-97%
Total Gains Per Share	-	-	-0.163	-0.215	+32%	0.016	-1089%	0.054	-399%	0.054	-399%
Total Gains Per Share Growth	-	-	0.405	0.915	-56%	0.229	+77%	110.826	-100%	110.826	-100%
Usd Book Value	-	-	12804438.000	16735615.000	-23%	29856389.750	-57%	486269205.813	-97%	486269205.813	-97%
Usd Book Value Change Per Share	-	-	-0.163	-0.215	+32%	0.016	-1089%	0.054	-399%	0.054	-399%
Usd Book Value Per Share	-	-	0.872	1.139	-23%	2.033	-57%	33.104	-97%	33.104	-97%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Eps	-	-	-0.127	-0.221	+73%	-0.175	+37%	-0.158	+24%	-0.158	+24%
Usd Free Cash Flow	-	-	-2081495.000	-2408257.500	+16%	-2321254.250	+12%	517698983.250	-100%	517698983.250	-100%
Usd Free Cash Flow Per Share	-	-	-0.142	-0.164	+16%	-0.158	+12%	35.243	-100%	35.243	-100%
Usd Free Cash Flow To Equity Per Share	-	-	-0.148	-0.173	+17%	0.162	-191%	35.464	-100%	35.464	-100%
Usd Price Per Share	0.608	-5%	0.640	0.995	-36%	4.815	-87%	1.941	-67%	1.941	-67%
Usd Profit	-	-	-1872636.000	-3089294.500	+65%	-5457946.500	+191%	-523206783.313	+27840%	-523206783.313	+27840%
Usd Revenue	-	-	275941.000	600852.000	-54%	985773.000	-72%	18182917.250	-98%	18182917.250	-98%
Usd Total Gains Per Share	-	-	-0.163	-0.215	+32%	0.016	-1089%	0.054	-399%	0.054	-399%
	EOD	+3 -2	MRQ	TTM	+18 -22	YOY	+15 -25	5Y	+17 -23	10Y	+17 -23

4.2. Fundamental Score

Let's check the fundamental score of Kubient Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-4.769
Price to Book Ratio (EOD)	Between	0-1	0.697
Net Profit Margin (MRQ)	Greater than	0	-6.786
Operating Margin (MRQ)	Greater than	0	-9.107
Quick Ratio (MRQ)	Greater than	1	6.333
Current Ratio (MRQ)	Greater than	1	6.481
Debt to Asset Ratio (MRQ)	Less than	1	0.159
Debt to Equity Ratio (MRQ)	Less than	1	0.190
Return on Equity (MRQ)	Greater than	0.15	-0.146
Return on Assets (MRQ)	Greater than	0.05	-0.123
Total			5/10 (50.0%)

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4.3. Technical Score

Let's check the technical score of Kubient Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Open	Greater than	Close	0.590
Total			0/1 (0.0%)

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Latest Balance Sheet

Balance Sheet of 2022-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	15,232
Total Liabilities	2,428
Total Stockholder Equity	12,804

	As reported
Total Liabilities	2,428
Total Stockholder Equity	+ 12,804
Total Assets	= 15,232

Assets

Total Assets	15,232
Total Current Assets	15,222
Long-term Assets	15,222

Total Current Assets

Total Current Assets (as reported)	15,222
Cash And Cash Equivalents	14,739
Net Receivables	136
Other Current Assets	347
Total Current Assets (calculated)	15,222
+/-	0

Long-term Assets

Long-term Assets (as reported)	10
Long-term Assets Other	10
Long-term Assets (calculated)	10
+/-	0

Liabilities & Shareholders' Equity

Total Current Liabilities	2,349
Long-term Liabilities	79
Total Stockholder Equity	12,804

Total Current Liabilities

Total Current Liabilities (as reported)	2,349
Accounts payable	1,490
Other Current Liabilities	830
Total Current Liabilities (calculated)	2,320
+/-	28

Long-term Liabilities

Long-term Liabilities (as reported)	79
Long term Debt	79
Long-term Liabilities (calculated)	79
+/-	0

Total Stockholder Equity

Total Stockholder Equity (as reported)	12,804
Common Stock	0
Retained Earnings	-40,201
Other Stockholders Equity	53,005
Total Stockholder Equity (calculated)	12,804
+/-	0

Other

Capital Stock	0
Cash and Short Term Investments	14,739
Common Stock Shares Outstanding	14,319
Current Deferred Revenue	28
Liabilities and Stockholders Equity	15,232
Net Debt	-14,661
Net Invested Capital	12,883
Net Working Capital	12,873
Short Long Term Debt Total	79

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

> Total Assets

0
0
0
474
2,498
2,532
10,637,155
27,363
34,300
33,738
32,257
31,685
26,783
18,190
17,859
15,232

15,232

17,859

18,190

26,783

31,685

32,257

33,738

34,300

27,363

10,637,155

2,532

2,498

474

> Total Current Assets

0
0
0
101
600
647
9,271,341
26,264
33,212
31,118
29,745
28,221
23,473
18,180
17,849
15,222

15,222

17,849

18,180

23,473

28,221

29,745

31,118

33,212

26,264

9,271,341

647

600

101

Cash And Cash Equivalents

0
0
0
34
21
45
8,356,834
24,782
32,537
30,462
28,746
24,908
20,709
17,684
16,898
14,739

14,739

16,898

17,684

20,709

24,908

28,746

30,462

32,537

24,782

8,356,834

Net Receivables

0
0
0
39
534
573
797,422
1,374
460
495
373
2,818
2,352
260
449
136

136

449

260

2,352

2,818

373

495

460

1,374

797,422

573

534

Other Current Assets

0
0
0
28
45
29
117,085
108
215
160
626
495
412
236
503
347

347

503

236

412

495

626

160

215

108

117,085

> Long-term Assets

0
0
0
373
1,899
1,885
1,365,814
1,099
1,088
2,620
2,512
3,464
3,310
10
10
10

3,310

3,464

2,512

2,620

1,088

1,099

1,365,814

1,885

1,899

373

Property Plant Equipment

0
0
0
5
5
6
8,088
17
17
23
34
45
47
0
0
0

8,088

Goodwill

0
0
0
0
0
0
0
0
0
0
0
463
463
0
0
0

463

Intangible Assets

0
0
0
83
1,533
1,445
1,357,726
1,072
1,060
2,563
2,440
2,947
2,790
0
0
0

2,790

2,947

2,440

2,563

1,060

1,072

1,357,726

1,445

1,533

Other Assets

0
0
0
0
361
434
10,000
10
10
34
38
10
10
10
10
0

10,000

434

361

> Total Liabilities

0
0
0
5,514
3,319
9,089
3,055,280
2,881
1,824
1,966
2,529
6,235
4,546
1,488
2,660
2,428

2,428

2,660

1,488

4,546

6,235

2,529

1,966

1,824

2,881

3,055,280

9,089

3,319

5,514

> Total Current Liabilities

0
0
0
5,514
3,319
4,379
2,785,432
2,693
1,719
1,889
2,451
5,544
4,446
1,411
2,582
2,349

2,349

2,582

1,411

4,446

5,544

2,451

1,889

1,719

2,693

2,785,432

4,379

3,319

5,514

Short-term Debt

0
0
0
3,232
114
272
136
218
301
329
260
151
42
2
2
0

151

260

329

301

218

136

272

114

3,232

Short Long Term Debt

0
0
0
3,232
114
272
136
218
301
329
260
151
42
2
2
0

151

260

329

301

218

136

272

114

3,232

Accounts payable

0
0
0
1,653
2,644
2,207
319,484
1,443
1,062
1,067
1,269
1,845
3,525
886
1,096
1,490

1,490

1,096

886

3,525

1,845

1,269

1,067

1,062

1,443

319,484

2,207

2,644

1,653

Other Current Liabilities

0
0
0
615
546
1,885
2,465,797
1,017
342
478
896
3,153
852
376
716
830

830

716

376

852

3,153

896

478

342

1,017

2,465,797

1,885

546

615

> Long-term Liabilities

0
0
0
4,900
2,773
248
270
188
105
77
77
690
101
77
77
79

101

690

105

188

270

248

2,773

4,900

Other Liabilities

0
0
0
0
0
0
0
0
0
0
0
613
23
0
0
0

613

Deferred Long Term Liability

0
0
0
0
361
434
10
10
10
34
38
10
10
10
10
0

434

361

> Total Stockholder Equity

0
0
0
-5,041
-820
-6,557
7,592
24,482
32,476
31,772
29,728
25,450
22,237
16,702
15,200
12,804

12,804

15,200

16,702

22,237

25,450

29,728

31,772

32,476

24,482

7,592

-6,557

-820

-5,041

Common Stock

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

Capital Surplus

Treasury Stock

Other Stockholders Equity

0
0
0
3,363
10,596
3,410
21,723
40,771
0
51,560
51,827
52,031
52,445
52,720
52,892
53,005

53,005

52,892

52,720

52,445

52,031

51,827

51,560

40,771

21,723

3,410

10,596

3,363

Balance Sheet

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Accounts Payable	1,490	2,504	1,443	1,653	1,227	728
Capital Stock	0	0	0	0	0	-
Cash	14,739	24,908	24,782	34	8	-
Cash And Short Term Investments	14,739	24,908	24,782	34	8	-
Common Stock	0	0	0	0	0	0
Common Stock Shares Outstanding	14,319	13,696	5,185	7,646	7,646	-
Common Stock Total Equity	-	-	0	0	0	-
Current Deferred Revenue	28	396	15	15	15	-
Deferred Long Term Liab	-	10	10	285	-	-
Good Will	0	463	-	-	-	-
Intangible Assets	-	2,947	1,072	83	-	-
Liabilities And Stockholders Equity	15,232	31,685	27,363	474	380	-
Long Term Debt	79	77	188	-	45	-
Net Debt	-14,661	-24,679	-24,376	3,198	245	-
Net Invested Capital	12,883	25,679	24,888	-1,809	-1,300	-
Net Receivables	136	2,818	1,374	39	373	239
Net Tangible Assets	-	22,041	23,410	-5,124	-1,553	-586
Net Working Capital	12,873	22,676	23,570	-5,414	-1,508	-
Non Current Assets Total	10	3,464	1,099	373	0	-
Non Current Liabilities Other	-	613	-	-	-	-
Non Current Liabilities Total	79	690	188	4,900	45	-
Non Currrent Assets Other	10	10	10	285	-	-
Other Assets	-	10	10	285	-	-
Other Current Assets	347	495	108	28	-	-
Other Current Liab	830	2,493	1,017	615	438	7
Other Liab	-	613	-	-	-	-
Other Stockholder Equity	53,005	52,031	40,771	3,363	2,718	-45
Property Plant And Equipment Gross	-	-	17	5	-	-
Property Plant And Equipment Net	-	45	17	5	-	-
Property Plant Equipment	-	45	17	5	-	-
Retained Earnings	-40,201	-26,581	-16,289	-8,403	-4,271	-541
Short Long Term Debt	-	151	218	3,232	208	-
Short Long Term Debt Total	79	229	406	3,232	253	-
Short Term Debt	-	151	218	3,232	208	-
Total Assets	15,232	31,685	27,363	474	380	-
Total Current Assets	15,222	28,221	26,264	101	380	249
Total Current Liabilities	2,349	5,544	2,693	5,514	1,888	835
Total Liab	2,428	6,235	2,881	5,514	1,933	-
Total Stockholder Equity	12,804	25,450	24,482	-5,041	-1,553	-

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31
Accounts Payable	1,490	1,096	886	3,525	1,845	1,269	1,067	1,062	1,443	319,484	2,207	2,644	1,653	-	-	-
Capital Stock	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-
Cash	14,739	16,898	17,684	20,709	24,908	28,746	30,462	32,537	24,782	8,356,834	45	21	34	-	-	-
Cash And Short Term Investments	14,739	16,898	17,684	20,709	24,908	28,746	30,462	32,537	24,782	8,356,834	45	21	34	-	-	-
Common Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-
Common Stock Shares Outstanding	14,319	14,337	14,316	14,256	14,253	14,253	13,983	12,617	3,602	5,677	6,670	7,646	7,646	7,646	7,646	7,646
Common Stock Total Equity	-	-	-	-	-	-	0	0	0	0	0	-	0	-	-	-
Current Deferred Revenue	28	768	146	27	396	26	15	15	15	15	15	15	15	-	-	-
Deferred Long Term Liab	-	10	10	10	10	38	34	10	10	10	434	361	-	-	-	-
Good Will	0	0	0	463	463	-	-	-	-	-	-	-	-	-	-	-
Intangible Assets	-	-	-	2,790	2,947	2,440	2,563	1,060	1,072	1,357,726	1,445	1,533	83	-	-	-
Liabilities And Stockholders Equity	15,232	17,859	18,190	26,783	31,685	32,257	33,738	34,300	27,363	10,637,155	2,532	2,498	474	-	-	-
Long Term Debt	79	77	77	77	77	77	77	105	188	270	4,710	525	-	-	-	-
Net Debt	-14,661	-16,819	-17,605	-20,590	-24,679	-28,409	-30,056	-32,131	-24,376	-8,220,592	475	93	3,198	-	-	-
Net Invested Capital	12,883	15,279	16,781	22,356	25,679	30,066	32,178	32,882	24,888	7,998	-1,575	-706	-	-	-	-
Net Receivables	136	449	260	2,352	2,818	373	495	460	1,374	797,422	573	534	39	-	-	-
Net Tangible Assets	-	15,200	16,702	18,984	22,041	27,288	29,209	31,415	23,410	6,234	-8,002	-6,626	-	-	-	-1,553
Net Working Capital	12,873	15,267	16,769	19,028	22,676	27,294	29,229	31,493	23,570	6,486	-3,732	-2,719	-	-	-	-
Non Current Assets Total	10	10	10	3,310	3,464	2,512	2,620	1,088	1,099	1,365,814	1,885	1,899	373	-	-	-
Non Current Liabilities Other	-	-	-	23	613	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	79	77	77	101	690	77	77	105	188	270	248	2,773	4,900	-	-	-
Non Currrent Assets Other	10	10	10	10	10	38	34	10	10	434	434	361	285	-	-	-
Other Assets	-	10	10	10	10	38	34	10	10	10,000	434	361	-	-	-	-
Other Current Assets	347	503	236	412	495	626	160	215	108	117,085	29	45	28	-	-	-
Other Current Liab	830	716	376	852	3,153	896	478	342	1,017	2,465,797	1,885	546	615	-	-	-
Other Liab	-	-	-	23	613	-	-	-	-	-	-	-	-	-	-	-
Other Stockholder Equity	53,005	52,892	52,720	52,445	52,031	51,827	51,560	-	40,771	21,723	3,410	10,596	3,363	-	-	-
Property Plant And Equipment Gross	-	-	-	-	-	-	23	17	17	8,088	6	-	5	-	-	-
Property Plant And Equipment Net	-	-	-	47	45	34	23	17	17	8,088	6	5	5	-	-	-
Property Plant Equipment	-	-	-	47	45	34	23	17	17	8	6	5	-	-	-	-
Retained Earnings	-40,201	-37,692	-36,018	-30,208	-26,581	-22,099	-19,789	-18,086	-16,289	-14,131	-9,967	-11,416	-8,403	-	-	-
Short Long Term Debt	-	2	2	42	151	260	329	301	218	136	272	114	3,232	-	-	-
Short Long Term Debt Total	79	79	79	119	229	338	406	406	406	136,242	520	114	3,232	-	-	-
Short Term Debt	-	2	2	42	151	260	329	301	218	136	272	114	3,232	-	-	-
Total Assets	15,232	17,859	18,190	26,783	31,685	32,257	33,738	34,300	27,363	10,637,155	2,532	2,498	474	-	-	-
Total Current Assets	15,222	17,849	18,180	23,473	28,221	29,745	31,118	33,212	26,264	9,271,341	647	600	101	-	-	-
Total Current Liabilities	2,349	2,582	1,411	4,446	5,544	2,451	1,889	1,719	2,693	2,785,432	4,379	3,319	5,514	-	-	-
Total Liab	2,428	2,660	1,488	4,546	6,235	2,529	1,966	1,824	2,881	3,055,280	9,089	3,319	5,514	-	-	-
Total Stockholder Equity	12,804	15,200	16,702	22,237	25,450	29,728	31,772	32,476	24,482	7,592	-6,557	-820	-5,041	-	-	-

Cash Flow

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Begin Period Cash Flow	24,908	24,782	34	8	9	-
Capital Expenditures	17	1,172	1,316	105	5	5
Change In Cash	-10,168	126	24,748	26	-2	9
Change In Working Capital	164	1,418	-904	495	656	-
Change To Account Receivables	2,149	-940	-1,343	334	-222	-205
Change To Liabilities	-	814	21	425	581	303
Change To Netincome	-	747	2,396	228	1,879	432
Change To Operating Activities	-	1,545	418	-264	297	679
Depreciation	331	452	315	17	0	0
End Period Cash Flow	14,739	24,908	24,782	34	8	9
Free Cash Flow	-9,616	-8,847	-6,121	-2,797	-1,193	-
Investments	-17	-1,672	-1,316	-105	0	-
Issuance Of Capital Stock	-	0	30,858	0	752	-
Net Borrowings	-	-177	967	3,859	439	-130
Net Income	-13,620	-10,292	-7,886	-4,133	-3,729	-1,283
Other Cashflows From Financing Activities	-402	9,650	257	2,914	514	-675
Other Non Cash Items	2,534	23	3,201	901	1,115	-
Stock Based Compensation	991	724	468	27	765	-
Total Cash From Financing Activities	-552	9,473	30,870	2,824	1,192	84
Total Cash From Operating Activities	-9,600	-7,675	-4,805	-2,692	-1,193	-75
Total Cashflows From Investing Activities	-	-1,672	-1,316	-105	-105	-105

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31
Begin Period Cash Flow	16,898	17,684	20,709	24,908	28,746	30,462	32,537	24,782	8,357	45,115	34	34	2	510	0	8
Capital Expenditures	9	8	9	8	1,052	33	1,058	66	456	2,971	2	356	33	2	0	0
Change In Cash	-2,158	-786	-3,025	-4,199	-3,838	-1,716	-2,075	7,755	16,425	8,311,719	11	-13	32	-508	509	-7
Change In Working Capital	323	830	-639	-351	1,014	305	126	-27	-668	-442	618	-412	207	505	-689	472
Change To Account Receivables	313	-189	2,086	-61	-1,028	122	-35	914	-580	-224,771	-538	-501	45	328	-20	-18
Change To Liabilities	-	832	-2,519	652	987	215	-8	-381	146	-327	104	97	-	85	-35	174
Change To Netincome	-	157	3,413	-158	223	263	20	241	408	2,137	60	-209	-	18	210	8
Change To Operating Activities	-	187	-206	-941	1,968	-32	169	-560	-234	109	551	-8	-	93	-634	317
Depreciation	169	162	169	162	225	145	82	77	88	88,210	898	51	13	4	0	-
End Period Cash Flow	14,739	16,898	17,684	20,709	24,908	28,746	30,462	32,537	24,782	8,356,834	45	21	34	2	510	0
Free Cash Flow	-2,081	-695	-2,876	-3,981	-3,550	-1,630	-2,534	-1,571	-2,786	8,308,748	-610	-523	-771	-484	-1,493	20
Investments	0	0	-9	-8	-515	-33	-1,058	-66	-456	-503	-1	-356	-33	-47	-25	-
Issuance Of Capital Stock	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-	-	-41	-109	-109	-68	-68	-68	-29	5	466	525	-	394	2,028	-27
Net Income	-2,508	-1,674	-5,810	-3,627	-10,292	-2,311	-1,703	-1,797	-2,158	-4,164,500	-1,563	-58	-1,178	-1,355	-1,135	-465
Other Cashflows From Financing Activities	64	-99	-109	-109	9,209	-86	459	9,326	-143	-11,492,561	511	510	802	29	2,083	-15
Other Cashflows From Investing Activities	-	-	-	-	-	-	-	-	-	-	-	-	-	25	-25	-25
Other Non Cash Items	-169	-162	3,124	-590	4,251	2,502	17	14	18	12,388,457	-644	230	209	359	326	6
Sale Purchase Of Stock	-	-	-	-	-	-	-	-	45	-	-45	-	-	-	-	-
Stock Based Compensation	113	157	290	432	200	263	3	241	390	-5	84	22	11	5	5	7
Total Cash From Financing Activities	-86	-99	-149	-218	9,100	-86	459	9,326	19,211	10,682	466	510	802	21	2,028	-27
Total Cash From Operating Activities	-2,072	-687	-2,867	-3,973	-4,602	-1,597	-1,476	-1,505	-2,330	8,311,719	-608	-167	-738	-481	-1,493	20
Total Cashflows From Investing Activities	-	-	-9	-8	-515	-33	-1,058	-66	-456	-503	-1	-356	-	-47	-25	-25

Income Statement

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31
Cost Of Revenue	50	-	-	-	-	-
Depreciation And Amortization	3,501	1,421	-1,429	20	95	-
Ebit	-14,252	-10,372	-4,467	-3,316	-3,773	-1,283
Ebitda	-10,751	-8,951	-5,895	-3,296	-3,678	-
Gross Profit	2,353	2,738	2,900	178	106	-
Income Before Tax	-13,620	-10,292	-7,886	-4,133	-3,729	-
Income Tax Expense	-643	-80	149	817	-95	-
Interest Expense	11	8	1,526	819	51	0
Interest Income	19	89	13	-	-	-
Net Income	-12,977	-10,211	-8,034	-4,950	-3,634	-
Net Income Applicable To Common Shares	-	-10,292	-9,568	-4,133	-3,729	-1,283
Net Income From Continuing Ops	-13,620	-10,292	-7,886	-4,133	-3,729	-
Net Interest Income	8	80	-3,498	-819	-51	-
Operating Income	-14,252	-10,372	-4,467	-3,316	-3,773	-
Other Operating Expenses	13,515	12,229	7,367	3,493	3,880	-
Reconciled Depreciation	331	452	315	17	0	-
Research Development	-	-	2,144	1,486	2,059	-
Selling And Marketing Expenses	3,780	3,032	-	-	-	-
Selling General Administrative	6,558	6,118	5,222	2,007	1,821	-
Total Operating Expenses	13,515	12,229	7,367	3,493	3,880	-
Total Other Income Expense Net	632	80	-3,419	-817	44	-
Total Revenue	2,403	2,738	2,900	178	106	-

	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31
Cost Of Revenue	50	-	50	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation And Amortization	7	7	3,322	165	-5,575	167	115	107	88	-3,685,538	1,181	51	15	4	-	0
Ebit	-2,513	-1,679	-5,844	-4,216	-4,482	-2,330	-1,735	-1,825	-2,154	-1,433	-1,118	476	-912	-963	-991	-449
Ebitda	-2,506	-1,672	-2,522	-4,051	-10,058	-2,164	-1,620	-1,718	-2,065	-3,686,971	64	527	-897	-959	-991	-449
Gross Profit	226	482	350	1,245	2,061	677	498	708	1,146	280,401	1,473	1,382	16	56	49	57
Income Before Tax	-2,508	-1,674	-5,810	-3,627	-10,292	-2,311	-1,703	-1,797	-2,158	-4,164,500	-1,563	-58	-1,178	-1,355	-1,135	-465
Income Tax Expense	-636	-4	-35	-588	5,809	-20	-32	-28	4	4,163,067	446	534	265	392	-	0
Interest Expense	2	3	3	4	8	2	2	2	4	389,319	729	534	268	392	144	16
Interest Income	7	7	3	2	4	22	33	29	-	-	-	-	-	-	-	-
Net Income	-1,873	-1,670	-5,775	-3,039	-16,101	-2,291	-1,671	-1,769	-2,162	-8,327,567	-2,009	-592	-1,443	-1,747	-1,135	-465
Net Income Applicable To Common Shares	-	-1,674	-5,810	-3,627	-4,481	-2,311	-1,703	-1,797	-2,158	-5,847	-1,505	-58	-	-1,355	-1,135	-465
Net Income From Continuing Ops	-2,508	-1,674	-5,810	-3,627	-4,481	-2,311	-1,703	-1,797	-2,158	-4,165	-1,505	-58	-1,178	-1,355	-1,135	-
Net Interest Income	5	4	0	-2	1	20	32	28	8	-590	-398	-534	-268	-392	-144	-
Operating Income	-2,513	-1,679	-5,844	-4,216	-4,482	-2,330	-1,735	-1,825	-2,154	-1,433	-1,118	476	-912	-963	-991	-449
Other Operating Expenses	2,789	2,160	3,105	5,461	13,110	3,007	2,232	2,532	3,300	1,713,500	2,354	1,144	928	1,019	1,041	506
Reconciled Depreciation	0	0	169	162	148	145	82	77	88	88	88	51	13	4	-	-
Research Development	-	-	-	-	-	-	620	520	567	546	1,032	480	415	316	382	373
Selling And Marketing Expenses	661	735	1,050	1,333	2,316	716	504	757	-	1,166,148	1,032	-	-	-	-	-
Selling General Administrative	1,734	1,133	1,509	2,183	4,603	2,291	1,108	1,775	2,732	1,167,861	1,209	1,144	513	703	659	506
Total Operating Expenses	2,789	2,160	3,105	5,461	6,142	3,007	2,232	2,532	3,300	1,714	1,209	1,144	928	1,019	1,041	506
Total Other Income Expense Net	5	4	35	588	-5,809	20	32	28	-4	-4,163,067	-446	-534	-265	-392	-144	-16
Total Revenue	276	482	400	1,245	2,061	677	498	708	1,146	280,401	1,473	1,382	16	56	49	57

Latest Income Statement (annual, 2022-12-31)

Gross Profit (+$)
totalRevenue	2,403
Cost of Revenue	-50
Gross Profit	2,353	2,353

Operating Income (+$)
Gross Profit	2,353
Operating Expense	-13,515
Operating Income	-14,252	-11,162

Operating Expense (+$)
Research Development	-
Selling General Administrative	6,558
Selling And Marketing Expenses	3,780
Operating Expense	13,515	10,338

Net Interest Income (+$)
Interest Income	19
Interest Expense	-11
Other Finance Cost	-0
Net Interest Income	8

Pretax Income (+$)
Operating Income	-14,252
Net Interest Income	8
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	-13,620	-14,883 EBIT - interestExpense = -14,262 -13,620 -12,966
Interest Expense	11
Earnings Before Interest and Taxes (EBIT)	-14,252	-13,609
Earnings Before Interest and Taxes (EBITDA)	-10,751

After tax Income (+$)
Income Before Tax	-13,620
Tax Provision	--
Net Income From Continuing Ops	-13,620	-13,620
Net Income	-12,977
Net Income Applicable To Common Shares	-

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	13,515
Total Other Income/Expenses Net	632	-8

Technicals of Kubient

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	Trend	Price +/-	vs. MA 50	vs. MA 100	vs. MA 200

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of Kubient Inc:

Kubient Inc Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of Kubient Inc:

The ADX is .

Kubient Inc Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The Parabolic SAR is lower than the price. The current trend is up. +2

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is below 50. -1
The RSI is below 30 and oversold. +2

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.