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Medallia
10-Q 2019-07-31 Quarter: 2019-07-31
S-1 2019-06-21 Public Filing
8-K 2019-09-23 M&A
8-K 2019-09-05 Earnings, Regulation FD, Exhibits
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WCUI Wellness Center 19
PARF Paradise 18
PROP Pledge Petroleum 10
VRC Vanjia 0
GFMH Goliath Film & Media Holdings 0
RCHA Rich Pharmaceuticals 0
MDLA 2019-07-31
Part I-Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-3.1 mdla-ex31_338.htm
EX-3.2 mdla-ex32_340.htm
EX-10.13 mdla-ex1013_339.htm
EX-31.1 mdla-ex311_11.htm
EX-31.2 mdla-ex312_10.htm
EX-32.1 mdla-ex321_8.htm
EX-32.2 mdla-ex322_9.htm

Medallia Earnings 2019-07-31

MDLA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 mdla-10q_20190731.htm 10-Q mdla-10q_20190731.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended July 31, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period ______ to ______    

Commission File Number: 001-38982

 

Medallia, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

73-0558353

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

575 Market Street, Suite 1850

San Francisco, California 94105

(Address of principal executive offices, including zip code)

(650) 321-3000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value per share

 

MDLA

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).    Yes      No  

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

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 31, 2019, the Registrant had 127,592,829 shares of common stock outstanding.

 

 

 

 


Table of Contents

 

 

 

Page

 

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

4

 

Condensed Consolidated Balance Sheets

4

 

Condensed Consolidated Statements of Operations

5

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

6

 

Condensed Consolidated Statements of Cash Flows

7

 

Condensed Consolidated Statements of Stockholder’s Equity (Loss)

8

 

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

35

 

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

67

Item 3

Defaults Upon Senior Securities

67

Item 4

Mine Safety Disclosures

67

Item 5

Other Information

67

Item 6.

Exhibits

68

Signatures

69

 

 

 

i


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risk and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

 

our ability to attract new customers;

 

our ability to retain customers;

 

our ability to maintain and improve our products;

 

our ability to up-sell and cross-sell within our existing customer base;

 

our future financial performance, including trends in revenue, cost of revenue, gross profit or gross margin, operating expenses and customers;

 

our expectations and management of future growth;

 

our ability to achieve or maintain profitability;

 

possible harm caused by significant disruption of service or loss or unauthorized access to users’ data;

 

our ability to prevent serious errors or defects in our products;

 

our ability to protect our brand;

 

our ability to attract and retain key personnel and highly qualified personnel;

 

our ability to manage our international expansion;

 

our ability to maintain, protect and enhance our intellectual property;

 

our ability to effectively integrate our products and solutions with others;

 

our ability to successfully identify, acquire and integrate companies and assets;

 

our ability to offer high-quality customer support;

 

the increased expenses associated with being a public company;

 

the demand for our platform or for customer experience market solutions in general; our ability to compete successfully in competitive markets; and

 

our ability to respond to rapid technological changes.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

2


 

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

3


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Medallia, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and par value data)

(unaudited)

 

 

 

July 31,

 

 

January 31,

 

 

 

2019

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

364,419

 

 

$

44,876

 

Marketable securities

 

 

53,018

 

 

 

 

Trade and other receivables, net of allowance for doubtful accounts of $524

   and $253 as of July 31, 2019 and January 31, 2019, respectively

 

 

55,797

 

 

 

106,120

 

Deferred commissions, current

 

 

18,248

 

 

 

15,874

 

Prepaid expenses and other current assets

 

 

22,673

 

 

 

15,595

 

Total current assets

 

 

514,155

 

 

 

182,465

 

Property and equipment, net

 

 

25,042

 

 

 

42,989

 

Deferred commissions, noncurrent

 

 

40,451

 

 

 

35,727

 

Goodwill and intangible assets, net

 

 

39,708

 

 

 

17,050

 

Other noncurrent assets

 

 

2,868

 

 

 

1,953

 

Total assets

 

$

622,224

 

 

$

280,184

 

Liabilities and stockholders’ equity (deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,818

 

 

$

1,007

 

Accrued expenses and other current liabilities

 

 

18,262

 

 

 

12,840

 

Accrued compensation

 

 

22,049

 

 

 

19,708

 

Deferred revenue, current

 

 

171,586

 

 

 

210,666

 

Total current liabilities

 

 

214,715

 

 

 

244,221

 

Deferred revenue, noncurrent

 

 

834

 

 

 

1,151

 

Deferred rent, noncurrent

 

 

2,593

 

 

 

37,182

 

Other liabilities

 

 

6,551

 

 

 

4,188

 

Total liabilities

 

 

224,693

 

 

 

286,742

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

Convertible preferred stock, $0.001 par value:  no shares and 72,622,216 shares

   authorized as of July 31, 2019 and January 31, 2019, respectively; no shares and

   72,482,609 shares issued and outstanding as of July 31, 2019 and January 31, 2019,

   respectively; aggregate liquidation preference of nil and $276,853 as of July 31, 2019

   and January 31, 2019, respectively

 

 

 

 

 

72

 

Preferred stock, $0.001 par value: 100,000,000 shares and no shares authorized

   as of July 31, 2019 and January 31, 2019, respectively; no shares issued

   and outstanding as of July 31, 2019 and January 31, 2019, respectively

 

 

 

 

 

 

Common stock, Class A, $0.001 par value:  no shares and 200,000,000 shares

   authorized as of July 31, 2019 and January 31, 2019, respectively;

   no shares and 29,755,883 shares issued and outstanding as of

   July 31, 2019 and January 31, 2019, respectively

 

 

 

 

 

30

 

Common stock, Class B, $0.001 par value: no shares and 3,000 shares authorized

   as of July 31, 2019 and January 31, 2019, respectively; no shares and 3,000 shares

   issued and outstanding as of July 31, 2019 and January 31, 2019, respectively

 

 

 

 

 

 

Common stock, $0.001 par value: 1,000,000,000 shares and no shares authorized

   as of July 31, 2019 and January 31, 2019, respectively; 126,920,943 shares

   and no shares issued and outstanding as of July 31, 2019 and January 31, 2019, respectively

 

 

127

 

 

 

 

Additional paid-in capital

 

 

809,014

 

 

 

363,076

 

Accumulated other comprehensive loss

 

 

(2,127

)

 

 

(1,096

)

Accumulated deficit

 

 

(409,483

)

 

 

(368,640

)

Total stockholders’ equity (deficit)

 

 

397,531

 

 

 

(6,558

)

Total liabilities and stockholders’ equity (deficit)

 

$

622,224

 

 

$

280,184

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

Medallia, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

$

74,547

 

 

$

60,099

 

 

$

146,259

 

 

$

115,682

 

Professional services

 

 

21,123

 

 

 

15,327

 

 

 

43,030

 

 

 

30,410

 

Total revenue

 

 

95,670

 

 

 

75,426

 

 

 

189,289

 

 

 

146,092

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

 

14,699

 

 

 

11,968

 

 

 

28,160

 

 

 

23,403

 

Professional services

 

 

20,184

 

 

 

17,591

 

 

 

39,318

 

 

 

33,776

 

Total cost of revenue

 

 

34,883

 

 

 

29,559

 

 

 

67,478

 

 

 

57,179

 

Gross profit

 

 

60,787

 

 

 

45,867

 

 

 

121,811

 

 

 

88,913

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

22,693

 

 

 

22,409

 

 

 

42,309

 

 

 

45,585

 

Sales and marketing

 

 

46,470

 

 

 

38,623

 

 

 

80,085

 

 

 

74,053

 

General and administrative

 

 

30,076

 

 

 

12,404

 

 

 

39,914

 

 

 

23,920

 

Total operating expenses

 

 

99,239

 

 

 

73,436

 

 

 

162,308

 

 

 

143,558

 

Loss from operations

 

 

(38,452

)

 

 

(27,569

)

 

 

(40,497

)

 

 

(54,645

)

Interest income and other income (expense), net

 

 

431

 

 

 

154

 

 

 

573

 

 

 

18

 

Loss before provision for income taxes

 

 

(38,021

)

 

 

(27,415

)

 

 

(39,924

)

 

 

(54,627

)

Provision for income taxes

 

 

263

 

 

 

732

 

 

 

919

 

 

 

1,048

 

Net loss

 

$

(38,284

)

 

$

(28,147

)

 

$

(40,843

)

 

$

(55,675

)

Net loss per share attributable to common stockholders, basic and

   diluted

 

$

(0.87

)

 

$

(1.08

)

 

$

(1.10

)

 

$

(2.20

)

Weighted-average shares used in computing net loss per share

   attributable to common stockholders, basic and diluted

 

 

43,986

 

 

 

25,970

 

 

 

37,248

 

 

 

25,345

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

Medallia, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(unaudited)

 

 

 

Three Months Ended July 31,

 

 

Six Months Ended July 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(38,284

)

 

$

(28,147

)

 

$

(40,843

)

 

$

(55,675

)

Other comprehensive income (loss), net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(223

)

 

 

(826

)

 

 

(386

)

 

 

(1,001

)

Change in unrealized gain (loss) on marketable securities

 

 

31

 

 

 

6

 

 

 

46

 

 

 

11

 

Change in unrealized gain (loss) on cash flow hedges

 

 

(438

)

 

 

(115

)

 

 

(691

)

 

 

(129

)

Other comprehensive loss

 

 

(630

)

 

 

(935

)

 

 

(1,031

)

 

 

(1,119

)

Comprehensive loss

 

$

(38,914

)

 

$

(29,082

)

 

$

(41,874

)

 

$

(56,794

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


 

Medallia, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Six Months Ended July 31,

 

 

 

2019

 

 

2018

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(40,843

)

 

$

(55,675

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

6,718

 

 

 

7,021

 

Amortization of deferred commissions

 

 

8,687

 

 

 

6,127

 

Stock-based compensation expense

 

 

43,141

 

 

 

13,121

 

Impairment (gain) on property and equipment and lease termination

 

 

(13,783

)

 

 

 

Other

 

 

(560

)

 

 

(450

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

50,224

 

 

 

53,074

 

Deferred commissions

 

 

(15,785

)

 

 

(6,610

)

Prepaid expenses and other current assets

 

 

(7,405

)

 

 

966

 

Other noncurrent assets

 

 

(36

)

 

 

(229

)

Accounts payable

 

 

1,832

 

 

 

2,535

 

Deferred revenue

 

 

(39,198

)

 

 

(32,881

)

Accrued expenses and other current liabilities

 

 

4,245

 

 

 

(1,357

)

Other noncurrent liabilities

 

 

121

 

 

 

577

 

Net cash used in operating activities

 

 

(2,642

)

 

 

(13,781

)

Investing activities

 

 

 

 

 

 

 

 

Purchases of property, equipment and other

 

 

(5,234

)

 

 

(4,107

)

Purchase of marketable securities

 

 

(76,122

)

 

 

(18,684

)

Maturities of marketable securities

 

 

23,125

 

 

 

21,900

 

Proceeds from sale of investments

 

 

511

 

 

 

 

Acquisitions, net of cash acquired

 

 

(19,540

)

 

 

 

Net cash used in investing activities

 

 

(77,260

)

 

 

(891

)

Financing activities

 

 

 

 

 

 

 

 

Proceeds from initial public offering net of issuance costs, underwriters discounts and

   commissions, and concurrent private placement

 

 

320,392

 

 

 

 

Proceeds from Series F convertible preferred stock, net of issuance costs

 

 

69,848

 

 

 

 

Proceeds from exercise of stock options

 

 

13,018

 

 

 

4,252

 

Payment of capital leases

 

 

(1,469

)

 

 

 

Repayment of debt assumed in acquisition

 

 

(2,297

)

 

 

 

Net cash provided by financing activities

 

 

399,492

 

 

 

4,252

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(47

)

 

 

(215

)

Net increase (decrease) in cash and cash equivalents

 

 

319,543

 

 

 

(10,635

)

Cash and cash equivalents at beginning of period

 

 

44,876

 

 

 

42,699

 

Cash and cash equivalents at end of period

 

$

364,419

 

 

$

32,064

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

265

 

 

$

11

 

Cash paid for income taxes

 

$

806

 

 

$

1,662

 

Noncash investing and financing activities

 

 

 

 

 

 

 

 

Vesting of early exercised stock options

 

$

392

 

 

$

444

 

Accrued unpaid issuance costs related to initial public offering

 

$

690

 

 

$

 

Accrued unpaid capital expenditures

 

$

5,809

 

 

$

4,216

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7


 

Medallia, Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended July 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Total

 

 

 

Convertible

 

 

Class A

 

 

Class B

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Stockholders’

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Common Stock

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

(Deficit)

 

Balance at April 30,

   2019

 

 

77,149,275

 

 

$

77

 

 

 

31,126,701

 

 

$

31

 

 

 

3,000

 

 

$

 

 

 

 

 

$

 

 

$

446,355

 

 

$

(1,497

)

 

$

(371,199

)

 

$

73,767

 

Conversion of common

   stock

 

 

 

 

 

 

 

 

(31,126,701

)

 

 

(31

)

 

 

(3,000

)

 

 

 

 

 

31,129,701

 

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of preferred

   stock

 

 

(77,149,275

)

 

 

(77

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,149,275

 

 

 

77

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from Initial

   Public Offering, net of

   issuance and

   underwriter's discounts

   and commissions and

   concurrent private

   placement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,680,000

 

 

 

17

 

 

 

319,555

 

 

 

 

 

 

 

 

 

319,572

 

Exercise of employee

   stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,889,293

 

 

 

2

 

 

 

7,740

 

 

 

 

 

 

 

 

 

7,742

 

Vesting of early

   exercised stock

   options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

185

 

 

 

 

 

 

 

 

 

185

 

Repurchase of early

   exercised stock

   options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(625

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant exercise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based

   compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,179

 

 

 

 

 

 

 

 

 

35,179

 

Other comprehensive

   loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(630

)

 

 

 

 

 

(630

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,284

)

 

 

(38,284

)

Balance at July 31,

   2019

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

126,920,943

 

 

$

127

 

 

$

809,014

 

 

$

(2,127

)

 

$

(409,483

)

 

$

397,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended July 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Total

 

 

 

Convertible

 

 

Class A

 

 

Class B

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Stockholders’

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Common Stock

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Equity

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

(Deficit)

 

Balance at April 30,

   2018

 

 

72,394,601

 

 

$

72

 

 

 

25,978,565

 

 

$

25

 

 

 

3,000

 

 

$

 

 

 

 

 

$

 

 

$

331,224

 

 

$

(1,304

)

 

$

(313,934

)

 

$

16,083

 

Exercise of employee

   stock options

 

 

 

 

 

 

 

 

733,067

 

 

 

1