v3.7.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash $ 574,900 $ 1,188,485
Restricted cash 1,000,000 1,000,000
Accounts receivable, net of allowance for doubtful accounts of $1,959 and $15,503, respectively 702,199 1,244,484
Other current assets 216,462 179,376
Total current assets 2,493,561 3,612,345
Goodwill 803,118 803,118
Intangible assets, net 777,082 627,119
Other assets 98,289 109,776
TOTAL ASSETS 4,172,050 5,152,358
Current liabilities    
Accounts payable 797,911 701,347
Accrued interest 9,166 2,020
Accrued and deferred personnel compensation 626,670 671,677
Deferred revenue and customer deposits 985,363 160,023
Notes payable, net - current maturities 1,168,483 1,011,910
Other current liabilities 101,247 115,051
Total current liabilities 3,688,840 2,662,028
Non-current liabilities    
Notes payable, net - long term 262,826 361,166
Total non-current liabilities 262,826 361,166
Total liabilities 3,951,666 3,023,194
Commitments and Contingencies (See Note 9)
Stockholders' equity    
Common stock, $0.001 par value; 100,000,000 shares authorized; 36,450,961 and 36,388,981, shares issued and outstanding 36,451 36,389
Equity payable 100,862 100,862
Additional paid-in capital 77,433,911 76,698,383
Accumulated other comprehensive loss (48,863) (32,999)
Accumulated deficit (77,301,977) (74,673,471)
Total stockholders' equity 220,384 2,129,164
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,172,050 $ 5,152,358

Source

v3.7.0.1
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Revenues          
Revenues $ 2,238,680 $ 2,074,713 $ 4,351,984 $ 3,919,805  
Cost of revenues 599,736 504,964 1,157,126 909,910  
Gross profit 1,638,944 1,569,749 3,194,858 3,009,895  
Operating expenses          
General and administrative 845,928 988,660 1,863,893 2,074,761  
Sales and marketing 868,473 1,000,138 1,836,185 2,013,740  
Engineering, research, and development 1,073,189 383,770 1,901,234 945,118  
Depreciation and amortization 99,458 161,196 168,203 307,447  
Total operating expenses 2,887,048 2,533,764 5,769,515 5,341,066  
Loss from operations (1,248,104) (964,015) (2,574,657) (2,331,171)  
Other income/(expense)          
Interest income 1,012 1,385 1,916 1,753  
Interest expense (31,501) (19,546) (52,607) (27,063)  
Foreign currency (loss) gain (528) (14,287) (3,158) 1,104  
Total other income/(expense) (31,017) (32,448) (53,849) (24,206)  
Loss before income taxes (1,279,121) (996,463) (2,628,506) (2,355,377)  
Income tax expense  
Net loss (1,279,121) (996,463) (2,628,506) (2,355,377) $ (9,514,461)
Other comprehensive loss, net of income tax          
Foreign currency translation adjustments (10,643) 17,897 (15,864) (45,322) $ (32,999)
Comprehensive loss $ (1,289,764) $ (978,566) $ (2,644,370) $ (2,400,699)  
Net loss per share - basic and diluted $ (0.04) $ (0.03) $ (0.07) $ (0.07)  
Weighted average number of shares during the period - basic and diluted 36,391,063 33,059,007 36,390,030 31,409,661  

Source

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
OPERATING ACTIVITIES          
Net loss $ (1,279,121) $ (996,463) $ (2,628,506) $ (2,355,377) $ (9,514,461)
Adjustments to reconcile net loss to net cash used in operating activities:          
Bad debt expense     (9,101) 11,081  
Amortization of deferred financing costs     12,237 4,351  
Stock-based compensation     705,840 799,193  
Depreciation and amortization expense 99,458 161,196 168,203 307,447  
Increase (decrease) in cash resulting from changes in:          
Accounts receivable     551,557 (168,190)  
Other current assets     (37,005) (60,237)  
Other assets     225 17,700  
Accounts payable     96,247 106,044  
Accrued interest     7,146 3,026  
Accrued and deferred personnel compensation     (46,043) 19,361  
Deferred revenue and customer deposits     825,089 222,487  
Other liabilities     (13,911) (69,440)  
Net cash provided by (used in) operating activities     (368,022) (1,162,554)  
INVESTING ACTIVITIES          
Purchases of equipment     (2,489) (9,753)  
Acquisitions       10,730  
Cash paid for patent     (9,780) (12,700)  
Capitalized software development costs     (294,199) (342,381)  
Net cash used in investing activities     (306,468) (354,104)  
FINANCING ACTIVITIES          
Deferred financing costs     (15,000) (32,287)  
Proceeds (repayments) from notes payable     46,410 (1,152)  
Proceeds from issuance of common stock, net of issuance costs     29,750 1,953,600  
Net cash provided by financing activities     61,160 1,920,161  
Effect of foreign currency translation on cash flow     (255) (1,769)  
Net change in cash     (613,585) 401,734  
Cash at beginning of period     1,188,485 634,129 634,129
Cash at end of period $ 574,900 $ 1,035,863 574,900 1,035,863 $ 1,188,485
Cash paid during period for:          
Interest     $ 52,607 27,063  
Non-cash investing and financing activities:          
Restricted cash proceeds from line of credit       $ 1,000,000  

Source