v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets    
Cash $ 1,709,129 $ 1,188,485
Restricted cash   1,000,000
Accounts receivable, net of allowance for doubtful accounts of $1,425 and $15,503, respectively 1,412,333 1,244,484
Other current assets 286,407 179,376
Total current assets 3,407,869 3,612,345
Goodwill 803,118 803,118
Intangible assets, net 773,785 627,119
Other assets 83,262 109,776
TOTAL ASSETS 5,068,034 5,152,358
Current liabilities    
Accounts payable 1,053,075 701,347
Accrued interest 3,060 2,020
Accrued and deferred personnel compensation 420,352 671,677
Deferred revenue and customer deposits 2,124,441 160,023
Notes payable, net - current maturities 2,275,069 1,011,910
Other current liabilities 95,548 115,051
Total current liabilities 5,971,545 2,662,028
Non-current liabilities    
Notes payable, net - long term 255,104 361,166
Total non-current liabilities 255,104 361,166
Total liabilities 6,226,649 3,023,194
Commitments and Contingencies (See Note 9)
Stockholders' equity    
Common stock, $0.001 par value; 100,000,000 shares authorized; 36,756,880 and 36,388,981, shares issued and outstanding 36,757 36,389
Equity payable 100,862 100,862
Additional paid-in capital 77,613,550 76,698,383
Accumulated other comprehensive loss (69,157) (32,999)
Accumulated deficit (78,840,627) (74,673,471)
Total stockholders' equity (1,158,615) 2,129,164
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,068,034 $ 5,152,358

Source

v3.8.0.1
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Revenues          
Revenues $ 2,083,987 $ 2,182,750 $ 6,436,072 $ 6,102,501  
Cost of revenues 786,385 564,039 1,943,534 1,473,974  
Gross profit 1,297,602 1,618,711 4,492,538 4,628,527  
Operating expenses          
General and administrative 652,762 1,139,732 2,516,249 3,125,484  
Sales and marketing 836,767 1,152,849 2,673,087 3,285,655  
Engineering, research, and development 1,177,318 685,311 3,080,037 1,600,377  
Depreciation and amortization 105,510 194,419 273,716 501,866  
Total operating expenses 2,772,357 3,172,311 8,543,089 8,513,382  
Loss from operations (1,474,755) (1,553,600) (4,050,551) (3,884,855)  
Other income/(expense)          
Interest income 962 525 2,878 2,278  
Interest expense (62,748) (25,900) (115,363) (52,960)  
Foreign currency (loss) gain (931) 372 (4,120) 1,488  
Total other income/(expense) (62,717) (25,003) (116,605) (49,194)  
Loss before income taxes (1,537,472) (1,578,603) (4,167,156) (3,934,049)  
Income tax expense  
Net loss (1,537,472) (1,578,603) (4,167,156) (3,934,049) $ (9,514,461)
Other comprehensive loss, net of income tax          
Foreign currency translation adjustments (20,294) 1,696 (36,158) (43,626) $ (32,999)
Comprehensive loss $ (1,557,766) $ (1,576,907) $ (4,203,314) $ (3,977,675)  
Net loss per share - basic and diluted $ (0.04) $ (0.05) $ (0.11) $ (0.12)  
Weighted average number of shares during the period - basic and diluted 36,683,122 33,059,007 36,488,448 31,965,484  

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
OPERATING ACTIVITIES          
Net loss $ (1,537,472) $ (1,578,603) $ (4,167,156) $ (3,934,049) $ (9,514,461)
Adjustments to reconcile net loss to net cash used in operating activities:          
Bad debt expense     (7,277) 152,938  
Amortization of deferred financing costs     20,245 8,705  
Stock-based compensation     855,738 1,187,249  
Depreciation and amortization expense 105,510 194,419 273,716 501,866  
Loss on disposal of fixed assets       67,185  
Increase (decrease) in cash resulting from changes in:          
Accounts receivable     (159,958) (175,433)  
Other current assets     (106,813) (22,455)  
Other assets     10,957 23,100  
Accounts payable     351,089 235,676  
Accrued interest     1,040 4,112  
Accrued and deferred personnel compensation     (252,394) 36,989  
Deferred revenue and customer deposits     1,963,429 199,479  
Other liabilities     (19,787) (77,525)  
Net cash provided by (used in) operating activities     (1,237,171) (1,792,163)  
INVESTING ACTIVITIES          
Purchases of equipment     (4,989) (30,209)  
Acquisitions       11,088  
Cash paid for patent     (16,810) (20,915)  
Capitalized software development costs     (382,023) (442,267)  
Net cash used in investing activities     (403,822) (482,303)  
FINANCING ACTIVITIES          
Deferred financing costs     (15,000) (32,287)  
Net borrowings under line of credit agreement     1,999,531    
Proceeds (repayments) from notes payable     114,749 (4,634)  
Proceeds from issuance of common stock, net of issuance costs     59,797 1,953,600  
Net cash provided by financing activities     2,159,077 1,916,679  
Effect of foreign currency translation on cash flow     2,560 (2,803)  
Net change in cash     520,644 (360,590)  
Cash at beginning of period     1,188,485 634,129 634,129
Cash at end of period $ 1,709,129 $ 273,539 1,709,129 273,539 $ 1,188,485
Cash paid during period for:          
Interest     115,363 52,960  
Non-cash investing and financing activities:          
Restricted cash proceeds from line of credit       $ 1,000,000  
Issuance of common stock from restricted stock awards     $ 264    

Source