☑
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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|
For the quarterly period ended September 30, 2019
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or
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
|
For the transition period from __________________ to
___________________
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WidePoint Corporation
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(Exact name of Registrant as specified in its charter)
|
Delaware
|
|
52-2040275
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(State or other jurisdiction of
|
|
(I.R.S. employer
|
incorporation or organization)
|
|
identification no.)
|
11250 Waples Mill Road, South Tower 210, Fairfax, Virginia
22030
|
(Address of principal executive offices) (Zip Code)
|
(703) 349-2577
|
(Registrant’s telephone number, including area
code)
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Large
accelerated filer ☐
|
|
Accelerated
filer ☐
|
Non-accelerated
filer ☐
|
|
Smaller
reporting company ☑
Emerging
growth company ☐
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Title of Each Class
|
Trading Symbol
|
Name of Exchange on Which Registered
|
Common Stock, $0.001 par value per share
|
WYY
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NYSE
American
|
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30
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THREE MONTHS
ENDED
|
NINE MONTHS
ENDED
|
||
|
SEPTEMBER
30,
|
SEPTEMBER
30,
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(Unaudited)
|
|||
REVENUES
|
$29,616,940
|
$21,294,360
|
$73,626,995
|
$58,918,317
|
COST OF REVENUES
(including amortization and depreciation of
|
|
|
|
|
$233,033, $248,009,
$698,192, and $802,174, respectively)
|
25,302,919
|
17,609,287
|
61,002,387
|
48,134,084
|
|
|
|
|
|
GROSS
PROFIT
|
4,314,021
|
3,685,073
|
12,624,608
|
10,784,233
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
Sales and
marketing
|
406,683
|
387,407
|
1,215,556
|
1,366,989
|
General and
administrative expenses (including share-based
|
|
|
|
|
compensation of
$163,451, $272,737, $536,828 and $593,075,
respectively)
|
3,372,269
|
3,257,262
|
10,070,383
|
10,037,904
|
Depreciation and
amortization
|
246,293
|
104,914
|
730,905
|
312,763
|
|
|
|
|
|
Total operating
expenses
|
4,025,245
|
3,749,583
|
12,016,844
|
11,717,656
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS
|
288,776
|
(64,510)
|
607,764
|
(933,423)
|
|
|
|
|
|
OTHER (EXPENSE)
INCOME
|
|
|
|
|
Interest
income
|
40
|
936
|
4,761
|
6,339
|
Interest
expense
|
(78,066)
|
(21,644)
|
(230,983)
|
(71,531)
|
Other
income
|
5,324
|
2
|
5,324
|
3
|
|
|
|
|
|
Total other
expense
|
(72,702)
|
(20,706)
|
(220,898)
|
(65,189)
|
|
|
|
|
|
INCOME BEFORE
INCOME TAX PROVISION
|
216,074
|
(85,216)
|
386,866
|
(998,612)
|
INCOME TAX
PROVISION
|
32,364
|
24,795
|
126,816
|
45,743
|
|
|
|
|
|
NET INCOME
(LOSS)
|
$183,710
|
$(110,011)
|
$260,050
|
$(1,044,355)
|
|
|
|
|
|
BASIC EARNINGS
(LOSS) PER SHARE
|
$0.00
|
$(0.00)
|
$0.00
|
$(0.01)
|
|
|
|
|
|
BASIC
WEIGHTED-AVERAGE SHARES OUTSTANDING
|
84,234,354
|
83,177,804
|
84,014,053
|
83,100,832
|
|
|
|
|
|
DILUTED EARNINGS
(LOSS) PER SHARE
|
$0.00
|
$(0.00)
|
$0.00
|
$(0.01)
|
|
|
|
|
|
DILUTED
WEIGHTED-AVERAGE SHARES OUTSTANDING
|
84,271,825
|
83,177,804
|
84,051,524
|
83,100,832
|
|
THREE MONTHS
ENDED
|
NINE MONTHS
ENDED
|
||
|
SEPTEMBER
30,
|
SEPTEMBER
30,
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(Unaudited)
|
|||
NET INCOME
(LOSS)
|
$183,710
|
$(110,011)
|
$260,050
|
$(1,044,355)
|
|
|
|
|
|
Other
comprehensive loss:
|
|
|
|
|
Foreign
currency translation adjustments, net of tax
|
(50,411)
|
(27,459)
|
(65,698)
|
(62,856)
|
|
|
|
|
|
Other
comprehensive loss
|
(50,411)
|
(27,459)
|
(65,698)
|
(62,856)
|
|
|
|
|
|
COMPREHENSIVE
INCOME (LOSS)
|
$133,299
|
$(137,470)
|
$194,352
|
$(1,107,211)
|
|
SEPTEMBER 30,
|
DECEMBER
31,
|
|
2019
|
2018
|
|
(Unaudited)
|
|
ASSETS
|
||
CURRENT
ASSETS
|
|
|
Cash
and cash equivalents
|
$7,099,617
|
$2,431,892
|
Accounts
receivable, net of allowance for doubtful accounts
|
|
|
of
$125,496 and $106,733 in 2019 and 2018, respectively
|
6,952,068
|
11,089,315
|
Unbilled
accounts receivable
|
13,265,684
|
9,566,170
|
Other
current assets
|
856,274
|
1,086,686
|
|
|
|
Total
current assets
|
28,173,643
|
24,174,063
|
|
|
|
NONCURRENT
ASSETS
|
|
|
Property
and equipment, net
|
581,667
|
1,012,684
|
Operating
lease right of use asset, net
|
5,690,692
|
-
|
Intangibles,
net
|
2,640,164
|
3,103,753
|
Goodwill
|
18,555,578
|
18,555,578
|
Other
long-term assets
|
141,702
|
209,099
|
|
|
|
Total
assets
|
$55,783,446
|
$47,055,177
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||
|
|
|
CURRENT
LIABILITIES
|
|
|
Accounts
payable
|
$6,108,178
|
$7,363,621
|
Accrued
expenses
|
14,465,322
|
10,716,438
|
Deferred
revenue
|
2,185,581
|
2,072,344
|
Current
portion of operating lease liabilities
|
499,739
|
107,325
|
Current
portion of other term obligations
|
62,402
|
192,263
|
|
|
|
Total
current liabilities
|
23,321,222
|
20,451,991
|
|
|
|
NONCURRENT
LIABILITIES
|
|
|
Operating
lease liabilities, net of current portion
|
5,339,380
|
122,040
|
Other
term obligations, net of current portion
|
-
|
73,952
|
Deferred
revenue, net of current portion
|
367,065
|
466,714
|
Deferred
tax liability
|
1,607,629
|
1,523,510
|
|
|
|
Total
liabilities
|
30,635,296
|
22,638,207
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
Preferred
stock, $0.001 par value; 10,000,000 shares
|
|
|
authorized;
2,045,714 shares issued and none outstanding
|
-
|
-
|
Common
stock, $0.001 par value; 110,000,000 shares
|
|
|
authorized;
84,775,186 and 84,112,446 shares
|
|
|
issued
and oustanding, respectively
|
84,776
|
84,113
|
Additional
paid-in capital
|
95,462,725
|
94,926,560
|
Accumulated
other comprehensive loss
|
(252,183)
|
(186,485)
|
Accumulated
deficit
|
(70,147,168)
|
(70,407,218)
|
|
|
|
Total
stockholders’ equity
|
25,148,150
|
24,416,970
|
|
|
|
Total
liabilities and stockholders’ equity
|
$55,783,446
|
$47,055,177
|
|
NINE MONTHS
ENDED
|
|
|
SEPTEMBER
30,
|
|
|
2019
|
2018
|
|
(Unaudited)
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
Net income
(loss)
|
$260,050
|
$(1,044,355)
|
Adjustments to
reconcile net income (loss) to net cash provided by
|
|
|
operating
activities:
|
|
|
Deferred income tax
expense
|
82,237
|
-
|
Depreciation
expense
|
832,651
|
414,507
|
Provision
(recovery) for doubtful accounts
|
23,460
|
(6,149)
|
Amortization of
intangibles
|
596,446
|
700,430
|
Amortization of
deferred financing costs
|
3,750
|
16,054
|
Share-based
compensation expense
|
536,828
|
593,075
|
Changes in assets
and liabilities:
|
|
|
Accounts receivable
and unbilled receivables
|
330,286
|
390,672
|
Inventories
|
65,161
|
(61,778)
|
Prepaid expenses
and other current assets
|
128,468
|
(236,532)
|
Other
assets
|
61,661
|
(108,742)
|
Accounts payable
and accrued expenses
|
2,487,865
|
(1,890,395)
|
Income tax
payable
|
6,133
|
16,289
|
Deferred revenue
and other liabilities
|
37,535
|
505,619
|
|
|
|
Net cash provided
by (used in) operating activities
|
5,452,531
|
(711,305)
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
Purchases of
property and equipment
|
(214,072)
|
(164,573)
|
Software
development costs
|
(146,767)
|
(230,101)
|
|
|
|
Net cash used in
investing activities
|
(360,839)
|
(394,674)
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
Advances on bank
line of credit
|
6,354,455
|
14,048,741
|
Repayments of bank
line of credit advances
|
(6,354,455)
|
(14,048,741)
|
Principal
repayments under finance lease obligations
|
(356,924)
|
(75,785)
|
Debt
issuance costs
|
(5,000)
|
-
|
Contingent
consideration payment
|
-
|
(100,000)
|
Proceeds from
exercise of stock options
|
-
|
22,000
|
|
|
|
Net cash used in
financing activities
|
(361,924)
|
(153,785)
|
|
|
|
Net
effect of exchange rate on cash and equivalents
|
(62,043)
|
(62,587)
|
|
|
|
NET INCREASE
(DECREASE) IN CASH
|
4,667,725
|
(1,322,351)
|
|
|
|
CASH AND CASH
EQUIVALENTS, beginning of period
|
2,431,892
|
5,272,457
|
|
|
|
CASH AND CASH
EQUIVALENTS, end of period
|
$7,099,617
|
$3,950,106
|
|
NINE MONTHS
ENDED
|
|
|
SEPTEMBER
30,
|
|
|
2019
|
2018
|
|
(Unaudited)
|
|
SUPPLEMENTAL CASH
FLOW INFORMATION
|
|
|
Cash paid for
interest
|
$213,233
|
$51,032
|
Cash paid for
income taxes
|
$8,857
|
$14,418
|
|
|
|
NONCASH INVESTING
AND FINANCING ACTIVITIES
|
|
|
Insurance policies
financed by short term notes payable
|
$77,386
|
$76,979
|
|
|
|
Additional
|
|
|
|
|
Common
Stock
|
Paid-In
|
Accumulated
|
Accumulated
|
|
|
|
Issued
|
Amount
|
Capital
|
OCI
|
Deficit
|
Total
|
|
(Unaudited)
|
|||||
Balance, January 1,
2018
|
83,031,595
|
$83,032
|
$94,200,237
|
$(122,461)
|
$(68,950,742)
|
$25,210,066
|
|
|
|
|
|
|
|
Issuance of common stock
—
|
|
|
|
|
|
|
options
exercises
|
50,000
|
50
|
21,949
|
-
|
-
|
21,999
|
|
|
|
|
|
|
|
Issuance of common stock
—
|
|
|
|
|
|
|
restricted
|
980,851
|
981
|
(981)
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Stock compensation expense
—
|
|
|
|
|
|
|
restricted
|
-
|
-
|
49,884
|
-
|
|
49,884
|
|
|
|
|
|
|
|
Stock compensation expense
—
|
|
|
|
|
|
|
non-qualified stock
options
|
-
|
-
|
74,520
|
-
|
-
|
74,520
|
|
|
|
|
|
|
|
Foreign currency translation
—
|
-
|
-
|
-
|
|
|
|
gain
|
|
|
|
2,938
|
-
|
2,938
|
|
|
|
|
|
|
|
Net loss
|
-
|
-
|
-
|
|
(462,173)
|
(462,173)
|
|
|
|
|
|
|
|
Balance, March 31,
2018
|
84,062,446
|
$84,063
|
$94,345,609
|
$(119,523)
|
$(69,412,915)
|
$24,897,234
|
|
|
|
|
|
|
|
Stock compensation expense
—
|
|
|
|
|
|
|
restricted
|
-
|
-
|
118,034
|
-
|
-
|
118,034
|
|
|
|
|
|
|
|
Stock compensation expense
—
|
|
|
|
|
|
|
non-qualified stock
options
|
-
|
-
|
77,900
|
-
|
-
|
77,900
|
|
|
|
|
|
|
|
Foreign currency translation
—
|
|
|
|
|
|
|
(loss)
|
-
|
-
|
-
|
(38,335)
|
-
|
(38,335)
|
|
|
|
|
|
|
|
Net loss
|
-
|
-
|
-
|
|
(472,171)
|
(472,171)
|
|
|
|
|
|
|
|
Balance, June 30,
2018
|
84,062,446
|
84,063
|
94,541,543
|
(157,858)
|
(69,885,086)
|
24,582,662
|
|
|
|
|
|
|
|
Stock compensation expense
—
|
|
|
|
|
|
|
restricted
|
-
|
-
|
202,664
|
-
|
-
|
202,664
|
|
|
|
|
|
|
|
Stock compensation expense
—
|
|
|
|
|
|
|
non-qualified stock
options
|
-
|
-
|
70,073
|
-
|
-
|
70,073
|
|
|
|
|
|
|
|
Foreign currency translation
—
|
|
|
|
|
|
|
(loss)
|
-
|
-
|
-
|
(27,459)
|
-
|
(27,459)
|
|
|
|
|
|
|
|
Net loss
|
-
|
-
|
-
|
|
(110,011)
|
(110,011)
|
|
|
|
|
|
|
|
Balance, September 30,
2018
|
84,062,446
|
$84,063
|
$94,814,280
|
$(185,317)
|
$(69,995,097)
|
$24,717,929
|
|
|
|
Additional
|
|
|
|
|
Common
Stock
|
Paid-In
|
Accumulated
|
Accumulated
|
|
|
|
Issued
|
Amount
|
Capital
|
OCI
|
Deficit
|
Total
|
|
(Unaudited)
|
|||||
Balance, January
1, 2019
|
84,112,446
|
$84,113
|
$94,926,560
|
$(186,485)
|
$(70,407,218)
|
$24,416,970
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
restricted
|
-
|
-
|
16,737
|
-
|
-
|
16,737
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
non-qualified
stock options
|
-
|
-
|
72,529
|
-
|
-
|
72,529
|
|
|
|
|
|
|
|
Foreign currency
translation —
|
|
|
|
|
|
|
(loss)
|
-
|
-
|
-
|
(29,282)
|
-
|
(29,282)
|
|
|
|
|
|
|
|
Net
income
|
-
|
-
|
-
|
|
384,101
|
384,101
|
|
|
|
|
|
|
|
Balance, March
31, 2019
|
84,112,446
|
$84,113
|
$95,015,826
|
$(215,767)
|
$(70,023,117)
|
$24,861,055
|
|
|
|
|
|
|
|
Issuance of
common stock —
|
|
|
|
|
|
|
restricted
|
662,740
|
663
|
(663)
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
restricted
|
-
|
-
|
180,863
|
-
|
-
|
180,863
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
non-qualified
stock options
|
-
|
-
|
103,248
|
-
|
-
|
103,248
|
|
|
|
|
|
|
|
Foreign currency
translation —
|
|
|
|
|
|
|
gain
|
-
|
-
|
-
|
13,995
|
-
|
13,995
|
|
|
|
|
|
|
|
Net
loss
|
-
|
-
|
-
|
|
(307,761)
|
(307,761)
|
|
|
|
|
|
|
|
Balance, June
30, 2019
|
84,775,186
|
$84,776
|
$95,299,274
|
$(201,772)
|
$(70,330,878)
|
$24,851,400
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
restricted
|
-
|
-
|
91,826
|
-
|
-
|
91,826
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
non-qualified
stock options
|
-
|
-
|
71,625
|
-
|
-
|
71,625
|
|
|
|
|
|
|
|
Foreign currency
translation —
|
|
|
|
|
|
|
(loss)
|
-
|
-
|
-
|
(50,411)
|
-
|
(50,411)
|
|
|
|
|
|
|
|
Net
Income
|
-
|
-
|
-
|
|
183,710
|
183,710
|
|
|
|
|
|
|
|
Balance,
September 30, 2019
|
84,775,186
|
$84,776
|
$95,462,725
|
$(252,183)
|
$(70,147,168)
|
$25,148,150
|
|
|
|
As Reported
|
|
As Previously
|
|
under
|
|
Reported
|
|
Topic 842
|
|
DECEMBER 31,
|
Adoption
|
JANUARY 1,
|
|
2018
|
Adjustment
|
2019
|
Operating
lease right of use asset, net
|
$-
|
$6,061,566
|
$6,061,566
|
Property
and equipment, net
|
1,012,684
|
(170,000)
|
842,684
|
Other
current assets
|
1,086,686
|
(38,015)
|
1,048,671
|
Current
portion of operating lease liabilities
|
122,040
|
268,711
|
390,751
|
Current
portion of other term obligations
|
192,263
|
(40,859)
|
151,404
|
Operating
lease liabilities, net of current portion
|
122,040
|
5,699,651
|
5,821,691
|
Other
term obligations, net of current portion
|
73,952
|
(73,952)
|
-
|
|
SEPTEMBER 30,
|
DECEMBER
31,
|
|
2019
|
2018
|
|
(Unaudited)
|
|
Government
(1)
|
$5,155,811
|
$7,332,338
|
Commercial
(2)
|
1,921,753
|
3,863,710
|
Gross accounts
receivable
|
7,077,564
|
11,196,048
|
Less: allowances
for doubtful
|
|
|
accounts
(3)
|
125,496
|
106,733
|
|
|
|
Accounts
receivable, net
|
$6,952,068
|
$11,089,315
|
|
SEPTEMBER 30,
|
DECEMBER
31,
|
|
2019
|
2018
|
|
As a %
of
|
As a %
of
|
Customer
Name
|
Receivables
|
Receivables
|
|
(Unaudited)
|
|
U.S. Customs Border
Patrol
|
--
|
14%
|
U.S. Coast
Guard
|
11%
|
13%
|
Iron
Bow Technologies
|
--
|
15%
|
CDW-G
|
11%
|
--
|
|
THREE MONTHS
ENDED
|
NINE MONTHS
ENDED
|
||
|
SEPTEMBER
30,
|
SEPTEMBER
30,
|
||
|
2019
|
2018
|
2019
|
2018
|
|
As a %
of
|
As a %
of
|
As a %
of
|
As a %
of
|
Customer
Name
|
Revenues
|
Revenues
|
Revenues
|
Revenues
|
|
(Unaudited)
|
|||
U.S. Immigration
and Customs Enforcement
|
12%
|
16%
|
14%
|
18%
|
U.S. Customs Border
Patrol
|
14%
|
15%
|
12%
|
11%
|
CDW-USCB
|
16%
|
--
|
--
|
--
|
|
SEPTEMBER 30,
|
DECEMBER
31,
|
|
2019
|
2018
|
|
As a %
of
|
As a %
of
|
Customer
Name
|
Receivables
|
Receivables
|
|
(Unaudited)
|
|
U.S.
Department of Homeland Security Headquarters
|
--
|
11%
|
U.S.
Immigration and Customs Enforcement
|
26%
|
37%
|
CDW-G
|
24%
|
--
|
U.S.
Coast Guard
|
10%
|
11%
|
U.S. Transportation
Security Administration
|
--
|
10%
|
|
SEPTEMBER 30,
|
DECEMBER
31,
|
|
2019
|
2018
|
|
(Unaudited)
|
|
Inventories
|
$118,619
|
$183,900
|
Prepaid rent,
insurance and other assets
|
737,655
|
902,786
|
|
|
|
Total other current
assets
|
$856,274
|
$1,086,686
|
|
SEPTEMBER 30,
|
DECEMBER
31,
|
|
2019
|
2018
|
|
(Unaudited)
|
|
Carrier service
costs
|
$12,309,240
|
$8,476,110
|
Salaries and
payroll taxes
|
1,364,218
|
1,308,726
|
Inventory
purchases, consultants and other costs
|
761,822
|
913,038
|
Severance
costs
|
7,612
|
1,634
|
U.S. income tax
payable
|
5,900
|
8,550
|
Foreign income tax
payable
|
16,530
|
8,380
|
|
|
|
Total accrued
expenses
|
$14,465,322
|
$10,716,438
|
|
SEPTEMBER 30,
|
DECEMBER
31,
|
|
2019
|
2018
|
|
(Unaudited)
|
|
Computer hardware
and software
|
$1,962,588
|
$2,110,298
|
Furniture and
fixtures
|
334,430
|
333,539
|
Leasehold
improvements
|
257,941
|
268,561
|
Automobiles
|
54,106
|
178,597
|
Gross property and
equipment
|
2,609,065
|
2,890,995
|
Less: accumulated
depreciation and
|
|
|
amortization
|
2,027,398
|
1,878,311
|
|
|
|
Property and
equipment, net
|
$581,667
|
$1,012,684
|
|
THREE MONTHS
ENDED
|
NINE MONTHS
ENDED
|
|
SEPTEMBER 30,
|
SEPTEMBER 30,
|
|
2019
|
2019
|
|
(Unaudited)
|
|
Operating lease
expense
|
$52,043
|
$171,684
|
|
|
|
Finance lease
expense:
|
|
|
Amortization of
right of use assets
|
$137,957
|
$415,226
|
Interest on finance
lease liabilities
|
72,567
|
211,905
|
|
|
|
Total finance lease
expense
|
$210,524
|
$627,131
|
|
NINE MONTHS
ENDED
|
|
SEPTEMBER 30,
|
|
2019
|
|
(Unaudited)
|
Cash
paid for amounts included in the measurement of lease
liabilities:
|
|
Operating
cash flows from operating leases
|
$171,684
|
Operating
cash flows from finance leases
|
211,905
|
Financing
cash flows from finance leases
|
356,926
|
|
|
Right
of use assets obtained in exchange for lease
obligations:
|
|
Operating
leases
|
$-
|
Finance
leases
|
-
|
|
SEPTEMBER 30,
|
|
2019
|
|
(Unaudited)
|
Operating
lease right of use assets, net
|
$5,690,692
|
Current
portion of operating lease liabilities
|
499,739
|
Operating
lease liabilities, net of current portion
|
5,339,380
|
|
|
Weighted
average remaining lease term
|
|
Operating
leases
|
11.8
|
Finance
leases
|
1.3
|
Weighted
average discount rate
|
|
Operating
leases
|
5%
|
Finance
leases
|
5%
|
|
Operating Leases
|
Finance Leases
|
2019
|
$657,853
|
$114,496
|
2020
|
676,169
|
35,437
|
2021
|
695,041
|
-
|
2022
|
648,577
|
-
|
2023
|
665,862
|
-
|
Thereafter
|
4,254,715
|
-
|
Total
undiscounted operating lease payments
|
7,598,216
|
149,933
|
Less:
Imputed interest
|
1,907,394
|
1,636
|
Total
finance lease liability
|
$5,690,822
|
$148,297
|
|
2019
|
|
2018
|
|
NON-VESTED
AWARDS
|
(Unaudited)
|
|||
Non-vested awards
outstanding, January 1,
|
300,000
|
|
-
|
|
Granted
(+)
|
662,740
|
(1)
|
980,851
|
(1)
|
Cancelled
(-)
|
50,000
|
(2)
|
-
|
|
Vested
(-)
|
405,240
|
(3)
|
680,851
|
(1)
|
Non-vested awards
outstanding, September 30,
|
507,500
|
|
300,000
|
|
|
|
|
|
|
Weighted-average
remaining contractual life (in years)
|
8.24
|
|
0.8
|
|
|
|
|
|
|
Unamortized RSA
compensation expense
|
$182,586
|
|
$153,418
|
|
|
|
|
|
|
Aggregate intrinsic
value of RSAs non-vested, September 30
|
$157,325
|
|
$138,000
|
|
|
|
|
|
|
Aggregate intrinsic
value of RSAs vested, September 30
|
$171,867
|
|
$320,000
|
|
|
2019
|
2018
|
||||
|
|
|
Weighted
|
|
|
Weighted
|
|
|
|
Average
|
|
|
Average
|
|
|
|
Grant
Date
|
|
|
Grant
Date
|
NON-VESTED
AWARDS
|
Shares
|
|
Fair
Value
|
Shares
|
|
Fair
Value
|
|
(Unaudited)
|
|||||
Non-vested
balances, January 1,
|
2,067,503
|
|
$0.36
|
2,685,004
|
|
$0.35
|
Granted
(+)
|
25,000
|
(1)
|
$0.15
|
125,000
|
(1)
|
$0.25
|
Cancelled
(-)
|
80,001
|
(2)
|
$0.34
|
50,000
|
(2)
|
$0.32
|
Vested/Excercised
(-)
|
837,497
|
|
$0.34
|
312,500
|
(3)
|
$0.26
|
Non-vested
balances, September 30,
|
1,175,005
|
|
$0.37
|
2,447,504
|
|
$0.35
|
|
2019
|
2018
|
||||
|
|
|
Weighted
|
|
|
Weighted
|
|
|
|
Average
|
|
|
Average
|
OUTSTANDING
AND EXERCISABLE
AWARDS
|
Shares
|
|
Exercise
Price
|
Shares
|
|
Exercise
Price
|
|
(Unaudited)
|
|||||
Awards outstanding,
January 1,
|
4,013,334
|
|
$0.58
|
4,173,334
|
|
$0.60
|
Granted
(+)
|
25,000
|
(1)
|
$0.41
|
125,000
|
(1)
|
$0.50
|
Cancelled
(-)
|
530,000
|
(2)
|
$0.55
|
110,000
|
(2)
|
$1.11
|
Exercised
(-)
|
-
|
|
-
|
50,000
|
(3)
|
$0.44
|
Awards outstanding,
September 30,
|
3,508,334
|
|
$0.59
|
4,138,334
|
|
$0.58
|
|
|
|
|
|
|
|
Awards vested and
expected to vest,
|
|
|
|
|
|
|
September
30,
|
3,165,153
|
|
$0.59
|
3,547,472
|
|
$0.58
|
|
|
|
|
|
|
|
Awards outstanding
and exercisable,
|
|
|
|
|
|
|
September
30,
|
2,333,329
|
|
$0.58
|
1,690,830
|
|
$0.56
|
|
THREE MONTHS
ENDED
|
NINE MONTHS
ENDED
|
||
|
SEPTEMBER 30
|
SEPTEMBER 30
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(Unaudited)
|
|||
Restricted stock
compensation expense
|
$91,826
|
$202,664
|
$289,426
|
$370,582
|
Non-qualified
option stock compensation expense
|
71,625
|
70,073
|
247,402
|
222,493
|
|
|
|
|
|
Total share-based
compensation before taxes
|
$163,451
|
$272,737
|
$536,828
|
$593,075
|
|
THREE MONTHS
ENDED
|
NINE MONTHS
ENDED
|
||
|
SEPTEMBER
30,
|
SEPTEMBER
30,
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(Unaudited)
|
|||
Basic
Earnings (Loss) Per Share Computation:
|
|
|
|
|
Net income
(loss)
|
$183,710
|
$(110,011)
|
$260,050
|
$(1,044,355)
|
Weighted average
number of common shares
|
84,234,354
|
83,177,804
|
84,014,053
|
83,100,832
|
Basic Earnings
(Loss) Per Share
|
$0.00
|
$(0.00)
|
$0.00
|
$(0.01)
|
|
|
|
|
|
Diluted
Earnings (Loss) Per Share Computation:
|
|
|
|
|
Net income
(loss)
|
$183,710
|
$(110,011)
|
$260,050
|
$(1,044,355)
|
|
|
|
|
|
Weighted average
number of common shares
|
84,234,354
|
83,177,804
|
84,014,053
|
83,100,832
|
Incremental shares
from assumed conversions
|
|
|
|
|
of stock
options
|
37,471
|
-
|
37,471
|
-
|
Adjusted weighted
average number of
|
|
|
|
|
common
shares
|
84,271,825
|
83,177,804
|
84,051,524
|
83,100,832
|
|
|
|
|
|
Diluted Earnings
(Loss) Per Share
|
$0.00
|
$(0.00)
|
$0.00
|
$(0.01)
|
|
THREE MONTHS
ENDED
|
NINE MONTHS
ENDED
|
||
|
SEPTEMBER
30,
|
SEPTEMBER
30,
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(Unaudited)
|
|||
Carrier
Services
|
$20,576,190
|
$13,104,865
|
$48,943,130
|
$36,199,890
|
Managed
Services:
|
|
|
|
|
Managed
Service Fees
|
7,048,662
|
5,729,620
|
19,027,689
|
16,709,827
|
Billable
Service Fees
|
1,091,330
|
423,858
|
3,415,046
|
1,553,750
|
Reselling
and Other Services
|
900,758
|
2,036,017
|
2,241,130
|
4,454,850
|
|
|
|
|
|
|
$29,616,940
|
$21,294,360
|
$73,626,995
|
$58,918,317
|
|
THREE MONTHS
ENDED
|
NINE MONTHS
ENDED
|
||
|
SEPTEMBER
30,
|
SEPTEMBER
30,
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(Unaudited)
|
|||
U.S.
Federal Government
|
$25,734,891
|
$16,947,681
|
$62,339,060
|
$45,132,500
|
U.S.
State and Local Governments
|
112,108
|
112,273
|
354,289
|
331,801
|
Foreign
Governments
|
15,334
|
28,933
|
84,231
|
133,855
|
Commercial
Enterprises
|
3,754,607
|
4,205,473
|
10,849,415
|
13,320,161
|
|
|
|
|
|
|
$29,616,940
|
$21,294,360
|
$73,626,995
|
$58,918,317
|
|
THREE MONTHS
ENDED
|
NINE MONTHS
ENDED
|
||
|
SEPTEMBER
30,
|
SEPTEMBER
30,
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(Unaudited)
|
|||
North
America
|
$28,563,085
|
$20,033,557
|
$70,294,212
|
$55,074,640
|
Europe
|
1,053,855
|
1,260,803
|
3,332,783
|
3,843,677
|
|
|
|
|
|
|
$29,616,940
|
$21,294,360
|
$73,626,995
|
$58,918,317
|
|
THREE MONTHS
ENDED
|
|
|
|
SEPTEMBER
30,
|
Dollar
|
|
|
2019
|
2018
|
Variance
|
|
(Unaudited)
|
|
|
Carrier
Services
|
$20,576,190
|
$13,104,865
|
$7,471,325
|
Managed
Services:
|
|
|
|
Managed
Service Fees
|
7,048,662
|
5,729,620
|
1,319,042
|
Billable
Service Fees
|
1,091,330
|
423,858
|
667,472
|
Reselling
and Other Services
|
900,758
|
2,036,017
|
(1,135,259)
|
|
|
|
|
|
$29,616,940
|
$21,294,360
|
$8,322,580
|
|
NINE MONTHS
ENDED
|
|
|
|
SEPTEMBER
30,
|
Dollar
|
|
|
2019
|
2018
|
Variance
|
|
(Unaudited)
|
|
|
Carrier
Services
|
$48,943,130
|
$36,199,890
|
$12,743,240
|
Managed
Services:
|
|
|
|
Managed
Service Fees
|
19,027,689
|
16,709,827
|
2,317,862
|
Billable
Service Fees
|
3,415,046
|
1,553,750
|
1,861,296
|
Reselling
and Other Services
|
2,241,130
|
4,454,850
|
(2,213,720)
|
|
|
|
|
|
$73,626,995
|
$58,918,317
|
$14,708,678
|
EXHIBIT NO.
|
DESCRIPTION
|
Certification of
Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (Filed herewith).
|
|
Certification of
interim Chief Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (Filed herewith).
|
|
Certification of
Chief Executive Officer and interim Chief Financial Officer
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed
herewith).
|
|
|
|
WIDEPOINT
CORPORATION
|
|
/s/ JIN H.
KANG
|
|
|
/s/ IAN
SPARLING
|
|
Jin H. Kang
|
|
|
Ian
Sparling
|
|
President and Chief
Executive Officer
|
|
|
Interim Chief
Financial Officer
|
|
Date: November 14,
2019
|
|
|
Date: November 14,
2019
|
|
|
By: /s/ JIN H.
KANG
|
Date:
November 14,
2019
|
Jin H.
Kang
|
|
Chief Executive
Officer
|
|
By: /s/ IAN
SPARLING
|
Date:
November 14,
2019
|
Ian
Sparling
|
|
Interim Chief
Financial Officer
|
Leases (Details 1) |
9 Months Ended |
---|---|
Sep. 30, 2019
USD ($)
| |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 171,684 |
Operating cash flows from finance leases | 211,905 |
Financing cash flows from finance leases | 356,926 |
Right of use assets obtained in exchange for operating lease obligations | 0 |
Right of use assets obtained in exchange for finance lease obligations | $ 0 |
Other Current Assets and Accrued Expenses (Details 1) - USD ($) |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Other Assets [Abstract] | ||
Carrier service costs | $ 12,309,240 | $ 8,476,110 |
Salaries and payroll taxes | 1,364,218 | 1,308,726 |
Inventory purchases, consultants and other costs | 761,822 | 913,038 |
Severance costs | 7,612 | 1,634 |
U.S. income tax payable | 5,900 | 8,550 |
Foreign income tax payable (receivable) | 16,530 | 8,380 |
Total accrued expenses | $ 14,465,322 | $ 10,716,438 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Income Statement [Abstract] | ||||
REVENUES | $ 29,616,940 | $ 21,294,360 | $ 73,626,995 | $ 58,918,317 |
COST OF REVENUES (including amortization and depreciation of $233,033, $248,009, $698,192, and $802,174, respectively) | 25,302,919 | 17,609,287 | 61,002,387 | 48,134,084 |
GROSS PROFIT | 4,314,021 | 3,685,073 | 12,624,608 | 10,784,233 |
OPERATING EXPENSES | ||||
Sales and marketing | 406,683 | 387,407 | 1,215,556 | 1,366,989 |
General and administrative expenses (including share-based compensation of $163,451, $272,737, $536,828 and $593,075, respectively) | 3,372,269 | 3,257,262 | 10,070,383 | 10,037,904 |
Depreciation and amortization | 246,293 | 104,914 | 730,905 | 312,763 |
Total operating expenses | 4,025,245 | 3,749,583 | 12,016,844 | 11,717,656 |
INCOME (LOSS) FROM OPERATIONS | 288,776 | (64,510) | 607,764 | (933,423) |
OTHER (EXPENSE) INCOME | ||||
Interest income | 40 | 936 | 4,761 | 6,339 |
Interest expense | (78,066) | (21,644) | (230,983) | (71,531) |
Other income | 5,324 | 2 | 5,324 | 3 |
Total other expense | (72,702) | (20,706) | (220,898) | (65,189) |
INCOME (LOSS) BEFORE INCOME TAX PROVISION | 216,074 | (85,216) | 386,866 | (998,612) |
INCOME TAX PROVISION | 32,364 | 24,795 | 126,816 | 45,743 |
NET INCOME (LOSS) | $ 183,710 | $ (110,011) | $ 260,050 | $ (1,044,355) |
BASIC EARNINGS (LOSS) PER SHARE | $ .00 | $ (.00) | $ .00 | $ (.01) |
BASIC WEIGHTED-AVERAGE SHARES OUTSTANDING | 84,234,354 | 83,177,804 | 84,014,053 | 83,100,832 |
DILUTED EARNINGS (LOSS) PER SHARE | $ 0.00 | $ 0.00 | $ 0.00 | $ (0.01) |
DILUTED WEIGHTED-AVERAGE SHARES OUTSTANDING | 84,271,825 | 83,177,804 | 84,051,524 | 83,100,832 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 125,496 | $ 106,733 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 2,045,714 | 2,045,714 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 110,000,000 | 110,000,000 |
Common stock, shares issued | 84,775,186 | 84,112,446 |
Common stock, shares outstanding | 84,775,186 | 84,112,446 |
Revenue from Contracts with Customers (Details 2) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Revenue, net | $ 29,616,940 | $ 21,294,360 | $ 73,626,995 | $ 58,918,317 |
North America [Member] | ||||
Revenue, net | 28,563,085 | 20,033,557 | 70,294,212 | 55,074,640 |
Europe [Member] | ||||
Revenue, net | $ 1,053,855 | $ 1,260,803 | $ 3,332,783 | $ 3,843,677 |
Commitments and Contingencies |
9 Months Ended |
---|---|
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company has employment agreements with certain senior executives that set forth compensation levels and provide for severance payments in certain instances. |
Accounts Receivable and Significant Concentrations (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounts receivable |
(1) Government contracts are generally firm fixed price not to exceed arrangements with a term of five (5) years, which consists of a base year and four (4) annual option year renewals. Government receivables are billed under a single consolidated monthly invoice and are billed approximately thirty (30) to sixty (60) days in arrears from the date of service and payment is generally due within thirty (30) days of the invoice date. Government accounts receivable payments could be delayed due to administrative processing delays by the government agency, continuing budget resolutions that may delay availability of contract funding, and/or administrative only invoice correction requests by contracting officers that may delay payment processing by our government customer.
(2) Commercial contracts are generally fixed price arrangements with contract terms ranging from two (2) to three (3) years. Commercial accounts receivables are billed based on the underlying contract terms and conditions which generally have repayment terms that range from thirty (30) to ninety (90) days. Commercial receivables are stated at amounts due from customers net of an allowance for doubtful accounts if deemed necessary.
(3) For the nine months ended September 30, 2019, the Company recorded a provision for bad debt of approximately $23,500 for bad debt. The Company has not historically maintained a bad debt reserve for its government customers as it has not experienced material or recurring bad debt charges and the nature and size of the contracts has not necessitated the Company’s establishment of such a bad debt reserve.
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Accounts Receivable [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of concentration of risk |
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Sales Revenue, Net [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of concentration of risk |
|
Accounts Receivable and Significant Concentrations |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable And Significant Concentration | A significant portion of the Company’s receivables are billed under firm fixed price contracts with agencies of the U.S. federal government and similar pricing structures with several corporations. Accounts receivable consist of the following by customer type in the table below as of the periods presented:
(1) Government contracts are generally firm fixed price not to exceed arrangements with a term of five (5) years, which consists of a base year and four (4) annual option year renewals. Government receivables are billed under a single consolidated monthly invoice and are billed approximately thirty (30) to sixty (60) days in arrears from the date of service and payment is generally due within thirty (30) days of the invoice date. Government accounts receivable payments could be delayed due to administrative processing delays by the government agency, continuing budget resolutions that may delay availability of contract funding, and/or administrative only invoice correction requests by contracting officers that may delay payment processing by our government customer.
(2) Commercial contracts are generally fixed price arrangements with contract terms ranging from two (2) to three (3) years. Commercial accounts receivables are billed based on the underlying contract terms and conditions which generally have repayment terms that range from thirty (30) to ninety (90) days. Commercial receivables are stated at amounts due from customers net of an allowance for doubtful accounts if deemed necessary.
(3) For the nine months ended September 30, 2019, the Company recorded a provision for bad debt of approximately $23,500 for bad debt. The Company has not historically maintained a bad debt reserve for its government customers as it has not experienced material or recurring bad debt charges and the nature and size of the contracts has not necessitated the Company’s establishment of such a bad debt reserve.
Significant Concentrations
The following table presents customers that represent ten (10) percent or more of consolidated trade accounts receivable as of the periods presented below:
The following table presents customers that represent ten (10) percent or more of consolidated revenues in the current and/or comparative periods:
|
Leases |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | The Company entered into operating leases for corporate and operational facilities (“real estate leases”), computer hardware for datacenters and automobiles (collectively “all other leases”).
Real estate leases. Substantially all real estate leases have remaining terms of seven (7) to ten (10) years, with additional five (5) year extensions available. All of these leases require a fixed lease payment that contains an annual lease payment escalation provision ranging from 3% to 4% per year. Certain leases contain early termination provisions that would require payment of unamortized tenant improvements, real estate broker commissions paid, and up to six (6) months of rent to compensate the landlord for early termination. The cost to exit a lease would be significant and potentially range $0.2 million to $0.8 million. The earliest any lease termination provisions could be exercised would be in 2023.
All other leases. Non-real estate operating leases have remaining terms of two (2) to three (3) years. All of these leases require a fixed lease payment over the entire lease term with no escalation provision. There are no early termination provisions under such arrangements.
The components of lease expense were as follows:
Operating lease expense is included in general and administrative expenses in the condensed consolidated statement of operations. Amortization of right of use assets is include in depreciation and amortization in the condensed consolidated statement of operations.
Supplemental cash flow information related to leases was as follows:
Supplemental balance sheet information related to leases was as follows:
Maturities of lease liabilities as of September 30, 2019, were as follows:
During the nine month period ended September 30, 2019, there were no new material operating leases or modifications to existing operating leases. |
Stockholders' Equity |
9 Months Ended |
---|---|
Sep. 30, 2019 | |
STOCKHOLDERS' EQUITY | |
Stockholders' Equity | Preferred Stock
There were no issuances of preferred stock during the nine month periods ended September 30, 2019 and 2018.
Common Stock
The Company is authorized to issue 110,000,000 shares of common stock, $.001 par value per share. As of September 30, 2019, there were 84,775,186 shares issued and outstanding (including 507,500 restricted shares not vested). During the three month period ended September 30, 2019, 183,334 shares and 405,240 shares, respectively, of common stock vested in accordance with the vesting terms of restricted stock awards (RSA). There were no shares of common stock issued as a result of the vesting of RSAs during the three month period ended September 30, 2018. See Note 12 for additional information regarding RSA activity.
There were no shares of common stock issued as a result of stock option exercises during the three month periods ended September 30, 2019 and 2018. There were no shares of common stock issued as a result of stock option exercises during the nine month period ended September 30, 2019. Shares of common stock issued as a result of stock option exercises and realized gross proceeds during the nine month period ended September 30, 2018 were 50,000 and $22,000, respectively. See Note 12 for additional information regarding the stock incentive plans.
|
Stock Award Programs (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of nonvested restricted stock shares activity |
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Schedule of nonvested share activity |
|
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Schedule of outstanding and exercercisable share activity |
|
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Schedule of share-based compensation |
|
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