XML 25 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 10,362,448 $ 3,160,385 $ 22,006
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation expense 1,811,156 1,263,660 1,227,369
Depreciation and amortization expense 3,099,990 3,016,783 2,872,167
Provision for doubtful accounts 8,388 46,652 326,457
Deferred tax benefit (5,478,818)   (583,420)
Disposal of property and equipment     4,979
Gain on insurance settlement     (301,281)
Changes in operating assets and liabilities:      
(Increase) decrease in settlement assets (957,909) 1,055,984 (703,407)
Decrease (increase) in accounts receivables, prepaid expenses and other current assets 346,422 (743,358) (657,188)
Decrease (increase) in other long-term assets 911,138 (62,992) (482,065)
Increase (decrease) in accounts payable and accrued expenses 1,292,718 (2,005,464) 336,367
Increase (decrease) in due to merchants 963,550 (419,222) 472,760
Other (172,661) (66,529) (14,594)
Net cash provided by operating activities 12,186,422 5,245,899 2,520,150
Cash flows from investing activities:      
Insurance proceeds     401,281
Increase in restricted cash (44,501) (1,738,571) (26,638)
(Decrease) increase in merchant reserves (75,322) 1,752,521  
Purchase of property and equipment (183,090) (117,412) (828,730)
Capitalized software development (1,102,765) (1,292,314) (1,443,010)
Purchase of intangible assets (20,979) (125,980) (162,181)
Net cash used in investing activities (1,426,657) (1,521,756) (2,059,278)
Cash flows from financing activities:      
Proceeds from issuance of common stock 1,657,591 934,032 589,131
Principal payments on capital lease obligations (519,223) (570,249) (479,992)
Purchases of treasury stock (7,060,409) (822,603)  
Net cash (used for) provided by financing activities (5,922,041) (458,820) 109,139
Effect of exchange rate changes on cash and cash equivalents [1] 0 0 0
Net increase in cash and cash equivalents 4,837,724 3,265,323 570,011
Cash and cash equivalents at beginning of period 9,837,791 6,572,468 6,002,457
Cash and cash equivalents at end of period 14,675,515 9,837,791 6,572,468
Cash paid for:      
Interest 33,499 64,585 63,352
Income taxes 765,380 765,807 568,055
Non-cash investing and financing activities:      
Common stock issued for stock options and warrants exercised 184 1,390 2,273
Assets acquired under capital leases 156,129 429,611 728,082
Accrued capitalized hardware, software and fixed assets 57,163 74,017 27,566
Capitalized stock-based compensation $ 33,001 $ 52,473 $ 52,133
[1] For the years ended December 31, 2015, 2014 and 2013, the effect of exchange rate changes on cash and cash equivalents was immaterial.