0001683168-17-001347.txt : 20170519 0001683168-17-001347.hdr.sgml : 20170519 20170519164108 ACCESSION NUMBER: 0001683168-17-001347 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 37 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170519 DATE AS OF CHANGE: 20170519 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXP World Holdings, Inc. CENTRAL INDEX KEY: 0001495932 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 980681092 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55300 FILM NUMBER: 17858482 BUSINESS ADDRESS: STREET 1: 1321 KING STREET, SUITE I CITY: BELLINGHAM STATE: WA ZIP: 98229 BUSINESS PHONE: 360-685-4206 MAIL ADDRESS: STREET 1: 1321 KING STREET, SUITE I CITY: BELLINGHAM STATE: WA ZIP: 98229 FORMER COMPANY: FORMER CONFORMED NAME: EXP Realty International Corp DATE OF NAME CHANGE: 20130909 FORMER COMPANY: FORMER CONFORMED NAME: Desert Canadians Ltd. DATE OF NAME CHANGE: 20100706 10-Q 1 exp_10q-033117.htm FORM 10-Q

 

Table of Contents

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended March 31, 2017

 

or

 

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

 

For the transition period from ______________________ to ______________________

 

Commission File Number: 000-55300

EXP WORLD HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

 

Delaware 98-0681092
(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)

 

1321 King Street, Suite 1 
Bellingham, WA 98229 
(Address of principal executive offices and Zip Code)

 

Registrant’s telephone number, including area code: (360) 685-4206

 

EXP REALTY INTERNATIONAL CORPORATION

(Former name or former address, if changed since last report)

 

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 require 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (of for such shorter period that the registrant was required to submit and post 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 ☐ (Do not check if a smaller reporting company) 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 ☒

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

As of May 10, 2017 the registrant’s outstanding common stock consisted of 52,611,239 shares.

 

 

 
 

 

TABLE OF CONTENTS

 

    Page
  Forward Looking Statements 3
     
  PART I – FINANCIAL INFORMATION  
Item 1. Financial Statements 4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
Item 3. Quantitative and Qualitative Disclosures About Market Risk 18
Item 4. Controls and Procedures 18
     
  PART II – OTHER INFORMATION  
Item 1. Legal Proceedings 19
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19
Item 3. Defaults Upon Senior Securities 19
Item 4. Mine Safety Disclosures 19
Item 5. Other information 19
Item 6. Exhibits 20

 

 

 

 

 

 

 2 

 

 

Statement Regarding Forward-Looking Statements

 

Certain statements contained in this report on Form 10-Q are forward-looking statements which are intended to be covered by the safe harbors created thereby. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements may include statements about matters such as: future revenues; future industry market conditions; future changes in our capacity and operations; future operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing of restructuring charges and the impact thereof; productivity, business process, rationalization, investment, acquisition, consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

 

These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in this report and our Annual Report on Form 10-K for our prior fiscal year ended December 31, 2016, and the following: current global economic and capital market uncertainties; potential dilution to our stockholders from our recapitalization and balance sheet restructuring activities; potential inability to continue to comply with government regulations; adoption of, or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays, business opportunities that may be presented to, or pursued by, us; changes in the United States or other monetary or fiscal policies or regulations; changes in generally accepted accounting principles; geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues organically; potential inability to attract and retain key personnel; assertion of claims, lawsuits and proceedings against us; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; and potential inability to list our securities on any securities exchange or market. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. We undertake no obligation to publicly update or revise any forward-looking statement.

 

 

 

 3 

 

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. FINANCIAL STATEMENTS

 

 

eXp World Holdings, Inc.

(unaudited)

March 31, 2017

 

  Page
   
Condensed Consolidated Balance Sheets 5
   
Condensed Consolidated Statements of Operations 6
   
Condensed Consolidated Statements of Comprehensive Loss 7
   
Condensed Consolidated Statements of Cash Flows 8
   
Notes to the Condensed Consolidated Financial Statements 9

 

 

 

 

 

 

 

 

 

 

 

 4 

 

 

 

EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

   

 

   March 31,   December 31, 
   2017   2016 
         
ASSETS        
CURRENT ASSETS          
Cash and cash equivalents  $1,790,640   $1,684,608 
Restricted cash   786,246    481,704 
Accounts receivable, net of allowance $187,000 and $133,845, respectively   3,335,924    3,015,767 
Prepaids and other assets   550,871    383,563 
           
TOTAL CURRENT ASSETS   6,463,681    5,565,642 
           
OTHER ASSETS          
Fixed assets, net   804,494    538,405 
           
TOTAL OTHER ASSETS   804,494    538,405 
           
TOTAL ASSETS  $7,268,175   $6,104,047 
           
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
CURRENT LIABILITIES          
Accounts payable  $467,595   $317,420 
Customer deposits   786,246    481,704 
Accrued expenses   3,269,709    2,742,119 
Notes payable   21,974    35,778 
           
TOTAL CURRENT LIABILITIES   4,545,524    3,577,021 
           
Commitments and contingencies   –    – 
           
STOCKHOLDERS' EQUITY          
eXp World Holdings, Inc. Stockholders' Equity:          
Common Stock, $0.00001 par value 220,000,000 shares authorized; 52,611,239 shares and 52,316,679 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively     525       523  
Additional paid-in capital   34,791,174    34,526,859 
Accumulated deficit   (32,074,290)   (32,004,561)
Accumulated other comprehensive income (loss)   5,242    4,205 
           
TOTAL STOCKHOLDERS' EQUITY   2,722,651    2,527,026 
           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $7,268,175   $6,104,047 

 

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

 

 

 

 5 

 

 

EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

  Three Months Ended March 31, 
   2017   2016 
           
Net revenues  $22,011,237   $7,142,812 
           
Operating expenses          
Cost of revenues   19,279,626    6,110,987 
General and administrative   2,109,352    1,425,158 
Professional fees   364,460    143,375 
Sales and marketing   301,222    77,143 
           
Total expenses   22,054,660    7,756,663 
           
Net income (loss) from operations   (43,423)   (613,851)
           
Other income and (expenses)          
Other income   –    7 
Interest expense   (1,715)   – 
           
Total other income and (expenses)   (1,715)   7 
           
Income (loss) from before income tax expense   (45,138)   (613,844)
           
Income tax expense   (24,591)   (11,603)
           
Net income (loss)   (69,729)   (625,447)
           
Net loss attributable to non-controlling interest in subsidiary   –    5,580 
           
Net income (loss) attributable to common shareholders  $(69,729)  $(619,867)
           
Net income (loss) per share attributable to common shareholders          
Basic from continuing operations  $(0.00)  $(0.01)
Diluted from continuing operations  $(0.00)  $(0.01)
           
Weighted average shares outstanding          
Basic   52,416,392    50,617,769 
Diluted   52,416,392    50,617,769 

 

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

 

 

 

 6 

 

 

EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

     

 

  Three Months Ended March 31, 
   2017   2016 
Net income (loss)  $(69,729)  $(625,447)
Other comprehensive loss:          
Foreign currency translation adjustments, net of tax   1,037    7,008 
Comprehensive income (loss)   (68,692)   (618,439)
Comprehensive loss attributable to non-controlling interest in subsidiary   –    5,580 
Comprehensive income (loss) attributable to common shareholders  $(68,692)  $(612,859)

 

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

 

 

 

 7 

 

 

EXP WORLD HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

       

 

  Three Months Ended March 31, 
   2017   2016 
OPERATING ACTIVITIES          
Net income (loss)  $(69,729)  $(625,447)
Adjustments to reconcile net loss to cash provided by operating activities:                
Depreciation   13,265    12,626 
Stock compensation expense   1,303,522    248,725 
Stock option expense (benefit)   (1,201,364)   433,530 
           
Changes in operating assets and liabilities:          
Accounts receivable   (320,157)   (185,095)
Prepaids and other assets   (180,482)   (118,490)
Restricted cash   (304,542)   (95,847)
Customer deposits   304,542    95,847 
Accounts payable   150,175    23,320 
Accrued expenses   462,056    121,538 
           
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES   157,286    (89,293)
           
INVESTING ACTIVITIES          
Acquisition of property and equipment   (213,625)   (64,028)
           
CASH USED IN INVESTING ACTIVITIES   (213,625)   (64,028)
           
FINANCING ACTIVITIES          
Proceeds from issuance of common stock   160,000    – 
Common stock issuance transaction costs   (17,842)   – 
Repurchase and retirement of subsidiary common stock   –    (1,000)
Proceeds from exercise of options   20,000    – 
Principal payments of notes payable   (13,804)   – 
           
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES   148,354    (1,000)
           
Effect of changes in exchange rates on cash and cash equivalents   14,017    7,008 
           
Net change in cash and cash equivalents   106,032    (147,313)
           
Cash and cash equivalents, beginning of period   1,684,608    571,814 
           
CASH AND CASH EQUIVALENTS, END OF PERIOD  $1,790,640   $424,501 
    –    – 
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:          
Cash paid for interest  $558   $– 
Cash paid for income taxes  $30,675   $17,711 
           
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Fixed asset purchases in accounts payable  $65,728   $– 

 

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

 

 

 

 8 

 

 

 

eXp World Holdings, Inc.

Notes to the Condensed Consolidated Financial Statements

March 31, 2017

(Expressed in U.S. dollars)

 

1.BACKGROUND AND BASIS OF PRESENTATION

 

eXp World Holdings, Inc. (the “Company” or “we” or “eXp”) was incorporated in the State of Delaware on July 30, 2008. Through various operating subsidiaries, the Company is a cloud-based real estate brokerage operating in most U.S. States. The Company focuses on a number of cloud-based technologies in order to grow an international brokerage without the burden of physical bricks and mortar or redundant staffing costs.

 

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.

 

2.SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

 

Principles of Consolidation

 

The accompanying condensed consolidated financial statements include the accounts of eXp World Holdings, Inc., and its subsidiaries; eXp Realty Holdings, Inc.; First Cloud Mortgage, Inc. (dormant as of December 31, 2016 and through March 31, 2017); eXp Realty Associates, LLC; eXp Realty, LLC; eXp Realty of California, Inc.; eXp Realty of Canada, Inc.; and eXp Realty of Connecticut, LLC. All inter-company accounts and transactions have been eliminated upon consolidation.

 

Use of Estimates

 

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to provisions for doubtful accounts, legal contingencies, income taxes, revenue recognition, stock-based compensation, expense accruals, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

 

Recently Issued Accounting Pronouncements

 

In January 2017, the Company implemented accounting treatment as promulgated by FASB as issued in ASU No. 2016-09 Compensation – Stock Compensation (Topic 718). The new standard simplifies several aspects of the accounting for share-based payments, including accounting for income taxes, forfeitures and statutory tax withholding requirements, and classification within the statement of cash flows. The Company made an election to account for forfeitures of non-vested equity awards in the periods in which they occur. The treatments implemented did not have a material impact on the accompanying condensed consolidated financial statements as presented.

 

In May 2014, the FASB began issuing several accounting standards updates associated with accounting for revenue from contracts with customers. The objective of the updates, and subsequent clarifying and industry specific updates, are to 1) remove inconsistencies and weaknesses in revenue requirements, 2) provide a robust framework for addressing revenue recognition issues, 3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets 4) provide more useful information to users of financial statements through improved disclosure requirements, and 5) simplify the preparation of financial statements. The updates are effective in annual reporting periods beginning after December 15, 2017 and the interim periods within that year. The Company is still evaluating the potential impacts that the implementation of these new revenue standards may have on its financial position, operational results, or cash flows.

 

 

 

 9 

 

 

3.FIXED ASSETS, NET

 

Fixed assets, net consisted of the following:

 

  

As of
March 31,

2017

  

As of
December 31,

2016

 
         
Computer hardware and software  $219,590   $219,590 
Furniture, fixture and equipment   5,910    5,910 
Total depreciable property and equipment   225,500    225,500 
Less: accumulated depreciation and amortization   (110,481)   (97,216)
Depreciable property, net   115,019    128,284 
Assets under development   689,475    410,121 
Fixed assets, net  $804,494   $538,405 

 

Depreciation expense for the three months ended March 31, 2017 and 2016 was $13,265 and $12,626, respectively.

 

4.STOCKHOLDERS’ EQUITY

 

As of March 31, 2017, the Company had 52,611,239 shares of common stock issued and outstanding. The following provides a detailed description of the stock based transactions completed since January 1, 2017:

 

In January 2017, the Company issued the remaining 49,231 shares of restricted and unregistered shares of common stock to accredited investors subsequent to the receipt of $160,000 of gross proceeds from the Company’s December 2016 private placement. The Company received total gross cash proceeds from the private placement of $760,000.

 

During the three months ended March 31, 2017, the Company issued 25,000 shares of restricted and unregistered shares of common stock for the exercise of stock options including cash consideration totaling $20,000.

 

During the three months ended March 31, 2017, the Company issued 269,560 shares of restricted and unregistered shares of common stock for services totaling $1,303,522.

 

2015 Agent Equity Program

 

The Company provides agents and brokers the opportunity to elect to receive 5% of commissions earned from each completed residential real estate transaction in the form of restricted and unregistered common stock. If agents and brokers elect to receive portions of their commissions in restricted and unregistered common stock, they are entitled to receive the equivalent number of shares of common stock, based on the fixed monetary value of the commission payable.

 

During the three months ended March 31, 2017 and 2016, the Company issued 221,829 and 213,429 shares, respectively, of restricted and unregistered shares of common stock to agents and brokers for total consideration of $654,719 and $137,309, respectively for the settlement of commissions payable.

 

Real Estate Agent Growth and Other Incentive Programs

 

The Company administers an equity incentive program whereby agents and brokers become eligible for awards of the Company’s common stock through agent attraction and performance benchmarks. Agents who qualify, and who remain with the Company in good standing for the term of the applicable agreement, are awarded shares of restricted and unregistered shares of common stock based on production milestones.

 

Under this program, the Company awards restricted and unregistered shares of common stock to non-employees that become issuable upon the achievement of certain milestones for the both individual and the recruited agents. Subsequent to achieving and maintaining the milestones, the awards vest ratably over service periods of three years.

 

 

 

 10 

 

 

 

The following table illustrates the Company’s restricted stock activity for the following periods:

 

   Shares   Weighted
Average
Grant Date
Fair Value		 
Balance, December 31, 2015   1,293,056   $0.45 
Granted   2,452,965    3.65 
Forfeited   (688,142)   0.62 
Balance, December 31, 2016   3,057,879    3.06 
Granted   269,560    3.64 
Forfeited   (59,250)   2.44 
Balance, March 31, 2017   3,268,189   $3.03 

 

As of March 31, 2017, unvested restricted stock awards of approximately 2,240,000 shares had total unrecognized compensation costs totaling approximately $5,400,000.

 

Pre 2013 Stock Options

 

As of March 31, 2017, the Company had 6,384,808 outstanding options accounted for in accordance with the intrinsic value method. The required re-measurement of the intrinsic value of the awards resulted in the recognition of a stock option benefit of $2,553,923 for the three months ended March 31, 2017; and an expense of $316,670 for the three months ended March 31, 2016; included in general and administrative expenses in accompanying consolidated statements of operations. As of March 31, 2017, the fully vested outstanding options subject to re-measurement in accordance with the intrinsic value method had a weighted average remaining contractual term of 5.67 years.

 

Post 2013 Stock Option Awards

 

During the three months ended March 31, 2017, the Company granted 1,660,000 stock options with an estimated grant date fair value of $6,227,915. The assumptions used to estimate the grant date fair value of the awards issued for the three months ended March 31, 2017 include: expected volatility, based on historical stock prices ranging from 152% to 157%; an average expected term of 6.25 years; risk free rates based on U.S. Treasury instruments for the expected term of approximately 2.5%; and no dividend payments.

 

In January, the Company modified certain terms of 500,000 previously outstanding stock option awards, including accelerating portions of the award to vest prior to the original terms and the forfeiture of 275,000 unvested options. As a result of this modification, the Company recognized approximately $368 thousand of additional stock option expense during the three months ended March 31, 2017.

 

 

 

 11 

 

 

 

The following table illustrates the Company’s stock option activity (inclusive of awards accounted for under the intrinsic value and fair value) for the following periods:

 

   Options   Weighted Average
Price		   Intrinsic
Value		   Weighted
Average
Remaining
Contractual
Term (Years)		 
Balance, December 31, 2015   7,281,250   $0.17   $0.17    6.75 
Granted   4,130,000    1.53    –    9.75 
Exercised   (159,678)   0.13    1.42    – 
Forfeited   (504,014)   1.19    3.36    – 
Balance, December 31, 2016   10,747,558    0.67    3.56    7.75 
Granted   1,660,000    4.15    –    9.80 
Exercised   (25,000)   0.80    –    – 
Forfeited   –    –    –    – 
Balance, March 31, 2017   12,382,558    1.14    2.51    8.02 
Exercisable at March 31, 2017   7,049,808    0.24    3.51    7.80 
Vested at March 31, 2017   7,712,990   $0.40   $3.25    7.80 

 

For the three months ended March 31, 2017 and March 31, 2016, the Company recognized total stock based compensation of $102,158 and $682,255, respectively, associated with all equity and equity-linked awards, inclusive of intrinsic value re-measurement.

 

As of March 31, 2017, the total unrecognized compensation cost associated with options was approximately $11,914,000.

 

5.RELATED PARTY TRANSACTIONS

 

During the three months ended March 31, 2017, and as part of her agreement to join the Company’s Board of Directors, Ms. Laurie Hawkes was granted an option to purchase a total of 350,000 shares of common stock from a significant shareholder at an exercise price of $4.22 per share. The Company estimated the grant date fair value of these options using a Black-Scholes model with the assumptions described in Footnote 4. The aggregate grant date fair value of this award was $1,333,501 and the options vest monthly over a three-year period. During the three months ended March 31, 2017, the Company recognized compensation cost totaling $105,949 associated with this award. As of March 31, 2017, the Company had unrecognized compensation cost associated with this award totaling $1,227,551.

 

Upon the exercise of the options, the Company will not receive any cash proceeds nor, will it be obligated to issue additional shares.

 

 

 

 12 

 

 

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion should be read together with our condensed consolidated financial statements and related notes appearing elsewhere in this report. This discussion contains forward-looking statements based upon current expectations that involve numerous risks, uncertainties and assumptions. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons. Those reasons include, without limitation, those described at the beginning of this report under “Statement regarding forward-looking statements,” as well as those that may be set forth elsewhere in this report. Except as otherwise required by law, we do not intend to update any information contained in these forward-looking statements. The following discussion also addresses matters we consider important for an understanding of our financial position as of March 31, 2017, and the results of operations for the three months ended March 31, 2017, which may not be indicative of our future results through the year ended December 31, 2017 or beyond.

 

 

OVERVIEW

 

eXp World Holdings, Inc., (the “Company”,“eXp”, “we”, “us”, “our”), is a cloud-based residential real estate brokerage. Our operations are focused on the use of cloud-based technologies in order to grow an international brokerage without the burden of physical bricks and mortar or redundant staffing costs. Our technology focus includes the development of a proprietary cloud based real estate transactional platform.

 

Continued Accelerated Growth – During the three-month period ending March 31, 2017, we increased our net real estate brokerage agent and broker base by 29%, from approximately 2,400 as of December 31, 2016 to over 3,100. These increases were incurred in both new and existing geographical markets and contributed to net revenue increases of 22% and 208% as compared to the quarter ended December 31, 2016 and the quarter ended March 31, 2016, respectively.

 

RECENT BUSINESS DEVELOPMENTS

 

Building for the Present and the Future – During the period, the Company was focused on building its operating infrastructure with the hiring of new staff across all departments of the organization to support both the current growth velocity but also expected future growth. In addition to people, the Company is also investing in scalable technology as a necessary element of its growth initiative. To date, the Company has evolved through substantial dependence on independent third-party software and applications which, when taken together, constitute a patchwork that has sustained and supported the Company’s growth. As the Company continues to introduce and execute on a number of initiatives aimed at accelerating expansion, it finished building the first instance of an enterprise application in order to move away from the integrations of external systems which the Company hopes to launch in the second quarter.

 

Agent Experience – The Company has a very attractive economic model and is working to marry that with a world-class agent experience. From onboarding to technology and other support to transaction management, delivering high a level of service to its agents and brokers will be a critical element of the Company’s future success. To this end, the Company created a new department called Agent Experience and hired Kee Wah Chung as Vice President of Agent Experience. Prior to joining eXp, Mr. Chung was Director of the Real Estate Customer Success Program for DocuSign where he created and built the first real estate focused team to drive an end-to-end world class customer experience. Prior to DocuSign, Mr. Chung served as Sr. Director and other leadership positions for Comcast, Premera, Polycom and Microsoft.

 

Brokerage Operations – The Company relies on employed brokers in each of the states and provinces that it operates to supervise its affiliated real estate agents, review transactions and ensure compliance with applicable real estate license law. In order to better manage these brokers and create a greater consistency of operations, the Company formed a Brokerage Operations business unit and name Kathy Gordon as Vice President of Brokerage Operations. Ms. Gordon, who has nearly two decades of experience in the industry, will deliver value to eXp agents through the support of eXp’s state administrative brokers, the administration of eXp’s brokerage policies and procedures, and license law and regulatory compliance. She also will serve as liaison with eXp’s legal resources and risk management programs. Prior to joining eXp, Ms. Gordon was previously was Broker of Record at one of Keller Williams’ largest firms, with nearly 3000 agents.

 

The Company expects to continue adding staff as well as making strategic additions to its executive team in future quarters.

 

 

 13 
 

 

MARKET CONDITIONS AND TRENDS

 

According to the National Association of REALTORS (“NAR”), home sale transaction volume increased 11% in the first quarter of 2017 as a result of both an increase in the number of home sale transactions, combined with average home sale price growth. Also according to NAR, the housing affordability index has continued to be at historically favorable levels. When the index is above 100, it indicates that a family earning the median income has sufficient income to purchase a median-priced home, assuming a 20 percent down payment and ability to qualify for a mortgage. The composite housing affordability index was 161 for February 2017 and 165 for 2016. The housing affordability index remains significantly higher than the average of 127 for the period from 1970 through 2016.

 

A part of this involves favorable mortgage rate conditions. Mortgage rates increased approximately 75 basis points from September 30, 2016 to March 31, 2017, but continue to be at historically low levels. While any increase to mortgage rates can adversely impact housing affordability, we believe that rising wages, improving consumer confidence and continued low inventory levels will result in favorable demand conditions and existing home sale volume growth.

 

Partially offsetting the positive impact of low mortgage rates are low housing inventory levels. According to NAR, the inventory of existing homes for sale in the U.S. was 1.8 million and 2.0 million at the end of March 2017 and March 2016, respectively. The March 2017 inventory represents a national average supply of 3.8 months at the current home sales pace which is below the 6.1 month 25-year average.

 

Additional factors offsetting the positive impact of low mortgage rates include the ongoing rise in home prices, less than favorable mortgage underwriting standards and some would-be home sellers having limited or negative equity in homes. Mortgage credit conditions tightened significantly during the recent housing downturn, with banks limiting credit availability to more creditworthy borrowers and requiring larger down payments, stricter appraisal standards, and more extensive mortgage documentation. Although mortgage credit conditions appear to be easing, mortgages remain less available to some borrowers and it frequently takes longer to close a residential transaction due to current mortgage and underwriting requirements.

 

Existing Home Sales

 

According to NAR, for the year ended December 31, 2016, existing home sale transactions increased to 5.5 million homes or up 4% compared to 2015. In the first quarter of 2017, NAR existing home sale transactions increased to 1.1 million homes, or up 5%, compared to the same period of 2016. During the same period, eXp Realty home sale transactions increased 233% compared to the same period in 2016. Our home sale transactions were impacted by the growth of our agent base which grew from approximately 2,400 at the end of 2016 to over 3,100 by the end of the first quarter of 2017.

 

As of their most recent releases, NAR is forecasting existing home sales to increase 2% in 2017 and another 4% in 2018.

 

Existing Home Sale Price

 

We believe primary drivers to the long-term demand for housing and the growth of our company to support that demand are housing affordability, the general economic health of the U.S. economy, demographic trends such as population growth, the increase in household formation, mortgage rate levels and mortgage availability, job growth, the inherent benefits of owning a home versus renting and the influence of local housing dynamics of supply versus demand. As of March 31, 2017, we believe that these factors are generally favorable. However, significant changes to one or more of these drivers could cause the demand for housing to slow, negatively affecting all real estate brokerage firms, including eXp Realty. Regardless of whether the housing market continues to grow or slows, eXp Realty expects to adhere to its low-cost, high-engagement model, affording a growing number of agents and brokers increased income and ownership opportunities while offering a scalable solution to brokerage owners looking to survive and thrive in a wide range of economic conditions.

 

 

 

 14 
 

 

Results of Operations

 

Revenues

 

During the three-months period ended March 31, 2017 net revenues increased $14.87 million to $22.01 million as compared to the three-month period ended March 31, 2016 when we generated $7.14 million. The increase as compared to the prior period is a direct result of the increases in sales agent base by over 183% to over 3,100.

 

Operating Expenses

 

  Three months Ended     
  March 31,     
   2017   2016   Change 
Operating expenses:               
Cost of revenues  $19,279,626   $6,110,987   $13,168,639 
General and administrative   2,109,352    1,425,158    684,194 
Professional fees   364,460    143,375    221,085 
Sales and marketing   301,222    77,143    224,079 
Total operating expenses  $22,054,660   $7,756,663   $14,297,997 

 

Cost of revenues includes costs related to sales agent commissions and revenue sharing. These costs are highly correlated with recognized net revenues. As such, the increase of $13.17 million in the current three-months ended March 31, 2017 as compared to the three-months ended March 31, 2016 was driven by the higher amount of net revenues and agent commission rates.

 

General and administrative includes costs related to wages, stock compensation, dues, operating leases, utilities, travel, and other general overhead expenses. The increase of $0.684 million in general and administrative costs in the three-months ended March 31, 2017 as compared to the three-months ended March 31, 2016 was driven primarily from an increase in our non-broker and agent headcount required to support the approximate 208% growth in the number of agents and brokers.

 

Professional fees include costs related to legal, accounting, and other consultants. Costs increased $0.22 million during the three-months ended March 31, 2017 as compared to the three-months ended March 31, 2016. Professional fees fluctuate on a periodic basis in correlation to non-recurring transactions, specifically as it relates to performing diligence and contract review and preparation to support the growth of new agent and broker bases as well as entry to new geographical markets.

 

Sales and marketing include costs related to lead capture, digital and print media, and trade shows, in addition to other promotional materials. The cost increase of approximately $0.22 million was due to increased cost in lead capture and other internet marketing related to our growth in agent and broker headcount for the three-months ended March 31, 2017 as compared to the three-months ended March 31, 2016.

 

 

 

 15 

 

 

LIQUIDITY AND CAPITAL RESOURCES

 

   March 31,   December 31, 
   2017   2016 
         
Current assets  $6,463,681   $5,565,642 
Current liabilities   (4,545,524)   (3,577,021)
Net working capital  $1,918,157   $1,988,621 

 

Our working capital remained relatively flat as of March 31, 2017 as compared to December 31, 2016. Our increased sales volumes, resulting in increased receivables and restricted cash were off-set by corresponding increases in accrued expenses related commissions payable.

 

The following table presents our cash flows:

 

  Three months ended     
  March 31,     
   2017   2016   Change 
Cash provided by (used in) operating activities  $157,286   $(89,293)  $246,579 
Cash (used in) investment activities   (213,625)   (64,028)   (149,597)
Cash provided by (used in) financing activities   148,354    (1,000)   149,354 

 

Net cash provided by operating activities for the three months ended March 31, 2017 primarily resulted from the increased volume in our sales transactions. As a result of the increased sales volume, we incurred higher accrued expenses, specifically commission payable, as partially off-set by a net stock option benefit as a result of declines in the intrinsic value of some of our outstanding stock options totaling approximately $2.5 million offset by $1.4 million of stock option expense. If we are successful in our growth plans, resulting in further increases in sales volumes, we expect to generate positive operating cash flows for the next twelve months.

 

During the three months ended March 31, 2017, our investing activities consisted of additional expenditures related to the on-going development of our internal use software. As we continue develop and refine our cloud-based platforms, we expect to continue to use our existing cash resources on similar expenditures for the next twelve months.

 

We generated approximately $0.15 million in cash flows from financing activities primarily related to the completion of our December 31, 2016 private placement and the exercise of 25,000 stock options.

 

Our future capital requirements will depend on many factors, including our level of investment in technology and our rate of growth into new markets. Our capital requirements may be affected by factors which we cannot control such as the residential real estate market, interest rates, and other monetary and fiscal policy changes in which we currently operate. We anticipate that between our current cash position and cash flow from ongoing operations we have the necessary resources to continue operating our business over the next 12 months. In order to support and achieve our future growth plans, we may have a need or find it advantageous to obtain additional funding through equity or debt financing.

 

We currently have no bank debt or line of credit facilities. In the event that additional financing is required in the future, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business and results of operations will likely suffer.

 

 

 

 16 

 

 

CRITICAL ACCOUNTING ESTIMATES

 

There has been no change in our critical accounting estimates as previously disclosed in our Annual Report on Form 10-K for the period ended December 31, 2016.

 

Non-GAAP Measurements

 

We currently have approximately 6.4 million outstanding stock options exercisable into restricted shares of our common stock at a weighted average exercise price of $0.14 per share, measured using the intrinsic value method. In accordance with US GAAP and Rules and Regulations as promulgated by the Securities and Exchange Commission (“SEC”), we were unable to retroactively apply the fair value method to awards previously outstanding under the intrinsic value method. In accordance with the intrinsic value method, we are required to re-measure the intrinsic value at each reporting date through the date of exercise or other settlement, while recognizing the applicable changes in the intrinsic value as a component of operations in the accompanying consolidated statements of operations.

 

Upon becoming a public company, we value stock options at their grant date fair value, and recognize the associated compensation cost systematically over the requisite service or performance period, with no consideration given to market changes in the underlying equity instruments or other assumptions used for valuation purposes on the grant date. If we had the ability to reasonably estimate the fair value of options issued at our inception as a private company, all associated expenses would have been recognized in prior periods as the awards vested without giving effect to re-measurement through the date of exercise or expiration.

 

The SEC has adopted rules to regulate the use in filings with the SEC, and in public disclosures of financial measures, that are not in accordance with US GAAP, such as EBITDA, omission of non-recurring or infrequent items, and other omissions of non-cash items whether recurring or non-recurring. These measures are derived from methodologies other than in accordance with US GAAP.

 

We believe that the omission of non-cash income or expense based on fluctuations in the Company’s stock price, significantly outside of its control, is more reflective of the key factors that affect our operating performance. Since the equity-linked instruments were issued early in our existence, and there being no further performance requirements associated with earning the awards, we believe that omitting these fluctuations provide a useful supplemental measure in evaluating the performance of our operations and provides better transparency into our results of operations. Our management does not evaluate the Company’s performance, either financial or operational, inclusive of fluctuations in the intrinsic value of the awards issued prior becoming a public company.

 

Eliminating non-cash fluctuations for awards fully earned in prior periods, has limitations as an analytical tool, and you should not consider these omissions either in isolation or as a substitute for analyzing our results as reported under US GAAP. Some of these limitations are:

 

  · this measure does not reflect changes in, or cash requirements for, our working capital needs;

 

  · this measure does not reflect the further issuance of equity and equity-linked instruments based on grant date fair values with continuing performance and service requirements;
  · this measure does not reflect historical cash expenditures or future requirements for expenditures or contractual commitments.
  ·

the recognition of significant intrinsic value fluctuations may result in the recognition of net income or losses that are not correlated to our business operations.

 

 

 

 

 17 

 

 

The following table represents the impacts of the intrinsic value variances on our results of operations for the periods presented:

 

  Three Months Ended 
  March 31, 
   2017   2016 
Net (loss)  $(69,729)  $(625,447)
Decrease (increase) in intrinsic value   (2,533,923)   316,670 
Adjusted net income (loss)  $(2,603,652)  $(308,777)

 

OFF-BALANCE SHEET ARRANGEMENTS

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders.

 

Item 3.                   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

Item 4.                   CONTROLS AND PROCEDURES

 

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

 

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

 

As of the end of the period covered by this report we carried out an evaluation of the effectiveness of our disclosure controls and procedures with the participation of our Chief Executive Officer and Chief Financial Officer. In making this assessment, management used the criteria for effective internal control over financial reporting described in the “Internal Control-Integrated Framework” (2013) set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective to ensure that information we are required to disclose in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information was not accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

The determination that our disclosure controls and procedures were not effective was based on the following material weaknesses in our internal control over financial reporting, which were identified and described in detail in our Annual Report on Form 10-K for the year ended December 31, 2016, and summarized below:

 

·Failure to properly recognize and measure the fair value of equity and equity-linked awards issued to employees and non-employees.
·Insufficient corporate governance policies.
·Despite the addition of two new independent directors and an independent Audit Committee during 2016, at December 31, 2016, our level of independent director oversight still posed risk of management override and potential fraud.

 

During the first quarter of 2017, we continued our remediation activities related to the material weaknesses summarized above, including the following:

In January 2017, we appointed Laurie Hawkes to the Board as an additional independent director, resulting in a majority of independent directors for the first time on the Board.

 

In March 2017, a Compensation Committee comprised of three independent directors was formed. Each of our standing committees, including the Audit Committee, Governance Committee and Compensation Committee, has been specifically charged with certain oversight functions. During 2017 to date, our independent Board committees have been active.

 

CHANGES IN INTERNAL CONTROL

 

Outside of the remediation activities described above under Controls and Procedures – Evaluation of Disclosure Controls and Procedures, there have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) during the period ended March 31, 2017 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

 18 

 

 

PART II – OTHER INFORMATION

 

Item 1. LEGAL PROCEEDINGS

 

From time to time, we are involved in lawsuits, claims, investigations and proceedings that arise in the ordinary course of business. There are no matters pending or threatened that we expect to have a material adverse impact on our business, results of operations, financial condition or cash flows.

 

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

The following provides a discussion of our recent sales of unregistered securities that have not been previously disclosed:

 

During the three months ended March 31, 2017, the Company issued 25,000 shares of restricted and unregistered shares of common stock for the exercise of stock options including cash consideration totaling $20,000.

 

During the three months ended March 31, 2017, the Company issued 269,560 shares of restricted and unregistered shares of common stock for services totaling $1,303,522.

 

All of the securities issued to employees and consultants were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act. With the exception of executive officers and directors, no employee or consultant received more than 5% of compensation owed to such service provider. In addition, all service providers receiving equity as compensation pursuant to the 2015 Agent Equity Program have made representations to the Company, including, without limitation, that it is knowledgeable, sophisticated and experienced in making investment decisions of this kind, or has consulted with its legal and financial advisers regarding the suitability of receiving equity as compensation; understands the restricted nature of the securities issued; and (iii) has had adequate access to information about the Company.

 

Item 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

Item 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

Item 5. OTHER INFORMATION

 

Not applicable.

 

 

 

 19 

 

 

Item 6. EXHIBITS

 

Exhibit   Exhibit
Number   Description
     
2.1   Merger Agreement dated August 15, 2013 with eXp Realty International, Inc. and eXp Acquisition Corp. (incorporated by reference on Form 8-K, filed on August 20, 2013)
     
3.1   Certificate of Incorporation (incorporated by reference from our Registration Statement on Form S-1, filed on July 7, 2010)
     
3.2   Certificate of Amendment of Certificate of Incorporation dated effective September 9, 2013 (incorporated by reference from our Form 8-K, filed on September 9, 2013)
     
3.3   Certificate of Amendment of Certificate of Incorporation (incorporated by reference from our Form 10-Q, filed on May 13, 2016)
     
3.4   Bylaws (incorporated by reference from our Registration Statement on Form S-1, filed on July 7, 2010)
     
10.1   eXp Realty International Corporation 2015 Equity Incentive Plan (incorporated by reference to Company’s Definitive Information Statement on Schedule 14C filed on April 2, 2015)
     
10.2   eXp Realty International Corporation 2015 Agent Equity Program Enrollment Form (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed on April 30, 2015)
     
31.1   Certification of the Chief Executive pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
31.2   Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1   Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
32.2   Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document

 

 

 

 

 20 

 

 

SIGNATURES

 

Pursuant to the requirements of the Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  eXp World Holdings, Inc.
  (Registrant)
   
Date: May 19, 2017 /s/ Alan Goldman
  Alan Goldman
  Chief Financial Officer (Principal Financial Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 21 

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MG&'9)?<%%%%9EA1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M !1110 4444 %%%% !1110 4TQHQRRTZB@!OEKZ4X #I110 4444 %%%% !1 M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%% M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% '_ !V0$! end EX-31.1 3 exp_10q-ex3101.htm CERTIFICATION

Exhibit 31.1

 

Certification of the Chief Executive Officer pursuant to Rule 
13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to 
Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Glenn Sanford, hereby certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of eXp World Holdings, Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  May 19, 2017

 

By: /s/ Glenn Sanford
Glenn Sanford
Chief Executive Officer (Principal Executive Officer)
 EX-31.2 4 exp_10q-ex3102.htm CERTIFICATION

Exhibit 31.2

 

Certification of the Chief Financial Officer pursuant to Rule 
13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to 
Section 302 of the Sarbanes-Oxley Act of 2002

I, Alan Goldman, hereby certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of eXp World Holdings, Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:   May 19, 2017

 

By: /s/ Alan Goldman
Alan Goldman
Chief Financial Officer (Principal Financial Officer)
 EX-32.1 5 exp_10q-ex3201.htm CERTIFICATION

Exhibit 32.1

 

Certification of Chief Executive Officer pursuant to 18 U.S.C. 
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the quarterly report of eXp World Holdings, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2017 as filed with the Securities and Exchange Commission (the “Report”), Glenn Sanford, as Chief Executive Officer of the Company, hereby certifies pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
   
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date:  May 19, 2017

 

By: /s/ Glenn Sanford
Glenn Sanford
Chief Executive Officer (Principal Executive Officer)

 EX-32.2 6 exp_10q-ex3202.htm CERTIFICATION

Exhibit 32.2

 

Certification of Chief Financial Officer pursuant to 18 U.S.C. 
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the quarterly report of eXp World Holdings, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2017 as filed with the Securities and Exchange Commission (the “Report”), Alan Goldman, as Chief Financial Officer of the Company, hereby certifies pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
   
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date:   May 19, 2017

 

By: /s/ Alan Goldman
Alan Goldman
Chief Financial Officer (Principal Financial Officer)

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Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2017
May 10, 2017
Document And Entity Information    
Entity Registrant Name EXP World Holdings, Inc.  
Entity Central Index Key 0001495932  
Document Type 10-Q  
Document Period End Date Mar. 31, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   52,611,239
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS    
Cash and cash equivalents $ 1,790,640 $ 1,684,608
Restricted cash 786,246 481,704
Accounts receivable, net of allowance $187,000 and $133,845, respectively 3,335,924 3,015,767
Prepaids and other assets 550,871 383,563
TOTAL CURRENT ASSETS 6,463,681 5,565,642
OTHER ASSETS    
Fixed assets, net 804,494 538,405
TOTAL OTHER ASSETS 804,494 538,405
TOTAL ASSETS 7,268,175 6,104,047
CURRENT LIABILITIES    
Accounts payable 467,595 317,420
Customer deposits 786,246 481,704
Accrued expenses 3,269,709 2,742,119
Notes payable 21,974 35,778
TOTAL CURRENT LIABILITIES 4,545,524 3,577,021
Commitments and Contingencies
STOCKHOLDERS' EQUITY    
Common Stock, $0.00001 par value 220,000,000 shares authorized; 52,611,239 shares and 52,316,679 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 525 523
Additional paid-in capital 34,791,174 34,526,859
Accumulated deficit (32,074,290) (32,004,561)
Accumulated other comprehensive income (loss) 5,242 4,205
TOTAL STOCKHOLDERS' EQUITY 2,722,651 2,527,026
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,268,175 $ 6,104,047
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
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Common stock shares authorized 220,000,000 220,000,000
Common stock par value $ .00001 $ 0.00001
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Common stock shares outstanding 52,611,239 52,316,679
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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
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Operating expenses    
Cost of revenues 19,279,626 6,110,987
General and administrative 2,109,352 1,425,158
Professional fees 364,460 143,375
Sales and marketing 301,222 77,143
Total expenses 22,054,660 7,756,663
Net income (loss) from operations (43,423) (613,851)
Other income and (expenses)    
Other income 0 7
Interest expense (1,715) 0
Total other income and (expenses) (1,715) 7
Income (loss) before income tax expense (45,138) (613,844)
Income tax expense (24,591) (11,603)
Net income (loss) (69,729) (625,447)
Net loss attributable to non-controlling interest in subsidiary 0 5,580
Net Income (loss) attributable to common shareholders $ (69,729) $ (619,867)
Net income (loss) per share attributable to common shareholders    
Basic from continuing operations $ 0.00 $ (.01)
Diluted from continuing operations $ 0.00 $ (.01)
Weighted average shares outstanding    
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Diluted 52,416,392 50,617,769
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Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Statement of Comprehensive Income [Abstract]    
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Other comprehensive loss:    
Foreign currency translation adjustments, net of tax 1,037 7,008
Comprehensive income (loss) (68,692) (618,439)
Comprehensive loss attributable to non-controlling interest in subsidiary 0 5,580
Comprehensive income (loss) attributable to common shareholders $ (68,692) $ (612,859)
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net loss $ (69,729) $ (625,447)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 13,265 12,626
Stock compensation expense 1,303,522 248,725
Stock option expense (benefit) (1,201,364) 433,530
Changes in operating assets and liabilities:    
Accounts receivable (320,157) (185,095)
Prepaids and other assets (180,482) (118,490)
Restricted cash (304,542) (95,847)
Customer deposits 304,542 95,847
Accounts payable 150,175 23,320
Accrued expenses 462,056 121,538
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 157,286 (89,293)
INVESTING ACTIVITIES    
Acquisition of property and equipment (213,625) (64,028)
CASH USED IN INVESTING ACTIVITIES (213,625) (64,028)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock 160,000 0
Common stock issuance transaction costs (17,842) 0
Repurchase and retirement of subsidiary common stock 0 (1,000)
Proceeds from exercise of options 20,000 0
Principal payments of notes payable (13,804) 0
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 148,354 (1,000)
Effect of changes in exchange rates on cash and cash equivalents 14,017 7,008
Net change in cash and cash equivalents 106,032 (147,313)
Cash and cash equivalents, beginning of period 1,684,608 571,814
CASH AND CASH EQUIVALENTS, END OF PERIOD 1,790,640 424,501
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 558 0
Cash paid for income taxes 30,675 17,711
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Fixed asset purchases in accounts payable $ 65,728 $ 0
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1. Background and Basis of Presentation
 3 Months Ended
Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background and Basis of Presentation

eXp World Holdings, Inc. (the “Company” or “we” or “eXp”) was incorporated in the State of Delaware on July 30, 2008. Through various operating subsidiaries, the Company is a cloud-based real estate brokerage operating in most U.S. States. The Company focuses on a number of cloud-based technologies in order to grow an international brokerage without the burden of physical bricks and mortar or redundant staffing costs.

 

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.
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2. Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Principles of Consolidation

 

The accompanying condensed consolidated financial statements include the accounts of eXp World Holdings, Inc., and its subsidiaries; eXp Realty Holdings, Inc.; First Cloud Mortgage, Inc. (dormant as of December 31, 2016 and through March 31, 2017); eXp Realty Associates, LLC; eXp Realty, LLC; eXp Realty of California, Inc.; eXp Realty of Canada, Inc.; and eXp Realty of Connecticut, LLC. All inter-company accounts and transactions have been eliminated upon consolidation.

 

Use of Estimates

 

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to provisions for doubtful accounts, legal contingencies, income taxes, revenue recognition, stock-based compensation, expense accruals, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

 

Recently Issued Accounting Pronouncements

 

In January 2017, the Company implemented accounting treatment as promulgated by FASB as issued in ASU No. 2016-09 Compensation – Stock Compensation (Topic 718). The new standard simplifies several aspects of the accounting for share-based payments, including accounting for income taxes, forfeitures and statutory tax withholding requirements, and classification within the statement of cash flows. The Company made an election to account for forfeitures of non-vested equity awards in the periods in which they occur. The treatments implemented did not have a material impact on the accompanying condensed consolidated financial statements as presented.

 

In May 2014, the FASB began issuing several accounting standards updates associated with accounting for revenue from contracts with customers. The objective of the updates, and subsequent clarifying and industry specific updates, are to 1) remove inconsistencies and weaknesses in revenue requirements, 2) provide a robust framework for addressing revenue recognition issues, 3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets 4) provide more useful information to users of financial statements through improved disclosure requirements, and 5) simplify the preparation of financial statements. The updates are effective in annual reporting periods beginning after December 15, 2017 and the interim periods within that year. The Company is still evaluating the potential impacts that the implementation of these new revenue standards may have on its financial position, operational results, or cash flows.
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. Fixed Assets, Net
 3 Months Ended
Mar. 31, 2017
Property, Plant and Equipment [Abstract]  
Fixed Assets, Net

Fixed assets, net consisted of the following:

 

  

As of March 31,

2017

  

As of December 31,

2016

 
         
Computer hardware and software  $219,590   $219,590 
Furniture, fixture and equipment   5,910    5,910 
Total depreciable property and equipment   225,500    225,500 
Less: accumulated depreciation and amortization   (110,481)   (97,216)
Depreciable property, net   115,019    128,284 
Assets under development   689,475    410,121 
Fixed assets, net  $804,494   $538,405 

 

Depreciation expense for the three months ended March 31, 2017 and 2016 was $13,265 and $12,626, respectively.
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
4. Stockholders' Equity
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Stockholders' Equity

As of March 31, 2017, the Company had 52,611,239 shares of common stock issued and outstanding. The following provides a detailed description of the stock based transactions completed since January 1, 2017:

 

In January 2017, the Company issued the remaining 49,231 shares of restricted and unregistered shares of common stock to accredited investors subsequent to the receipt of $160,000 of gross proceeds from the Company’s December 2016 private placement. The Company received total gross cash proceeds from the private placement of $760,000.

 

During the three months ended March 31, 2017, the Company issued 25,000 shares of restricted and unregistered shares of common stock for the exercise of stock options including cash consideration totaling $20,000.

 

During the three months ended March 31, 2017, the Company issued 269,560 shares of restricted and unregistered shares of common stock for services totaling $1,303,522.

 

2015 Agent Equity Program

 

The Company provides agents and brokers the opportunity to elect to receive 5% of commissions earned from each completed residential real estate transaction in the form of restricted and unregistered common stock. If agents and brokers elect to receive portions of their commissions in restricted and unregistered common stock, they are entitled to receive the equivalent number of shares of common stock, based on the fixed monetary value of the commission payable.

 

During the three months ended March 31, 2017 and 2016, the Company issued 221,829 and 213,429 shares, respectively, of restricted and unregistered shares of common stock to agents and brokers for total consideration of $654,719 and $137,309, respectively for the settlement of commissions payable.

 

Real Estate Agent Growth and Other Incentive Programs

 

The Company administers an equity incentive program whereby agents and brokers become eligible for awards of the Company’s common stock through agent attraction and performance benchmarks. Agents who qualify, and who remain with the Company in good standing for the term of the applicable agreement, are awarded shares of restricted and unregistered shares of common stock based on production milestones.

 

Under this program, the Company awards restricted and unregistered shares of common stock to non-employees that become issuable upon the achievement of certain milestones for the both individual and the recruited agents. Subsequent to achieving and maintaining the milestones, the awards vest ratably over service periods of three years.

  

The following table illustrates the Company’s restricted stock activity for the following periods:

 

   Shares   Weighted
Average
Grant Date
Fair Value		 
Balance, December 31, 2015   1,293,056   $0.45 
Granted   2,452,965    3.65 
Forfeited   (688,142)   0.62 
Balance, December 31, 2016   3,057,879    3.06 
Granted   269,560    3.64 
Forfeited   (59,250)   2.44 
Balance, March 31, 2017   3,268,189   $3.03 

 

As of March 31, 2017, unvested restricted stock awards of approximately 2,240,000 shares had total unrecognized compensation costs totaling approximately $5,400,000.

 

Pre 2013 Stock Options

 

As of March 31, 2017, the Company had 6,384,808 outstanding options accounted for in accordance with the intrinsic value method. The required re-measurement of the intrinsic value of the awards resulted in the recognition of a stock option benefit of $2,553,923 for the three months ended March 31, 2017; and an expense of $316,670 for the three months ended March 31, 2016; included in general and administrative expenses in accompanying consolidated statements of operations. As of March 31, 2017, the fully vested outstanding options subject to re-measurement in accordance with the intrinsic value method had a weighted average remaining contractual term of 5.67 years.

 

Post 2013 Stock Option Awards

 

During the three months ended March 31, 2017, the Company granted 1,660,000 stock options with an estimated grant date fair value of $6,227,915. The assumptions used to estimate the grant date fair value of the awards issued for the three months ended March 31, 2017 include: expected volatility, based on historical stock prices ranging from 152% to 157%; an average expected term of 6.25 years; risk free rates based on U.S. Treasury instruments for the expected term of approximately 2.5%; and no dividend payments.

 

In January, the Company modified certain terms of 500,000 previously outstanding stock option awards, including accelerating portions of the award to vest prior to the original terms and the forfeiture of 275,000 unvested options. As a result of this modification, the Company recognized approximately $368 thousand of additional stock option expense during the three months ended March 31, 2017.

 

The following table illustrates the Company’s stock option activity (inclusive of awards accounted for under the intrinsic value and fair value) for the following periods:

 

   Options   Weighted Average
Price		   Intrinsic
Value		   Weighted
Average
Remaining
Contractual
Term (Years)		 
Balance, December 31, 2015   7,281,250   $0.17   $0.17    6.75 
Granted   4,130,000    1.53    –    9.75 
Exercised   (159,678)   0.13    1.42    – 
Forfeited   (504,014)   1.19    3.36    – 
Balance, December 31, 2016   10,747,558    0.67    3.56    7.75 
Granted   1,660,000    4.15    –    9.80 
Exercised   (25,000)   0.80    –    – 
Forfeited   –    –    –    – 
Balance, March 31, 2017   12,382,558    1.14    2.51    8.02 
Exercisable at March 31, 2017   7,049,808    0.24    3.51    7.80 
Vested at March 31, 2017   7,712,990   $0.40   $3.25    7.80 

 

For the three months ended March 31, 2017 and March 31, 2016, the Company recognized total stock based compensation of $102,158 and $682,255, respectively, associated with all equity and equity-linked awards, inclusive of intrinsic value re-measurement.

 

As of March 31, 2017, the total unrecognized compensation cost associated with options was approximately $11,914,000.
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
5. Related Party Transactions
 3 Months Ended
Mar. 31, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

During the three months ended March 31, 2017, and as part of her agreement to join the Company’s Board of Directors, Ms. Laurie Hawkes was granted an option to purchase a total of 350,000 shares of common stock from a significant shareholder at an exercise price of $4.22 per share. The Company estimated the grant date fair value of these options using a Black-Scholes model with the assumptions described in Footnote 4. The aggregate grant date fair value of this award was $1,333,501 and the options vest monthly over a three-year period. During the three months ended March 31, 2017, the Company recognized compensation cost totaling $105,949 associated with this award. As of March 31, 2017, the Company had unrecognized compensation cost associated with this award totaling $1,227,551.

 

Upon the exercise of the options, the Company will not receive any cash proceeds nor, will it be obligated to issue additional shares.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
2. Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

 

The accompanying condensed consolidated financial statements include the accounts of eXp World Holdings, Inc., and its subsidiaries; eXp Realty Holdings, Inc.; First Cloud Mortgage, Inc. (dormant as of December 31, 2016 and through March 31, 2017); eXp Realty Associates, LLC; eXp Realty, LLC; eXp Realty of California, Inc.; eXp Realty of Canada, Inc.; and eXp Realty of Connecticut, LLC. All inter-company accounts and transactions have been eliminated upon consolidation.
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to provisions for doubtful accounts, legal contingencies, income taxes, revenue recognition, stock-based compensation, expense accruals, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Recently Issued Accounting Pronouncements

In January 2017, the Company implemented accounting treatment as promulgated by FASB as issued in ASU No. 2016-09 Compensation – Stock Compensation (Topic 718). The new standard simplifies several aspects of the accounting for share-based payments, including accounting for income taxes, forfeitures and statutory tax withholding requirements, and classification within the statement of cash flows. The Company made an election to account for forfeitures of non-vested equity awards in the periods in which they occur. The treatments implemented did not have a material impact on the accompanying condensed consolidated financial statements as presented.

 

In May 2014, the FASB began issuing several accounting standards updates associated with accounting for revenue from contracts with customers. The objective of the updates, and subsequent clarifying and industry specific updates, are to 1) remove inconsistencies and weaknesses in revenue requirements, 2) provide a robust framework for addressing revenue recognition issues, 3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets 4) provide more useful information to users of financial statements through improved disclosure requirements, and 5) simplify the preparation of financial statements. The updates are effective in annual reporting periods beginning after December 15, 2017 and the interim periods within that year. The Company is still evaluating the potential impacts that the implementation of these new revenue standards may have on its financial position, operational results, or cash flows.
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. Fixed Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2017
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
  

As of March 31,

2017

  

As of December 31,

2016

 
         
Computer hardware and software  $219,590   $219,590 
Furniture, fixture and equipment   5,910    5,910 
Total depreciable property and equipment   225,500    225,500 
Less: accumulated depreciation and amortization   (110,481)   (97,216)
Depreciable property, net   115,019    128,284 
Assets under development   689,475    410,121 
Fixed assets, net  $804,494   $538,405 
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
4. Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Restricted stock activity table
   Shares   Weighted
Average
Grant Date
Fair Value		 
Balance, December 31, 2015   1,293,056   $0.45 
Granted   2,452,965    3.65 
Forfeited   (688,142)   0.62 
Balance, December 31, 2016   3,057,879    3.06 
Granted   269,560    3.64 
Forfeited   (59,250)   2.44 
Balance, March 31, 2017   3,268,189   $3.03 
Stock option activity table
   Options   Weighted Average
Price		   Intrinsic
Value		   Weighted
Average
Remaining
Contractual
Term (Years)		 
Balance, December 31, 2015   7,281,250   $0.17   $0.17    6.75 
Granted   4,130,000    1.53    –    9.75 
Exercised   (159,678)   0.13    1.42    – 
Forfeited   (504,014)   1.19    3.36    – 
Balance, December 31, 2016   10,747,558    0.67    3.56    7.75 
Granted   1,660,000    4.15    –    9.80 
Exercised   (25,000)   0.80    –    – 
Forfeited   –    –    –    – 
Balance, March 31, 2017   12,382,558    1.14    2.51    8.02 
Exercisable at March 31, 2017   7,049,808    0.24    3.51    7.80 
Vested at March 31, 2017   7,712,990   $0.40   $3.25    7.80 
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. Fixed Assets, Net (Details) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Property and equipment, gross $ 225,500 $ 225,500
Less: accumulated depreciation and amortization (110,481) (97,216)
Depreciable property, net 115,019 128,284
Assets under development 689,475 410,121
Fixed assets, net 804,494 538,405
Computer hardware and software [Member]    
Property and equipment, gross 219,590 219,590
Furniture, fixtures and equipment [Member]    
Property and equipment, gross $ 5,910 $ 5,910
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. Fixed Assets, Net (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Property, Plant and Equipment [Abstract]    
Depreciation $ 13,265 $ 12,626
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
4. Stockholders' Equity (Details - Restricted Stock) - Restricted Stock [Member] - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Restricted stock, beginning balance 3,057,879 1,293,056
Restricted stock granted 269,560 2,452,965
Restricted stock forfeited (59,250) (688,142)
Restricted stock, ending balance 3,268,189 3,057,879
Restricted stock, beginning balance, Weighted Average Grant Date Fair Value $ 3.06 $ 0.45
Restricted stock granted, Weighted Average Grant Date Fair Value 3.64 3.65
Restricted stock forfeited, Weighted Average Grant Date Fair Value 2.44 0.62
Restricted stock, ending balance, Weighted Average Grant Date Fair Value $ 3.03 $ 3.06
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
4. Stockholders' Equity (Details - Option activity) - Stock Options [Member] - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Options      
Options outstanding, beginning balance 10,747,558 7,281,250  
Options granted 1,660,000 4,130,000  
Options exercised (25,000) (159,678)  
Options forfeited 0 (504,014)  
Options outstanding, ending balance 12,382,558 10,747,558 7,281,250
Options exercisable 7,049,808    
Options vested   7,712,990  
Weighted Average Exercise Price      
Weighted average exercise price, Options outstanding, beginning balance $ 0.67 $ 0.17  
Weighted average exercise price, Options granted 4.15 1.53  
Weighted average exercise price, Options exercised 0.80 0.13  
Weighted average exercise price, Options forfeited 1.19  
Weighted average exercise price, Options outstanding, ending balance 1.14 0.67 $ 0.17
Weighted average exercise price, Options exercisable 0.24    
Weighted average exercise price, Options vested 0.40    
custom:IntrinsicValueAbstract      
Intrinsic value, Options outstanding, beginning balance 3.56 0.17  
Intrinsic value, Options granted  
Intrinsic value, Options exercised 1.42  
Intrinsic value, Options forfeited 3.36  
Intrinsic value, Options outstanding, ending balance 2.51 $ 3.56 $ 0.17
Intrinsic value, Options exercisable 3.51    
Intrinsic value, Options vested $ 3.25    
Weighted Average Contractual Term      
Weighted average remaining contractual term, Options granted 9 years 9 months 18 days 9 years 9 months  
Weighted average remaining contractual term, Options outstanding 8 years 7 days 7 years 9 months 6 years 9 months
Weighted average remaining contractual term, Options exercisable 7 years 9 months 18 days    
Weighted average remaining contractual term, Options vested 7 years 9 months 18 days    
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
4. Stockholders' Equity (Details Narrative) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Dec. 31, 2015
Proceeds from exercise of stock options $ 20,000 $ 0    
Stock option expense (benefit) $ (1,201,364) 433,530    
Pre 2013 Stock Options [Member]        
Options outstanding 6,384,808      
Stock option expense (benefit) $ (2,553,923) 316,670    
Weighted average remaining contractual term 5 years 8 months 1 day      
Post 2013 Stock Options [Member]        
Stock options granted 1,660,000      
Stock options granted, value $ 6,227,915      
Assumptions - volatility range, minimum 152.00%      
Assumptions - volatility range, maximum 157.00%      
Assumptions - expected term 6 years 3 months      
Assumptions - risk free interest rate 2.50%      
Assumptions - dividend payments $ 0      
Restricted Stock [Member]        
Unvested restricted stock awards remaining 2,240,000      
Unrecognized compensation costs $ 5,400,000      
Stock Options [Member]        
Stock issued for the exercise of stock options 25,000   159,678  
Options outstanding 12,382,558   10,747,558 7,281,250
Weighted average remaining contractual term 8 years 7 days   7 years 9 months 6 years 9 months
Stock options granted 1,660,000   4,130,000  
Unrecognized compensation cost $ 11,914,000      
All Equity and Equity-Linked Awards [Member]        
Share-based compensation $ 102,158 $ 682,255    
Exercise of Options [Member]        
Stock issued for the exercise of stock options 25,000      
Services [Member]        
Stock issued for services, shares 269,560      
Stock issued for services, value $ 1,303,522      
Modification of awards [Member]        
Stock option expense (benefit) $ 368,000      
Accredited Investors [Member]        
Stock issued new, shares 49,231      
Gross proceeds from private placement $ 760,000      
Agents and Brokers [Member]        
Stock issued for settlement of commissions payable, shares 221,829 213,429    
Stock issued for settlement of commissions payable, value $ 654,719 $ 137,309    
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
3. Related Party Transactions (Details Narrative) - Hawkes [Member]
 3 Months Ended
Mar. 31, 2017
USD ($)
$ / shares
shares
Option granted, shares available for purchase | shares 350,000
Exercise price per share | $ / shares $ 4.22
Fair value of award $ 1,333,501
Vesting period 3 years
Share based compensation $ 105,949
Unrecognized compensation cost $ 1,227,551
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