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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current Assets    
Cash $ 283,279 $ 246,492
Accounts and unbilled receivables (net of allowance for doubtful accounts of $550,000 and $550,000 at June 30, 2016 and December 31, 2015, respectively) 12,083,455 9,555,725
Inventory 35,968 95,400
Other current assets 168,889 148,076
Total current assets 12,571,591 10,045,693
Long-term assets    
Intangible assets, customer lists and technology stacks – net 9,580,373 11,566,643
Goodwill 2,004,600 2,004,600
Equipment under capital lease – net 321,091 366,961
Equipment – net 144,618 168,169
Other Long-term assets    
Software development costs – net 13,077,772 11,357,524
Deferred licensing and royalty fees – net 840,000 960,000
Other assets 342,820 327,329
TOTAL ASSETS 38,882,865 36,796,919
Current Liabilities    
Accounts payable and accrued expenses 6,270,559 5,652,257
Note payable – revolver 9,863,260 7,601,904
Earn outs payable 319,531 343,075
Current obligation under capital lease 157,199 152,640
Current maturities - long term debt (net of debt discount of $38,333 and debt issuance costs of $188,049 at June 30, 2016 and $31,945 and $223,605 at December 31, 2015, respectively) 2,248,364 2,413,739
Total current liabilities 18,858,913 16,163,615
Non-current obligation under capital lease 83,052 162,149
Long-term debt, less current maturities (net of debt discount of $12,778 and debt issuance costs of $47,127 at June 30, 2016 and $197,333 and $133,374 at December 31, 2015, respectively). 4,208,896 4,205,389
Total liabilities 23,150,861 20,531,153
Stockholders’ Equity    
Common stock - $0.001 par value; authorized: 200,000,000 shares: issued and outstanding 106,991,504 and 108,861,774 shares at June 30, 2016 and December 31, 2015, respectively 106,992 108,862
Additional paid-in capital 34,822,979 35,194,180
Accumulated deficit (19,197,967) (19,037,276)
Total stockholders’ equity 15,732,004 16,265,766
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 38,882,865 $ 36,796,919