Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 5,562,237 $ 6,068,973
Accounts receivable, net 2,661,755 2,170,529
Incremental direct costs 418,795 423,023
Prepaid expenses and other current assets 667,043 957,140
Total current assets 9,309,830 9,619,665
Property and equipment, net 276,019 277,534
Capitalized technology, net 108,408 173,368
Goodwill 20,201,190 20,201,190
Intangible assets, net 8,466,339 9,183,439
Merchant reserve 1,426,927 1,426,927
Security deposits 175,375 220,754
Other assets 35,000
Total assets 39,964,088 41,137,877
Current Liabilities:    
Accounts payable 1,190,956 2,172,332
Accrued expenses 1,259,629 962,172
Deferred revenue 5,431,317 5,485,599
Total current liabilities 7,881,902 8,620,103
Deferred tax liability 2,998,519 3,653,274
Deferred rent 54,275 55,718
Other liabilities 18,951 33,159
Total liabilities 10,953,647 12,362,254
Commitments and contingencies
Stockholders' Equity    
Common stock, $0.01 par value; 45,000,000 shares authorized; 3,934,616 shares and 3,623,899 shares issued as of March 31, 2017 and December 31, 2016, respectively; and 3,931,838 shares and 3,619,338 shares outstanding as of March 31, 2017 and December 31, 2016, respectively 39,329 36,204
Additional paid in capital 79,568,158 76,234,772
Accumulated other comprehensive loss (112)
Accumulated deficit (50,559,817) (47,458,236)
Treasury stock, at cost; 1,048 shares at March 31, 2017 and December 31, 2016 (37,117) (37,117)
Total stockholders' equity 29,010,441 28,775,623
Total liabilities and stockholders' equity $ 39,964,088 $ 41,137,877