Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 5,329,441 $ 1,519,467
Accounts receivable 2,779,769 3,448,748
Short-term investments 1,096,234 5,198,878
Incremental direct costs 1,098,271 900,868
Prepaid license fee 225,000 337,500
Prepaid expenses and other current assets 404,540 381,057
Deferred tax asset 38,800 58,200
Total current assets 10,972,055 11,844,718
Property and equipment, net 763,514 874,769
Capitalized technology, net 575,906 526,070
Goodwill 45,180,531 45,180,531
Intangible assets, net 13,486,039 14,934,225
Merchant reserve 1,260,849 860,849
Security deposits 376,160 371,310
Total assets 72,615,054 74,592,472
Current Liabilities:    
Accounts payable 3,591,092 4,941,135
Accrued expenses 703,102 549,727
Deferred revenue 9,766,162 10,078,938
Customer deposits 225,000 337,500
Notes payable 85,099 1,389,386
Note payable - related party 442,394 437,186
Warrant liability $ 2,229 93,789
Capital lease obligations   15,232
Total current liabilities $ 14,815,078 17,842,893
Deferred rent 65,480 25,946
Deferred tax liability 1,595,389 3,081,611
Total liabilities $ 16,475,947 $ 20,950,450
Commitments and contingencies    
Stockholders' Equity    
Common stock, $0.01 par value; 25,000,000 shares authorized; 14,673,172 and 12,928,072 shares issued as of June 30, 2015 and December 31, 2014, respectively; and 14,464,789 and 12,719,689 shares outstanding as of June 30, 2015 and December 31, 2014, respectively $ 144,731 $ 127,280
Additional paid in capital 63,447,113 58,646,322
Accumulated deficit (7,415,620) (5,094,463)
Treasury stock, at cost; 8,382 shares at June 30, 2015 and December 31, 2014 (37,117) (37,117)
Total stockholders' equity 56,139,107 53,642,022
Total liabilities and stockholders' equity $ 72,615,054 $ 74,592,472