Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 3,881,217 $ 1,519,467
Accounts receivable 2,529,657 3,448,748
Short-term investments 750,000 5,198,878
Incremental direct costs 1,085,288 900,868
Prepaid license fee 168,750 337,500
Prepaid expenses and other current assets 1,063,598 381,057
Deferred tax asset 38,800 58,200
Total current assets 9,517,310 11,844,718
Property and equipment, net 665,707 874,769
Capitalized technology, net 583,870 526,070
Goodwill 20,597,067 45,180,531
Intangible assets, net 12,768,939 14,934,225
Merchant reserve 1,260,849 860,849
Security deposits 386,262 371,310
Total assets 45,780,004 74,592,472
Current Liabilities:    
Accounts payable 3,310,342 4,941,135
Accrued expenses 2,193,693 549,727
Deferred revenue 8,556,511 10,078,938
Customer deposits 168,750 337,500
Notes payable 62,352 1,389,386
Promissory note 445,000 437,186
Warrant liability $ 5 93,789
Capital lease obligations 15,232
Total current liabilities $ 14,736,653 17,842,893
Deferred rent 89,213 25,946
Deferred tax liability 4,571,606 3,081,611
Total liabilities $ 19,397,472 $ 20,950,450
Commitments and contingencies
Stockholders' Equity    
Common stock, $0.01 par value; 25,000,000 shares authorized; 14,633,819 and 12,928,072 shares issued as of September 30, 2015 and December 31, 2014, respectively; and 14,425,436 and 12,719,689 shares outstanding as of September 30, 2015 and December 31, 2014, respectively $ 144,338 $ 127,280
Additional paid in capital 63,348,378 58,646,322
Accumulated deficit (37,073,067) (5,094,463)
Treasury stock, at cost; 8,382 shares at September 30, 2015 and December 31, 2014 (37,117) (37,117)
Total stockholders' equity 26,382,532 53,642,022
Total liabilities and stockholders' equity $ 45,780,004 $ 74,592,472