Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 1,700,526 $ 2,070,693
Accounts receivable, net 1,767,422 2,510,530
Short-term investments 250,000 500,000
Incremental direct costs 881,544 1,023,916
Prepaid license fee 56,250 112,500
Prepaid expenses and other current assets 468,876 411,592
Total current assets 5,124,618 6,629,231
Property and equipment, net 402,817 444,398
Capitalized technology, net 348,194 456,523
Goodwill 20,201,190 20,201,190
Intangible assets, net 11,334,739 12,051,839
Merchant reserve 1,426,690 1,260,849
Security deposits 393,225 383,786
Total assets 39,231,473 41,427,816
Current Liabilities:    
Accounts payable 4,313,275 4,465,941
Accrued expenses 1,627,351 837,712
Deferred revenue 6,625,065 7,507,176
Customer deposits 56,250 112,500
Promissory note 445,000 445,000
Total current liabilities 13,066,941 13,368,329
Deferred rent 48,949 45,155
Deferred tax liability 4,484,684 4,942,908
Other liabilities 368,196 426,267
Total liabilities $ 17,968,770 $ 18,782,659
Commitments and contingencies
Stockholders' Equity    
Common stock, $0.01 par value; 25,000,000 shares authorized; 14,608,230 shares issued as of March 31, 2016 and December 31, 2015; and 14,466,513 shares outstanding as of March 31, 2016 and December 31, 2015 $ 144,749 $ 144,749
Additional paid in capital 63,484,726 63,427,542
Accumulated deficit (42,329,655) (40,890,017)
Treasury stock, at cost; 8,382 shares at March 31, 2016 and December 31, 2015 (37,117) (37,117)
Total stockholders' equity 21,262,703 22,645,157
Total liabilities and stockholders' equity $ 39,231,473 $ 41,427,816