Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 1,292,244 $ 2,070,693
Accounts receivable, net 1,772,860 2,510,530
Short-term investments 500,000
Incremental direct costs 719,747 1,023,916
Prepaid license fee 112,500
Prepaid expenses and other current assets 305,752 411,592
Total current assets 4,090,603 6,629,231
Property and equipment, net 353,921 444,398
Capitalized technology, net 302,958 456,523
Goodwill 20,201,190 20,201,190
Intangible assets, net 10,617,639 12,051,839
Merchant reserve 1,426,927 1,260,849
Security deposits 377,070 383,786
Total assets 37,370,308 41,427,816
Current Liabilities:    
Accounts payable 4,301,997 4,465,941
Accrued expenses 1,425,112 837,712
Deferred revenue 5,122,268 7,507,176
Customer deposits 112,500
Warrant liability 380,000
Promissory note 445,000 445,000
Total current liabilities 11,674,377 13,368,329
Deferred tax liability 4,348,515 4,942,908
Line of credit, net of unamortized debt issuance costs 330,563
Deferred rent 52,740 45,155
Other liabilities 61,575 426,267
Total liabilities 16,467,770 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 June 30, 2016 and December 31, 2015; and 14,466,513 shares outstanding as of June 30, 2016 and December 31, 2015 144,749 144,749
Additional paid in capital 63,930,830 63,427,542
Accumulated deficit (43,135,924) (40,890,017)
Treasury stock, at cost; 8,382 shares at June 30, 2016 and December 31, 2015 (37,117) (37,117)
Total stockholders' equity 20,902,538 22,645,157
Total liabilities and stockholders' equity $ 37,370,308 $ 41,427,816