Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 2,070,693 $ 1,519,467
Accounts receivable, net 2,510,530 3,448,748
Short-term investments 500,000 5,198,878
Incremental direct costs 1,023,916 900,868
Prepaid license fee 112,500 337,500
Prepaid expenses and other current assets $ 411,592 381,057
Deferred tax asset  
Total current assets $ 6,629,231 11,844,718
Property and equipment, net 444,398 874,769
Capitalized technology, net 456,523 526,070
Goodwill 20,201,190 45,180,531
Intangible assets, net 12,051,839 14,934,225
Merchant reserve 1,260,849 860,849
Security deposits 383,786 371,310
Total assets 41,427,816 74,592,472
Current Liabilities:    
Accounts payable 4,465,941 4,941,135
Accrued expenses 837,712 549,727
Deferred revenue 7,507,176 10,078,938
Customer deposits 112,500 337,500
Notes payable   1,389,386
Promissory note $ 445,000 437,186
Warrant liability 93,789
Capital lease obligations 15,232
Total current liabilities $ 13,368,329 17,842,893
Deferred rent 45,155 25,946
Deferred tax liability 4,942,908 $ 3,081,611
Other liabilities 426,267
Total liabilities $ 18,782,659 $ 20,950,450
Commitments and contingencies
Stockholders' Equity    
Common stock, $0.01 par value, 25,000,000 shares authorized, 14,608,230 shares and 12,928,072 shares issued as of December 31, 2015 and 2014, respectively, and 14,466,513 and 12,719,689 shares outstanding as of December 31, 2015 and 2014, respectively $ 144,749 $ 127,280
Additional paid in capital 63,427,542 58,646,322
Accumulated deficit (40,890,017) (5,094,463)
Treasury stock, at cost; 8,382 shares at December 31, 2015 and 2014 (37,117) (37,117)
Total stockholders' equity 22,645,157 53,642,022
Total liabilities and stockholders' equity $ 41,427,816 $ 74,592,472