Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash and cash equivalents (Amount related to variable interest entity of $683,043, and $1,671,378 in 2018 and 2017, respectively) $ 1,441,607 $ 2,926,088
Accounts receivable, net 816,698 905,723
Incremental direct costs 20,797 145,292
Prepaid expenses and other current assets 350,906 478,379
Current assets from discontinued operations 126,270 1,180,099
Total current assets 2,756,278 5,635,581
Property and equipment, net 83,608 221,184
Capitalized technology, net 194,833 153,381
Goodwill 339,451 5,590,150
Intangible assets, net 1,020,942 6,264,706
Merchant reserve 760,849 760,849
Security deposits 82,139 225,957
Long-term assets from discontinued operations 137,114
Total assets 5,238,100 18,988,922
Current Liabilities:    
Accounts payable 1,843,688 1,120,444
Accrued expenses 989,626 1,166,214
Deferred revenue 2,460,436 4,004,015
Note Payable - related party 500,000  
Current liabilities from discontinued operations 346,528 484,524
Total current liabilities 6,140,278 6,775,197
Deferred tax liability 194,786 1,803,519
Deferred rent 13,742 56,082
Other liabilities 82 52,321
Total liabilities 6,348,888 8,687,119
Commitments and contingencies  
Stockholders' Equity    
Common stock, $0.01 par value, 45,000,000 shares authorized, 4,856,213 shares and 3,963,864 shares issued as of December 31, 2018 and 2017, respectively, and 4,855,165 and 3,962,816 shares outstanding as of December 31, 2018 and 2017, respectively 48,562 39,639
Additional paid in capital 83,728,903 80,016,218
Accumulated other comprehensive income (24,340) 28,848
Accumulated deficit (84,826,796) (69,745,785)
Treasury stock, at cost; 1,048 shares at December 31, 2018 and 2017 (37,117) (37,117)
Total stockholders' equity (1,110,788) 10,301,803
Total liabilities and stockholders' equity $ 5,238,100 $ 18,988,922