Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current Assets:    
Cash and cash equivalents $ 633,615 $ 105,670
Accounts receivable, net 720,750 816,698
Incremental direct costs 33,258 20,797
Prepaid expenses and other current assets 240,763 294,933
Current assets from discontinued operations 75,996 1,518,180
Total current assets 1,704,382 2,756,278
Property and equipment, net 21,188 55,733
Capitalized technology, net 95,884 194,833
Goodwill 339,451 339,451
Intangible assets, net 452,385 1,020,942
Right-of-use assets 93,251
Merchant reserve 760,849 760,849
Security deposits 15,033 15,033
Long-term assets from discontinued operations 3,109,200 297,839
Total assets 6,591,623 5,440,958
Current Liabilities:    
Accounts payable 796,137 1,702,999
Accrued expenses 654,169 668,365
Deferred revenue 1,699,001 2,262,571
Note Payable - related party 500,000
Lease liability, current portion 105,083
Current liabilities from discontinued operations 564,044 1,006,343
Total current liabilities 3,818,434 6,140,278
Deferred tax liability 221,254 397,644
Deferred rent 13,742
Long-term liabilities from discontinued operations 82
Total liabilities 4,039,688 6,551,746
Commitments and contingencies
Stockholders' Equity    
Common stock, $0.01 par value, 45,000,000 shares authorized, 8,928,611 shares and 4,856,213 shares issued as of December 31, 2019 and 2018, respectively, and 8,927,563 and 4,855,165 shares outstanding as of December 31, 2019 and 2018, respectively 89,286 48,562
Additional paid in capital 91,126,784 83,728,903
Accumulated other comprehensive income 44,242 (24,340)
Accumulated deficit (88,671,260) (84,826,796)
Treasury stock, at cost; 1,048 shares at December 31, 2019 and 2018 (37,117) (37,117)
Total stockholders' equity (deficit) 2,551,935 (1,110,788)
Total liabilities and stockholders' equity $ 6,591,623 $ 5,440,958