Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents (Amount related to variable interest entity of $1,671,378 in 2017) $ 3,013,927 $ 6,068,973
Accounts receivable, net 1,997,983 2,170,529
Incremental direct costs 145,292 423,023
Prepaid expenses and other current assets 478,379 957,140
Total current assets 5,635,581 9,619,665
Property and equipment, net 237,037 277,534
Capitalized technology, net 158,142 173,368
Goodwill 5,590,150 20,201,190
Intangible assets, net 6,381,206 9,183,439
Merchant reserve 760,849 1,426,927
Security deposits 225,957 220,754
Other assets 35,000
Total assets 18,988,922 41,137,877
Current Liabilities:    
Accounts payable 1,524,066 2,172,332
Accrued expenses 1,247,116 962,172
Deferred revenue 4,004,015 5,485,599
Total current liabilities 6,775,197 8,620,103
Deferred rent 56,082 55,718
Deferred tax liability 1,803,519 3,653,274
Other liabilities 52,321 33,159
Total liabilities 8,687,119 12,362,254
Commitments and contingencies
Stockholders’ Equity    
Common stock, $0.01 par value, 45,000,000 shares authorized, 3,963,864 shares and 3,623,899 shares issued as of December 31, 2017 and 2016, respectively, and 3,962,816 and 3,619,338 shares outstanding as of December 31, 2017 and 2016, respectively 39,639 36,204
Additional paid in capital 80,016,218 76,234,772
Accumulated other comprehensive income 28,848
Accumulated deficit (69,745,785) (47,458,236)
Treasury stock, at cost; 1,048 shares at December 31, 2017 and 2016 (37,117) (37,117)
Total stockholders’ equity 10,301,803 28,775,623
Total liabilities and stockholders’ equity $ 18,988,922 $ 41,137,877