Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 858,875 $ 633,615
Accounts receivable, net 453,112 720,750
Incremental direct costs 16,876 33,258
Prepaid expense and other current assets 365,640 240,763
Current assets from discontinued operations 3,940 75,996
Total current assets 1,698,443 1,704,382
Property and equipment, net 8,546 21,188
Capitalized technology, net 54,177 95,884
Goodwill 339,451 339,451
Intangible assets, net 414,281 452,385
Right-of-use assets 14,326 93,251
Merchant reserve 760,849 760,849
Security deposits 15,033 15,033
Long-term assets from discontinued operations 2,846,658 3,109,200
Total assets 6,151,764 6,591,623
Current Liabilities:    
Accounts payable 856,976 796,137
Accrued expenses 1,633,789 654,169
Deferred revenue 1,321,125 1,699,001
Short-term loan 162,770
Lease liability, current portion 16,016 105,083
Current liabilities from discontinued operations 323,276 564,044
Total current liabilities 4,313,952 3,818,434
Long-term loan 488,308
Deferred tax liability 202,833 221,254
Total liabilities 5,005,093 4,039,688
Commitments and contingencies  
Stockholders' Equity    
Common stock, $0.01 par value; 45,000,000 shares authorized, 11,339,407 shares and 8,928,611 shares issued as of June 30, 2020 and December 31, 2019, and 11,338,359 and 8,927,563 shares outstanding as of June 30, 2020 and December 31, 2019 113,384 89,286
Additional paid in capital 93,000,285 91,126,784
Accumulated other comprehensive income 72,347 44,242
Accumulated deficit (92,002,228) (88,671,260)
Treasury stock, at cost; 1,048 shares at June 30, 2020 and December 31, 2019 (37,117) (37,117)
Total stockholders' equity 1,146,671 2,551,935
Total liabilities and stockholders' equity $ 6,151,764 $ 6,591,623