10-K Filing

ACCESS Newswire Inc. CIK: 843006 FY 2013

Filing Information

Form Type	10-K
Accession Number	`0001354488-14-001022`
Period End Date	20131231
Filing Date	20140306
Fiscal Year	2013
Fiscal Period	FY
XBRL Instance	isdr-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 32 Cash Flow Statement 66 Stockholders Equity 17 Comprehensive Income 6

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Allowance for Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$117.03K	USD	Point-in-time
Allowance for Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$125.99K	USD	Point-in-time
Allowance for Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$429.51K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$187.67K	USD	Point-in-time
Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$582.87K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$862.39K	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $429,509 and $117,030, respectively)	`AccountsReceivableNet`	$1.97M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $429,509 and $117,030, respectively)	`AccountsReceivableNet`	$544.68K	USD	Point-in-time
Debt Discount	`DebtInstrumentUnamortizedDiscount`	$2.05M	USD	Point-in-time
Deferred income tax asset - current	`DeferredTaxAssetsNetCurrent`	$25.84K	USD	Point-in-time
Deferred income tax asset - current	`DeferredTaxAssetsNetCurrent`	$49.00K	USD	Point-in-time
Debt Discount	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$160.76K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$38.71K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.88M	USD	Point-in-time
Preferred Stock shares par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.87M	USD	Point-in-time
Preferred Stock shares par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Furniture, equipment and improvements, net	`PropertyPlantAndEquipmentNet`	$297.58K	USD	Point-in-time
Preferred Stock shares Authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Preferred Stock shares Authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Furniture, equipment and improvements, net	`PropertyPlantAndEquipmentNet`	$55.61K	USD	Point-in-time
Preferred Stock shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Deferred income tax - noncurrent	`DeferredTaxAssetsNetNoncurrent`	$159.00K	USD	Point-in-time
Deferred income tax - noncurrent	`DeferredTaxAssetsNetNoncurrent`	-	USD	Point-in-time
Preferred Stock shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$22.35K	USD	Point-in-time
Preferred Stock shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$12.07K	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Common Stock shares par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock shares par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Goodwill	`Goodwill`	$1.06M	USD	Point-in-time
Common Stock shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Intangible assets (net of accumulated amortization of $582,871 and $187,666, respectively)	`IntangibleAssetsNetExcludingGoodwill`	$4.01M	USD	Point-in-time
Intangible assets (net of accumulated amortization of $582,871 and $187,666, respectively)	`IntangibleAssetsNetExcludingGoodwill`	$431.53K	USD	Point-in-time
Common Stock shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total assets	`Assets`	$2.54M	USD	Point-in-time
Common Stock shares Issued	`CommonStockSharesIssued`	1.94M	shares	Point-in-time
Total assets	`Assets`	$9.26M	USD	Point-in-time
Common Stock shares Issued	`CommonStockSharesIssued`	2.01M	shares	Point-in-time
Common Stock shares Outstanding	`CommonStockSharesOutstanding`	2.01M	shares	Point-in-time
Common Stock shares Outstanding	`CommonStockSharesOutstanding`	1.94M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$267.64K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$62.89K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$37.35K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.26M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$226.41K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$298.05K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.05M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$112.91K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$150.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$589.54K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.87M	USD	Point-in-time
Note payable - related party (net of debt discount of $2,053,091 and $0, respectively)	`LongTermNotesPayable`	$446.91K	USD	Point-in-time
Note payable - related party (net of debt discount of $2,053,091 and $0, respectively)	`LongTermNotesPayable`	-	USD	Point-in-time
Deferred income tax liability	`DeferredTaxLiabilitiesNoncurrent`	-	USD	Point-in-time
Deferred income tax liability	`DeferredTaxLiabilitiesNoncurrent`	$1.65M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$105.55K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$83.06K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$695.10K	USD	Point-in-time
Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of December 31, 2013 and 2012.	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of December 31, 2013 and 2012.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.001 par value, 100,000,000 shares authorized, 2,006,689 and 1,937,329 shares issued and outstanding as of December 31, 2013 and 2012, respectively.	`CommonStockValue`	$1.94K	USD	Point-in-time
Common stock $0.001 par value, 100,000,000 shares authorized, 2,006,689 and 1,937,329 shares issued and outstanding as of December 31, 2013 and 2012, respectively.	`CommonStockValue`	$2.01K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.07M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.98M	USD	Point-in-time
Other accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-59.06K	USD	Point-in-time
Other accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$285.13K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-226.16K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.85M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.21M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.54M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.26M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$8.84M	USD	Annual
Revenues	`Revenues`	$4.31M	USD	Annual
Cost of services	`CostOfServices`	$1.50M	USD	Annual
Cost of services	`CostOfServices`	$2.58M	USD	Annual
Gross profit	`GrossProfit`	$2.80M	USD	Annual
Gross profit	`GrossProfit`	$6.26M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$2.48M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.31M	USD	Annual
Sales and marketing expenses	`SellingAndMarketingExpense`	$799.76K	USD	Annual
Sales and marketing expenses	`SellingAndMarketingExpense`	$1.59M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$494.18K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$138.35K	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$4.56M	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$2.25M	USD	Annual
Operating income	`OperatingIncomeLoss`	$1.70M	USD	Annual
Operating income	`OperatingIncomeLoss`	$557.13K	USD	Annual
Net interest expense	`InterestIncomeExpenseNet`	$-401.00	USD	Annual
Net interest expense	`InterestIncomeExpenseNet`	$-515.65K	USD	Annual
Net income before taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$1.18M	USD	Annual
Net income before taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$556.73K	USD	Annual
Income tax expense	`CurrentIncomeTaxExpenseBenefit`	$251.00K	USD	Annual
Income tax expense	`CurrentIncomeTaxExpenseBenefit`	$556.00K	USD	Annual
Net income	`NetIncomeLoss`	$628.58K	USD	Annual
Net income	`NetIncomeLoss`	$305.73K	USD	Annual
Income per share - basic	`EarningsPerShareBasic`	$0.16	USD	Annual
Income per share - basic	`EarningsPerShareBasic`	$0.32	USD	Annual
Income per share - fully diluted	`EarningsPerShareDiluted`	$0.31	USD	Annual
Income per share - fully diluted	`EarningsPerShareDiluted`	$0.15	USD	Annual
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	1.90M	shares	Annual
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	1.94M	shares	Annual
Weighted average number of common shares outstanding - fully diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.98M	shares	Annual
Weighted average number of common shares outstanding - fully diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.02M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$628.58K	USD	Annual
Net income	`NetIncomeLoss`	$305.73K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$65.33K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$203.14K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$138.35K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$494.18K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-276.85K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-9.00K	USD	Annual
Non-cash interest expense	`OtherNoncashExpense`	-	USD	Annual
Non-cash interest expense	`OtherNoncashExpense`	$446.91K	USD	Annual
Excess tax benefit from share based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$-11.00K	USD	Annual
Excess tax benefit from share based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	-	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$415.88K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$282.71K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$248.82K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$212.59K	USD	Annual
Decrease (increase) in deposits and prepaids	`IncreaseDecreaseInOtherOperatingAssets`	$-245.69K	USD	Annual
Decrease (increase) in deposits and prepaids	`IncreaseDecreaseInOtherOperatingAssets`	$-72.49K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-89.33K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-40.68K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-64.80K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-523.68K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$190.90K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$130.70K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.39M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$754.17K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$281.00K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	Annual
Purchase of acquired business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	Annual
Purchase of acquired business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$3.18M	USD	Annual
Purchase of furniture, equipment, and improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.85K	USD	Annual
Purchase of furniture, equipment, and improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$43.86K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.22M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-299.85K	USD	Annual
Proceeds from exercise of stock options, net of income taxes	`ProceedsFromStockOptionsExercised`	$124.66K	USD	Annual
Proceeds from exercise of stock options, net of income taxes	`ProceedsFromStockOptionsExercised`	$43.52K	USD	Annual
Payment of dividend	`PaymentsOfDividends`	$117.29K	USD	Annual
Payment of dividend	`PaymentsOfDividends`	$270.59K	USD	Annual
Borrowings on long term debt	`ProceedsFromIssuanceOfLongTermDebt`	$2.50M	USD	Annual
Borrowings on long term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Excess tax benefit from share based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	Annual
Excess tax benefit from share based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$11.00K	USD	Annual
Advances from line of credit (net)	`ProceedsFromLinesOfCredit`	$500.00K	USD	Annual
Advances from line of credit (net)	`ProceedsFromLinesOfCredit`	$275.00K	USD	Annual
Repayment of line of credit	`RepaymentsOfLinesOfCredit`	$650.00K	USD	Annual
Repayment of line of credit	`RepaymentsOfLinesOfCredit`	$125.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-66.06K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.36M	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCash`	-	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCash`	$-61.91K	USD	Annual
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$524.75K	USD	Annual
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$388.26K	USD	Annual
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$862.39K	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$862.39K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$12.03K	USD	Annual
Cash paid for interest	`InterestPaid`	$77.02K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$699.49K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$22.59K	USD	Annual
Common stock issued for acquisition of customer list	`CommonStockIssuedForAcquisitionOfCustomerList`	$140.00K	USD	Annual
Common stock issued for acquisition of customer list	`CommonStockIssuedForAcquisitionOfCustomerList`	-	USD	Annual
Issuance of beneficial conversion feature to holder of note payable	`IssuanceOfBeneficialConversionFeatureToHolderOfNotePayable`	$2.50M	USD	Annual
Issuance of beneficial conversion feature to holder of note payable	`IssuanceOfBeneficialConversionFeatureToHolderOfNotePayable`	-	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	$1.85M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$4.21M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$1.21M	USD	Point-in-time
Issuance of shares for acquisition of customer list from SEC Compliance Services, Inc. ("SECCS"), amount	`StockIssuedDuringPeriodValueAcquisitions`	$140.00K	USD	Annual
Stock-based compensation expense, amount	`StockIssuedDuringPeriodValueShareBasedCompensation`	$415.88K	USD	Annual
Stock-based compensation expense, amount	`StockIssuedDuringPeriodValueShareBasedCompensation`	$282.71K	USD	Annual
Exercise of stock options, net of tax, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$43.52K	USD	Annual
Exercise of stock options, net of tax, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$124.66K	USD	Annual
Dividends	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$-117.29K	USD	Annual
Dividends	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$-270.59K	USD	Annual
Value of beneficial conversion feature issued to holder of convertible note payable, net of deferred taxes	`DebtInstrumentConvertibleBeneficialConversionFeature`	$1.50M	USD	Annual
Foreign currency translation	`FiniteLivedIntangibleAssetsTranslationAndPurchaseAccountingAdjustments`	$-59.06K	USD	Annual
Net income	`NetIncomeLoss`	$628.58K	USD	Annual
Net income	`NetIncomeLoss`	$305.73K	USD	Annual
Ending Balance, Amount	`StockholdersEquity`	$1.85M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$4.21M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$1.21M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$628.58K	USD	Annual
Net income	`NetIncomeLoss`	$305.73K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-59.06K	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$305.73K	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$569.51K	USD	Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.