10-Q Filing

ACCESS Newswire Inc. CIK: 843006 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001354488-14-002322`
Period End Date	20140331
Filing Date	20140507
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	isdr-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 30 Cash Flow Statement 50 Comprehensive Income 6

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Allowance for Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$429.51K	USD	Point-in-time
Allowance for Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$483.54K	USD	Point-in-time
Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$582.87K	USD	Point-in-time
Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$812.98K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.82M	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
Accounts receivable, (net of allowance for doubtful accounts of $483,541 and $429,509, respectively)	`AccountsReceivableNet`	$1.97M	USD	Point-in-time
Accounts receivable, (net of allowance for doubtful accounts of $483,541 and $429,509, respectively)	`AccountsReceivableNet`	$2.19M	USD	Point-in-time
Deferred income tax asset - current	`DeferredTaxAssetsNetCurrent`	$25.84K	USD	Point-in-time
Deferred income tax asset - current	`DeferredTaxAssetsNetCurrent`	$25.84K	USD	Point-in-time
Debt Discount	`DebtInstrumentUnamortizedDiscount`	$2.05M	USD	Point-in-time
Debt Discount	`DebtInstrumentUnamortizedDiscount`	$1.74M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$160.76K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$441.18K	USD	Point-in-time
Preferred Stock shares par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.48M	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 Authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Furniture, equipment and improvements, net	`PropertyPlantAndEquipmentNet`	$297.58K	USD	Point-in-time
Furniture, equipment and improvements, net	`PropertyPlantAndEquipmentNet`	$253.95K	USD	Point-in-time
Preferred Stock shares Authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Goodwill	`Goodwill`	$1.06M	USD	Point-in-time
Preferred Stock shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Goodwill	`Goodwill`	$1.06M	USD	Point-in-time
Preferred Stock shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Intangible assets (net of accumulated amortization of $812,979 and $582,871, respectively)	`IntangibleAssetsNetExcludingGoodwill`	$3.78M	USD	Point-in-time
Preferred Stock shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Intangible assets (net of accumulated amortization of $812,979 and $582,871, respectively)	`IntangibleAssetsNetExcludingGoodwill`	$4.01M	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
Other noncurrent assets	`OtherAssetsNoncurrent`	$22.35K	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$22.35K	USD	Point-in-time
Common Stock shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total assets	`Assets`	$9.26M	USD	Point-in-time
Total assets	`Assets`	$9.60M	USD	Point-in-time
Common Stock shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock shares Issued	`CommonStockSharesIssued`	2.05M	shares	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
Accounts payable	`AccountsPayableCurrent`	$294.53K	USD	Point-in-time
Common Stock shares Outstanding	`CommonStockSharesOutstanding`	2.05M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$267.64K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.34M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.55M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$972.59K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.05M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.87M	USD	Point-in-time
Note payable (net of debt discount of $1,740,591and $2,053,091, respectively)	`LongTermNotesPayable`	$759.41K	USD	Point-in-time
Note payable (net of debt discount of $1,740,591and $2,053,091, respectively)	`LongTermNotesPayable`	$446.91K	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$1.65M	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$1.65M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$127.26K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$83.06K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.05M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of March 31, 2014 and December 31, 2013.	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of March 31, 2014 and December 31, 2013.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.001 par value, 100,000,000 shares authorized, 2,047,939 and 2,006,689 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively.	`CommonStockValue`	$2.01K	USD	Point-in-time
Common stock $0.001 par value, 100,000,000 shares authorized, 2,047,939 and 2,006,689 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively.	`CommonStockValue`	$2.05K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.27M	USD	Point-in-time
Other accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-59.06K	USD	Point-in-time
Other accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-65.60K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$285.13K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$248.19K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.45M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.21M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.60M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$3.49M	USD	1 Quarter
Revenues	`Revenues`	$1.41M	USD	1 Quarter
Cost of services	`CostOfServices`	$398.89K	USD	1 Quarter
Cost of services	`CostOfServices`	$1.03M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.01M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.47M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$408.60K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.29M	USD	1 Quarter
Sales and marketing expenses	`SellingAndMarketingExpense`	$201.02K	USD	1 Quarter
Sales and marketing expenses	`SellingAndMarketingExpense`	$523.52K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$281.87K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$34.94K	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$2.09M	USD	1 Quarter
Total operating costs and expenses	`OperatingExpenses`	$644.55K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$367.79K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$375.12K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-362.06K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-247.00	USD	1 Quarter
Net income before income taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$13.07K	USD	1 Quarter
Net income before income taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$367.54K	USD	1 Quarter
Income tax (expense) benefit	`CurrentIncomeTaxExpenseBenefit`	$50.01K	USD	1 Quarter
Income tax (expense) benefit	`CurrentIncomeTaxExpenseBenefit`	$152.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$215.54K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-36.94K	USD	1 Quarter
Income (loss) per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Income (loss) per share - basic and fully diluted	`EarningsPerShareBasicAndDiluted`	$0.11	USD	1 Quarter
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.02M	shares	1 Quarter
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	1.94M	shares	1 Quarter
Weighted average number of common shares outstanding - fully diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.02M	shares	1 Quarter
Weighted average number of common shares outstanding - fully diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.01M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$215.54K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-36.94K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$281.87K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$34.94K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$40.78K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$104.98K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-165.00	USD	1 Quarter
Stock-based expense	`ShareBasedCompensation`	$191.20K	USD	1 Quarter
Stock-based expense	`ShareBasedCompensation`	$66.27K	USD	1 Quarter
Non-cash interest expense	`OtherNoncashExpense`	$312.50K	USD	1 Quarter
Non-cash interest expense	`OtherNoncashExpense`	-	USD	1 Quarter
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$241.75K	USD	1 Quarter
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$326.81K	USD	1 Quarter
Decrease (increase) in deposits and prepaid assets	`IncreaseDecreaseInOtherOperatingAssets`	$279.75K	USD	1 Quarter
Decrease (increase) in deposits and prepaid assets	`IncreaseDecreaseInOtherOperatingAssets`	$-14.15K	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$26.66K	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$47.50K	USD	1 Quarter
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-22.22K	USD	1 Quarter
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-169.07K	USD	1 Quarter
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-82.83K	USD	1 Quarter
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-45.47K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$21.63K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$109.74K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$27.58K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.13K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.13K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.58K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$64.00	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$97.82K	USD	1 Quarter
Repayment of line of credit	`RepaymentsOfLinesOfCredit`	$75.00K	USD	1 Quarter
Repayment of line of credit	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-74.94K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$97.82K	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.22K	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$111.31K	USD	1 Quarter
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.26M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.82M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Currency translation adjustment	`EffectOfExchangeRateOnCash`	-	USD	1 Quarter
Currency translation adjustment	`EffectOfExchangeRateOnCash`	$-3.81K	USD	1 Quarter
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.26M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.82M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$50.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$1.78K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$331.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$253.81K	USD	1 Quarter

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$215.54K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-36.94K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-6.53K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$215.54K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-43.48K	USD	1 Quarter

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