10-K Filing

ACCESS Newswire Inc. CIK: 843006 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001354488-15-000966`
Period End Date	20141231
Filing Date	20150304
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	isdr-20141231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 32 Cash Flow Statement 66 Stockholders Equity 20 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`	$429.51K	USD	Point-in-time
Allowance for Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$460.56K	USD	Point-in-time
Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$1.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.72M	USD	Point-in-time
Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$582.87K	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $460,564 and $429,509, respectively)	`AccountsReceivableNet`	$2.01M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $460,564 and $429,509, respectively)	`AccountsReceivableNet`	$1.97M	USD	Point-in-time
Deferred income tax asset - current	`DeferredTaxAssetsNetCurrent`	$25.84K	USD	Point-in-time
Discount on current portion of related party note payable	`DiscountOnCurrentPortionOfRelatedPartyNotePayable`	$535.40K	USD	Point-in-time
Deferred income tax asset - current	`DeferredTaxAssetsNetCurrent`	$7.29K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$160.76K	USD	Point-in-time
Discount on non-current portion of related party note payable	`DiscountOnNoncurrentPortionOfRelatedPartyNotePayable`	$2.05M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$311.67K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.05M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.87M	USD	Point-in-time
Furniture, equipment and improvements, net	`PropertyPlantAndEquipmentNet`	$297.58K	USD	Point-in-time
Preferred Stock shares par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Furniture, equipment and improvements, net	`PropertyPlantAndEquipmentNet`	$145.38K	USD	Point-in-time
Preferred Stock shares par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock shares Authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$22.35K	USD	Point-in-time
Preferred Stock shares Authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$28.29K	USD	Point-in-time
Preferred Stock shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Goodwill	`Goodwill`	$1.06M	USD	Point-in-time
Goodwill	`Goodwill`	$2.24M	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
Preferred Stock shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Intangible assets (net of accumulated amortization of $1,517,366 and $582,871, respectively)	`IntangibleAssetsNetExcludingGoodwill`	$4.01M	USD	Point-in-time
Intangible assets (net of accumulated amortization of $1,517,366 and $582,871, respectively)	`IntangibleAssetsNetExcludingGoodwill`	$3.73M	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
Total assets	`Assets`	$10.20M	USD	Point-in-time
Total assets	`Assets`	$9.26M	USD	Point-in-time
Common Stock shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock shares Issued	`CommonStockSharesIssued`	2.32M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$267.64K	USD	Point-in-time
Common Stock shares Issued	`CommonStockSharesIssued`	2.01M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$255.62K	USD	Point-in-time
Common Stock shares Outstanding	`CommonStockSharesOutstanding`	2.01M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.11M	USD	Point-in-time
Common Stock shares Outstanding	`CommonStockSharesOutstanding`	2.32M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.26M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$298.05K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$135.53K	USD	Point-in-time
Note payable - related party (net of debt discount of $535,397 at December 31, 2014)	`NotesPayableRelatedPartiesClassifiedCurrent`	$1.13M	USD	Point-in-time
Note payable - related party (net of debt discount of $535,397 at December 31, 2014)	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$877.12K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$1.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.50M	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`	-	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
Deferred income tax liability	`DeferredTaxLiabilitiesNoncurrent`	$1.65M	USD	Point-in-time
Deferred income tax liability	`DeferredTaxLiabilitiesNoncurrent`	$633.78K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$83.06K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$56.73K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.20M	USD	Point-in-time
Commitments and contingencies (see Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of December 31, 2014 and 2013.	`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, 2014 and 2013.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.001 par value, 100,000,000 shares authorized, 2,316,743 and 2,006,689 shares issued and outstanding as of December 31, 2013 and 2012, respectively.	`CommonStockValue`	$2.01K	USD	Point-in-time
Common stock $0.001 par value, 100,000,000 shares authorized, 2,316,743 and 2,006,689 shares issued and outstanding as of December 31, 2013 and 2012, respectively.	`CommonStockValue`	$2.32K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.73M	USD	Point-in-time
Other accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-59.06K	USD	Point-in-time
Other accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-47.28K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$285.13K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$327.26K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.85M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.01M	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`	$10.20M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$8.84M	USD	Annual
Revenues	`Revenues`	$13.63M	USD	Annual
Cost of services	`CostOfServices`	$4.07M	USD	Annual
Cost of services	`CostOfServices`	$2.58M	USD	Annual
Gross profit	`GrossProfit`	$9.56M	USD	Annual
Gross profit	`GrossProfit`	$6.26M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$4.23M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$2.48M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$1.59M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$2.71M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$494.18K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.16M	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$4.56M	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$8.09M	USD	Annual
Operating income	`OperatingIncomeLoss`	$1.70M	USD	Annual
Operating income	`OperatingIncomeLoss`	$1.47M	USD	Annual
Net interest expense	`InterestIncomeExpenseNet`	$-1.71M	USD	Annual
Net interest expense	`InterestIncomeExpenseNet`	$-515.65K	USD	Annual
Net income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-237.35K	USD	Annual
Net income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$1.18M	USD	Annual
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-279.48K	USD	Annual
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$556.00K	USD	Annual
Net income	`NetIncomeLoss`	$42.13K	USD	Annual
Net income	`NetIncomeLoss`	$628.58K	USD	Annual
Income per share - basic	`EarningsPerShareBasic`	$0.32	USD	Annual
Income per share - basic	`EarningsPerShareBasic`	$0.02	USD	Annual
Income per share - diluted	`EarningsPerShareDiluted`	$0.31	USD	Annual
Income per share - diluted	`EarningsPerShareDiluted`	$0.02	USD	Annual
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	1.94M	shares	Annual
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.08M	shares	Annual
Weighted average number of common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.12M	shares	Annual
Weighted average number of common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.02M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$42.13K	USD	Annual
Net income	`NetIncomeLoss`	$628.58K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$275.66K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$203.14K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$494.18K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.16M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-276.85K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-999.60K	USD	Annual
Non-cash interest expense	`OtherNoncashExpense`	$446.91K	USD	Annual
Non-cash interest expense	`OtherNoncashExpense`	$1.54M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$410.47K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$282.71K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$343.68K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$212.59K	USD	Annual
Decrease (increase) in deposits and prepaids	`IncreaseDecreaseInOtherOperatingAssets`	$159.17K	USD	Annual
Decrease (increase) in deposits and prepaids	`IncreaseDecreaseInOtherOperatingAssets`	$-245.69K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-89.33K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-8.93K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-523.68K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-142.39K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-311.36K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$190.90K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.46M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.39M	USD	Annual
Purchase of Accesswire intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	Annual
Purchase of Accesswire intangible assets	`PaymentsToAcquireIntangibleAssets`	$1.70M	USD	Annual
Purchase of acquired business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$3.18M	USD	Annual
Purchase of acquired business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	Annual
Purchase of furniture, equipment, and improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$43.86K	USD	Annual
Purchase of furniture, equipment, and improvements	`PaymentsToAcquirePropertyPlantAndEquipment`	$71.37K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.77M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.22M	USD	Annual
Proceeds from exercise of stock options, net of income taxes	`ProceedsFromStockOptionsExercised`	$172.13K	USD	Annual
Proceeds from exercise of stock options, net of income taxes	`ProceedsFromStockOptionsExercised`	$124.66K	USD	Annual
Excess tax benefit from share based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	Annual
Excess tax benefit from share based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$168.82K	USD	Annual
Payment of dividend	`PaymentsOfDividends`	$117.29K	USD	Annual
Payment of dividend	`PaymentsOfDividends`	-	USD	Annual
Borrowings on long term debt	`ProceedsFromIssuanceOfLongTermDebt`	$2.50M	USD	Annual
Borrowings on long term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Advance from line of credit	`ProceedsFromLinesOfCredit`	-	USD	Annual
Advance from line of credit	`ProceedsFromLinesOfCredit`	$500.00K	USD	Annual
Repayment of line of credit	`RepaymentsOfLinesOfCredit`	$650.00K	USD	Annual
Repayment of line of credit	`RepaymentsOfLinesOfCredit`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.36M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$340.95K	USD	Annual
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$31.83K	USD	Annual
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$524.75K	USD	Annual
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.72M	USD	Point-in-time
Currency translation adjustment	`EffectOfExchangeRateOnCash`	$-61.91K	USD	Annual
Currency translation adjustment	`EffectOfExchangeRateOnCash`	$-23.97K	USD	Annual
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.72M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$77.02K	USD	Annual
Cash paid for interest	`InterestPaid`	$167.74K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$699.49K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$862.81K	USD	Annual
Common stock issued for acquisition of assets	`FairValueOfAssetsAcquired`	-	USD	Annual
Common stock issued for acquisition of assets	`FairValueOfAssetsAcquired`	$140.00K	USD	Annual
Issuance of beneficial conversion feature to holder of note payable	`IssuanceOfBeneficialConversionFeatureToHolderOfNotePayable`	-	USD	Annual
Issuance of beneficial conversion feature to holder of note payable	`IssuanceOfBeneficialConversionFeatureToHolderOfNotePayable`	$2.50M	USD	Annual
Partial conversion of note payable to common stock	`DebtConversionConvertedInstrumentAmount1`	-	USD	Annual
Partial conversion of note payable to common stock	`DebtConversionConvertedInstrumentAmount1`	$856.70K	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	$1.85M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$6.01M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$4.21M	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`	$282.71K	USD	Annual
Stock-based compensation expense, amount	`StockIssuedDuringPeriodValueShareBasedCompensation`	$410.47K	USD	Annual
Exercise of stock options, net of tax, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$340.95K	USD	Annual
Exercise of stock options, net of tax, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$124.66K	USD	Annual
Shares issued upon partial conversion of note payable (see Note 6), Amount	`DebtConversionConvertedInstrumentAmount1`	-	USD	Annual
Shares issued upon partial conversion of note payable (see Note 6), Amount	`DebtConversionConvertedInstrumentAmount1`	$856.70K	USD	Annual
Shares issued upon acquisition of Accesswire (see Note 4), Amount	`StockIssuedDuringPeriodValueAcquisitions`	$140.00K	USD	Annual
Dividends	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$-117.29K	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
Foreign currency translation	`FiniteLivedIntangibleAssetsTranslationAndPurchaseAccountingAdjustments`	$11.78K	USD	Annual
Net income	`NetIncomeLoss`	$42.13K	USD	Annual
Net income	`NetIncomeLoss`	$628.58K	USD	Annual
Ending Balance, Amount	`StockholdersEquity`	$1.85M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$6.01M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquity`	$4.21M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$42.13K	USD	Annual
Net income	`NetIncomeLoss`	$628.58K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$11.78K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-59.06K	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$53.91K	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.