10-K Filing

ACCESS Newswire Inc. CIK: 843006 FY 2015

Filing Information

Form Type	10-K
Accession Number	`0001654954-16-000153`
Period End Date	20151231
Filing Date	20160303
Fiscal Year	2015
Fiscal Period	FY
XBRL Instance	isdr-20151231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 36 Cash Flow Statement 62 Stockholders Equity 18 Comprehensive Income 6

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Allowance for Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$460.56K	USD	Point-in-time
Allowance for Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$396.88K	USD	Point-in-time
Allowance for Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$429.51K	USD	Point-in-time
Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$1.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.22M	USD	Point-in-time
Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$2.51M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $396,884 and $460,564, respectively)	`AccountsReceivableNet`	$1.25M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $396,884 and $460,564, respectively)	`AccountsReceivableNet`	$2.01M	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
Deferred income tax asset - current	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Discount on current portion of related party note payable	`DiscountOnCurrentPortionOfRelatedPartyNotePayable`	-	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$252.47K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$311.67K	USD	Point-in-time
Preferred Stock shares par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.72M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.05M	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
Capitalized software, net	`CapitalizedComputerSoftwareNet`	-	USD	Point-in-time
Capitalized software, net	`CapitalizedComputerSoftwareNet`	$723.96K	USD	Point-in-time
Preferred Stock shares Authorized	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$145.38K	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
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$175.50K	USD	Point-in-time
Preferred Stock shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred income tax asset - noncurrent	`DeferredTaxAssetsNetNoncurrent`	$97.97K	USD	Point-in-time
Deferred income tax asset - noncurrent	`DeferredTaxAssetsNetNoncurrent`	-	USD	Point-in-time
Preferred Stock shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	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 long-term assets	`OtherAssetsNoncurrent`	$18.30K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$28.29K	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
Goodwill	`Goodwill`	$2.24M	USD	Point-in-time
Goodwill	`Goodwill`	$2.24M	USD	Point-in-time
Common Stock shares Issued	`CommonStockSharesIssued`	2.79M	shares	Point-in-time
Intangible assets (net of accumulated amortization of $2,512,704 and $1,517,366, respectively)	`IntangibleAssetsNetExcludingGoodwill`	$3.73M	USD	Point-in-time
Common Stock shares Issued	`CommonStockSharesIssued`	2.32M	shares	Point-in-time
Intangible assets (net of accumulated amortization of $2,512,704 and $1,517,366, respectively)	`IntangibleAssetsNetExcludingGoodwill`	$2.19M	USD	Point-in-time
Total assets	`Assets`	$10.20M	USD	Point-in-time
Common Stock shares Outstanding	`CommonStockSharesOutstanding`	2.79M	shares	Point-in-time
Total assets	`Assets`	$11.17M	USD	Point-in-time
Common Stock shares Outstanding	`CommonStockSharesOutstanding`	2.32M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$255.62K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$385.29K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.11M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$996.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$199.61K	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`	$822.48K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$877.12K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.40M	USD	Point-in-time
Deferred income tax liability	`DeferredTaxLiabilitiesNoncurrent`	$94.57K	USD	Point-in-time
Deferred income tax liability	`DeferredTaxLiabilitiesNoncurrent`	$633.78K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$56.73K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$113.22K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.61M	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, 2015 and 2014.	`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, 2015 and 2014.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.001 par value, 100,000,000 shares authorized, 2,785,044 and 2,316,743 shares issued and outstanding as of December 31, 2015 and 2014, respectively.	`CommonStockValue`	$2.79K	USD	Point-in-time
Common stock $0.001 par value, 100,000,000 shares authorized, 2,785,044 and 2,316,743 shares issued and outstanding as of December 31, 2015 and 2014, respectively.	`CommonStockValue`	$2.32K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.73M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.20M	USD	Point-in-time
Other accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-35.15K	USD	Point-in-time
Other accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-47.28K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$388.74K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$327.26K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.56M	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`	$10.20M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$11.17M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$13.63M	USD	Annual
Revenues	`Revenues`	$11.62M	USD	Annual
Cost of services	`CostOfServices`	$4.07M	USD	Annual
Cost of services	`CostOfServices`	$3.45M	USD	Annual
Gross profit	`GrossProfit`	$9.56M	USD	Annual
Gross profit	`GrossProfit`	$8.17M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$3.24M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$3.84M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$2.71M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$2.34M	USD	Annual
Product development	`ResearchAndDevelopmentExpense`	$391.97K	USD	Annual
Product development	`ResearchAndDevelopmentExpense`	$326.58K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.08M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.16M	USD	Annual
Impairment loss on intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	$547.00K	USD	Annual
Impairment loss on intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$8.09M	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$7.54M	USD	Annual
Operating income	`OperatingIncomeLoss`	$634.24K	USD	Annual
Operating income	`OperatingIncomeLoss`	$1.47M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-622.14K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-1.71M	USD	Annual
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$12.10K	USD	Annual
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-237.35K	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-279.48K	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-132.49K	USD	Annual
Net income	`NetIncomeLoss`	$144.58K	USD	Annual
Net income	`NetIncomeLoss`	$42.13K	USD	Annual
Income per share - basic	`EarningsPerShareBasic`	$0.02	USD	Annual
Income per share - basic	`EarningsPerShareBasic`	$0.06	USD	Annual
Income per share - diluted	`EarningsPerShareDiluted`	$0.02	USD	Annual
Income per share - diluted	`EarningsPerShareDiluted`	$0.06	USD	Annual
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.49M	shares	Annual
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.08M	shares	Annual
Weighted average number of common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.58M	shares	Annual
Weighted average number of common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.12M	shares	Annual

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$144.58K	USD	Annual
Net income	`NetIncomeLoss`	$42.13K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$169.02K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$275.66K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.16M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.10M	USD	Annual
Impairment loss on intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	$547.00K	USD	Annual
Impairment loss on intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-631.94K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-999.60K	USD	Annual
Non-cash interest expense	`OtherNoncashExpense`	$1.54M	USD	Annual
Non-cash interest expense	`OtherNoncashExpense`	$535.40K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$410.47K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$549.18K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$343.68K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-586.52K	USD	Annual
Decrease (increase) in deposits and prepaid assets	`IncreaseDecreaseInOtherOperatingAssets`	$-68.81K	USD	Annual
Decrease (increase) in deposits and prepaid assets	`IncreaseDecreaseInOtherOperatingAssets`	$159.17K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-8.93K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$132.17K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-142.39K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-44.68K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-311.36K	USD	Annual
Increase (decrease) in accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$20.63K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.18M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.46M	USD	Annual
Purchase of Accesswire intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	Annual
Purchase of Accesswire intangible assets	`PaymentsToAcquireIntangibleAssets`	$1.70M	USD	Annual
Capitalized software	`PaymentsToDevelopSoftware`	$553.68K	USD	Annual
Capitalized software	`PaymentsToDevelopSoftware`	-	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$71.37K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$109.51K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.77M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-663.20K	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`	$28.10K	USD	Annual
Excess tax benefit from share based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$38.23K	USD	Annual
Excess tax benefit from share based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$168.82K	USD	Annual
Payment of dividend	`PaymentsOfDividends`	-	USD	Annual
Payment of dividend	`PaymentsOfDividends`	$83.10K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-16.77K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$340.95K	USD	Annual
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.50M	USD	Annual
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$31.83K	USD	Annual
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.72M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash - beginning	`CashAndCashEquivalentsAtCarryingValue`	$4.22M	USD	Point-in-time
Currency translation adjustment	`EffectOfExchangeRateOnCash`	$-2.80K	USD	Annual
Currency translation adjustment	`EffectOfExchangeRateOnCash`	$-23.97K	USD	Annual
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.72M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$1.71M	USD	Point-in-time
Cash - ending	`CashAndCashEquivalentsAtCarryingValue`	$4.22M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$167.74K	USD	Annual
Cash paid for interest	`InterestPaid`	$85.87K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$862.81K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$282.95K	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
Stock-based compensation - capitalized software	`StockbasedCompensationCapitalizedSoftware`	$195.41K	USD	Annual
Stock-based compensation - capitalized software	`StockbasedCompensationCapitalizedSoftware`	-	USD	Annual
Conversion of note payable to common stock	`DebtConversionConvertedInstrumentAmount1`	$856.70K	USD	Annual
Conversion of note payable to common stock	`DebtConversionConvertedInstrumentAmount1`	$1.67M	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquity`	$8.56M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$6.01M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquity`	$4.21M	USD	Point-in-time
Stock-based compensation expense, amount	`StockIssuedDuringPeriodValueShareBasedCompensation`	$744.60K	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`	$66.33K	USD	Annual
Shares issued upon partial conversion of note payable (see Note 6), Amount	`DebtConversionConvertedInstrumentAmount1`	$856.70K	USD	Annual
Shares issued upon partial conversion of note payable (see Note 6), Amount	`DebtConversionConvertedInstrumentAmount1`	$1.67M	USD	Annual
Shares issued upon acquisition of Accesswire (see Note 4), Amount	`StockIssuedDuringPeriodValueAcquisitions`	$140.00K	USD	Annual
Dividends	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$-83.10K	USD	Annual
Foreign currency translation	`FiniteLivedIntangibleAssetsTranslationAndPurchaseAccountingAdjustments`	$12.13K	USD	Annual
Foreign currency translation	`FiniteLivedIntangibleAssetsTranslationAndPurchaseAccountingAdjustments`	$11.78K	USD	Annual
Net income	`NetIncomeLoss`	$144.58K	USD	Annual
Net income	`NetIncomeLoss`	$42.13K	USD	Annual
Ending Balance, Amount	`StockholdersEquity`	$8.56M	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`	$144.58K	USD	Annual
Net income	`NetIncomeLoss`	$42.13K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$11.78K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$12.13K	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$53.91K	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$156.71K	USD	Annual

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