10-K Filing

ACCESS Newswire Inc. CIK: 843006 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001654954-23-002330`
Period End Date	20221231
Filing Date	20230302
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	isdr_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 35 Cash Flow Statement 52 Stockholders Equity 19 Comprehensive Income 6

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance For Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$745.00K	USD	Point-in-time
Allowance For Accounts Receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$675.00K	USD	Point-in-time
Accumulated Amortization - Capitalized Software	`CapitalizedComputerSoftwareAccumulatedAmortization`	$3.30M	USD	Point-in-time
Accumulated Amortization - Capitalized Software	`CapitalizedComputerSoftwareAccumulatedAmortization`	$3.36M	USD	Point-in-time
Accumulated Depreciation - Fixed Assets	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$610.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.85M	USD	Point-in-time
Accumulated Depreciation - Fixed Assets	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$456.00K	USD	Point-in-time
Accumulated Amortization - Intangible Assets	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$6.82M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $745 and $675, respectively)	`AccountsReceivableNet`	$3.29M	USD	Point-in-time
Accumulated Amortization - Intangible Assets	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$6.00M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of $745 and $675, respectively)	`AccountsReceivableNet`	$2.98M	USD	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	-	USD	Point-in-time
Preferred Stock Shares, Par Value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Income tax receivable	`IncomeTaxReceivable`	$51.00K	USD	Point-in-time
Preferred Stock Shares, Par Value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock Shares, Authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.56M	USD	Point-in-time
Preferred Stock Shares, Authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$750.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$27.89M	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
Total current assets	`AssetsCurrent`	$9.42M	USD	Point-in-time
Capitalized software (net of accumulated amortization of $3,363 and $3,301, respectively)	`CapitalizedComputerSoftwareNet`	$201.00K	USD	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
Capitalized software (net of accumulated amortization of $3,363 and $3,301, respectively)	`CapitalizedComputerSoftwareNet`	$138.00K	USD	Point-in-time
Fixed assets (net of accumulated depreciation of $610 and $456, respectively)	`PropertyPlantAndEquipmentNet`	$625.00K	USD	Point-in-time
Fixed assets (net of accumulated depreciation of $610 and $456, respectively)	`PropertyPlantAndEquipmentNet`	$713.00K	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
Right-of-use asset - leases (See Note 9)	`OperatingLeaseRightOfUseAsset`	$1.53M	USD	Point-in-time
Common Stock Shares, Authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Right-of-use asset - leases (See Note 9)	`OperatingLeaseRightOfUseAsset`	$1.28M	USD	Point-in-time
Common Stock Shares, Authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common Stock Shares, Issued	`CommonStockSharesIssued`	3.79M	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$94.00K	USD	Point-in-time
Common Stock Shares, Issued	`CommonStockSharesIssued`	3.79M	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$136.00K	USD	Point-in-time
Common Stock Shares, Outstanding	`CommonStockSharesOutstanding`	3.79M	shares	Point-in-time
Goodwill	`Goodwill`	$6.38M	USD	Point-in-time
Common Stock Shares, Outstanding	`CommonStockSharesOutstanding`	3.79M	shares	Point-in-time
Goodwill	`Goodwill`	$22.50M	USD	Point-in-time
Intangible assets (net of accumulated amortization of $6,821 and $6,005, respectively)	`IntangibleAssetsNetExcludingGoodwill`	$32.23M	USD	Point-in-time
Intangible assets (net of accumulated amortization of $6,821 and $6,005, respectively)	`IntangibleAssetsNetExcludingGoodwill`	$2.45M	USD	Point-in-time
Total assets	`Assets`	$39.26M	USD	Point-in-time
Total assets	`Assets`	$66.33M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$695.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.37M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.98M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.25M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$46.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$157.00K	USD	Point-in-time
Note payable	`NotesPayable`	$22.00M	USD	Point-in-time
Note payable	`NotesPayable`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$5.41M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$31.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.80M	USD	Point-in-time
Deferred income tax liability	`DeferredTaxLiabilityNoncurrent`	$572.00K	USD	Point-in-time
Deferred income tax liability	`DeferredTaxLiabilityNoncurrent`	$176.00K	USD	Point-in-time
Lease liabilities - long-term (See Note 9)	`OperatingLeaseLiabilityNoncurrent`	$1.66M	USD	Point-in-time
Lease liabilities - long-term (See Note 9)	`OperatingLeaseLiabilityNoncurrent`	$1.34M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$33.10M	USD	Point-in-time
Preferred stock, $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and 2021, respectively.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.001 par value, 20,000,000 shares authorized, 3,791,020 and 3,793,538 shares issued and outstanding as of December 31, 2022 and 2021, respectively.	`CommonStockValue`	$4.00K	USD	Point-in-time
Common stock $0.001 par value, 20,000,000 shares authorized, 3,791,020 and 3,793,538 shares issued and outstanding as of December 31, 2022 and 2021, respectively.	`CommonStockValue`	$4.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$22.15M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$22.40M	USD	Point-in-time
Other accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-19.00K	USD	Point-in-time
Other accumulated comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-96.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.23M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$28.14M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$31.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$33.22M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$39.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$66.33M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$23.51M	USD	Annual
Revenues	`Revenues`	$21.88M	USD	Annual
Cost of revenues	`CostOfRevenue`	$5.75M	USD	Annual
Cost of revenues	`CostOfRevenue`	$5.68M	USD	Annual
Gross margin	`GrossProfit`	$16.14M	USD	Annual
Gross margin	`GrossProfit`	$17.83M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$6.96M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$5.82M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$4.89M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$5.92M	USD	Annual
Product development	`ResearchAndDevelopmentExpense`	$1.31M	USD	Annual
Product development	`ResearchAndDevelopmentExpense`	$1.07M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$603.00K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$970.00K	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$12.39M	USD	Annual
Total operating costs and expenses	`OperatingExpenses`	$15.16M	USD	Annual
Operating income	`OperatingIncomeLoss`	$2.67M	USD	Annual
Operating income	`OperatingIncomeLoss`	$3.74M	USD	Annual
Interest income (expense), net	`InterestIncomeExpenseNet`	$-11.00K	USD	Annual
Interest income (expense), net	`InterestIncomeExpenseNet`	$3.00K	USD	Annual
Other income (See Note 2)	`OtherIncome`	$366.00K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.11M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.66M	USD	Annual
Income tax expense	`OtherNoncashIncomeTaxExpense`	$724.00K	USD	Annual
Income tax expense	`OtherNoncashIncomeTaxExpense`	$821.00K	USD	Annual
Net income	`NetIncomeLoss`	$3.29M	USD	Annual
Net income	`NetIncomeLoss`	$1.93M	USD	Annual
Income per share - basic	`EarningsPerShareBasic`	$0.87	USD	Annual
Income per share - basic	`EarningsPerShareBasic`	$0.52	USD	Annual
Income per share - diluted	`EarningsPerShareDiluted`	$0.52	USD	Annual
Income per share - diluted	`EarningsPerShareDiluted`	$0.86	USD	Annual
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.78M	shares	Annual
Weighted average number of common shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.72M	shares	Annual
Weighted average number of common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.82M	shares	Annual
Weighted average number of common shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.74M	shares	Annual

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.93M	USD	Annual
Net income	`ProfitLoss`	$3.29M	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$406.00K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$257.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.14M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.03M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-106.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-278.00K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$333.00K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$763.00K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.00K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.04M	USD	Annual
Decrease (increase) in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-160.00K	USD	Annual
Decrease (increase) in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-282.00K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$35.00K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$393.00K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$564.00K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$887.00K	USD	Annual
Increase (decrease) in accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-265.00K	USD	Annual
Increase (decrease) in accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-147.00K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.02M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.73M	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$66.00K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$62.00K	USD	Annual
Capitalized software	`PaymentsToAcquireSoftware`	$215.00K	USD	Annual
Capitalized software	`PaymentsToAcquireSoftware`	-	USD	Annual
Purchase of acquired business, net of cash received (See note 4)	`PurchaseOfAcquiredBusinessNetOfCashReceived`	-	USD	Annual
Purchase of acquired business, net of cash received (See note 4)	`PurchaseOfAcquiredBusinessNetOfCashReceived`	$17.96M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.03M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-277.00K	USD	Annual
Payment for stock repurchase and retirement (see Note 7)	`PaymentsForRepurchaseOfCommonStock`	$453.00K	USD	Annual
Payment for stock repurchase and retirement (see Note 7)	`PaymentsForRepurchaseOfCommonStock`	$5.00M	USD	Annual
Proceeds from exercise of stock options, net of income taxes	`ProceedsFromStockOptionsExercised`	$307.00K	USD	Annual
Proceeds from exercise of stock options, net of income taxes	`ProceedsFromStockOptionsExercised`	$91.00K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.91M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-146.00K	USD	Annual
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-18.92M	USD	Annual
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$4.31M	USD	Annual
Cash- beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.56M	USD	Point-in-time
Cash- beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.83M	USD	Point-in-time
Cash- beginning	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.85M	USD	Point-in-time
Currency translation adjustment	`EffectOfExchangeRatesOnCash`	$-12.00K	USD	Annual
Currency translation adjustment	`EffectOfExchangeRatesOnCash`	$-101.00K	USD	Annual
Cash- ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.56M	USD	Point-in-time
Cash- ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.83M	USD	Point-in-time
Cash- ending	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.85M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$1.05M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$954.00K	USD	Annual
Shares issued in acquisition of Newswire (see Note 4)	`SharesIssuedInAcquisitionOfNewswire`	-	USD	Annual
Shares issued in acquisition of Newswire (see Note 4)	`SharesIssuedInAcquisitionOfNewswire`	$3.89K	USD	Annual
Issuance of secured promissory note in acquisition of Newswire (see Note 4)	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Issuance of secured promissory note in acquisition of Newswire (see Note 4)	`ProceedsFromRelatedPartyDebt`	$22.00M	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance, amount	`StockholdersEquity`	$28.14M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$31.62M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$33.22M	USD	Point-in-time
Stock-based compensation expense	`StockBasedCompensationExpense`	$763.00K	USD	Annual
Stock-based compensation expense	`StockBasedCompensationExpense`	$333.00K	USD	Annual
Exercise of stock awards, net of tax, amount	`ExerciseOfStockAwardsNetOfTaxAmount`	$307.00K	USD	Annual
Exercise of stock awards, net of tax, amount	`ExerciseOfStockAwardsNetOfTaxAmount`	$91.00K	USD	Annual
Stock repurchase and retirement (see Note 7), shares	`StockRepurchasedAndRetiredDuringPeriodShares`	207,964.00	shares	Annual
Stock repurchase and retirement (see Note 7), amount	`StockRepurchasedAndRetiredDuringPeriodValue`	$-453.00K	USD	Annual
Stock repurchase and retirement (see Note 7), amount	`StockRepurchasedAndRetiredDuringPeriodValue`	$-5.00M	USD	Annual
Foreign currency translation	`ForeignCurrencyTranslation`	$-77.00K	USD	Annual
Foreign currency translation	`ForeignCurrencyTranslation`	-	USD	Annual
Net income	`NetIncomeLoss`	$3.29M	USD	Annual
Net income	`NetIncomeLoss`	$1.93M	USD	Annual
Shares issued upon acquisition of Newswire (see Note 4), amount	`SharesIssuedUponAcquisitionOfNewswireamount`	$3.89M	USD	Annual
Stock repurchase and retirement (see Note 7), shares	`StockRepurchasedAndRetiredDuringPeriodShares`	207,964.00	shares	Annual
Balance, amount	`StockholdersEquity`	$28.14M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$31.62M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$33.22M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.29M	USD	Annual
Net income	`NetIncomeLoss`	$1.93M	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	-	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-77.00K	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.29M	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.86M	USD	Annual

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