| Schedule Prior Adjustments for Implements to New Revenue Recognition |
The following table
reconciles the balances as presented for the three months ended March 31, 2018 to the balances prior to the adjustments made to
implement the new revenue recognition standard for the same period:
| |
|
As Presented |
|
|
Impact of New Revenue Standard |
|
|
Previous Revenue Standard |
|
| NET REVENUE |
|
$ |
8,307,325 |
|
|
$ |
47,071 |
|
|
$ |
8,260,254 |
|
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
| Direct operating costs |
|
|
4,484,055 |
|
|
|
- |
|
|
|
4,484,055 |
|
| Selling and marketing |
|
|
305,014 |
|
|
|
(3,537 |
) |
|
|
308,551 |
|
| General and administrative |
|
|
2,600,734 |
|
|
|
- |
|
|
|
2,600,734 |
|
| Research and development |
|
|
255,880 |
|
|
|
- |
|
|
|
255,880 |
|
| Change in contingent consideration |
|
|
31,749 |
|
|
|
- |
|
|
|
31,749 |
|
| Depreciation and amortization |
|
|
590,771 |
|
|
|
- |
|
|
|
590,771 |
|
| Restructuring charges |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total operating expenses |
|
|
8,268,203 |
|
|
|
(3,537 |
) |
|
|
8,271,740 |
|
| OPERATING INCOME (LOSS) |
|
|
39,122 |
|
|
|
50,608 |
|
|
|
(11,486 |
) |
| OTHER: |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
5,285 |
|
|
|
- |
|
|
|
5,285 |
|
| Interest expense |
|
|
(74,081 |
) |
|
|
- |
|
|
|
(74,081 |
) |
| Other income - net |
|
|
151,374 |
|
|
|
- |
|
|
|
151,374 |
|
| INCOME BEFORE INCOME TAXES |
|
|
121,700 |
|
|
|
50,608 |
|
|
|
71,092 |
|
| Income tax provision |
|
|
46,664 |
|
|
|
- |
|
|
|
46,664 |
|
| NET INCOME |
|
$ |
75,036 |
|
|
$ |
50,608 |
|
|
$ |
24,428 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred stock dividend |
|
|
775,332 |
|
|
|
- |
|
|
|
775,332 |
|
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS |
|
$ |
(700,296 |
) |
|
$ |
50,608 |
|
|
$ |
(750,904 |
) |
| Loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted loss per share |
|
$ |
(0.06 |
) |
|
$ |
0.00 |
|
|
$ |
(0.06 |
) |
|