| Schedule Prior Adjustments for Implements to New Revenue Recognition |
The following table
reconciles the balances as presented for the three and six months ended June 30, 2018 to the balances prior to the adjustments
made to implement the new revenue recognition standard for the same period:
| |
|
Three Months Ended June 30, 2018 |
|
|
Six Months Ended June 30, 2018 |
|
| |
|
As Presented |
|
|
Impact of New Revenue Standard |
|
|
Previous Revenue Standard |
|
|
As Presented |
|
|
Impact of New Revenue Standard |
|
|
Previous Revenue Standard |
|
| NET REVENUE |
|
$ |
8,682,937 |
|
|
$ |
279,560 |
|
|
$ |
8,403,377 |
|
|
$ |
16,990,262 |
|
|
$ |
326,631 |
|
|
$ |
16,663,631 |
|
| OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Direct operating costs |
|
|
4,333,573 |
|
|
|
- |
|
|
|
4,333,573 |
|
|
|
8,817,628 |
|
|
|
- |
|
|
|
8,817,628 |
|
| Selling and marketing |
|
|
403,057 |
|
|
|
(7,688 |
) |
|
|
410,745 |
|
|
|
708,071 |
|
|
|
(11,225 |
) |
|
|
719,296 |
|
| General and administrative |
|
|
3,054,205 |
|
|
|
- |
|
|
|
3,054,205 |
|
|
|
5,654,939 |
|
|
|
- |
|
|
|
5,654,939 |
|
| Research and development |
|
|
248,921 |
|
|
|
- |
|
|
|
248,921 |
|
|
|
504,800 |
|
|
|
- |
|
|
|
504,800 |
|
| Change in contingent consideration |
|
|
11,030 |
|
|
|
- |
|
|
|
11,030 |
|
|
|
42,780 |
|
|
|
- |
|
|
|
42,780 |
|
| Depreciation and amortization |
|
|
559,696 |
|
|
|
- |
|
|
|
559,696 |
|
|
|
1,150,467 |
|
|
|
- |
|
|
|
1,150,467 |
|
| Total operating expenses |
|
|
8,610,482 |
|
|
|
(7,688 |
) |
|
|
8,618,170 |
|
|
|
16,878,685 |
|
|
|
(11,225 |
) |
|
|
16,889,910 |
|
| OPERATING INCOME (LOSS) |
|
|
72,455 |
|
|
|
287,248 |
|
|
|
(214,793 |
) |
|
|
111,577 |
|
|
|
337,856 |
|
|
|
(226,279 |
) |
| OTHER: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
29,939 |
|
|
|
- |
|
|
|
29,939 |
|
|
|
35,224 |
|
|
|
- |
|
|
|
35,224 |
|
| Interest expense |
|
|
(74,167 |
) |
|
|
- |
|
|
|
(74,167 |
) |
|
|
(148,248 |
) |
|
|
- |
|
|
|
(148,248 |
) |
| Other income - net |
|
|
218,589 |
|
|
|
- |
|
|
|
218,589 |
|
|
|
369,963 |
|
|
|
- |
|
|
|
369,963 |
|
| INCOME BEFORE INCOME TAXES |
|
|
246,816 |
|
|
|
287,248 |
|
|
|
(40,432 |
) |
|
|
368,516 |
|
|
|
337,856 |
|
|
|
30,660 |
|
| Income tax provision |
|
|
51,536 |
|
|
|
- |
|
|
|
51,536 |
|
|
|
98,200 |
|
|
|
- |
|
|
|
98,200 |
|
| NET INCOME (LOSS) |
|
$ |
195,280 |
|
|
$ |
287,248 |
|
|
$ |
(91,968 |
) |
|
$ |
270,316 |
|
|
$ |
337,856 |
|
|
$ |
(67,540 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred stock dividend |
|
|
1,248,717 |
|
|
|
- |
|
|
|
1,248,717 |
|
|
|
2,024,049 |
|
|
|
- |
|
|
|
2,024,049 |
|
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS |
|
$ |
(1,053,437 |
) |
|
$ |
287,248 |
|
|
$ |
(1,340,685 |
) |
|
$ |
(1,753,733 |
) |
|
$ |
337,856 |
|
|
$ |
(2,091,589 |
) |
| Loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted (loss) income per share |
|
$ |
(0.09 |
) |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
$ |
(0.15 |
) |
|
$ |
0.03 |
|
|
$ |
(0.18 |
) |
|