Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'THESTREET, INC. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 34,359,405 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001080056 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current Assets: | ' | ' |
Cash and cash equivalents | $49,958,339 | $45,443,759 |
Accounts receivable, net of allowance for doubtful accounts of $237,138 as of March 31, 2014 and $202,207 as of December 31, 2013 | 3,657,421 | 4,502,344 |
Marketable securities | 8,184,460 | 9,426,875 |
Other receivables, net | 445,960 | 299,687 |
Prepaid expenses and other current assets | 1,216,283 | 1,167,029 |
Restricted cash | 139,750 | 139,750 |
Total current assets | 63,602,213 | 60,979,444 |
Property and equipment, net of accumulated depreciation and amortization of $16,349,181 as of March 31, 2014 and $16,035,351 as of December 31, 2013 | 4,427,359 | 4,400,404 |
Marketable securities | 1,500,000 | 3,670,860 |
Other assets | 43,054 | 21,800 |
Goodwill | 27,997,286 | 27,997,286 |
Other intangibles, net of accumulated amortization of $7,416,801 as of March 31, 2014 and $6,994,772 as of December 31, 2013 | 10,250,629 | 10,662,983 |
Restricted cash | 1,161,250 | 1,161,250 |
Total assets | 108,981,791 | 108,894,027 |
Current Liabilities: | ' | ' |
Accounts payable | 2,895,948 | 2,352,521 |
Accrued expenses | 3,582,969 | 4,338,423 |
Deferred revenue | 23,837,275 | 22,122,763 |
Other current liabilities | 998,546 | 957,741 |
Total current liabilities | 31,314,738 | 29,771,448 |
Deferred tax liability | 288,000 | 288,000 |
Other liabilities | 4,916,074 | 4,671,421 |
Total liabilities | 36,518,812 | 34,730,869 |
Stockholders’ Equity | ' | ' |
Preferred stock; $0.01 par value; 10,000,000 shares authorized; 5,500 issued and outstanding as of March 31, 2014 and December 31, 2013; the aggregate liquidation preference totals $55,000,000 as of March 31, 2014 and December 31, 2013 | 55 | 55 |
Common stock; $0.01 par value; 100,000,000 shares authorized; 41,383,501 shares issued and 34,357,273 shares outstanding as of March 31, 2014, and 41,058,246 shares issued and 34,044,339 shares outstanding as of December 31, 2013 | 413,835 | 410,582 |
Additional paid-in capital | 273,426,423 | 273,861,536 |
Accumulated other comprehensive loss | -286,594 | -178,183 |
Treasury stock at cost; 7,026,228 shares as of March 31, 2014 and 7,013,907 shares as of December 31, 2013 | -12,398,243 | -12,364,460 |
Accumulated deficit | -188,692,497 | -187,566,372 |
Total stockholders’ equity | 72,462,979 | 74,163,158 |
Total liabilities and stockholders’ equity | $108,981,791 | $108,894,027 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Allowance for doubtful accounts (in Dollars) | $237,138 | $202,207 |
Accumulated depreciation and amortization (in Dollars) | 16,349,181 | 16,035,351 |
Accumulated amortization (in Dollars) | 7,416,801 | 6,994,772 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 5,500 | 5,500 |
Preferred stock, shares outstanding | 5,500 | 5,500 |
Preferred stock, aggregate liquidation preference (in Dollars) | $55,000,000 | $55,000,000 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 41,383,501 | 41,058,246 |
Common stock, shares outstanding | 34,357,273 | 34,044,339 |
Treasury stock, shares | 7,026,228 | 7,013,907 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net revenue: | ' | ' |
Subscription services | $11,449,867 | $10,252,671 |
Media | 2,939,211 | 2,327,530 |
Total net revenue | 14,389,078 | 12,580,201 |
Operating expense: | ' | ' |
Cost of services | 7,737,965 | 6,242,746 |
Sales and marketing | 4,101,285 | 3,416,147 |
General and administrative | 2,978,570 | 3,463,775 |
Depreciation and amortization | 735,861 | 943,056 |
Restructuring and other charges | 0 | 385,610 |
Gain on disposition of assets | 0 | -56,586 |
Total operating expense | 15,553,681 | 14,394,748 |
Operating loss | -1,164,603 | -1,814,547 |
Net interest income | 38,478 | 71,863 |
Net loss | -1,126,125 | -1,742,684 |
Preferred stock cash dividends | 96,424 | 0 |
Net loss attributable to common stockholders | ($1,222,549) | ($1,742,684) |
Basic and diluted net loss per share | ' | ' |
Net loss (in Dollars per share) | ($0.04) | ($0.05) |
Preferred stock cash dividends (in Dollars per share) | $0 | $0 |
Net loss attributable to common stockholders (in Dollars per share) | ($0.04) | ($0.05) |
Weighted average basic and diluted shares outstanding (in Shares) | 34,206,260 | 33,278,477 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net loss | ($1,126,125) | ($1,742,684) |
Unrealized (loss) gain on marketable securities | -108,411 | 78,650 |
Comprehensive loss | ($1,234,536) | ($1,664,034) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Flows from Operating Activities: | ' | ' |
Net loss | ($1,126,125) | ($1,742,684) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Stock-based compensation expense | 446,630 | 420,522 |
Provision for doubtful accounts | 43,821 | -25,761 |
Depreciation and amortization | 735,861 | 943,056 |
Restructuring and other charges | 0 | 393,195 |
Deferred rent | -81,286 | -80,633 |
Gain on disposition of assets | 0 | -56,586 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 794,719 | 720,575 |
Other receivables | -139,890 | 367,768 |
Prepaid expenses and other current assets | -49,256 | 179,754 |
Other intangibles | -9,675 | 0 |
Other assets | -21,254 | -11,881 |
Accounts payable | 543,427 | -1,373,427 |
Accrued expenses | -656,435 | -1,169,674 |
Deferred revenue | 1,901,500 | 1,419,780 |
Other current liabilities | 40,141 | -24,657 |
Net cash provided by (used in) operating activities | 2,422,178 | -40,653 |
Cash Flows from Investing Activities: | ' | ' |
Sale and maturity of marketable securities | 3,304,864 | 6,278,012 |
Capital expenditures | -340,785 | -196,721 |
Proceeds from the disposition of assets | 0 | 56,586 |
Net cash provided by investing activities | 2,964,079 | 6,137,877 |
Cash Flows from Financing Activities: | ' | ' |
Cash dividends paid on common stock | -860,016 | 0 |
Cash dividends paid on preferred stock | -96,424 | 0 |
Proceeds from the exercise of stock options | 118,546 | 0 |
Shares withheld on RSU vesting to pay for withholding taxes | -33,783 | -125,067 |
Net cash used in financing activities | -871,677 | -125,067 |
Net increase in cash and cash equivalents | 4,514,580 | 5,972,157 |
Cash and cash equivalents, beginning of period | 45,443,759 | 23,845,360 |
Cash and cash equivalents, end of period | $49,958,339 | $29,817,517 |
Description_of_the_Business_an
Description of the Business and Basis of Presentation | 3 Months Ended | |
Mar. 31, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
1 | DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | |
Business | ||
TheStreet, Inc., together with its wholly owned subsidiaries (“TheStreet”, “we”, “us” or the “Company”), is a leading digital media company focused on the financial and mergers and acquisitions environment. The Company’s collection of digital services provides users, subscribers and advertisers with a variety of content and tools through a range of online, social media, tablet and mobile channels. Our mission is to provide investors and advisors with actionable ideas from the world of investing, finance and business, and dealmakers with sophisticated analysis of the mergers and acquisitions environment, in order to break down information barriers, level the playing field and help all individuals and organizations grow their wealth. With a robust suite of digital services, TheStreet offers the tools and insights needed to make informed decisions about earning, investing, saving and spending money. Since its inception in 1996, TheStreet believes it has distinguished itself from other digital media companies with its journalistic excellence, unbiased approach and interactive multimedia coverage of the financial markets, economy, industry trends, investment and financial planning. | ||
Basis of Presentation | ||
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and for quarterly reports on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The financial statements require the use of management estimates and include the accounts of the Company as required by GAAP. Operating results for the three month period ended March 31, 2014 is not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | ||
The consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. | ||
For further information, refer to the consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission (“SEC”) on February 28, 2014 (“2013 Form 10-K”). | ||
The Company has evaluated subsequent events for recognition or disclosure. | ||
Reclassifications | ||
During the three months ended June 30, 2013, the Company started to report certain miscellaneous other revenue items, such as webinars and conferences, as Media rather than Subscription Services revenue. These items and certain other prior period amounts have been reclassified to conform to current period presentation. |
Acquisition
Acquisition | 3 Months Ended | |
Mar. 31, 2014 | ||
Business Combinations [Abstract] | ' | |
Business Combination Disclosure [Text Block] | ' | |
2 | ACQUISITION | |
On April 19, 2013, the Company acquired The DealFlow Report, The Life Settlements Report and the PrivateRaise database (the “DealFlow” acquisition) from DealFlow Media, Inc. These newsletters and database, and the employees providing their content, have been incorporated into The Deal, TheStreet’s institutional platform. The Company paid cash consideration of approximately $2.0 million, and issued 408,829 unregistered shares of the Company’s common stock, having a value on the closing date of approximately $781 thousand. Additionally, the Company assumed net liabilities of approximately $726 thousand. The acquisition was not significant and pro forma financial information was not required. |
Cash_and_Cash_Equivalents_Mark
Cash and Cash Equivalents, Marketable Securities and Restricted Cash | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Cash, Cash Equivalents, and Marketable Securities [Text Block] | ' | ||||||||
3 | CASH AND CASH EQUIVALENTS, MARKETABLE SECURITIES AND RESTRICTED CASH | ||||||||
The Company’s cash, cash equivalents and restricted cash primarily consist of money market funds and checking accounts. Marketable securities consist of investment grade corporate bonds and floating rate notes, and two municipal auction rate securities (“ARS”) issued by the District of Columbia with a par value of approximately $1.9 million. As of March 31, 2014, the total fair value of these marketable securities was approximately $9.7 million and the total cost basis was approximately $10.0 million. As of December 31, 2013, the total fair value of these marketable securities was approximately $13.1 million and the total cost basis was approximately $13.3 million. The decrease in marketable securities was due to non-reinvesting of proceeds as securities matured. With the exception of the ARS, the maximum maturity for any investment is three years. The ARS mature in the year 2038. The Company accounts for its marketable securities in accordance with the provisions of ASC 320-10. The Company classifies these securities as available for sale and the securities are reported at fair value. Unrealized gains and losses are recorded as a component of accumulated other comprehensive loss and excluded from net loss. Additionally, the Company has a total of approximately $1.3 million of cash that serves as collateral for outstanding letters of credit, and which cash is therefore restricted. The letters of credit serve as security deposits for the Company’s office space in New York City. | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Cash and cash equivalents | $ | 49,958,339 | $ | 45,443,759 | |||||
Current and noncurrent marketable securities | 9,684,460 | 13,097,735 | |||||||
Restricted cash | 1,301,000 | 1,301,000 | |||||||
Total cash and cash equivalents, current and noncurrent marketable securities and restricted cash | $ | 60,943,799 | $ | 59,842,494 | |||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
4 | FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company measures the fair value of its financial instruments in accordance with ASC 820-10, which refines the definition of fair value, provides a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The statement establishes consistency and comparability by providing a fair value hierarchy that prioritizes the inputs to valuation techniques into three broad levels, which are described below: | |||||||||||||||||
• | Level 1: Inputs are quoted market prices in active markets for identical assets or liabilities (these are observable market inputs). | ||||||||||||||||
• | Level 2: Inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability (includes quoted market prices for similar assets or identical or similar assets in markets in which there are few transactions, prices that are not current or vary substantially). | ||||||||||||||||
Financial assets and liabilities included in our financial statements and measured at fair value are classified based on the valuation technique level in the table below: | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Description: | |||||||||||||||||
Cash and cash equivalents (1) | $ | 49,958,339 | $ | 49,958,339 | $ | — | $ | — | |||||||||
Restricted cash (1) | 1,301,000 | 1,301,000 | — | — | |||||||||||||
Marketable securities (2) | 9,684,460 | 8,184,460 | — | 1,500,000 | |||||||||||||
Total at fair value | $ | 60,943,799 | $ | 59,443,799 | $ | — | $ | 1,500,000 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Description: | |||||||||||||||||
Cash and cash equivalents (1) | $ | 45,443,759 | $ | 45,443,759 | $ | — | $ | — | |||||||||
Restricted cash (1) | 1,301,000 | 1,301,000 | — | — | |||||||||||||
Marketable securities (2) | 13,097,735 | 11,517,735 | — | 1,580,000 | |||||||||||||
Total at fair value | $ | 59,842,494 | $ | 58,262,494 | $ | — | $ | 1,580,000 | |||||||||
-1 | Cash, cash equivalents and restricted cash consists primarily of money market funds and checking accounts for which we determine fair value through quoted market prices. | ||||||||||||||||
-2 | Marketable securities primarily consist of investment grade corporate bonds and floating rate notes for which we determine fair value through quoted market prices. Marketable securities also consist of two municipal ARS issued by the District of Columbia having a fair value totaling approximately $1.5 million as of March 31, 2014 and approximately $1.6 million as of December 31, 2013. Historically, the fair value of ARS investments approximated par value due to the frequent resets through the auction process. Due to events in credit markets, the auction events, which historically have provided liquidity for these securities, have been unsuccessful. The result of a failed auction is that these ARS holdings will continue to pay interest in accordance with their terms at each respective auction date; however, liquidity of the securities will be limited until there is a successful auction, the issuer redeems the securities, the securities mature or until such time as other markets for these ARS holdings develop. For each of our ARS, we evaluate the risks related to the structure, collateral and liquidity of the investment, and forecast the probability of issuer default, auction failure and a successful auction at par, or a redemption at par, for each future auction period. Temporary impairment charges are recorded in accumulated other comprehensive (loss) income, whereas other-than-temporary impairment charges are recorded in our consolidated statement of operations. As of March 31, 2014, the Company determined there was a decline in the fair value of its ARS investments of $350 thousand from its cost basis, which was deemed temporary and was included within accumulated other comprehensive loss. The Company used both a discounted cash flow and market approach model to determine the estimated fair value of its investment in ARS. The assumptions used in preparing the discounted cash flow model include estimates for interest rate, timing and amount of cash flows and expected holding period of ARS. | ||||||||||||||||
The following table provides a reconciliation of the beginning and ending balance for the Company’s marketable securities measured at fair value using significant unobservable inputs (Level 3): | |||||||||||||||||
Marketable | |||||||||||||||||
Securities | |||||||||||||||||
Balance at December 31, 2013 | $ | 1,580,000 | |||||||||||||||
Decrease in fair value of investment | (80,000 | ) | |||||||||||||||
Balance at March 31, 2014 | $ | 1,500,000 | |||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
5 | STOCK-BASED COMPENSATION | ||||||||||||||||
The Company estimates the fair value of stock option awards on the date of grant using the Black-Scholes option-pricing model. This determination is affected by the Company’s stock price as well as assumptions regarding expected volatility, risk-free interest rate, and expected dividends. The weighted-average grant date fair value per share of stock option awards granted during the three months ended March 31, 2014 and 2013 was $0.41 and $0.58, respectively, using the Black-Scholes model with the weighted-average assumptions presented below. Because option-pricing models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. The value of each restricted stock unit is equal to the closing price per share of the Company’s Common Stock on the date of grant. The weighted-average grant date fair value per share of employee restricted stock units granted during the three months ended March 31, 2014 and 2013 was $2.23 and $1.69, respectively. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods. | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected option lives | 3.0 years | 3.5 years | |||||||||||||||
Expected volatility | 35.93% | 42.55% | |||||||||||||||
Risk-free interest rate | 0.82% | 0.53% | |||||||||||||||
Expected dividend yield | 4.32% | 0.00% | |||||||||||||||
As of March 31, 2014, there remained 1,733,458 shares available for future awards under the Company’s 2007 Performance Incentive Plan (the “2007 Plan”). In connection with awards under both the 2007 Plan and awards issued outside of the Plan, the Company recorded approximately $447 thousand and $814 thousand (inclusive of $393 thousand included in restructuring and other charges in 2013) of noncash stock-based compensation for the three month periods ended March 31, 2014 and 2013, respectively. As of March 31, 2014, there was approximately $4.7 million of unrecognized stock-based compensation expense remaining to be recognized over a weighted-average period of 3.2 years. | |||||||||||||||||
A summary of the activity of the 2007 Plan, and awards issued outside of the Plan pertaining to stock option grants is as follows: | |||||||||||||||||
Shares | Weighted | Aggregate | Weighted | ||||||||||||||
Underlying | Average | Intrinsic | Average | ||||||||||||||
Awards | Exercise | Value | Remaining | ||||||||||||||
Price | $0 | Contractual | |||||||||||||||
Life (In Years) | |||||||||||||||||
Awards outstanding at December 31, 2013 | 4,435,536 | $ | 1.89 | ||||||||||||||
Options granted | 45,958 | $ | 2.27 | ||||||||||||||
Options exercised | (63,164 | ) | $ | 1.88 | |||||||||||||
Options cancelled | (1,722 | ) | $ | 1.9 | |||||||||||||
Options expired | (20,391 | ) | $ | 3.3 | |||||||||||||
Awards outstanding at March 31, 2014 | 4,396,217 | $ | 1.88 | $ | 3,320 | 4.49 | |||||||||||
Awards vested and expected to vest at March 31, 2014 | 4,041,994 | $ | 1.88 | $ | 3,068 | 4.48 | |||||||||||
Awards exercisable at March 31, 2014 | 1,450,586 | $ | 1.87 | $ | 1,169 | 4.29 | |||||||||||
A summary of the activity of the 2007 Plan pertaining to grants of restricted stock units is as follows: | |||||||||||||||||
Shares | Aggregate | Weighted | |||||||||||||||
Underlying | Intrinsic | Average | |||||||||||||||
Awards | Value | Remaining | |||||||||||||||
$0 | Contractual | ||||||||||||||||
Life (In Years) | |||||||||||||||||
Awards outstanding at December 31, 2013 | 1,478,447 | ||||||||||||||||
Restricted stock units granted | 470,853 | ||||||||||||||||
Restricted stock units settled by delivery of common stock upon vesting | (262,091 | ) | |||||||||||||||
Restricted stock units cancelled | — | ||||||||||||||||
Awards outstanding at March 31, 2014 | 1,687,209 | $ | 4,420 | 3.43 | |||||||||||||
Awards vested and expected to vest at March 31, 2014 | 1,623,084 | $ | 4,252 | 3.3 | |||||||||||||
A summary of the status of the Company’s unvested share-based payment awards as of March 31, 2014 and changes in the three month period then ended, is as follows: | |||||||||||||||||
Unvested Awards | Number of Shares | Weighted | |||||||||||||||
Average Grant | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Shares underlying awards unvested at December 31, 2013 | 4,711,899 | $ | 1.03 | ||||||||||||||
Shares underlying options granted | 45,958 | $ | 0.41 | ||||||||||||||
Shares underlying restricted stock units granted | 470,853 | $ | 2.23 | ||||||||||||||
Shares underlying options vested | (332,057 | ) | $ | 0.55 | |||||||||||||
Shares underlying restricted stock units vested | (262,091 | ) | $ | 1.78 | |||||||||||||
Shares underlying options cancelled | (1,722 | ) | $ | 0.54 | |||||||||||||
Shares underlying restricted stock units cancelled | — | $ | — | ||||||||||||||
Shares underlying awards unvested at March 31, 2014 | 4,632,840 | $ | 1.14 | ||||||||||||||
For the three months ended March 31, 2014 and 2013, the total fair value of share-based awards vested was approximately $793 thousand and $1.2 million, respectively. For the three months ended March 31, 2014 and 2013, the total intrinsic value of options exercised was approximately $50 thousand and $0, respectively (no options were exercised in the three months ended March 31, 2013). For the three months ended March 31, 2014 and 2013, the total intrinsic value of restricted stock units that vested was approximately $611 thousand and $902 thousand, respectively. For the three months ended March 31, 2014 and 2013, approximately 46 thousand and 410 thousand stock options, respectively, were granted to employees of the Company, and 63 thousand and 0 options, respectively, were exercised yielding $119 thousand and $0, respectively, of cash proceeds to the Company. Additionally, for the three months ended March 31, 2014 and 2013, approximately 471 thousand and 338 thousand restricted stock units, respectively, were granted to employees of the Company, and approximately 262 thousand and 514 thousand shares, respectively, were issued under restricted stock unit grants. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |
Mar. 31, 2014 | ||
Stockholders' Equity Note [Abstract] | ' | |
Stockholders' Equity Note Disclosure [Text Block] | ' | |
6 | STOCKHOLDERS’ EQUITY | |
Treasury Stock | ||
In December 2000, the Company’s Board of Directors authorized the repurchase of up to $10 million of the Company’s Common Stock, from time to time, in private purchases or in the open market. In February 2004, the Company’s Board of Directors approved the resumption of the stock repurchase program (the “Program”) under new price and volume parameters, leaving unchanged the maximum amount available for repurchase under the Program. However, the affirmative vote of the holders of a majority of the outstanding shares of Series B Preferred Stock, voting separately as a single class, is necessary for the Company to repurchase its Common Stock (except for the purchase or redemption from employees, directors and consultants pursuant to agreements providing us with repurchase rights upon termination of their service with us), unless after such purchase we have unrestricted cash (net of all indebtedness for borrowed money, purchase money obligations, promissory notes or bonds) equal to at least two times the product obtained by multiplying the number of shares of Series B Preferred Stock outstanding at the time such dividend is paid by the liquidation preference. During the three-month periods ended March 31, 2014 and 2013, the Company did not purchase any shares of Common Stock under the Program. Since inception of the Program, the Company has purchased a total of 5,453,416 shares of Common Stock at an aggregate cost of approximately $7.3 million. | ||
In addition, pursuant to the terms of the Company’s 2007 Plan, and certain procedures adopted by the Compensation Committee of the Board of Directors, in connection with the exercise of stock options by certain of the Company’s employees, and the issuance of shares of Common Stock in settlement of vested restricted stock units, the Company may withhold shares in lieu of payment of the exercise price and/or the minimum amount of applicable withholding taxes then due. Through March 31, 2014, the Company had withheld an aggregate of 1,361,204 shares which have been recorded as treasury stock. In addition, the Company received an aggregate of 208,270 shares as partial settlement of the working capital and debt adjustment from the acquisition of Corsis Technology Group II LLC and 3,338 shares as partial settlement of the working capital adjustment from the acquisition of Kikucall, Inc. These shares have been recorded as treasury stock. | ||
Dividends | ||
During the first quarter of 2014, the Company paid a quarterly cash dividend of $0.025 per share on its Common Stock and its Series B Preferred Stock on a converted common share basis. The dividend payment totaled approximately $956 thousand. There was no dividend paid during the first quarter of 2013. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended | |
Mar. 31, 2014 | ||
Disclosure Text Block Supplement [Abstract] | ' | |
Legal Matters and Contingencies [Text Block] | ' | |
7 | LEGAL PROCEEDINGS | |
The Company is party to legal proceedings arising in the ordinary course of business or otherwise, none of which is deemed material. |
Net_Loss_Per_Share_of_Common_S
Net Loss Per Share of Common Stock | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
8 | NET LOSS PER SHARE OF COMMON STOCK | ||||||||
Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted average number of common shares and potential common shares outstanding during the period, so long as the inclusion of potential common shares does not result in a lower net loss per share. Potential common shares consist of restricted stock units (using the treasury stock method), the incremental common shares issuable upon the exercise of stock options (using the treasury stock method), and the conversion of the Company’s convertible preferred stock (using the if-converted method). For the three months ended March 31, 2014 and 2013, approximately 6.1 million and 4.0 million unvested restricted stock units and vested and unvested options to purchase Common Stock, respectively, were excluded from the calculation, as their effect would result in a lower net loss per share. | |||||||||
The following table reconciles the numerator and denominator for the calculation. | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Basic and diluted net loss per share: | |||||||||
Numerator: | |||||||||
Net loss | $ | (1,126,125 | ) | $ | (1,742,684 | ) | |||
Preferred stock cash dividends | (96,424 | ) | — | ||||||
Numerator for basic and diluted earnings per share | |||||||||
Net loss attributable to common stockholders | $ | (1,222,549 | ) | $ | (1,742,684 | ) | |||
Denominator: | |||||||||
Weighted average basic and diluted shares outstanding | 34,206,260 | 33,278,477 | |||||||
Basic and diluted net loss per share: | |||||||||
Net loss | $ | (0.04 | ) | $ | (0.05 | ) | |||
Preferred stock cash dividends | (0.00 | ) | — | ||||||
Net loss attributable to common stockholders | $ | (0.04 | ) | $ | (0.05 | ) | |||
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
9 | INCOME TAXES | |
The Company accounts for its income taxes in accordance with ASC 740-10. Under ASC 740-10, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases. ASC 740-10 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized based on all available positive and negative evidence. | ||
The Company had approximately $156 million of federal and state net operating loss carryforwards as of December 31, 2013, which results in deferred tax assets of approximately $64 million. The Company has a full valuation allowance against its deferred tax assets as management concluded that it was more likely than not that the Company would not realize the benefit of its deferred tax assets by generating sufficient taxable income in future years. The Company expects to continue to provide a full valuation allowance until, or unless, it can sustain a level of profitability that demonstrates its ability to utilize these assets. | ||
Subject to potential Section 382 limitations as discussed below, the federal losses are available to offset future taxable income through 2033 and expire from 2019 through 2033. Since the Company does business in various states and each state has its own rules with respect to the number of years losses may be carried forward, the state net operating loss carryforwards expire from 2014 through 2033. The net operating loss carryforward as of December 31, 2013 includes approximately $15 million related to windfall tax benefits for which a benefit would be recorded to additional paid in capital when realized. Based on operating results for the three months ended March 31, 2014 and nine month projections, management expects to generate a tax loss in 2014 and no tax benefit has been recorded. | ||
In accordance with Section 382 of the Internal Revenue Code, the ability to utilize the Company’s net operating loss carryforwards could be limited in the event of a change in ownership and as such a portion of the existing net operating loss carryforwards may be subject to limitation. |
Business_Concentrations_and_Cr
Business Concentrations and Credit Risk | 3 Months Ended | |
Mar. 31, 2014 | ||
Risks and Uncertainties [Abstract] | ' | |
Concentration Risk Disclosure [Text Block] | ' | |
10 | BUSINESS CONCENTRATIONS AND CREDIT RISK | |
Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company maintains all of its cash, cash equivalents and restricted cash in four domestic financial institutions, and performs periodic evaluations of the relative credit standing of these institutions. As of March 31, 2014, the Company’s cash, cash equivalents and restricted cash primarily consisted of money market funds and checking accounts. | ||
For the three months ended March 31, 2014 and 2013, no individual client accounted for 10% or more of consolidated revenue. As of March 31, 2014 and 2013, no individual client accounted for more than 10% of our gross accounts receivable balance. | ||
The Company’s customers are primarily concentrated in the United States and we carry accounts receivable balances. The Company performs ongoing credit evaluations, generally does not require collateral, and establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of customers, historical trends and other information. To date, actual losses have been within management’s expectations. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||
11 | RESTRUCTURING AND OTHER CHARGES | ||||||||
During the year ended December 31, 2013, the Company recognized restructuring and other charges totaling approximately $386 thousand primarily related to noncash stock-based compensation costs in connection with the accelerated vesting of certain restricted stock units for a terminated employee. | |||||||||
During the year ended December 31, 2012, the Company implemented a targeted reduction in force. Additionally, in assessing the ongoing needs of the organization, the Company elected to discontinue using certain software as a service, consulting and data providers, and elected to write-off certain previously capitalized software development projects. The actions were taken after a review of the Company’s cost structure with the goal of better aligning the cost structure with the Company’s revenue base. These restructuring efforts resulted in restructuring and other charges of approximately $3.4 million during the year ended December 31, 2012. Additionally, as a result of the Company’s acquisition of The Deal, LLC (“the Deal”) in September 2012, the Company discontinued the use of The Deal’s office space and implemented a reduction in force to eliminate redundant positions, resulting in restructuring and other charges of approximately $3.5 million during the year ended December 31, 2012. Collectively, these activities are referred to as the “2012 Restructuring”. | |||||||||
The following table displays the activity of the 2012 Restructuring reserve account during the three months ended March 31, 2014 and 2013. The remaining balance as of March 31, 2014 relates to the lease for The Deal’s office space which expires in August 2021. | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 1,281,412 | $ | 2,680,006 | |||||
Adjustment to prior estimate | 80,190 | (7,586 | ) | ||||||
Net credit (payment) | 59,425 | (849,308 | ) | ||||||
Ending balance | $ | 1,421,027 | $ | 1,823,112 | |||||
In December 2011, the Company announced a management transition under which the Company’s chief executive officer would step down from his position by March 31, 2012. Additionally, in December 2011, a senior vice president separated from the Company. As a result of these activities, the Company incurred restructuring and other charges of approximately $1.8 million during the year ended December 31, 2011 (the “2011 Restructuring”). | |||||||||
The following table displays the activity of the 2011 Restructuring reserve account during the three months ended March 31, 2013: | |||||||||
Balance, December 31, 2012 | $ | 1,541 | |||||||
Payments | (1,541 | ) | |||||||
Balance, March 31, 2013 | $ | — | |||||||
In March 2009, the Company announced and implemented a reorganization plan, including an approximate 8% reduction in the Company’s workforce, to align the Company’s resources with its strategic business objectives. Additionally, effective March 21, 2009, the Company’s then Chief Executive Officer tendered his resignation, effective May 8, 2009, the Company’s then Chief Financial Officer tendered his resignation, and in December 2009, the Company sold its Promotions.com subsidiary and entered into negotiations to sublease certain office space maintained by Promotions.com. As a result of these activities, the Company incurred restructuring and other charges of approximately $3.5 million during the year ended December 31, 2009 (the “2009 Restructuring”). | |||||||||
The following table displays the activity of the 2009 Restructuring reserve account during the three months ended March 31, 2014 and 2013. | |||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 96,274 | $ | 220,297 | |||||
Adjustment to prior estimate | (75,603 | ) | — | ||||||
Net payments | (20,671 | ) | (31,006 | ) | |||||
Ending balance | $ | — | $ | 189,291 | |||||
Other_Liabilities
Other Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ' | ||||||||
Other Liabilities Disclosure [Text Block] | ' | ||||||||
12 | OTHER LIABILITIES | ||||||||
Other liabilities consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Noncurrent deferred rent | $ | 2,547,849 | $ | 2,629,798 | |||||
Noncurrent restructuring charge | 1,421,027 | 1,281,412 | |||||||
Noncurrent deferred revenue | 945,106 | 758,119 | |||||||
Other noncurrent liabilities | 2,092 | 2,092 | |||||||
Total other liabilities | $ | 4,916,074 | $ | 4,671,421 | |||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
During the three months ended June 30, 2013, the Company started to report certain miscellaneous other revenue items, such as webinars and conferences, as Media rather than Subscription Services revenue. These items and certain other prior period amounts have been reclassified to conform to current period presentation. |
Cash_and_Cash_Equivalents_Mark1
Cash and Cash Equivalents, Marketable Securities and Restricted Cash (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule Of Cash Cash Equivalents Marketable Securities And Restricted Cash [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Cash and cash equivalents | $ | 49,958,339 | $ | 45,443,759 | |||||
Current and noncurrent marketable securities | 9,684,460 | 13,097,735 | |||||||
Restricted cash | 1,301,000 | 1,301,000 | |||||||
Total cash and cash equivalents, current and noncurrent marketable securities and restricted cash | $ | 60,943,799 | $ | 59,842,494 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | 'Financial assets and liabilities included in our financial statements and measured at fair value are classified based on the valuation technique level in the table below: | ||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Description: | |||||||||||||||||
Cash and cash equivalents (1) | $ | 49,958,339 | $ | 49,958,339 | $ | — | $ | — | |||||||||
Restricted cash (1) | 1,301,000 | 1,301,000 | — | — | |||||||||||||
Marketable securities (2) | 9,684,460 | 8,184,460 | — | 1,500,000 | |||||||||||||
Total at fair value | $ | 60,943,799 | $ | 59,443,799 | $ | — | $ | 1,500,000 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Description: | |||||||||||||||||
Cash and cash equivalents (1) | $ | 45,443,759 | $ | 45,443,759 | $ | — | $ | — | |||||||||
Restricted cash (1) | 1,301,000 | 1,301,000 | — | — | |||||||||||||
Marketable securities (2) | 13,097,735 | 11,517,735 | — | 1,580,000 | |||||||||||||
Total at fair value | $ | 59,842,494 | $ | 58,262,494 | $ | — | $ | 1,580,000 | |||||||||
-1 | Cash, cash equivalents and restricted cash consists primarily of money market funds and checking accounts for which we determine fair value through quoted market prices. | ||||||||||||||||
-2 | Marketable securities primarily consist of investment grade corporate bonds and floating rate notes for which we determine fair value through quoted market prices. Marketable securities also consist of two municipal ARS issued by the District of Columbia having a fair value totaling approximately $1.5 million as of March 31, 2014 and approximately $1.6 million as of December 31, 2013. Historically, the fair value of ARS investments approximated par value due to the frequent resets through the auction process. Due to events in credit markets, the auction events, which historically have provided liquidity for these securities, have been unsuccessful. The result of a failed auction is that these ARS holdings will continue to pay interest in accordance with their terms at each respective auction date; however, liquidity of the securities will be limited until there is a successful auction, the issuer redeems the securities, the securities mature or until such time as other markets for these ARS holdings develop. For each of our ARS, we evaluate the risks related to the structure, collateral and liquidity of the investment, and forecast the probability of issuer default, auction failure and a successful auction at par, or a redemption at par, for each future auction period. Temporary impairment charges are recorded in accumulated other comprehensive (loss) income, whereas other-than-temporary impairment charges are recorded in our consolidated statement of operations. As of March 31, 2014, the Company determined there was a decline in the fair value of its ARS investments of $350 thousand from its cost basis, which was deemed temporary and was included within accumulated other comprehensive loss. The Company used both a discounted cash flow and market approach model to determine the estimated fair value of its investment in ARS. The assumptions used in preparing the discounted cash flow model include estimates for interest rate, timing and amount of cash flows and expected holding period of ARS. | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 'The following table provides a reconciliation of the beginning and ending balance for the Company’s marketable securities measured at fair value using significant unobservable inputs (Level 3): | ||||||||||||||||
Marketable | |||||||||||||||||
Securities | |||||||||||||||||
Balance at December 31, 2013 | $ | 1,580,000 | |||||||||||||||
Decrease in fair value of investment | (80,000 | ) | |||||||||||||||
Balance at March 31, 2014 | $ | 1,500,000 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected option lives | 3.0 years | 3.5 years | |||||||||||||||
Expected volatility | 35.93% | 42.55% | |||||||||||||||
Risk-free interest rate | 0.82% | 0.53% | |||||||||||||||
Expected dividend yield | 4.32% | 0.00% | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 'A summary of the activity of the 2007 Plan, and awards issued outside of the Plan pertaining to stock option grants is as follows: | ||||||||||||||||
Shares | Weighted | Aggregate | Weighted | ||||||||||||||
Underlying | Average | Intrinsic | Average | ||||||||||||||
Awards | Exercise | Value | Remaining | ||||||||||||||
Price | $0 | Contractual | |||||||||||||||
Life (In Years) | |||||||||||||||||
Awards outstanding at December 31, 2013 | 4,435,536 | $ | 1.89 | ||||||||||||||
Options granted | 45,958 | $ | 2.27 | ||||||||||||||
Options exercised | (63,164 | ) | $ | 1.88 | |||||||||||||
Options cancelled | (1,722 | ) | $ | 1.9 | |||||||||||||
Options expired | (20,391 | ) | $ | 3.3 | |||||||||||||
Awards outstanding at March 31, 2014 | 4,396,217 | $ | 1.88 | $ | 3,320 | 4.49 | |||||||||||
Awards vested and expected to vest at March 31, 2014 | 4,041,994 | $ | 1.88 | $ | 3,068 | 4.48 | |||||||||||
Awards exercisable at March 31, 2014 | 1,450,586 | $ | 1.87 | $ | 1,169 | 4.29 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | 'A summary of the activity of the 2007 Plan pertaining to grants of restricted stock units is as follows: | ||||||||||||||||
Shares | Aggregate | Weighted | |||||||||||||||
Underlying | Intrinsic | Average | |||||||||||||||
Awards | Value | Remaining | |||||||||||||||
$0 | Contractual | ||||||||||||||||
Life (In Years) | |||||||||||||||||
Awards outstanding at December 31, 2013 | 1,478,447 | ||||||||||||||||
Restricted stock units granted | 470,853 | ||||||||||||||||
Restricted stock units settled by delivery of common stock upon vesting | (262,091 | ) | |||||||||||||||
Restricted stock units cancelled | — | ||||||||||||||||
Awards outstanding at March 31, 2014 | 1,687,209 | $ | 4,420 | 3.43 | |||||||||||||
Awards vested and expected to vest at March 31, 2014 | 1,623,084 | $ | 4,252 | 3.3 | |||||||||||||
Schedule Of Unvested Share-Based Payment Awards [Table Text Block] | 'A summary of the status of the Company’s unvested share-based payment awards as of March 31, 2014 and changes in the three month period then ended, is as follows: | ||||||||||||||||
Unvested Awards | Number of Shares | Weighted | |||||||||||||||
Average Grant | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Shares underlying awards unvested at December 31, 2013 | 4,711,899 | $ | 1.03 | ||||||||||||||
Shares underlying options granted | 45,958 | $ | 0.41 | ||||||||||||||
Shares underlying restricted stock units granted | 470,853 | $ | 2.23 | ||||||||||||||
Shares underlying options vested | (332,057 | ) | $ | 0.55 | |||||||||||||
Shares underlying restricted stock units vested | (262,091 | ) | $ | 1.78 | |||||||||||||
Shares underlying options cancelled | (1,722 | ) | $ | 0.54 | |||||||||||||
Shares underlying restricted stock units cancelled | — | $ | — | ||||||||||||||
Shares underlying awards unvested at March 31, 2014 | 4,632,840 | $ | 1.14 |
Net_Loss_Per_Share_of_Common_S1
Net Loss Per Share of Common Stock (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 'The following table reconciles the numerator and denominator for the calculation. | ||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Basic and diluted net loss per share: | |||||||||
Numerator: | |||||||||
Net loss | $ | (1,126,125 | ) | $ | (1,742,684 | ) | |||
Preferred stock cash dividends | (96,424 | ) | — | ||||||
Numerator for basic and diluted earnings per share | |||||||||
Net loss attributable to common stockholders | $ | (1,222,549 | ) | $ | (1,742,684 | ) | |||
Denominator: | |||||||||
Weighted average basic and diluted shares outstanding | 34,206,260 | 33,278,477 | |||||||
Basic and diluted net loss per share: | |||||||||
Net loss | $ | (0.04 | ) | $ | (0.05 | ) | |||
Preferred stock cash dividends | (0.00 | ) | — | ||||||
Net loss attributable to common stockholders | $ | (0.04 | ) | $ | (0.05 | ) |
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Restructuring Reserve 2012 [Member] | ' | ||||||||
Restructuring and Other Charges (Tables) [Line Items] | ' | ||||||||
Schedule of Restructuring Reserve Activity [Table Text Block] | 'The following table displays the activity of the 2012 Restructuring reserve account during the three months ended March 31, 2014 and 2013. The remaining balance as of March 31, 2014 relates to the lease for The Deal’s office space which expires in August 2021. | ||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 1,281,412 | $ | 2,680,006 | |||||
Adjustment to prior estimate | 80,190 | (7,586 | ) | ||||||
Net credit (payment) | 59,425 | (849,308 | ) | ||||||
Ending balance | $ | 1,421,027 | $ | 1,823,112 | |||||
Restructuring Reserve 2011 [Member] | ' | ||||||||
Restructuring and Other Charges (Tables) [Line Items] | ' | ||||||||
Schedule of Restructuring Reserve Activity [Table Text Block] | 'The following table displays the activity of the 2011 Restructuring reserve account during the three months ended March 31, 2013: | ||||||||
Balance, December 31, 2012 | $ | 1,541 | |||||||
Payments | (1,541 | ) | |||||||
Balance, March 31, 2013 | $ | — | |||||||
Restructuring Reserve 2009 [Member] | ' | ||||||||
Restructuring and Other Charges (Tables) [Line Items] | ' | ||||||||
Schedule of Restructuring Reserve Activity [Table Text Block] | 'The following table displays the activity of the 2009 Restructuring reserve account during the three months ended March 31, 2014 and 2013. | ||||||||
For the Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 96,274 | $ | 220,297 | |||||
Adjustment to prior estimate | (75,603 | ) | — | ||||||
Net payments | (20,671 | ) | (31,006 | ) | |||||
Ending balance | $ | — | $ | 189,291 |
Other_Liabilities_Tables
Other Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ' | ||||||||
Other Liabilities Noncurrent [Table Text Block] | 'Other liabilities consist of the following: | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Noncurrent deferred rent | $ | 2,547,849 | $ | 2,629,798 | |||||
Noncurrent restructuring charge | 1,421,027 | 1,281,412 | |||||||
Noncurrent deferred revenue | 945,106 | 758,119 | |||||||
Other noncurrent liabilities | 2,092 | 2,092 | |||||||
Total other liabilities | $ | 4,916,074 | $ | 4,671,421 |
Acquisition_Details
Acquisition (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 19, 2013 | Apr. 19, 2013 |
DealFlow Media, Inc. [Member] | ||||
Acquisition (Details) [Line Items] | ' | ' | ' | ' |
Business Acquisition, Name of Acquired Entity | ' | ' | ' | 'DealFlow Media, Inc |
Payments to Acquire Businesses, Gross | ' | ' | ' | $2,000,000 |
Common Stock, Shares, Issued (in Shares) | 41,383,501 | 41,058,246 | 408,829 | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | 781,000 |
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | $726,000 |
Cash_and_Cash_Equivalents_Mark2
Cash and Cash Equivalents, Marketable Securities and Restricted Cash (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
Disclosure Text Block Supplement [Abstract] | ' | ' | ||
Auction Rate Securities, Noncurrent | $1,900,000 | ' | ||
Marketable Securities | 9,684,460 | [1] | 13,097,735 | [1] |
Cost Basis Of Marketable Securities | 10,000,000 | 13,300,000 | ||
Restricted Cash and Cash Equivalents | $1,301,000 | [2] | $1,301,000 | [2] |
[1] | Marketable securities primarily consist of investment grade corporate bonds and floating rate notes for which we determine fair value through quoted market prices. Marketable securities also consist of two municipal ARS issued by the District of Columbia having a fair value totaling approximately $1.5 million as of March 31, 2014 and approximately $1.6 million as of December 31, 2013. Historically, the fair value of ARS investments approximated par value due to the frequent resets through the auction process. Due to events in credit markets, the auction events, which historically have provided liquidity for these securities, have been unsuccessful. The result of a failed auction is that these ARS holdings will continue to pay interest in accordance with their terms at each respective auction date; however, liquidity of the securities will be limited until there is a successful auction, the issuer redeems the securities, the securities mature or until such time as other markets for these ARS holdings develop. For each of our ARS, we evaluate the risks related to the structure, collateral and liquidity of the investment, and forecast the probability of issuer default, auction failure and a successful auction at par, or a redemption at par, for each future auction period. Temporary impairment charges are recorded in accumulated other comprehensive (loss) income, whereas other-than-temporary impairment charges are recorded in our consolidated statement of operations. As of March 31, 2014, the Company determined there was a decline in the fair value of its ARS investments of $350 thousand from its cost basis, which was deemed temporary and was included within accumulated other comprehensive loss. The Company used both a discounted cash flow and market approach model to determine the estimated fair value of its investment in ARS. The assumptions used in preparing the discounted cash flow model include estimates for interest rate, timing and amount of cash flows and expected holding period of ARS. | |||
[2] | Cash, cash equivalents and restricted cash consists primarily of money market funds and checking accounts for which we determine fair value through quoted market prices. |
Cash_and_Cash_Equivalents_Mark3
Cash and Cash Equivalents, Marketable Securities and Restricted Cash (Details) - Summary of Cash and Cash Equivalents, Marketable Securities and Restricted Cash (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
Summary of Cash and Cash Equivalents, Marketable Securities and Restricted Cash [Abstract] | ' | ' | ' | ' | ||
Cash and cash equivalents | $49,958,339 | $45,443,759 | $29,817,517 | $23,845,360 | ||
Current and noncurrent marketable securities | 9,684,460 | [1] | 13,097,735 | [1] | ' | ' |
Restricted cash | 1,301,000 | [2] | 1,301,000 | [2] | ' | ' |
Total cash and cash equivalents, current and noncurrent marketable securities and restricted cash | $60,943,799 | $59,842,494 | ' | ' | ||
[1] | Marketable securities primarily consist of investment grade corporate bonds and floating rate notes for which we determine fair value through quoted market prices. Marketable securities also consist of two municipal ARS issued by the District of Columbia having a fair value totaling approximately $1.5 million as of March 31, 2014 and approximately $1.6 million as of December 31, 2013. Historically, the fair value of ARS investments approximated par value due to the frequent resets through the auction process. Due to events in credit markets, the auction events, which historically have provided liquidity for these securities, have been unsuccessful. The result of a failed auction is that these ARS holdings will continue to pay interest in accordance with their terms at each respective auction date; however, liquidity of the securities will be limited until there is a successful auction, the issuer redeems the securities, the securities mature or until such time as other markets for these ARS holdings develop. For each of our ARS, we evaluate the risks related to the structure, collateral and liquidity of the investment, and forecast the probability of issuer default, auction failure and a successful auction at par, or a redemption at par, for each future auction period. Temporary impairment charges are recorded in accumulated other comprehensive (loss) income, whereas other-than-temporary impairment charges are recorded in our consolidated statement of operations. As of March 31, 2014, the Company determined there was a decline in the fair value of its ARS investments of $350 thousand from its cost basis, which was deemed temporary and was included within accumulated other comprehensive loss. The Company used both a discounted cash flow and market approach model to determine the estimated fair value of its investment in ARS. The assumptions used in preparing the discounted cash flow model include estimates for interest rate, timing and amount of cash flows and expected holding period of ARS. | |||||
[2] | Cash, cash equivalents and restricted cash consists primarily of money market funds and checking accounts for which we determine fair value through quoted market prices. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements (Details) [Line Items] | ' | ' |
Auction Rate Securities, Noncurrent | $1,900,000 | ' |
Two Municipal Auction Rate Securities [Member] | ' | ' |
Fair Value Measurements (Details) [Line Items] | ' | ' |
Auction Rate Securities, Noncurrent | 1,500,000 | 1,600,000 |
Auction Rate Securities [Member] | ' | ' |
Fair Value Measurements (Details) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | $350,000 | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details) - Summary of Assets and Liabilities Measured at Fair Value (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
Description: | ' | ' | ||
Cash and cash equivalents | $49,958,339 | [1] | $45,443,759 | [1] |
Restricted cash | 1,301,000 | [1] | 1,301,000 | [1] |
Marketable securities | 9,684,460 | [2] | 13,097,735 | [2] |
Total at fair value | 60,943,799 | 59,842,494 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Description: | ' | ' | ||
Cash and cash equivalents | 49,958,339 | [1] | 45,443,759 | [1] |
Restricted cash | 1,301,000 | [1] | 1,301,000 | [1] |
Marketable securities | 8,184,460 | [2] | 11,517,735 | [2] |
Total at fair value | 59,443,799 | 58,262,494 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Description: | ' | ' | ||
Cash and cash equivalents | 0 | [1] | 0 | [1] |
Restricted cash | 0 | [1] | 0 | [1] |
Marketable securities | 0 | [2] | 0 | [2] |
Total at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Description: | ' | ' | ||
Cash and cash equivalents | 0 | [1] | 0 | [1] |
Restricted cash | 0 | [1] | 0 | [1] |
Marketable securities | 1,500,000 | [2] | 1,580,000 | [2] |
Total at fair value | $1,500,000 | $1,580,000 | ||
[1] | Cash, cash equivalents and restricted cash consists primarily of money market funds and checking accounts for which we determine fair value through quoted market prices. | |||
[2] | Marketable securities primarily consist of investment grade corporate bonds and floating rate notes for which we determine fair value through quoted market prices. Marketable securities also consist of two municipal ARS issued by the District of Columbia having a fair value totaling approximately $1.5 million as of March 31, 2014 and approximately $1.6 million as of December 31, 2013. Historically, the fair value of ARS investments approximated par value due to the frequent resets through the auction process. Due to events in credit markets, the auction events, which historically have provided liquidity for these securities, have been unsuccessful. The result of a failed auction is that these ARS holdings will continue to pay interest in accordance with their terms at each respective auction date; however, liquidity of the securities will be limited until there is a successful auction, the issuer redeems the securities, the securities mature or until such time as other markets for these ARS holdings develop. For each of our ARS, we evaluate the risks related to the structure, collateral and liquidity of the investment, and forecast the probability of issuer default, auction failure and a successful auction at par, or a redemption at par, for each future auction period. Temporary impairment charges are recorded in accumulated other comprehensive (loss) income, whereas other-than-temporary impairment charges are recorded in our consolidated statement of operations. As of March 31, 2014, the Company determined there was a decline in the fair value of its ARS investments of $350 thousand from its cost basis, which was deemed temporary and was included within accumulated other comprehensive loss. The Company used both a discounted cash flow and market approach model to determine the estimated fair value of its investment in ARS. The assumptions used in preparing the discounted cash flow model include estimates for interest rate, timing and amount of cash flows and expected holding period of ARS. |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details) - Summary of Marketable Securities Measured at Fair Value (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Summary of Marketable Securities Measured at Fair Value [Abstract] | ' |
Balance at December 31, 2013 | $1,580,000 |
Decrease in fair value of investment | -80,000 |
Balance at March 31, 2014 | $1,500,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $0.41 | $0.58 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $2.23 | ' | ' | ' |
Share-based Compensation | $446,630 | $420,522 | ' | ' |
Restructuring Charges | 0 | 385,610 | 386,000 | 1,800,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 793,000 | 1,200,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 50,000 | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares) | 45,958 | 410,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 63,164 | 0 | ' | ' |
Proceeds from Stock Options Exercised | 118,546 | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 470,853 | 338,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 262,091 | 514,000 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $2.23 | $1.69 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 611,000 | 902,000 | ' | ' |
Performance Incentive Plan 2007 [Member] | ' | ' | ' | ' |
Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares (in Shares) | 1,733,458 | ' | ' | ' |
Share-based Compensation | 447,000 | 814,000 | ' | ' |
Restructuring Charges | ' | 393,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $4,700,000 | ' | ' | ' |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition In Years | '3 years 73 days | ' | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details) - Value of Employee Stock Options on the Date of Grant | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Value of Employee Stock Options on the Date of Grant [Abstract] | ' | ' |
Expected option lives | '3.0 years | '3.5 years |
Expected volatility | 35.93% | 42.55% |
Risk-free interest rate | 0.82% | 0.53% |
Expected dividend yield | 4.32% | 0.00% |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details) - Summary of Stock Options Activity (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of Stock Options Activity [Abstract] | ' | ' |
Awards outstanding at December 31, 2013 | 4,435,536 | ' |
Awards outstanding at December 31, 2013 | $1.89 | ' |
Options granted | 45,958 | 410,000 |
Options granted | $2.27 | ' |
Options exercised | -63,164 | 0 |
Options exercised | $1.88 | ' |
Options cancelled | -1,722 | ' |
Options cancelled | $1.90 | ' |
Options expired | -20,391 | ' |
Options expired | $3.30 | ' |
Awards outstanding at March 31, 2014 | 4,396,217 | ' |
Awards outstanding at March 31, 2014 | $1.88 | ' |
Awards outstanding at March 31, 2014 | '4 years 178 days | ' |
Awards outstanding at March 31, 2014 | $3,320 | ' |
Awards vested and expected to vest at March 31, 2014 | 4,041,994 | ' |
Awards vested and expected to vest at March 31, 2014 | $1.88 | ' |
Awards vested and expected to vest at March 31, 2014 | '4 years 175 days | ' |
Awards vested and expected to vest at March 31, 2014 | 3,068 | ' |
Awards exercisable at March 31, 2014 | 1,450,586 | ' |
Awards exercisable at March 31, 2014 | $1.87 | ' |
Awards exercisable at March 31, 2014 | '4 years 105 days | ' |
Awards exercisable at March 31, 2014 | $1,169 | ' |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details) - Summary of Restricted Stock Units Activity (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of Restricted Stock Units Activity [Abstract] | ' | ' |
Awards outstanding at December 31, 2013 | 1,478,447 | ' |
Restricted stock units granted | 470,853 | 338,000 |
Restricted stock units settled by delivery of common stock upon vesting | -262,091 | -514,000 |
Restricted stock units cancelled | 0 | ' |
Awards outstanding at March 31, 2014 | 1,687,209 | ' |
Awards outstanding at March 31, 2014 (in Dollars) | $4,420 | ' |
Awards outstanding at March 31, 2014 | '3 years 156 days | ' |
Awards vested and expected to vest at March 31, 2014 | 1,623,084 | ' |
Awards vested and expected to vest at March 31, 2014 (in Dollars) | $4,252 | ' |
Awards vested and expected to vest at March 31, 2014 | '3 years 109 days | ' |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details) - Status Of Unvested Share-based Payment Awards (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Status Of Unvested Share-based Payment Awards [Abstract] | ' | ' |
Shares underlying awards unvested at December 31, 2013 | 4,711,899 | ' |
Shares underlying awards unvested at December 31, 2013 | $1.03 | ' |
Shares underlying options granted | 45,958 | 410,000 |
Shares underlying options granted | $0.41 | $0.58 |
Shares underlying restricted stock units granted | 470,853 | 338,000 |
Shares underlying restricted stock units granted | $2.23 | ' |
Shares underlying options vested | -332,057 | ' |
Shares underlying options vested | $0.55 | ' |
Shares underlying restricted stock units vested | -262,091 | -514,000 |
Shares underlying restricted stock units vested | $1.78 | ' |
Shares underlying options cancelled | -1,722 | ' |
Shares underlying options cancelled | $0.54 | ' |
Shares underlying restricted stock units cancelled | 0 | ' |
Shares underlying restricted stock units cancelled | ' | ' |
Shares underlying awards unvested at March 31, 2014 | 4,632,840 | ' |
Shares underlying awards unvested at March 31, 2014 | $1.14 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 1 Months Ended | 3 Months Ended | 159 Months Ended | 3 Months Ended | 75 Months Ended | |||
Dec. 31, 2000 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | |
Series B Preferred Stock [Member] | Convertible Common Stock [Member] | Corsis Technology Group II LLC [Member] | Kikucall, Inc [Member] | |||||
Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount (in Dollars) | $10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | ' | 5,453,416 | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | ' | ' | ' | 7,300,000 | ' | ' | ' | ' |
Treasury Stock, Shares, Retired | ' | ' | ' | 1,361,204 | ' | ' | ' | ' |
Business Acquisition, Shares Received For Settlement | ' | ' | ' | ' | ' | ' | 208,270 | 3,338 |
Preferred Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | ' | $0 | $0 | ' | $0.03 | $0.03 | ' | ' |
Dividends, Cash (in Dollars) | ' | $956,000 | ' | ' | ' | ' | ' | ' |
Net_Loss_Per_Share_of_Common_S2
Net Loss Per Share of Common Stock (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6.1 | 4 |
Net_Loss_Per_Share_of_Common_S3
Net Loss Per Share of Common Stock (Details) - Summary of Earnings Per Share Reconcilation (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Numerator: | ' | ' |
Net loss | ($1,126,125) | ($1,742,684) |
Preferred stock cash dividends | -96,424 | 0 |
Numerator for basic and diluted earnings per share | ' | ' |
Net loss attributable to common stockholders | ($1,222,549) | ($1,742,684) |
Denominator: | ' | ' |
Weighted average basic and diluted shares outstanding | 34,206,260 | 33,278,477 |
Basic and diluted net loss per share: | ' | ' |
Net loss | ($0.04) | ($0.05) |
Preferred stock cash dividends | $0 | $0 |
Net loss attributable to common stockholders | ($0.04) | ($0.05) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Operating Loss Carryforwards | $156 |
Deferred Tax Assets, Operating Loss Carryforwards | 64 |
Operating Loss Carryforwards, Windfall Tax Benefits | $15 |
Business_Concentrations_and_Cr1
Business Concentrations and Credit Risk (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk, Customer | 'For the three months ended March 31, 2014 and 2013, no individual client accounted for 10% or more of consolidated revenue. As of March 31, 2014 and 2013, no individual client accounted for more than 10% of our gross accounts receivable balance. |
Restructuring_and_Other_Charge2
Restructuring and Other Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2009 | |
Other Segments [Member] | The Deal, LLC [Member] | Restructuring Reserve 2009 [Member] | ||||||
Restructuring Reserve 2012 [Member] | Restructuring Reserve 2012 [Member] | |||||||
Restructuring and Other Charges (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring Charges | $0 | $385,610 | ' | $386,000 | $1,800,000 | $3,400,000 | $3,500,000 | $3,500,000 |
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | ' | ' | 8.00% | ' | ' | ' | ' | ' |
Restructuring_and_Other_Charge3
Restructuring and Other Charges (Details) - Summary of Restructuring Reserve Activity - 2012 (Restructuring Reserve 2012 [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Restructuring Reserve 2012 [Member] | ' | ' |
Restructuring and Other Charges (Details) - Summary of Restructuring Reserve Activity - 2012 [Line Items] | ' | ' |
Balance | $1,281,412 | $2,680,006 |
Adjustment to prior estimate | 80,190 | -7,586 |
Net credit (payment) | 59,425 | -849,308 |
Balance | $1,421,027 | $1,823,112 |
Restructuring_and_Other_Charge4
Restructuring and Other Charges (Details) - Summary of Restructuring Reserve Activity - 2011 (Restructuring Reserve 2011 [Member], USD $) | 3 Months Ended |
Mar. 31, 2013 | |
Restructuring Reserve 2011 [Member] | ' |
Restructuring and Other Charges (Details) - Summary of Restructuring Reserve Activity - 2011 [Line Items] | ' |
Balance | $1,541 |
Payments | -1,541 |
Balance | $0 |
Restructuring_and_Other_Charge5
Restructuring and Other Charges (Details) - Summary of Restructuring Reserve Activity - 2009 (Restructuring Reserve 2009 [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Restructuring Reserve 2009 [Member] | ' | ' |
Restructuring and Other Charges (Details) - Summary of Restructuring Reserve Activity - 2009 [Line Items] | ' | ' |
Balance | $96,274 | $220,297 |
Adjustment to prior estimate | -75,603 | 0 |
Net payments | -20,671 | -31,006 |
Balance | $0 | $189,291 |
Other_Liabilities_Details_Summ
Other Liabilities (Details) - Summary of Other Liabilities (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Summary of Other Liabilities [Abstract] | ' | ' |
Noncurrent deferred rent | $2,547,849 | $2,629,798 |
Noncurrent restructuring charge | 1,421,027 | 1,281,412 |
Noncurrent deferred revenue | 945,106 | 758,119 |
Other noncurrent liabilities | 2,092 | 2,092 |
Total other liabilities | $4,916,074 | $4,671,421 |