Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 10, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001088034 | |
Entity Registrant Name | Usio, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-30152 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 98-0190072 | |
Entity Address, Address Line One | 3611 Paesanos Parkway, Suite 300 | |
Entity Address, City or Town | San Antonio | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78231 | |
City Area Code | 210 | |
Local Phone Number | 249-4100 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | USIO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 24,929,009 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 5,614,702 | $ 5,011,132 |
Accounts receivable, net | 3,160,449 | 2,863,638 |
Settlement processing assets | 35,515,375 | 43,558,442 |
Prepaid card load assets | 9,157,519 | 7,610,242 |
Customer deposits | 1,410,607 | 1,305,296 |
Inventory | 214,918 | 176,466 |
Prepaid expenses and other | 432,417 | 301,755 |
Current assets before merchant reserves | 55,505,987 | 60,826,971 |
Merchant reserves | 8,101,153 | 8,265,555 |
Total current assets | 63,607,140 | 69,092,526 |
Property and equipment, net | 3,326,356 | 3,105,926 |
Other assets: | ||
Intangibles, net | 5,099,828 | 6,035,761 |
Deferred tax asset | 1,394,000 | 1,394,000 |
Operating lease right-of-use assets | 3,038,920 | 2,671,266 |
Other assets | 413,961 | 368,078 |
Total other assets | 9,946,709 | 10,469,105 |
Total assets | 76,880,205 | 82,667,557 |
Current liabilities: | ||
Accounts payable | 645,224 | 851,349 |
Accrued expenses | 1,847,384 | 1,463,944 |
Operating lease liabilities, current portion | 487,410 | 346,913 |
Equipment loan, current portion | 53,673 | 0 |
Settlement processing obligations | 35,515,375 | 43,558,442 |
Prepaid card load obligations | 9,157,519 | 7,610,242 |
Customer deposits | 1,410,607 | 1,305,296 |
Deferred revenues | 44,118 | 66,572 |
Current liabilities before merchant reserve obligations | 49,161,310 | 55,202,758 |
Merchant reserve obligations | 8,101,153 | 8,265,555 |
Total current liabilities | 57,262,463 | 63,468,313 |
Non-current liabilities: | ||
Equipment loan, non-current portion | 99,102 | 0 |
Operating lease liabilities, non-current portion | 2,733,343 | 2,495,883 |
Total liabilities | 60,094,908 | 65,964,196 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares outstanding at June 30, 2021 (unaudited) and December 31, 2020, respectively | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized; 26,261,016 and 26,260,776 issued, and 24,954,529 and 24,974,995 outstanding at June 30, 2021 (unaudited) and December 31, 2020, respectively | 194,691 | 194,692 |
Additional paid-in capital | 89,662,665 | 89,659,433 |
Treasury stock, at cost; 1,306,487 and 1,285,781 shares at June 30, 2021 (unaudited) and December 31, 2020, respectively | (2,244,985) | (2,165,721) |
Deferred compensation | (5,267,134) | (5,926,872) |
Accumulated deficit | (65,559,940) | (65,058,171) |
Total stockholders’ equity | 16,785,297 | 16,703,361 |
Total liabilities and stockholders’ equity | $ 76,880,205 | $ 82,667,557 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 26,261,016 | 26,260,776 |
Common stock, outstanding (in shares) | 24,954,529 | 24,974,995 |
Treasury stock, shares (in shares) | 1,306,487 | 1,285,781 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 15,233,141 | $ 6,960,553 | $ 28,694,691 | $ 14,732,232 |
Cost of services | 11,105,696 | 5,674,887 | 21,660,009 | 11,518,282 |
Gross profit | 4,127,445 | 1,285,666 | 7,034,682 | 3,213,950 |
Selling, general and administrative: | ||||
Stock-based compensation | 317,285 | 348,393 | 645,000 | 636,103 |
Other SG&A expenses | 2,845,213 | 1,856,924 | 5,505,247 | 3,979,030 |
Depreciation and amortization | 627,149 | 382,244 | 1,249,356 | 770,039 |
Total selling, general and administrative expenses | 3,789,647 | 2,587,561 | 7,399,603 | 5,385,172 |
Operating income (loss) | 337,798 | (1,301,895) | (364,921) | (2,171,222) |
Other income and (expense): | ||||
Interest income | 2,169 | 1,487 | 4,636 | 12,643 |
Other income (expense) | (1,484) | 38 | (1,484) | 726 |
Other income and (expense), net | 685 | 1,525 | 3,152 | 13,369 |
Income (loss) before income taxes | 338,483 | (1,300,370) | (361,769) | (2,157,853) |
Income tax expense (benefit) | 120,000 | (12,201) | 140,000 | (34,675) |
Net income (loss) | $ 218,483 | $ (1,288,169) | $ (501,769) | $ (2,123,178) |
Basic income (loss) per common share: (in dollars per share) | $ 0.01 | $ (0.10) | $ (0.03) | $ (0.16) |
Diluted income (loss) per common share: (in dollars per share) | $ 0.01 | $ (0.10) | $ (0.03) | $ (0.16) |
Weighted average common shares outstanding | ||||
Basic (in shares) | 19,993,387 | 13,173,009 | 19,962,661 | 13,150,119 |
Diluted (in shares) | 24,962,389 | 13,173,009 | 19,962,661 | 13,150,119 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net (loss) | $ (501,769) | $ (2,123,178) |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ||
Depreciation | 313,423 | 270,038 |
Amortization | 935,933 | 500,001 |
Bad debt | 86,402 | 0 |
Non-cash stock-based compensation | 645,000 | 636,103 |
Amortization of warrant costs | 17,970 | 17,973 |
Changes in current assets and current liabilities: | ||
Accounts receivable | (383,213) | 149,794 |
Prepaid expenses and other | (130,662) | (4,039) |
Operating lease right-of-use assets | (367,654) | 114,127 |
Other assets | (45,883) | (24,568) |
Inventory | (38,452) | 0 |
Accounts payable and accrued expenses | 177,315 | (139,748) |
Operating lease liabilities | 377,957 | (110,725) |
Prepaid card load obligations | 1,547,277 | 18,752,859 |
Merchant reserves | (164,402) | (1,586,565) |
Customer deposits | 105,311 | 0 |
Deferred revenue | (22,454) | (26,470) |
Net cash provided by operating activities | 2,552,099 | 16,425,602 |
Investing activities: | ||
Purchases of property and equipment | (533,854) | (334,688) |
Net cash used by investing activities | (533,854) | (334,688) |
Financing activities: | ||
Payments on equipment loan | (13,221) | 0 |
Purchases of treasury stock | (79,264) | (82,448) |
Net cash provided by financing activities | 73,511 | 731,052 |
Change in cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves | 2,091,756 | 16,821,966 |
Cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves, beginning of period | 22,192,225 | 12,682,918 |
Cash, Cash Equivalents, Prepaid Card Load Assets, Customer Deposits and Merchant Reserves, End of Period | 24,283,981 | 29,504,884 |
Supplemental disclosure of cash flow information: | ||
Interest | 1,484 | 0 |
Income taxes | 92,850 | 0 |
Non-cash transactions: | ||
Issuance of deferred stock compensation | 0 | 1,559,520 |
Paycheck Protection Program CARES Act [Member] | ||
Financing activities: | ||
Proceeds from loan | 0 | 813,500 |
Equipment Loan [Member] | ||
Financing activities: | ||
Proceeds from loan | $ 165,996 | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Deferred Compensation, Share-based Payments [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 18,224,577 | |||||
Balance at Dec. 31, 2019 | $ 186,656 | $ 77,055,273 | $ (1,885,452) | $ (5,636,154) | $ (62,151,988) | $ 7,568,335 |
Issuance of common stock under equity incentive plan (in shares) | 51,000 | |||||
Issuance of common stock under equity incentive plan | $ 51 | 59,440 | 59,491 | |||
Warrant compensation costs | 8,985 | 8,985 | ||||
Deferred compensation amortization | 228,219 | 228,219 | ||||
Purchase of treasury stock costs | (26,629) | (26,629) | ||||
Net income (loss) for the period | (835,009) | (835,009) | ||||
Balance (in shares) at Mar. 31, 2020 | 18,275,577 | |||||
Balance at Mar. 31, 2020 | $ 186,707 | 77,123,698 | (1,912,081) | (5,407,935) | (62,986,997) | 7,003,392 |
Balance (in shares) at Dec. 31, 2019 | 18,224,577 | |||||
Balance at Dec. 31, 2019 | $ 186,656 | 77,055,273 | (1,885,452) | (5,636,154) | (62,151,988) | 7,568,335 |
Net income (loss) for the period | (2,123,178) | |||||
Balance (in shares) at Jun. 30, 2020 | 19,776,121 | |||||
Balance at Jun. 30, 2020 | $ 188,207 | 78,773,990 | (1,967,900) | (6,700,248) | (64,275,166) | 6,018,883 |
Balance (in shares) at Mar. 31, 2020 | 18,275,577 | |||||
Balance at Mar. 31, 2020 | $ 186,707 | 77,123,698 | (1,912,081) | (5,407,935) | (62,986,997) | 7,003,392 |
Issuance of common stock under equity incentive plan (in shares) | 1,500,544 | |||||
Issuance of common stock under equity incentive plan | $ 1,500 | 1,641,304 | 83,284 | |||
Warrant compensation costs | 8,988 | 8,988 | ||||
Deferred compensation amortization | 267,207 | 267,207 | ||||
Purchase of treasury stock costs | (55,819) | (55,819) | ||||
Net income (loss) for the period | (1,288,169) | (1,288,169) | ||||
Balance (in shares) at Jun. 30, 2020 | 19,776,121 | |||||
Balance at Jun. 30, 2020 | $ 188,207 | 78,773,990 | (1,967,900) | (6,700,248) | (64,275,166) | 6,018,883 |
Balance (in shares) at Dec. 31, 2020 | 26,260,776 | |||||
Balance at Dec. 31, 2020 | $ 194,692 | 89,659,433 | (2,165,721) | (5,926,872) | (65,058,171) | 16,703,361 |
Issuance of common stock under equity incentive plan (in shares) | 51,000 | |||||
Issuance of common stock under equity incentive plan | $ 51 | 120,484 | 120,535 | |||
Warrant compensation costs | 8,985 | 8,985 | ||||
Cashless warrant exercise (in shares) | 19,795 | |||||
Cashless warrant exercise | $ 19 | (19) | ||||
Reversal of deferred compensation amortization that did not vest (in shares) | (17,111) | |||||
Reversal of deferred compensation amortization that did not vest | $ (17) | (48,599) | 5,994 | (42,622) | ||
Deferred compensation amortization | 249,801 | 249,801 | ||||
Purchase of treasury stock costs | (49,454) | (49,454) | ||||
Net income (loss) for the period | (720,252) | (720,252) | ||||
Balance (in shares) at Mar. 31, 2021 | 26,314,460 | |||||
Balance at Mar. 31, 2021 | $ 194,745 | 89,740,284 | (2,215,175) | (5,671,077) | (65,778,423) | 16,270,354 |
Balance (in shares) at Dec. 31, 2020 | 26,260,776 | |||||
Balance at Dec. 31, 2020 | $ 194,692 | 89,659,433 | (2,165,721) | (5,926,872) | (65,058,171) | 16,703,361 |
Net income (loss) for the period | (501,769) | |||||
Balance (in shares) at Jun. 30, 2021 | 26,261,016 | |||||
Balance at Jun. 30, 2021 | $ 194,691 | 89,662,665 | (2,244,985) | (5,267,134) | (65,559,940) | 16,785,297 |
Balance (in shares) at Mar. 31, 2021 | 26,314,460 | |||||
Balance at Mar. 31, 2021 | $ 194,745 | 89,740,284 | (2,215,175) | (5,671,077) | (65,778,423) | 16,270,354 |
Issuance of common stock under equity incentive plan (in shares) | 61,556 | |||||
Issuance of common stock under equity incentive plan | $ 61 | 150,481 | 150,542 | |||
Warrant compensation costs | 8,985 | 8,985 | ||||
Reversal of deferred compensation amortization that did not vest (in shares) | (115,000) | |||||
Reversal of deferred compensation amortization that did not vest | $ (115) | (237,085) | 158,096 | (79,104) | ||
Deferred compensation amortization | 245,847 | 245,847 | ||||
Purchase of treasury stock costs | (29,810) | (29,810) | ||||
Net income (loss) for the period | $ 0 | 0 | 0 | 0 | 218,483 | 218,483 |
Balance (in shares) at Jun. 30, 2021 | 26,261,016 | |||||
Balance at Jun. 30, 2021 | $ 194,691 | $ 89,662,665 | $ (2,244,985) | $ (5,267,134) | $ (65,559,940) | $ 16,785,297 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. The accompanying unaudited interim condensed consolidated financial statements of Usio, Inc. and its subsidiaries (the “Company”) have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been omitted pursuant to such rules and regulations. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all adjustments of a normal recurring nature considered necessary to present fairly the Company's financial position, results of operations and cash flows for such periods. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's annual report on Form 10 December 31, 2020, March 30, 2021. not may Use of Estimates: Revenue Recognition: 606 10 may may third 45 30 not The following table presents the Company's revenues by source: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 ACH and complementary service revenue $ 4,001,897 $ 1,779,245 $ 7,080,353 $ 4,016,991 Credit card revenue 6,558,076 4,588,199 12,281,785 9,570,857 Prepaid card services revenue 1,077,531 593,109 1,964,107 1,144,384 Output solutions revenue 3,595,637 — 7,368,446 — Total revenue $ 15,233,141 $ 6,960,553 $ 28,694,691 $ 14,732,232 Deferred Revenues: June 30, 2021 December 31, 2020 Cash and Cash Equivalents: 90 Settlement Processing Assets and Obligations: Customer Deposits: not Merchant Reserves: may not Prepaid Card Load Assets: The reconciliation of cash and cash equivalents to cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves is as follows for each period presented: Six Months Ended June 30, 2021 2020 Beginning cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 5,011,132 $ 2,137,580 Prepaid card load assets 7,610,242 528,434 Customer deposits 1,305,296 — Merchant reserves 8,265,555 10,016,904 Total $ 22,192,225 $ 12,682,918 Ending cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 5,614,702 $ 1,793,252 Prepaid card load assets 9,157,519 19,281,293 Customer deposits 1,410,607 — Merchant reserves 8,101,153 8,430,339 Total $ 24,283,981 $ 29,504,884 Allowance for Estimated Losses: June 30, 2021 December 31, 2020 Inventory March 31, 2021 December 31, 2020, Accounting for Internal Use Software: no six June 30, 2021 June 30, 2020 Valuation of Long-Lived and Intangible Assets: may not may not 2020 six June 30, 2021 not may Reserve for Processing Losses: one not may may not June 30, 2021 December 31, 2020 Legal Proceedings: T may not no not New Accounting Pronouncements June 2016, No. 2016 13, Financial Instruments - Credit Losses 326 326 326 December 25, 2022, not 2016 13 Accounting standards that have been issued or proposed by the FASB, the SEC or other standard setting bodies that do not not |
Note 2 - Acquisition of Informa
Note 2 - Acquisition of Information Management Solutions, LLC | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. On December 15, 2020, The final number of warrants was determined by dividing $2,000,000 by the 5 four 5 three second third five The purchase price was allocated to the net assets acquired based upon their estimated fair values as follows: Estimated Fair Estimated Useful Value Life (in years) Accounts receivable $ 683,736 Inventory 168,138 Fixed assets 1,211,225 5 Prepaid expenses 29,849 Other assets 7,408 Customer list 3,807,052 5 Total Cash Consideration $ 5,907,408 Customer list $ 552,283 Total Warrant Consideration $ 552,283 Total Purchase Price $ 6,459,691 Unaudited Pro Forma Information The unaudited proforma results including the effects of the IMS acquisition as if it had been consummated on January 1, 2019 8 March 3, 2021 10 March 30, 2021. |
Note 3 - Leases
Note 3 - Leases | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 3. The Company leases facilities and office equipment under various operating leases, which generally are expected to be renewed or replaced by other leases. For the quarters ended June 30, 2021 2020 six June 30, 2021 2020 Operating lease liabilities as of June 30, 2021 2021 $ 306,708 2022 621,802 2023 554,916 2024 518,935 2025 414,138 Thereafter 1,331,219 Total minimum lease payments 3,747,718 Less imputed interest (526,965 ) Total lease liabilities $ 3,220,753 |
Note 4 - Accrued Expenses
Note 4 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 4. Accrued expenses consisted of the following balances: June 30, 2021 December 31, 2020 Accrued commissions $ 688,394 $ 373,154 Reserve for merchant losses 575,149 515,199 Other accrued expenses 168,820 225,412 Accrued taxes 198,223 132,363 Accrued salaries 216,798 217,816 Total accrued expenses $ 1,847,384 $ 1,463,944 |
Note 5 - Equipment Loan
Note 5 - Equipment Loan | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5. On March 20, 2021, March 20, 2024. 36 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6. Stock Warrants August 21, 2018, first October 5, 2018. July 31, 2019 July 31, 2022. 30,000 October 5, 2018 one hundred twenty 30,000 120,000 2.77%; 0%; six June 30, 2021 2020 On August 12, 2020, On February 5, 2021, On December 15, 2020, $0.58; 0.09%; 0%; five Equity Transactions April 1, 2020, On July 1, 2020, On September 25, 2020, |
Note 7 - Net Income (Loss) Per
Note 7 - Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 7. Basic income (loss) per share (EPS) was computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted EPS differs from basic EPS due to the assumed conversion of potentially dilutive awards and options that were outstanding during the period. The following is a reconciliation of the numerators and the denominators of the basic and diluted per share computations for net income (loss) for the three six June 30, 2021 June 30, 2020 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Numerator for basic and diluted income (loss) per share, net income (loss) available to common shareholders $ 218,483 $ (1,288,169 ) $ (501,769 ) $ (2,123,178 ) Denominator: Denominator for basic income (loss) per share, weighted average shares outstanding 19,993,387 13,173,009 19,962,661 13,150,119 Effect of dilutive securities 4,969,002 — — — Denominator for diluted earnings per share, adjust weighted average shares and assumed conversion 24,962,389 13,173,009 19,962,661 13,150,119 Basic income (loss) per common share $ 0.01 $ (0.10 ) $ (0.03 ) $ (0.16 ) Diluted income (loss) per common share and common share equivalent $ 0.01 $ (0.10 ) $ (0.03 ) $ (0.16 ) The awards and options to purchase shares of common stock that were outstanding at June 30, 2021 June 30, 2020 not Six Months Ended June 30, 2021 2020 Anti-dilutive awards and options 4,969,002 5,467,780 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8. Deferred tax assets and liabilities are recorded based on the difference between financial reporting and tax basis of assets and liabilities and are measured by the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets are computed with the presumption that they will be realizable in future periods when taxable income is generated. Predicting the ability to realize these assets in future periods requires judgment by management. U.S. generally accepted accounting principles prescribe a recognition threshold and measurement attribute for a tax position taken or expected to be taken in a tax return. Income tax benefits that meet the “more likely than not” The Company has recognized a deferred tax asset of approximately $1.4 million and has recorded a valuation allowance of approximately $7.5 million against the other deferred tax assets. The Company reviews the assessment of the deferred tax asset and valuation allowance on an annual basis or more often when events indicate that a change to the valuation allowance may At December 31, 2020 2017 2021. 2018, 382 1999. Management is not |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 9. Louis Hoch During the six June 30, 2021 December 31, 2020 Directors and Officers On January 6, 2021, On January 6, 2020, On April 1, 2021, On November 1, 2020, October 15, 2020 November 1, 2020, |
Note 10 - COVID-19
Note 10 - COVID-19 | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | Note 10. 19 The ongoing COVID- 19 not 19 19, At this time, certain states are considering reinstatement of select mandated operating restrictions and continued efforts are underway to provide vaccinations to as many people as possible. During 2020 2021, 19 In April May 2020, The impacts and recovery from the COVID- 19 not |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 11. None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: 606 10 may may third 45 30 not The following table presents the Company's revenues by source: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 ACH and complementary service revenue $ 4,001,897 $ 1,779,245 $ 7,080,353 $ 4,016,991 Credit card revenue 6,558,076 4,588,199 12,281,785 9,570,857 Prepaid card services revenue 1,077,531 593,109 1,964,107 1,144,384 Output solutions revenue 3,595,637 — 7,368,446 — Total revenue $ 15,233,141 $ 6,960,553 $ 28,694,691 $ 14,732,232 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: 90 |
Credit Card Origination Costs, Policy [Policy Text Block] | Settlement Processing Assets and Obligations: |
Customer Deposits [Policy Text Block] | Customer Deposits: not |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Merchant Reserves: may not |
Prepaid Card Load Assets, Policy [Policy Text Block] | Prepaid Card Load Assets: The reconciliation of cash and cash equivalents to cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves is as follows for each period presented: Six Months Ended June 30, 2021 2020 Beginning cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 5,011,132 $ 2,137,580 Prepaid card load assets 7,610,242 528,434 Customer deposits 1,305,296 — Merchant reserves 8,265,555 10,016,904 Total $ 22,192,225 $ 12,682,918 Ending cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 5,614,702 $ 1,793,252 Prepaid card load assets 9,157,519 19,281,293 Customer deposits 1,410,607 — Merchant reserves 8,101,153 8,430,339 Total $ 24,283,981 $ 29,504,884 |
Receivable [Policy Text Block] | Allowance for Estimated Losses: June 30, 2021 December 31, 2020 |
Inventory, Policy [Policy Text Block] | Inventory March 31, 2021 December 31, 2020, |
Internal Use Software, Policy [Policy Text Block] | Accounting for Internal Use Software: no six June 30, 2021 June 30, 2020 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Valuation of Long-Lived and Intangible Assets: may not may not 2020 six June 30, 2021 not may |
Contingent Liability Reserve Estimate, Policy [Policy Text Block] | Reserve for Processing Losses: one not may may not June 30, 2021 December 31, 2020 |
Legal Costs, Policy [Policy Text Block] | Legal Proceedings: T may not no not |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements June 2016, No. 2016 13, Financial Instruments - Credit Losses 326 326 326 December 25, 2022, not 2016 13 Accounting standards that have been issued or proposed by the FASB, the SEC or other standard setting bodies that do not not |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 ACH and complementary service revenue $ 4,001,897 $ 1,779,245 $ 7,080,353 $ 4,016,991 Credit card revenue 6,558,076 4,588,199 12,281,785 9,570,857 Prepaid card services revenue 1,077,531 593,109 1,964,107 1,144,384 Output solutions revenue 3,595,637 — 7,368,446 — Total revenue $ 15,233,141 $ 6,960,553 $ 28,694,691 $ 14,732,232 |
Schedule of Cash and Cash Equivalents [Table Text Block] | Six Months Ended June 30, 2021 2020 Beginning cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 5,011,132 $ 2,137,580 Prepaid card load assets 7,610,242 528,434 Customer deposits 1,305,296 — Merchant reserves 8,265,555 10,016,904 Total $ 22,192,225 $ 12,682,918 Ending cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves: Cash and cash equivalents $ 5,614,702 $ 1,793,252 Prepaid card load assets 9,157,519 19,281,293 Customer deposits 1,410,607 — Merchant reserves 8,101,153 8,430,339 Total $ 24,283,981 $ 29,504,884 |
Note 2 - Acquisition of Infor_2
Note 2 - Acquisition of Information Management Solutions, LLC (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Estimated Fair Estimated Useful Value Life (in years) Accounts receivable $ 683,736 Inventory 168,138 Fixed assets 1,211,225 5 Prepaid expenses 29,849 Other assets 7,408 Customer list 3,807,052 5 Total Cash Consideration $ 5,907,408 Customer list $ 552,283 Total Warrant Consideration $ 552,283 Total Purchase Price $ 6,459,691 |
Note 3 - Leases (Tables)
Note 3 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 $ 306,708 2022 621,802 2023 554,916 2024 518,935 2025 414,138 Thereafter 1,331,219 Total minimum lease payments 3,747,718 Less imputed interest (526,965 ) Total lease liabilities $ 3,220,753 |
Note 4 - Accrued Expenses (Tabl
Note 4 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, 2021 December 31, 2020 Accrued commissions $ 688,394 $ 373,154 Reserve for merchant losses 575,149 515,199 Other accrued expenses 168,820 225,412 Accrued taxes 198,223 132,363 Accrued salaries 216,798 217,816 Total accrued expenses $ 1,847,384 $ 1,463,944 |
Note 7 - Net Income (Loss) Pe_2
Note 7 - Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Numerator for basic and diluted income (loss) per share, net income (loss) available to common shareholders $ 218,483 $ (1,288,169 ) $ (501,769 ) $ (2,123,178 ) Denominator: Denominator for basic income (loss) per share, weighted average shares outstanding 19,993,387 13,173,009 19,962,661 13,150,119 Effect of dilutive securities 4,969,002 — — — Denominator for diluted earnings per share, adjust weighted average shares and assumed conversion 24,962,389 13,173,009 19,962,661 13,150,119 Basic income (loss) per common share $ 0.01 $ (0.10 ) $ (0.03 ) $ (0.16 ) Diluted income (loss) per common share and common share equivalent $ 0.01 $ (0.10 ) $ (0.03 ) $ (0.16 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Six Months Ended June 30, 2021 2020 Anti-dilutive awards and options 4,969,002 5,467,780 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Contract with Customer, Liability, Current | $ 44,118 | $ 44,118 | $ 66,572 | |
Accounts Receivable, Allowance for Credit Loss, Current | 260,712 | 260,712 | 205,522 | |
Capitalized Computer Software, Additions | 388,349 | $ 313,983 | ||
Asset Impairment Charges, Total | 0 | 0 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 575,149 | $ 575,149 | $ 515,199 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Schedule of Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 15,233,141 | $ 6,960,553 | $ 28,694,691 | $ 14,732,232 |
ACH and Complementary Service Revenue [Member] | ||||
Revenues | 4,001,897 | 1,779,245 | 7,080,353 | 4,016,991 |
Credit Card Revenue [Member] | ||||
Revenues | 6,558,076 | 4,588,199 | 12,281,785 | 9,570,857 |
Prepaid Card Services Revenue [Member] | ||||
Revenues | 1,077,531 | 593,109 | 1,964,107 | 1,144,384 |
Output Solutions [Member] | ||||
Revenues | $ 3,595,637 | $ 0 | $ 7,368,446 | $ 0 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Reconciliation of Cash and Cash Equivalents to Cash, Cash Equivalents and Merchant Reserves (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Cash and cash equivalents | $ 5,011,132 | $ 1,793,252 | $ 2,137,580 |
Prepaid card load assets | 7,610,242 | 19,281,293 | 528,434 |
Customer deposits | 1,305,296 | 0 | 0 |
Merchant reserves | 8,265,555 | 8,430,339 | 10,016,904 |
Cash, cash equivalents, prepaid card load assets, customer deposits and merchant reserves, beginning of period | 22,192,225 | 29,504,884 | 12,682,918 |
Cash and cash equivalents | 5,614,702 | 5,011,132 | 1,793,252 |
Prepaid card load assets | 9,157,519 | 7,610,242 | 19,281,293 |
Customer deposits | 1,410,607 | 1,305,296 | 0 |
Merchant reserves | 8,101,153 | 8,265,555 | 8,430,339 |
Cash, Cash Equivalents, Prepaid Card Load Assets, Customer Deposits and Merchant Reserves, End of Period | $ 24,283,981 | $ 22,192,225 | $ 29,504,884 |
Note 2 - Acquisition of Infor_3
Note 2 - Acquisition of Information Management Solutions, LLC (Details Textual) | Dec. 15, 2020USD ($)$ / sharesshares | Jun. 30, 2021$ / shares | Dec. 31, 2020$ / shares |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 |
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | |||
Class of Warrant or Right, Issued During Period (in shares) | shares | 945,599 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 945,599 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 4.23 | ||
Determination of Number of Warrants, Numerator | $ 2,000,000 | ||
Determination of Number of Warrants, Denominator (in dollars per share) | $ / shares | $ 2.115 | ||
Class of Warrant or Right, Number By which the 5-day Weighted Average Closing Price is Multiplied to Determine Exercise Price | 2 | ||
Class of Warrant or Right, Vesting, Number of Equal Installments | 3 | ||
Class of Warrant or Right, Term Following Vesting (Year) | 5 years | ||
Acquisition of Information Management Solutions, LLC [Member] | |||
Payments to Acquire Businesses, Gross | $ 5,907,408 | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 552,283 | ||
Acquisition of Information Management Solutions, LLC [Member] | Warrants [Member] | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 552,283 |
Note 2 - Acquisition of Infor_4
Note 2 - Acquisition of Information Management Solutions, LLC - Purchase Price Allocation (Details) - Acquisition of Information Management Solutions, LLC [Member] | Dec. 15, 2020USD ($) |
Accounts receivable | $ 683,736 |
Inventory | 168,138 |
Fixed assets | $ 1,211,225 |
Fixed assets, estimated useful life (Year) | 5 years |
Prepaid expenses | $ 29,849 |
Other assets | 7,408 |
Customer list | $ 3,807,052 |
Customer list, estimated useful life (Year) | 5 years |
Payments to Acquire Businesses, Gross | $ 5,907,408 |
Customer list | 552,283 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 552,283 |
Total Purchase Price | $ 6,459,691 |
Note 3 - Leases (Details Textua
Note 3 - Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Lease, Expense | $ 116,535 | $ 61,049 | $ 220,666 | $ 128,693 |
Note 3 - Leases - Maturities of
Note 3 - Leases - Maturities of Lease Liabilities (Details) | Jun. 30, 2021USD ($) |
2021 | $ 306,708 |
2022 | 621,802 |
2023 | 554,916 |
2024 | 518,935 |
2025 | 414,138 |
Thereafter | 1,331,219 |
Total minimum lease payments | 3,747,718 |
Less imputed interest | (526,965) |
Total lease liabilities | $ 3,220,753 |
Note 4 - Accrued Expenses - Sum
Note 4 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued commissions | $ 688,394 | $ 373,154 |
Reserve for merchant losses | 575,149 | 515,199 |
Other accrued expenses | 168,820 | 225,412 |
Accrued taxes | 198,223 | 132,363 |
Accrued salaries | 216,798 | 217,816 |
Total accrued expenses | $ 1,847,384 | $ 1,463,944 |
Note 5 - Equipment Loan (Detail
Note 5 - Equipment Loan (Details Textual) - Debit Arrangement to Finance Purchase of Output Solutions Sorter [Member] | Mar. 20, 2021USD ($) |
Debt Instrument, Face Amount | $ 165,996 |
Debt Instrument, Term (Month) | 36 months |
Debt Instrument, Periodic Payment, Total | $ 4,902 |
Debt Instrument, Annual Periodic Payment | $ 58,821 |
Debt Instrument, Interest Rate, Stated Percentage | 3.95% |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Details Textual) | Feb. 05, 2021$ / sharesshares | Dec. 15, 2020USD ($)$ / sharesshares | Sep. 25, 2020USD ($)$ / sharesshares | Aug. 12, 2020$ / sharesshares | Jul. 01, 2020USD ($)$ / sharesshares | Apr. 01, 2020$ / sharesshares | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($) | Dec. 31, 2020$ / shares | Nov. 01, 2020$ / shares | Oct. 05, 2018$ / sharesshares | Aug. 21, 2018USD ($)$ / sharesshares |
Warrants and Rights Outstanding, Reduction of Revenue During Period | $ | $ 17,970 | $ 17,970 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.08 | |||||||||||
Private Placement [Member] | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.67 | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,796,407 | |||||||||||
Proceeds from Issuance of Private Placement | $ | $ 3,000,000 | |||||||||||
Public Stock Offering [Member] | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.70 | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,705,883 | |||||||||||
Cash Fee for Per Share of Common (in dollars per share) | $ / shares | $ 0.12325 | |||||||||||
Proceeds from Issuance of Common Stock | $ | $ 7,400,000 | |||||||||||
President and Chief Executive Officer [Member] | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.5779 | |||||||||||
Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,444,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 10 years | |||||||||||
Performance Shares [Member] | President and Chief Executive Officer [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 300,000 | |||||||||||
Performance Shares [Member] | Chief Financial Officer [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 200,000 | |||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 103,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.08 | |||||||||||
Restricted Stock Units (RSUs) [Member] | Director One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,000 | |||||||||||
Restricted Stock Units (RSUs) [Member] | Director Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30,000 | |||||||||||
Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0277 | |||||||||||
Measurement Input, Expected Term [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 5 | |||||||||||
Measurement Input, Expected Dividend Rate [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||||||
Measurement Input, Price Volatility [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.646 | |||||||||||
Maximum [Member] | Public Stock Offering [Member] | ||||||||||||
Payments of Stock Issuance Costs | $ | $ 100,000 | |||||||||||
Common Stock Warrants [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 150,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 5.88 | $ 3.46 | ||||||||||
Warrants and Rights Outstanding | $ | $ 135,764 | |||||||||||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 19,795 | 27,051 | ||||||||||
Class of Warrant or Right, Number of Warrants Exercised (in shares) | 30,000 | 60,000 | ||||||||||
Common Stock Warrants, Tranche One [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 30,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.80 | |||||||||||
Common Stock Warrants, Tranche One [Member] | Measurement Input, Share Price [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.94 | |||||||||||
Common Stock Warrants, Tranche Two through Five [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 120,000 | 120,000 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 4 years | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights, Maximum Percentage of Market Price of Common Stock | 120.00% | |||||||||||
Common Stock Warrants, Tranche Two through Five [Member] | Measurement Input, Share Price [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.90 | |||||||||||
Common Stock Warrants, Tranche Two through Five [Member] | Maximum [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2 | |||||||||||
Common Stock Warrants, Tranche Two [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 30,000 | |||||||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 945,599 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 4.23 | |||||||||||
Warrants and Rights Outstanding | $ | $ 552,283 | |||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 945,599 | |||||||||||
Class of Warrant or Right, Term Following Vesting (Year) | 5 years | |||||||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | Measurement Input, Share Price [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.58 | |||||||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0009 | |||||||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | Measurement Input, Expected Term [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 5 | |||||||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||||||
Warrants Issued to Acquire Information Management Solutions, LLC [Member] | Measurement Input, Price Volatility [Member] | ||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.599 |
Note 7 - Net Income (Loss) Pe_3
Note 7 - Net Income (Loss) Per Share - Earnings Per Share Reconciliation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Numerator for basic and diluted income (loss) per share, net income (loss) available to common shareholders | $ 218,483 | $ (1,288,169) | $ (501,769) | $ (2,123,178) |
Denominator: | ||||
Denominator for basic income (loss) per share, weighted average shares outstanding (in shares) | 19,993,387 | 13,173,009 | 19,962,661 | 13,150,119 |
Effect of dilutive securities (in shares) | 4,969,002 | 0 | 0 | 0 |
Denominator for diluted earnings per share, adjust weighted average shares and assumed conversion (in shares) | 24,962,389 | 13,173,009 | 19,962,661 | 13,150,119 |
Basic income (loss) per common share (in dollars per share) | $ 0.01 | $ (0.10) | $ (0.03) | $ (0.16) |
Diluted income (loss) per common share and common share equivalent (in dollars per share) | $ 0.01 | $ (0.10) | $ (0.03) | $ (0.16) |
Note 7 - Net (Loss) Per Share -
Note 7 - Net (Loss) Per Share - Anti-dilutive Securities (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Anti-dilutive awards and options (in shares) | 4,969,002 | 5,467,780 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 1.4 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 7.5 | |
Operating Loss Carryforwards, Total | $ 39.4 | |
Portion Subject to an IRS Section 382 Limitation [Member] | ||
Operating Loss Carryforwards, Total | $ 0.5 |
Note 9 - Related Party Transa_2
Note 9 - Related Party Transactions (Details Textual) - USD ($) | Jan. 06, 2021 | Nov. 01, 2020 | Apr. 01, 2020 | Jan. 06, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Shares Issued, Price Per Share (in dollars per share) | $ 1.08 | |||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 150,542 | $ 120,535 | $ 83,284 | $ 59,491 | ||||||
Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,444,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 10 years | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 103,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.08 | |||||||||
Chief Financial Officer [Member] | ||||||||||
Treasury Stock, Shares, Acquired (in shares) | 11,860 | 11,860 | ||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 3.25 | $ 1.74 | ||||||||
Chief Financial Officer [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 200,000 | |||||||||
President and Chief Executive Officer [Member] | ||||||||||
Treasury Stock, Shares, Acquired (in shares) | 54,756 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.5779 | |||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 136,891 | |||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 216,000 | |||||||||
President and Chief Executive Officer [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 300,000 | |||||||||
Director One [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,000 | |||||||||
Director Two [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 30,000 | |||||||||
Angry Pug Sportswear [Member] | ||||||||||
Related Party Transaction, Purchases from Related Party | $ 2,890 | $ 9,886 | ||||||||
President and Chief Executive Officer [Member] | Angry Pug Sportswear [Member] | ||||||||||
Ownership Percentage | 50.00% |