Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 11-May-15 | |
Document And Entity Information | ||
Entity Registrant Name | MobileSmith, Inc. | |
Entity Central Index Key | 1113513 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 19,827,542 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $631,606 | $320,286 |
Restricted cash | 75,248 | 125,000 |
Trade Accounts Receivable, Net of Allowance for Doubtful Accounts of $11,500 and $22,000, Respectively | 124,036 | 193,907 |
Prepaid expenses and other current assets | 86,985 | 64,973 |
Total current assets | 917,875 | 704,166 |
Property and equipment, net | 112,621 | 116,567 |
Capitalized software, net | 479,770 | 507,217 |
Intangible assets, net | 68,234 | 72,604 |
Other assets | 17,550 | 21,312 |
Total Other Assets | 678,175 | 717,700 |
TOTAL ASSETS | 1,596,050 | 1,421,866 |
Current liabilities | ||
Trade Accounts Payable | 106,154 | 94,862 |
Accrued Expenses | 100,966 | 106,668 |
Accrued interest | 331,593 | 501,957 |
Capital Lease Obligations | 28,983 | 28,378 |
Deferred revenue | 478,154 | 579,264 |
Total current liabilities | 1,045,850 | 1,311,129 |
Long-term liabilities: | ||
Bank Loan | 5,000,000 | 5,000,000 |
Convertible Notes Payable, Related Parties, Net of Discount | 28,268,762 | 25,985,330 |
Convertible Notes Payable, Net of Discount | 680,640 | 680,640 |
Capital Lease Obligations | 107,161 | 114,637 |
Deferred Rent | 59,425 | 61,010 |
Total long-term liabilities | 34,115,988 | 31,841,617 |
Total liabilities | 35,161,838 | 33,152,746 |
Commitments and Contingencies (Note 3) | ||
Stockholders' deficit: | ||
Preferred Stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2015 and December 31, 2014 | 0 | 0 |
Common Stock, $0.001 par value, 45,000,000 shares authorized,19,827,542 shares issued and outstanding at March 31, 2015 and December 31, 2014 | 19,828 | 19,828 |
Additional paid-in capital | 97,474,682 | 97,453,374 |
Accumulated deficit | -131,060,298 | -129,204,082 |
Total stockholders' deficit | -33,565,788 | -31,730,880 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $1,596,050 | $1,421,866 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts | $11,500 | $22,000 |
Stockholders' equity: | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized | 45,000,000 | 45,000,000 |
Common stock, issued | 19,827,542 | 19,827,542 |
Common stock, outstanding | 19,827,542 | 19,827,542 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
REVENUES: | ||
Subscription and Support | $396,188 | $187,945 |
Professional Services and Other | 30,000 | 0 |
Total revenues | 426,188 | 187,945 |
COST OF REVENUES | ||
Subscription and Support | 59,469 | 135,587 |
Professional Services and Other | 9,273 | 0 |
Total Cost of Revenue | 68,742 | 135,587 |
GROSS PROFIT (LOSS) | 357,446 | 52,358 |
OPERATING EXPENSES: | ||
Sales and marketing | 292,199 | 220,157 |
Research and development | 340,140 | 268,877 |
General and administrative | 314,566 | 335,167 |
Total operating expenses | 946,905 | 824,201 |
LOSS FROM OPERATIONS | -589,459 | -771,843 |
OTHER INCOME (EXPENSE): | ||
Other Income | 379 | 1,256 |
Interest expense, net | -1,267,136 | -826,442 |
Total Other Expense | -1,266,757 | -825,186 |
NET LOSS | ($1,856,216) | ($1,597,029) |
NET LOSS PER COMMON SHARE: | ||
Basic and Fully Diluted | ($0.09) | ($0.08) |
WEIGHTED-AVERAGE NUMBER OF SHARES USED IN COMPUTING NET LOSS PER COMMON SHARE: | ||
Basic and fully diluted | 19,827,542 | 19,827,542 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($1,856,216) | ($1,597,029) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 40,567 | 41,507 |
Bad Debt Expense Reversal | -6,000 | 0 |
Amortization of Debt Discount | 583,432 | 246,213 |
Share Based Compensation | 21,308 | 28,004 |
Changes in assets and liabilities: | ||
Accounts Receivable | 75,871 | -132,180 |
Prepaid Expenses and Other Current Assets | -18,138 | 11,283 |
Accounts Payable | 11,292 | 17,204 |
Deferred revenue | -101,110 | 125,230 |
Accrued and other expenses | -177,651 | 50,960 |
Net Cash Used in Operating Activities | -1,426,645 | -1,208,808 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments to Acquire Property, Plant and Equipment | -4,916 | -5,165 |
Net Cash Used in Investing Activities | -4,916 | -5,165 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Restricted cash used to pay interest expense | 49,752 | 50,556 |
Proceeds from Issuance of Long Term Debt | 1,700,000 | 1,230,000 |
Repayments of debt borrowings | -6,871 | -5,965 |
Net cash provided by financing activities | 1,742,881 | 1,274,591 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 311,320 | 60,618 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 320,286 | 223,514 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 631,606 | 284,132 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for: Interest | 804,328 | 577,271 |
The Company Recorded Debt Discount Associated with Beneficial Conversion Feature | $0 | $1,625,357 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT (Unaudited) (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, amount at Dec. 31, 2014 | $19,828 | $97,453,374 | ($129,204,082) | ($31,730,880) |
Beginning Balance, shares at Dec. 31, 2014 | 19,827,542 | |||
Equity-Based Compensation | 0 | 21,308 | 0 | 21,308 |
Net loss | 0 | 0 | -1,856,216 | -1,856,216 |
Ending Balance, amount at Mar. 31, 2015 | $19,828 | $97,474,682 | ($131,060,298) | ($33,565,788) |
Ending Balance, shares at Mar. 31, 2015 | 19,827,542 |
1_DESCRIPTION_OF_BUSINESS_AND_
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | MobileSmith, Inc. (referred to herein as the “Company,” “us,” “we,” or “our”) was incorporated as Smart Online, Inc. in the State of Delaware in 1993. The Company changed its name to MobileSmith, Inc. effective July 1, 2013. The Company develops and markets software products and services tailored to users of mobile devices. The Company’s flagship product is the MobileSmith® Platform (the “Platform”). The Platform is an innovative app development platform that enables organizations to rapidly create, deploy, and manage custom, native smartphone and tablet apps deliverable across iOS and Android mobile platforms. | |
These condensed consolidated financial statements include accounts of the Company and its wholly-owned subsidiary, which was created to explore the concept of a consumer targeted mobile app development platform. From time to time, the Company may create additional wholly-owned subsidiaries in order to test various new services as a part of its research and development process. This subsidiary has not had material activity in 2015. | ||
The Company’s principal products and services include: | ||
● | Subscription to its Software as a Service (“SaaS”) cloud based mobile app development platform to customers who design and build their own apps; | |
● | Dedicated internal and secure mobile development platform for the U.S. Department of Defense and related contractors; | |
● | Custom mobile application design and development services; | |
● | Mobile application marketing services; and | |
● | Mobile strategy implementation consulting. | |
The Company prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, the Company has condensed or omitted certain information and footnote disclosures it normally includes in its audited annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In management’s opinion, the Company has made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present its financial position, results of operations, cash flows and stockholders’ deficit as of March 31, 2015. The Company’s interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as amended, on file with the SEC (the “Annual Report”). | ||
There have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies described in the Annual Report. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. During the three months ended March 31, 2015 and 2014, the Company incurred net losses as well as negative cash flows. These factors indicate that the Company may be unable to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | ||
Recently Issued Accounting Pronouncements | ||
The Company evaluates new significant accounting pronouncements at each reporting period. For the period ended March 31, 2015, the Company did not adopt any new pronouncement that had or is expected to have a material effect on the Company’s presentation of its condensed consolidated financial statements. | ||
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-9 Revenue from Contracts with Customers (Topic 606). This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company will adopt this standard in fiscal year 2017 and is currently assessing its impact. | ||
In August of 2014, the FASB issued ASU 2014-15 Presentation of Financial Statements – Going Concern (Subtopic 205-40). This ASU defines management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and provides guidance on required financial statement footnote disclosures. The ASU is effective for annual periods ending after December 15, 2016. The Company will adopt the ASU in fiscal year 2016. |
2_DEBT
2. DEBT | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
2. DEBT | The table below summarizes the Company’s debt at March 31, 2015 and December 31, 2014: | |||||||||||||
Debt Description | March 31, | December 31, | ||||||||||||
2015 | 2014 | Maturity | Rate | |||||||||||
Bank Loan | $ | 5,000,000 | $ | 5,000,000 | 16-Jun | 3.85 | % | |||||||
Capital lease obligations - Noteholder lease | 108,042 | 113,093 | 19-Aug | 8 | % | |||||||||
Capital lease obligations - office furniture | 28,102 | 29,922 | 16-Sep | 9.8 | % | |||||||||
Convertible notes - related parties, net of discount of $3,755,469 and $4,338,901, respectively | 28,268,762 | 25,985,330 | 16-Nov | 8 | % | |||||||||
Convertible notes, net of discount of $50,129 | 680,640 | 680,640 | 16-Nov | 8 | % | |||||||||
Total debt | 34,085,546 | 31,808,985 | ||||||||||||
Less: current portion of long term debt | ||||||||||||||
Capital lease obligations | 28,983 | 28,378 | ||||||||||||
Total current portion of long term debt | 28,983 | 28,378 | ||||||||||||
Debt - long term | $ | 34,056,563 | $ | 31,780,607 | ||||||||||
Convertible Notes | ||||||||||||||
During the three months ended March 31, 2015, the Company sold $1,700,000 of additional unsecured Convertible Subordinated Notes (the “2014 NPA Notes”) to Union Bancaire Privée (“UBP”) under its existing unsecured Convertible Subordinated Note Purchase Agreement dated December 10, 2014 (the “2014 NPA”) at conversion prices equal to $1.43 on the date of sale. | ||||||||||||||
The table below summarizes convertible notes issued as of March 31, 2015 by type: | ||||||||||||||
Convertible Notes Type: | Balance | |||||||||||||
2007 NPA notes, net of discount | $ | 26,749,402 | ||||||||||||
2014 NPA notes | 2,200,000 | |||||||||||||
Total convertible notes | $ | 28,949,402 |
3_COMMITMENTS_AND_CONTINGENCIE
3. COMMITMENTS AND CONTINGENCIES | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
3. COMMITMENTS AND CONTINGENCIES | Aggregate future lease commitments | ||||
The Company leases computers, office equipment and office furniture under capital lease agreements that expire through August 2019. Total amount financed under these capital leases were $136,444 at March 31, 2015. This obligation is included within the Company’s total debt. | |||||
The table below summarizes Company’s future obligations under its capital leases: | |||||
Year: | |||||
2015 | $ | 29,444 | |||
2016 | 39,259 | ||||
2017 | 39,259 | ||||
2018 | 34,189 | ||||
2019 | 19,412 | ||||
161,563 | |||||
Less amount representing interest | (25,119 | ) | |||
Capital lease obligations | $ | 136,444 | |||
The Company leases its office space in Raleigh, North Carolina pursuant to a lease with an initial term that expires in March 2019. The lease contains an option to renew for two three-year terms. In addition, the Company leases a vehicle pursuant to a lease that expires in July 2016. | |||||
The table below summarizes the Company’s future obligations under its office and vehicle leases: | |||||
Year: | |||||
2015 | $ | 122,076 | |||
2016 | 165,678 | ||||
2017 | 167,786 | ||||
2018 | 172,418 | ||||
2019 | 44,082 | ||||
Total | $ | 672,040 | |||
Legal Proceedings | |||||
The Company may be subject to legal proceedings and litigation arising in the ordinary course of business, including, but not limited to, certain pending patent and privacy matters, including class action lawsuits, as well as inquiries, investigations, audits and other regulatory proceedings. | |||||
The Company will record a liability when it believes that it is both probable that a loss has been incurred and the amount can be reasonably estimated. The Company periodically evaluates developments in its legal matters that could affect the amount of liability that it has previously accrued, if any, and makes adjustments as appropriate. Significant judgment is required to determine both the likelihood of there being, and the estimated amount of, a loss related to such matters, and the Company’s judgment may be incorrect. The outcome of any proceeding is not determinable in advance. Until the final resolution of any such matters that the Company may be required to accrue for, there may be an exposure to loss in excess of the amount accrued, and such amounts could be material. |
4_EQUITY_COMPENSATION
4. EQUITY COMPENSATION | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Equity [Abstract] | ||||||||||
4. EQUITY COMPENSATION | The following is a summary of the stock option activity for the three months ended March 31, 2015: | |||||||||
Weighted | ||||||||||
Weighted | Average | Aggregate | ||||||||
Number of | Average | Remaining | Intrinsic | |||||||
Shares | Exercise Price | Contractual Term | Value | |||||||
Outstanding, December 31, 2014 | 403,661 | 1.45 | ||||||||
Cancelled | -42,312 | 1.53 | ||||||||
Issued | - | - | ||||||||
Outstanding, March 31, 2015 | 361,349 | $ | 1.44 | 4.37 | $ | 78,735 | ||||
Vested and exercisable, March 31, 2015 | 226,965 | $ | 1.35 | 4.85 | $ | 65,109 | ||||
Aggregate intrinsic value represents the difference between the closing price of the Company’s common stock at March 31, 2015 and the exercise price of outstanding, in-the-money stock options. The closing price of the common stock at March 31, 2015, as reported on the Over-the-Counter Bulletin Board, was $1.60 per share. | ||||||||||
At March 31, 2015, $124,828 of unvested expense has yet to be recorded related to outstanding stock options. |
5_MAJOR_CUSTOMERS_AND_CONCENTR
5. MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK | 3 Months Ended |
Mar. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
5. MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK | For the three months ended March 31, 2015, three major customers accounted for 44% of total revenues and three customers accounted for 66% of the accounts receivable balance. For the three months ended March 31, 2014, three major customers accounted for 34% of total revenues and two customers accounted for 73% of the accounts receivable balance. |
6_SUBSEQUENT_EVENTS
6. SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
6. SUBSEQUENT EVENTS | Subsequent to March 31, 2015, the Company sold one 2014 NPA Note to UBP in the total amount of $1,500,000 on the same terms as the currently outstanding 2014 NPA Notes. The note matures on November 14, 2016. |
2_DEBT_Tables
2. DEBT (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Company's debt | Debt Description | March 31, | December 31, | |||||||||||
2015 | 2014 | Maturity | Rate | |||||||||||
Bank Loan | $ | 5,000,000 | $ | 5,000,000 | 16-Jun | 3.85 | % | |||||||
Capital lease obligations - Noteholder lease | 108,042 | 113,093 | 19-Aug | 8 | % | |||||||||
Capital lease obligations - office furniture | 28,102 | 29,922 | 16-Sep | 9.8 | % | |||||||||
Convertible notes - related parties, net of discount of $3,755,469 and $4,338,901, respectively | 28,268,762 | 25,985,330 | 16-Nov | 8 | % | |||||||||
Convertible notes, net of discount of $50,129 | 680,640 | 680,640 | 16-Nov | 8 | % | |||||||||
Total debt | 34,085,546 | 31,808,985 | ||||||||||||
Less: current portion of long term debt | ||||||||||||||
Capital lease obligations | 28,983 | 28,378 | ||||||||||||
Total current portion of long term debt | 28,983 | 28,378 | ||||||||||||
Debt - long term | $ | 34,056,563 | $ | 31,780,607 | ||||||||||
Summary of convertible notes | Convertible Notes Type: | Balance | ||||||||||||
2007 NPA notes, net of discount | $ | 26,749,402 | ||||||||||||
2014 NPA notes | 2,200,000 | |||||||||||||
Total convertible notes | $ | 28,949,402 |
3_COMMITMENTS_AND_CONTINGENCIE1
3. COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Company's future obligations under its capital leases | Year: | ||||
2015 | $ | 29,444 | |||
2016 | 39,259 | ||||
2017 | 39,259 | ||||
2018 | 34,189 | ||||
2019 | 19,412 | ||||
161,563 | |||||
Less amount representing interest | (25,119 | ) | |||
Capital lease obligations | $ | 136,444 | |||
Company's future obligation under the new office and vehicle leases | Year: | ||||
2015 | $ | 122,076 | |||
2016 | 165,678 | ||||
2017 | 167,786 | ||||
2018 | 172,418 | ||||
2019 | 44,082 | ||||
Total | $ | 672,040 |
4_EQUITY_COMPENSATION_Tables
4. EQUITY COMPENSATION (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Equity Compensation Tables | ||||||||||
Schedule of Stock Options Outstanding | Weighted | |||||||||
Weighted | Average | Aggregate | ||||||||
Number of | Average | Remaining | Intrinsic | |||||||
Shares | Exercise Price | Contractual Term | Value | |||||||
Outstanding, December 31, 2014 | 403,661 | 1.45 | ||||||||
Cancelled | -42,312 | 1.53 | ||||||||
Issued | - | - | ||||||||
Outstanding, March 31, 2015 | 361,349 | $ | 1.44 | 4.37 | $ | 78,735 | ||||
Vested and exercisable, March 31, 2015 | 226,965 | $ | 1.35 | 4.85 | $ | 65,109 | ||||
2_DEBT_Details
2. DEBT (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Details | ||
Bank Loan | $5,000,000 | $5,000,000 |
Capital leases obligations - Noteholder lease | 108,042 | 113,093 |
Capital lease obligations - Office furniture | 28,102 | 29,922 |
Convertible notes - related parties, net of discount of $3,755,469 and $4,338,901, respectively | 28,268,762 | 25,985,330 |
Convertible notes, net of discount of $50,129 | 680,640 | 680,640 |
Total debt | 34,085,546 | 31,808,985 |
Less: current portion of long term debt | ||
Capital lease obligations | 28,983 | 28,378 |
Total current portion of long term debt | 28,983 | 28,378 |
Debt - long term | $34,056,563 | $31,780,607 |
2_DEBT_Details_1
2. DEBT (Details 1) (USD $) | Mar. 31, 2015 |
Convertible notes | $28,949,402 |
2007 NPA notes, net of discount | |
Convertible notes | 26,749,402 |
2014 NPA notes | |
Convertible notes | $2,200,000 |
3_COMMITMENTS_AND_CONTINGENCIE2
3. COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Mar. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $29,444 |
2016 | 39,259 |
2017 | 39,259 |
2018 | 34,189 |
2019 | 19,412 |
Thereafter | 161,563 |
Less amount representing interest | -25,119 |
Capital lease obligations | $136,444 |
3_COMMITMENTS_AND_CONTINGENCIE3
3. COMMITMENTS AND CONTINGENCIES (Details 1) (USD $) | Mar. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $122,076 |
2016 | 165,678 |
2017 | 167,786 |
2018 | 172,418 |
2019 | 44,082 |
Total | $672,040 |
4_EQUITY_COMPENSATION_Details
4. EQUITY COMPENSATION (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Equity Compensation Details | |
Number of Shares Outstanding, Beginning | 403,661 |
Number of Shares Cancelled | -42,312 |
Number of Shares Issued | 0 |
Number of Shares Outstanding, Ending | 361,349 |
Stock Options Vested and Exercisable Number of Shares | 226,965 |
Weighted Average Exercise Price Outstanding, Beginning | $1.45 |
Weighted Average Exercise Price Cancelled | $1.53 |
Weighted Average Exercise Price Issued | $0 |
Weighted Average Exercise Price Outstanding, Ending | $1.44 |
Weighted Average Exercise Price Vested and exercisable, Ending | $1.35 |
Weighted Average Remaining Contractual Life (in years) Outstanding | 4 years 4 months 3 days |
Weighted Average Remaining Contractual Life (in years) Vested and expected to vest | 4 years 10 months 6 days |
Aggregate Intrinsic Value Outstanding | $78,753 |
Aggregate Intrinsic Value vested and expected to vest | $65,109 |
5_MAJOR_CUSTOMERS_AND_CONCENTR1
5. MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK (Details Narrative) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Three Customers | ||
Percentage of revenues from major customers | 44.00% | 34.00% |
Percentage of accounts receivables from major customers | 66.00% | |
Two Customer | ||
Percentage of accounts receivables from major customers | 73.00% |