Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 08, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | TOWERSTREAM CORP | |
Entity Central Index Key | 1,349,437 | |
Trading Symbol | twer | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 394,399 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 8,282,771 | $ 12,272,444 |
Accounts receivable, net | 721,600 | 505,074 |
Prepaid expenses and other current assets | 592,566 | 434,444 |
Current assets of discontinued operations | 231,978 | |
Total Current Assets | 9,596,937 | 13,443,940 |
Property and equipment, net | 12,436,040 | 15,252,357 |
Intangible assets, net | 2,562,287 | 3,652,490 |
Goodwill | 1,674,281 | 1,674,281 |
Other assets | 381,660 | 369,769 |
Total Assets | 26,651,205 | 34,392,837 |
Current Liabilities | ||
Accounts payable | 219,366 | 323,625 |
Accrued expenses | 1,103,340 | 911,210 |
Accrued interest | 709,233 | |
Deferred revenues | 975,089 | 1,161,520 |
Current maturities of capital lease obligations | 411,309 | 791,009 |
Current liabilities of discontinued operations | 1,030,535 | 1,240,000 |
Deferred rent | 168,985 | 110,738 |
Long-term debt, net of debt discount of $1,803,742 | 0 | 31,487,253 |
Total Current Liabilities | 4,617,857 | 36,025,355 |
Long-Term Liabilities | ||
Long-term debt, net of debt discount of $1,005,292 | 33,301,998 | |
Capital lease obligations, net of current maturities | 204,752 | 158,703 |
Other | 920,937 | 1,062,237 |
Total Long-Term Liabilities | 34,427,687 | 1,220,940 |
Total Liabilities | 39,045,544 | 37,246,295 |
Commitments (Note 15) | ||
Stockholders' Deficit | ||
Common stock, par value $0.001; 200,000,000 shares authorized; 394,399 and 244,369 shares issued and outstanding, respectively | 394 | 244 |
Additional paid-in-capital | 174,676,619 | 173,801,022 |
Accumulated deficit | (187,071,354) | (176,655,227) |
Total Stockholders' Deficit | (12,394,339) | (2,853,458) |
Total Liabilities and Stockholders' Deficit | 26,651,205 | 34,392,837 |
Series A Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock | ||
Series B Convertible Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock | ||
Series C Convertible Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock | ||
Series D Convertible Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock | 2 | |
Series E Convertible Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock | 500 | |
Series F Convertible Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock | 1 | |
Series G Convertible Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock | 1 | |
Series H Convertible Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock | $ 1 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Debt discount, current | $ 1,803,742 | |
Debt discount, noncurrent | $ 1,005,292 | |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
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) | 394,339 | 244,369 |
Common stock, outstanding (in shares) | 394,339 | 244,369 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series C Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series D Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 0 | 1,233 |
Preferred stock, shares outstanding (in shares) | 0 | 1,233 |
Preferred stock, liquidation value | $ 0 | $ 1,233,000 |
Series E Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 0 | 500,000 |
Preferred stock, shares outstanding (in shares) | 0 | 500,000 |
Preferred stock, liquidation value | $ 0 | $ 500 |
Series F Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 0 | 1,233 |
Preferred stock, shares outstanding (in shares) | 0 | 1,233 |
Preferred stock, liquidation value | $ 1,233,000 | |
Series G Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 538 | 0 |
Preferred stock, shares outstanding (in shares) | 538 | 0 |
Preferred stock, liquidation value | $ 538,000 | $ 0 |
Series H Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 501 | 0 |
Preferred stock, shares outstanding (in shares) | 501 | 0 |
Preferred stock, liquidation value | $ 501,000 | $ 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 6,555,009 | $ 6,664,183 | $ 19,645,143 | $ 20,270,615 |
Operating Expenses | ||||
Infrastructure and access | 2,637,055 | 2,608,505 | 7,968,089 | 7,829,386 |
Depreciation and amortization | 1,953,519 | 2,992,758 | 6,487,301 | 8,564,537 |
Network operations | 1,043,979 | 1,231,650 | 3,330,135 | 3,748,925 |
Customer support | 428,672 | 417,265 | 1,187,689 | 1,479,580 |
Sales and marketing | 1,130,855 | 757,316 | 2,972,621 | 3,136,198 |
General and administrative | 1,181,481 | 2,266,838 | 4,233,350 | 5,851,175 |
Total Operating Expenses | 8,375,561 | 10,274,332 | 26,179,185 | 30,609,801 |
Operating Loss | (1,820,552) | (3,610,149) | (6,534,042) | (10,339,186) |
Other (Expense) / Income | ||||
Interest expense, net | (1,314,761) | (1,580,444) | (3,887,582) | (4,775,855) |
Other (Expense) income, net | (11) | 5,497 | ||
Total Other (Expense)/Income | (1,314,772) | (1,580,444) | (3,882,085) | (4,775,855) |
Loss from continuing operations | (3,135,324) | (5,190,593) | (10,416,127) | (15,115,041) |
Loss from discontinued operations | ||||
Operating loss | (2,977,143) | |||
Gain on sale of assets | 1,177,742 | |||
Total loss from discontinued operations | (1,799,401) | |||
Net Loss | (3,135,324) | (5,190,593) | (10,416,127) | (16,914,442) |
Deemed dividend to Series D and Series F preferred stockholders | (1,905,570) | |||
Net loss attributable to common stockholders | $ (3,135,324) | $ (5,190,593) | $ (12,321,697) | $ (16,914,442) |
(Loss) gain per share – basic and diluted | ||||
Continuing (in dollars per share) | $ (8.30) | $ (75) | $ (39.25) | $ (283.91) |
Discontinued | ||||
Operating loss (in dollars per share) | (55.92) | |||
Gain on sale of assets (in dollars per share) | 22.12 | |||
Total discontinued (in dollars per share) | (33.80) | |||
Net loss per common share – basic and diluted (in dollars per share) | $ (8.30) | $ (75) | $ (39.25) | $ (317.71) |
Weighted average common shares outstanding – basic and diluted (in shares) | 377,727 | 69,206 | 313,958 | 53,238 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Deficit (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) | Series E Convertible Preferred Stock [Member]January 9, 2017 [Member]Preferred Stock [Member] | Series E Convertible Preferred Stock [Member]January 9, 2017 [Member]Common Stock [Member] | Series E Convertible Preferred Stock [Member]January 9, 2017 [Member]Additional Paid-in Capital [Member] | Series E Convertible Preferred Stock [Member]Preferred Stock [Member] | Series F Convertible Preferred Stock [Member]January 26 to April 13, 2017 [Member]Preferred Stock [Member] | Series F Convertible Preferred Stock [Member]January 26 to April 13, 2017 [Member]Common Stock [Member] | Series F Convertible Preferred Stock [Member]January 26 to April 13, 2017 [Member]Additional Paid-in Capital [Member] | Series F Convertible Preferred Stock [Member]May 26, 2017 [Member]Preferred Stock [Member] | Series F Convertible Preferred Stock [Member]Preferred Stock [Member] | Series H Convertible Preferred Stock [Member]May 26, 2017 [Member]Preferred Stock [Member] | Series H Convertible Preferred Stock [Member]May 30 to June 29, 2017 [Member]Preferred Stock [Member] | Series H Convertible Preferred Stock [Member]May 30 to June 29, 2017 [Member]Common Stock [Member] | Series H Convertible Preferred Stock [Member]May 30 to June 29, 2017 [Member]Additional Paid-in Capital [Member] | Series H Convertible Preferred Stock [Member]Preferred Stock [Member] | Series G Convertible Preferred Stock [Member]May 26, 2017 [Member]Preferred Stock [Member] | Series G Convertible Preferred Stock [Member]June 30 to August 22, 2017 [Member]Preferred Stock [Member] | Series G Convertible Preferred Stock [Member]June 30 to August 22, 2017 [Member]Common Stock [Member] | Series G Convertible Preferred Stock [Member]June 30 to August 22, 2017 [Member]Additional Paid-in Capital [Member] | Series G Convertible Preferred Stock [Member]Preferred Stock [Member] | Series D Convertible Preferred Stock [Member]May 26, 2017 [Member]Preferred Stock [Member] | Series D Convertible Preferred Stock [Member]Preferred Stock [Member] | May 26, 2017 [Member]Additional Paid-in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 500,000 | 1,233 | 1,233 | 244,369 | ||||||||||||||||||||||
Balance at Dec. 31, 2016 | $ 500 | $ 1 | $ 2 | $ 244 | $ 173,801,022 | $ (176,655,227) | $ (2,853,458) | |||||||||||||||||||
Conversion of convertible securities, shares (in shares) | (500,000) | 6,667 | (590) | 39,334 | (643) | 938 | (437) | 46,614 | 938 | (400) | 53,335 | (1,233) | ||||||||||||||
Conversion of convertible securities | $ (500) | $ 7 | $ 493 | $ 39 | $ (39) | $ (1) | $ 1 | $ 47 | $ (47) | $ 1 | $ 53 | $ (53) | $ (2) | $ 1 | ||||||||||||
Additional common shares issued due to the rounding provisions of the reverse stock split on September 29, 2017 (in shares) | 4,050 | |||||||||||||||||||||||||
Additional common shares issued due to the rounding provisions of the reverse stock split on September 29, 2017 | $ 4 | (4) | ||||||||||||||||||||||||
Stock-based compensation for options | 874,888 | 874,888 | ||||||||||||||||||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 30 | |||||||||||||||||||||||||
Issuance of common stock under employee stock purchase plan | 358 | 358 | ||||||||||||||||||||||||
Net loss | (10,416,127) | (10,416,127) | ||||||||||||||||||||||||
Balance (in shares) at Sep. 30, 2017 | 501 | 538 | 394,399 | |||||||||||||||||||||||
Balance at Sep. 30, 2017 | $ 1 | $ 1 | $ 394 | $ 174,676,619 | $ (187,071,354) | $ (12,394,339) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Cash Flows Used In Operating Activities: | |||||
Net loss | $ (3,135,324) | $ (5,190,593) | $ (10,416,127) | $ (16,914,442) | |
Loss from discontinued operations | (1,799,401) | ||||
Loss from continuing operations | (3,135,324) | (5,190,593) | (10,416,127) | (15,115,041) | |
Adjustments to reconcile loss from continuing operations to net cash used in continuing operating activities: | |||||
Provision for doubtful accounts | 87,000 | 15,000 | |||
Depreciation for property and equipment | 1,633,704 | 2,574,875 | 5,397,098 | 7,524,097 | |
Amortization of intangible assets | 319,815 | 417,883 | 1,090,203 | 1,040,440 | |
Amortization of debt discount and deferred financing costs | 798,450 | 1,272,648 | |||
Accrued interest | 1,725,528 | 1,130,192 | |||
Stock-based compensation - Options | 874,888 | 629,671 | |||
Stock-based compensation - Stock issued for services | 488,656 | ||||
Stock-based compensation - Employee stock purchase plan | 53 | 4,017 | |||
Deferred rent | (83,053) | (596,310) | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (303,526) | (117,449) | |||
Prepaid expenses and other current assets | (158,122) | (104,436) | |||
Other assets | 1,034 | 28,602 | |||
Accounts payable | (104,259) | (674,421) | |||
Accrued expenses | 23,612 | (262,914) | |||
Deferred revenues | (186,431) | (390,022) | |||
Total Adjustments | 9,162,475 | 9,987,771 | |||
Net Cash Used In Continuing Operating Activities | (1,253,652) | (5,127,270) | |||
Net Cash Provided By (Used In) Discontinued Operating Activities | 22,513 | (1,479,792) | |||
Net Cash Used In Operating Activities | (1,231,139) | (6,607,062) | |||
Cash Flows Used In Investing Activities: | |||||
Acquisitions of property and equipment | (2,089,657) | (1,692,895) | |||
Payments of security deposits | (12,925) | ||||
Net Cash Used In Continuing Investing Activities | (2,102,582) | (1,692,895) | |||
Cash Flows (Used In) Provided By Financing Activities: | |||||
Payments on capital lease obligations | (656,257) | (741,155) | |||
Net proceeds from the issuance of common stock and warrants | 6,802,823 | $ 9,130,000 | |||
Proceeds from the issuance of common stock under employee stock purchase plan | 305 | 21,570 | |||
Net Cash (Used In) Provided By Continuing Financing Activities | (655,952) | 6,083,238 | |||
Net (Decrease) Increase In Cash and Cash Equivalents | |||||
Continuing Operations | (4,012,186) | (736,927) | |||
Discontinued Operations | 22,513 | (1,479,792) | |||
Net Decrease In Cash and Cash Equivalents | (3,989,673) | (2,216,719) | |||
Cash and Cash Equivalents - Beginning | 12,272,444 | 15,116,531 | 15,116,531 | ||
Cash and Cash Equivalents - End of Period | 8,282,771 | 12,899,812 | 8,282,771 | 12,899,812 | $ 12,272,444 |
Supplemental Disclosures of Cash Flow Information: | |||||
Interest | 1,323,353 | 2,354,401 | |||
Income taxes | 15,547 | 13,909 | |||
Included in accrued expenses | 286,657 | 174,732 | |||
Under capital leases | 322,606 | ||||
Exchange of intangible assets - discontinued operations (Note 4) | $ 3,837,783 | $ 3,837,783 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1. Towerstream Corporation (referred to as “Towerstream” or the “Company”) was incorporated in Delaware in December 1999. first business has historically grown both organically and through the acquisition of five In January 2013, fourth 2015, |
Note 2 - Liquidity, Going Conce
Note 2 - Liquidity, Going Concern, and Management Plans | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Liquidity and Management Plans [Text Block] | Note 2. 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. As of September 30, 2017, $8.3 $5.0 September 30, 2017, $187.1 one not During the year ended December 31, 2016, $9,130,000 $5,000,000 2016 first three 2017. ’s ability to fund its longer term cash requirements is subject to multiple risks, many of which are beyond its control. The Company intends to raise additional capital, either through debt or equity financings or through the potential sale of the Company’s assets in order to achieve its business plan objectives. Management believes that it can be successful in obtaining additional capital; however, no no may no |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 3. Basis of Presentation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and with Form 10 10 X not September 30, 2017 three nine September 30, 2017 not These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company ’s Annual Report on Form 10 No. 2 December 31, 2016. 10 No. 2 December 31, 2016, 10 Retroactive Adjustment for Reverse Stock Splits. On July 7, 2016, one twenty On September 29, 2017, one seventy-five Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the amounts of revenues and expenses. Actual results could differ from those estimates. Key estimates include fair value of certain financial instruments, carrying value of intangible assets, reserves for accounts receivable and accruals for liabilities. Concentration of Credit Risk. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents. At times, our cash and cash equivalents may September 30, 2017, $8.0 $250,000. Revenue Recognition. The Company generally enters into contractual agreements with its customers for periods ranging between one three no 104, 104” Deferred Revenues. Customers are billed monthly in advance. Deferred revenues are recognized for that portion of monthly charges not Intrinsic Value of Stock Options and Warrants . The Company calculates the intrinsic value of stock options and warrants as the difference between the closing price of the Company’s common stock at the end of the reporting period and the exercise price of the stock options and warrants. Goodwill . Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired in an acquisition. Goodwill is not fourth may not No 50 no three nine September 30, 2017. Recent Accounting Standards. In May 2014, No. 2014 09, 2014 09” 2014 09 2014 09 2019 2015 14, 606 August 2015 one not not may There have been four 2014 09, 2016 08, March 2016 2014 09. 2016 10, April 2016, 2014 09 2016 12, — Narrow Scope Improvements and Practical Expedients” provides amendments and practical expedients to the guidance in ASU 2014 09 2014 09. 2016 20, 606, December 2016, 2014 09, four In May 2017, 2017 09: – Stock Compensation (Topic 718 December 15, 2017; not In July 2017, No. 2017 11, 260 480 815 2017 11 two no ’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no 260 470 20, 260 480 not December 15, 2018. December 15, 2019, December 15, 2020. not not not Reclassifications. Certain accounts in the prior year’s condensed consolidated financial statements have been reclassified for comparative purposes to conform to the presentation in the current year’s condensed consolidated financial statements. These reclassifications have no Subsequent Events . Subsequent events have been evaluated through the date of this filing. |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 4. Discontinued Operations During the fourth 2015, fourth 2015 first 2016 March 9, 2016, three two one sixty ’ notice. In connection with the Agreement, the Company transferred to the Buyer a net book value of network assets aggregating $2,660,041 $3,837,783. first 2016, $1,177,742 The Company had determined that it would not $1,585,319 first 2016 $453,403 $528,364 not $110,500 not $493,052 $1,244,284 fourth 2015. first 2016 Discontinued Operations A more detailed presentation of loss from discontinued operations is set forth below. There has been no Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues $ - $ - $ - $ 553,302 Operating Expenses: Infrastructure and access - - - 2,523,222 Depreciation - - - 638,681 Network operations - - - 192,947 Customer support - - - 69,804 Sales and marketing - - - 246 General and administrative - - - 105,545 Total Operating Expenses - - - 3,530,445 Operating Loss - - - (2,977,143 ) Gain on sale of assets - - - 1,177,742 Net Loss $ - $ - $ - $ (1,799,401 ) The components of the balance sheet accounts presented as discontinued operations were as follows: September 30, 2017 December 31, 2016 Assets: Prepaid expenses and other current assets - 231,978 Total Current Assets $ - $ 231,978 Liabilities: Accrued expenses - leases 1,030,535 1,240,000 Total Current Liabilities $ 1,030,535 $ 1,240,000 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5. Property and equipment is comprised of: September 30, 2017 December 31, 2016 Network and base station equipment $ 43,240,042 $ 42,098,570 Customer premise equipment 35,032,54 8 33,617,085 Information technology 4,879,952 4,859,875 Furniture, fixtures and other 1,713,43 1 1,713,430 Leasehold improvements 1,635,09 0 1,631,322 86,501,063 83,920,282 Less: accumulated depreciation 74,065,023 68,667,925 Property and equipment, net $ 12,436,040 $ 15,252,357 Depreciation expense for the three September 30, 2017 2016 $1,633,704 $2,574,875, nine September 30, 2017 2016 $5,397,098 $7,524,097, Property acquired through capital leases included within the Company ’s property and equipment consists of the following: September 30, 2017 December 31, 2016 Network and base station equipment $ 2,629,526 $ 2,620,898 Customer premise equipment 983,770 669,792 Information technology 1,860,028 1,860,028 5,473,324 5,150,718 Less: accumulated depreciation 4,580,960 4,083,274 Property acquired through capital leases, net $ 892,364 $ 1,067,444 |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 6. Intangible assets consist of the following: September 30, 2017 December 31, 2016 Goodwill $ 1,674,281 $ 1,674,281 Customer relationships $ 11,856,126 $ 11,856,126 Less: accumulated amortization 11,856,126 11,725,369 Customer relationships, net - 130,757 Backhaul agreement 3,837,783 3,837,783 Less: accumulated amortization 2,025,496 1,066,050 Backhaul agreement, net 1,812,287 2,771,733 FCC licenses 750,000 750,000 Intangible assets, net $ 2,562,287 $ 3,652,490 Amortization expense for the three September 30, 2017 2016 $319,815 $417,883, nine September 30, 2017 2016 $1,090,203 $1,040,440, 4, three not Remainder of 2017 319,816 2018 1,279,261 2019 213,210 Total $ 1,812,287 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Accrued Liabilities Disclosure [Text Block] | Note 7. Accrued expenses consist of the following: September 30, 2017 December 31, 2016 Professional services $ 169,510 $ 263,928 Payroll and related 394,598 294,006 Property and equipment 286,657 118,139 Network 175,16 8 92,645 Other 77,407 142,492 Total $ 1,103,340 $ 911,210 Network represents costs incurred to provide services to the Company ’s customers including tower rentals, bandwidth, troubleshooting and gear removal. |
Note 8 - Other Long-term Liabil
Note 8 - Other Long-term Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | Note 8. Other long-term liabilities consist of the following: September 30, 2017 December 31, 2016 Deferred rent $ 500,499 $ 641,799 Deferred taxes 420,438 420,438 Total $ 920,937 $ 1,062,237 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9. Long-Term Debt Long-term debt (callable) consists of the following: September 30, 2017 December 31, 2016 Principal $ 34,307,290 $ 33,290,995 Unamortized debt discount (1,005,292 ) (1,803,742 ) Total $ 33,301,998 $ 31,487,253 In October 2014, $35,000,000 $33,950,000 3% This Note (the “Note”) matures on October 16, 2019 360 a) A rate equal to the greater of: i) the sum of the one 7% 8% one 1.23% September 30, 2017. b) A rate of 4% This Note is secured by a first The Note contains representations and warranties by the Company and the Lender, certain indemnification provisions in favor of the Lender and customary covenants (including limitations on other debt, liens, acquisitions, investments and dividends), and events of default (including payment defaults, breaches of covenants, a material impairment in the Lender ’s security interest or in the collateral, and events relating to bankruptcy or insolvency). The Note contains several restrictive covenants and the most significant of which requires the Company to maintain a minimum cash balance of $6,500,000 not one March 31, 2017 December 31, 2016, June 14, 2017 March 31, 2017. September 30, 2017. 5% may not The Company has the option to prepay the Note in the minimum principal amount of $5,000,000, $1,000,000, not A discount of $6,406,971 a) $2,463,23 2 1,600 800 $1,890.00 $15.00 April 2022. b) $2,893,739 c) $1,050,000 3% On November 8, 2016 $5,000,000 $4,935,834 $64,166, 1,000 shares of the Company's Series D Convertible Preferred Stock (the “Series D Preferred Stock”) and warrants for the purchase of up to 53,334 a) Wrote-off the portion of the unamortized debt discount and deferred financing costs associated with the exchanged principal and recorded a charge to interest expense of $331,609. b) Recorded a non-cash loss on extinguishment of debt charge of $500,000. $5,500,000 $5,000,000 The Company recorded interest expense of $ 1,063,851 $1,149,871 three September 30, 2017 2016, $3,048,881 $3,390,576 nine September 30, 2017 2016, $1,323,353 $2,260,384 $1,016,295 $1,130,192 nine September 30, 2017 2016, The Company recorded amortization expense of $ 241,428 $396,414 three September 30, 2017 2016, $798,450 $1,272,648 nine September 30, 2017 2016, |
Note 10 - Capital Stock
Note 10 - Capital Stock | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 10. On January 9, 2017, 500,000 6,667 On various dates from January 26, 2017 March 23, 2017, 390 26,000 On April 4, 2017 April 13, 2017, 200 1 3,334 On May 26, 2017, 1,233 643 938 938 The key preferences, rights, and limitations of the Series G Preferred Stock and Series H Preferred Stock, are as follows: a) The stated value of each share of Series G Preferred Stock and Series H Preferred Stock is $1,000, b) Series G Preferred Stock and Series H Preferred Stock may $1,000 7.50 $1,000 $9.38 c) In the event of a liquidation event, each share of Series G Preferred Stock and Series H Preferred Stock will be entitled to a per share preferential payment equal to 100 ’s record holders of its common stock, each holder will be entitled to acquire such securities applicable to the granted purchase rights as if the holder had held the number of shares of common stock acquirable upon complete conversion of all Series G Preferred Stock and Series H Preferred Stock then held. d) The Company is prohibited from effecting a conversion of the Series G Preferred Stock and Series H Preferred Stock to the extent that, as a result of such conversion, the holder would beneficially own more than 9.99 may ’s Series G Preferred Stock and Series H Preferred Stock, but not Additionally, upon the issuance of the Series G Preferred Stock and Series H Preferred Stock in the second 2017, $1,905,570. On various dates from May 30, 2017 June 29, 2017, 437 ed Stock, the Company issued 46,614 On various dates from June 30, 2017 August 22, 2017, 400 53,335 |
Note 11 - Stock Options and War
Note 11 - Stock Options and Warrants | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 11. Stock Options The Company uses the Black-Scholes option pricing model to value options issued to employees, directors and consultants. Compensation expense, including the estimated effect of forfeitures, is recognized over the period of service, generally the vesting period. Stock compensation expense and the weighted average assumptions used to calculate the fair values of stock options granted during the periods indicated were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Risk-free interest rate -% - -% 0.9% - 1.0% 1.6% - 1.7% 0.9% - 1.4% Expected volatility -% 78% - 79% 110% - 113% 78% - 83% Expected life (in years) - 4.2 4.2 4.2 Expected dividend yield - - - - Estimated forfeiture rates 20% 1% - 7% 20% 1% - 7% Weighted average per share grant date fair value $- $99.75 $9.65 $110.25 Stock-based compensation $207,064 $192,812 $874,888 $629,671 The risk-free interest rate was based on rates established by the Federal Reserve. The expected volatility was based upon the historical volatility for the Company ’s common stock. The Company utilized historical data to determine the expected life of stock options. The dividend yield reflected the fact that the Company has not not $292,737 September 30, 2017 2.4 Option transactions under the stock option plans during the nine September 30, 2017 Number Weighted Average Exercise Price Outstanding as of January 1, 2017 28,232 $ 404.82 Granted during 2017 51,090 12.77 Exercised - - Cancelled /expired (2,146 ) 1,409.58 Outstanding as of September 30, 2017 77,176 $ 117.34 Exercisable as of September 30, 2017 35,887 $ 233.48 Grants under the stock option plans during the nine September 30, 2017 Number Consultant grants 334 Executive grants 50,586 Annual grants to outside directors 170 Total 51,090 Options granted during the reporting period had a term of ten All options were issued at an exercise price equal to the fair value on the date of grant. Consultant grants vest six two one two one three one $493,090 nine September 30, 2017. On January 24, 2017, the purchase of up to 27,162 $12.75 ten 4,178 January 24, 2018; 8,358 eight twenty-four January 24, 2020; 7,313 three 7,313 $15,000,000. Certain stock options awarded to Ernest Ortega, Chief Executive Officer, in conjunction with his 2017 $140,708 nine September 30, 2017. not nine September 30, 2017. On February 3, 2017, for the purchase of up to 15,868 $13.50 ten 6,676 5,854 3,338 100% eight May 15, 2017 May 15, 2018, On May 15, 2017, 2% ’s common stock on a fully diluted basis as of May 15, 2017, 7,556 25% one three Cancellations for the nine September 30, 2017 2,044 102 The weighted average remaining contractual life of the outstanding options as of September 30, 2017 9.2 There was no September 30, 2017. September 30, 2017 $6.10 Stock Warrants There were 2 ,400 September 30, 2017 December 31, 2016, $1,265.00 September 30, 2017. 4.6 There was no September 30, 2017. |
Note 12 - Employee Stock Purcha
Note 12 - Employee Stock Purchase Plan | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Employee Stock Purchase Plan Disclosure [Text Block] | Note 12. Under the Company ’s 2010 15% 334 September 30, 2017. three nine September 30, 2017, 0 30 $0 $358, $0 $53 15% three nine September 30, 2017, $902 $4,017 15% three nine September 30, 2016, |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurement | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 13. The FASB ’s accounting standard for fair value measurements establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three 1 2 3 The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. There were no three nine September 30, 2017. |
Note 14 - Net Loss Per Common S
Note 14 - Net Loss Per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 14. Basic and diluted net loss per share has been calculated by dividing net loss by the weighted average number of common shares outstanding during the period. The following common stock equivalents were excluded from the computation of diluted net loss per common share because they were anti-dilutive. The exercise or issuance of these common stock equivalents would dilute earnings per share if the Company becomes profitable in the future . As of September 30, 2017 2016 Stock options 77,176 13,203 Warrants 2,400 2,400 Series G Preferred Stock 71,734 - Series H Preferred Stock 53,440 - Total 204,750 15,603 |
Note 15 - Commitments
Note 15 - Commitments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | Note 15. Operating Lease Obligations The Company has entered into operating leases related to roof rights, cellular towers, office space, and equipment leases under various non-cancelable agreements expiring through June 2024. one fifteen not not September 30, 2017, Remainder of 2017 $ 1,789,648 2018 6,318,665 2019 4,846,377 2020 2,627,912 2021 667,892 Thereafter 231,105 Total $ 16,481,599 Rent expenses were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Points of Presence $ 2,161,038 $ 2,160,592 $ 6,472,499 $ 6,402,312 Corporate offices 105,359 79,647 281,513 250,567 Other 233,779 107,718 695,943 342,273 Total $ 2,500,176 $ 2,347,957 $ 7,449,955 $ 6,995,152 Rent expenses related to Points of Presence were included in infrastructure and access in the Company ’s condensed consolidated statements of operations. Rent expense related to our corporate offices was allocated between general and administrative, sales and marketing, customer support, and network operations expense in the Company’s condensed consolidated statements of operations. Other rent expenses were included in network operations within the Company’s condensed consolidated statements of operations. In September 2013, January 1, 2014 December 31, 2019 five December 31, 2024. $600,000 two one $380,000 February 2014. $359,750 2014 3% $416,970 2019. In December 2014, second February 2015 38 five $53,130 3% April 2016, Under the terms of the agreement, the Company forfeited its security deposit of $26,648 $25,000. In April 2017, April 15, 2017 December 31, 2017 $32,021 June 2017, second June 1, 2017 December 31, 2017 $20,734 Capital Lease Obligations The Company has entered into capital leases to acquire property and equipment expiring through June 2018. September 30, 2017, Total Capital lease obligation: Remainder of 2017 $ 189,947 2018 283,864 2019 122,094 2020 72,000 Subtotal 667,905 Less: interest expense 51,844 Total $ 616,061 Total Capital lease obligation: Current $ 411,309 Long-term 204,752 Total $ 616,061 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and with Form 10 10 X not September 30, 2017 three nine September 30, 2017 not These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company ’s Annual Report on Form 10 No. 2 December 31, 2016. 10 No. 2 December 31, 2016, 10 |
Stockholders' Equity, Policy [Policy Text Block] | Retroactive Adjustment for Reverse Stock Splits. On July 7, 2016, one twenty On September 29, 2017, one seventy-five |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the amounts of revenues and expenses. Actual results could differ from those estimates. Key estimates include fair value of certain financial instruments, carrying value of intangible assets, reserves for accounts receivable and accruals for liabilities. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents. At times, our cash and cash equivalents may September 30, 2017, $8.0 $250,000. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition. The Company generally enters into contractual agreements with its customers for periods ranging between one three no 104, 104” |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred Revenues. Customers are billed monthly in advance. Deferred revenues are recognized for that portion of monthly charges not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Intrinsic Value of Stock Options and Warrants . The Company calculates the intrinsic value of stock options and warrants as the difference between the closing price of the Company’s common stock at the end of the reporting period and the exercise price of the stock options and warrants. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill . Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired in an acquisition. Goodwill is not fourth may not No 50 no three nine September 30, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards. In May 2014, No. 2014 09, 2014 09” 2014 09 2014 09 2019 2015 14, 606 August 2015 one not not may There have been four 2014 09, 2016 08, March 2016 2014 09. 2016 10, April 2016, 2014 09 2016 12, — Narrow Scope Improvements and Practical Expedients” provides amendments and practical expedients to the guidance in ASU 2014 09 2014 09. 2016 20, 606, December 2016, 2014 09, four In May 2017, 2017 09: – Stock Compensation (Topic 718 December 15, 2017; not In July 2017, No. 2017 11, 260 480 815 2017 11 two no ’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no 260 470 20, 260 480 not December 15, 2018. December 15, 2019, December 15, 2020. not not not |
Reclassification, Policy [Policy Text Block] | Reclassifications. Certain accounts in the prior year’s condensed consolidated financial statements have been reclassified for comparative purposes to conform to the presentation in the current year’s condensed consolidated financial statements. These reclassifications have no |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events . Subsequent events have been evaluated through the date of this filing. |
Note 4 - Discontinued Operati23
Note 4 - Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule Of Components Of Loss From Discontinued Operations [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues $ - $ - $ - $ 553,302 Operating Expenses: Infrastructure and access - - - 2,523,222 Depreciation - - - 638,681 Network operations - - - 192,947 Customer support - - - 69,804 Sales and marketing - - - 246 General and administrative - - - 105,545 Total Operating Expenses - - - 3,530,445 Operating Loss - - - (2,977,143 ) Gain on sale of assets - - - 1,177,742 Net Loss $ - $ - $ - $ (1,799,401 ) |
Discontinued Operation, Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | September 30, 2017 December 31, 2016 Assets: Prepaid expenses and other current assets - 231,978 Total Current Assets $ - $ 231,978 Liabilities: Accrued expenses - leases 1,030,535 1,240,000 Total Current Liabilities $ 1,030,535 $ 1,240,000 |
Note 5 - Property and Equipme24
Note 5 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2017 December 31, 2016 Network and base station equipment $ 43,240,042 $ 42,098,570 Customer premise equipment 35,032,54 8 33,617,085 Information technology 4,879,952 4,859,875 Furniture, fixtures and other 1,713,43 1 1,713,430 Leasehold improvements 1,635,09 0 1,631,322 86,501,063 83,920,282 Less: accumulated depreciation 74,065,023 68,667,925 Property and equipment, net $ 12,436,040 $ 15,252,357 |
Schedule of Capital Leased Assets [Table Text Block] | September 30, 2017 December 31, 2016 Network and base station equipment $ 2,629,526 $ 2,620,898 Customer premise equipment 983,770 669,792 Information technology 1,860,028 1,860,028 5,473,324 5,150,718 Less: accumulated depreciation 4,580,960 4,083,274 Property acquired through capital leases, net $ 892,364 $ 1,067,444 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, 2017 December 31, 2016 Goodwill $ 1,674,281 $ 1,674,281 Customer relationships $ 11,856,126 $ 11,856,126 Less: accumulated amortization 11,856,126 11,725,369 Customer relationships, net - 130,757 Backhaul agreement 3,837,783 3,837,783 Less: accumulated amortization 2,025,496 1,066,050 Backhaul agreement, net 1,812,287 2,771,733 FCC licenses 750,000 750,000 Intangible assets, net $ 2,562,287 $ 3,652,490 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of 2017 319,816 2018 1,279,261 2019 213,210 Total $ 1,812,287 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2017 December 31, 2016 Professional services $ 169,510 $ 263,928 Payroll and related 394,598 294,006 Property and equipment 286,657 118,139 Network 175,16 8 92,645 Other 77,407 142,492 Total $ 1,103,340 $ 911,210 |
Note 8 - Other Long-term Liab27
Note 8 - Other Long-term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Other Liabilities [Table Text Block] | September 30, 2017 December 31, 2016 Deferred rent $ 500,499 $ 641,799 Deferred taxes 420,438 420,438 Total $ 920,937 $ 1,062,237 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2017 December 31, 2016 Principal $ 34,307,290 $ 33,290,995 Unamortized debt discount (1,005,292 ) (1,803,742 ) Total $ 33,301,998 $ 31,487,253 |
Note 11 - Stock Options and W29
Note 11 - Stock Options and Warrants (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Risk-free interest rate -% - -% 0.9% - 1.0% 1.6% - 1.7% 0.9% - 1.4% Expected volatility -% 78% - 79% 110% - 113% 78% - 83% Expected life (in years) - 4.2 4.2 4.2 Expected dividend yield - - - - Estimated forfeiture rates 20% 1% - 7% 20% 1% - 7% Weighted average per share grant date fair value $- $99.75 $9.65 $110.25 Stock-based compensation $207,064 $192,812 $874,888 $629,671 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number Weighted Average Exercise Price Outstanding as of January 1, 2017 28,232 $ 404.82 Granted during 2017 51,090 12.77 Exercised - - Cancelled /expired (2,146 ) 1,409.58 Outstanding as of September 30, 2017 77,176 $ 117.34 Exercisable as of September 30, 2017 35,887 $ 233.48 |
Schedule Of Grants Under Stock Option Plan Details [Table Text Block] | Number Consultant grants 334 Executive grants 50,586 Annual grants to outside directors 170 Total 51,090 |
Note 14 - Net Loss Per Common30
Note 14 - Net Loss Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of September 30, 2017 2016 Stock options 77,176 13,203 Warrants 2,400 2,400 Series G Preferred Stock 71,734 - Series H Preferred Stock 53,440 - Total 204,750 15,603 |
Note 15 - Commitments (Tables)
Note 15 - Commitments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Remainder of 2017 $ 1,789,648 2018 6,318,665 2019 4,846,377 2020 2,627,912 2021 667,892 Thereafter 231,105 Total $ 16,481,599 |
Schedule of Rent Expense [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Points of Presence $ 2,161,038 $ 2,160,592 $ 6,472,499 $ 6,402,312 Corporate offices 105,359 79,647 281,513 250,567 Other 233,779 107,718 695,943 342,273 Total $ 2,500,176 $ 2,347,957 $ 7,449,955 $ 6,995,152 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Total Capital lease obligation: Remainder of 2017 $ 189,947 2018 283,864 2019 122,094 2020 72,000 Subtotal 667,905 Less: interest expense 51,844 Total $ 616,061 Total Capital lease obligation: Current $ 411,309 Long-term 204,752 Total $ 616,061 |
Note 2 - Liquidity, Going Con32
Note 2 - Liquidity, Going Concern, and Management Plans (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash and Cash Equivalents, at Carrying Value | $ 8,282,771 | $ 12,899,812 | $ 12,272,444 | $ 15,116,531 |
Working Capital | 5,000,000 | |||
Retained Earnings (Accumulated Deficit) | (187,071,354) | (176,655,227) | ||
Proceeds from Issuance or Sale of Equity | $ 6,802,823 | 9,130,000 | ||
Debt Conversion, Original Debt, Amount | $ 5,000,000 |
Note 3 - Basis of Presentatio33
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Sep. 27, 2017 | Jul. 07, 2016 | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) |
Cash, Uninsured Amount | $ 8,000 | $ 8,000 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||
Minimum [Member] | ||||
Contractual Agreements, Term | 1 year | |||
Maximum [Member] | ||||
Contractual Agreements, Term | 3 years | |||
Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 75 | 20 |
Note 4 - Discontinued Operati34
Note 4 - Discontinued Operations (Details Textual) | Mar. 09, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Disposal Group, Including Discontinued Operation, Consideration | $ 3,837,783 | $ 3,837,783 | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 1,177,742 | $ 1,177,742 | |||||
Shared Wireless Business [Member] | |||||||
Asset Purchase Agreement, Term | 3 years | ||||||
Asset Purchase Agreement, Number of One Year Renewals | 2 | ||||||
Asset Purchase Agreement, Cancellation Notice | 60 days | ||||||
Disposal Group, Including Discontinued Operation, Assets | $ 2,660,041 | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 3,837,783 | ||||||
Asset Impairment and Other Charges | 1,585,319 | ||||||
Estimated Costs to Settle Lease Obligations | 453,403 | ||||||
Impairment of Long-Lived Assets Held-for-use | 528,364 | ||||||
Write off of Security Deposits | 110,500 | ||||||
Accelerated Expensing of Deferred Acquistion Costs | $ 493,052 | ||||||
Reduction in Accrual for Terminated Lease Obligations | $ 1,244,284 | ||||||
Asset Purchase Agreement, Renewal Term | 1 year |
Note 4 - Discontinued Operati35
Note 4 - Discontinued Operations - Loss From Discontinued Operations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 553,302 | |||
Infrastructure and access | 2,523,222 | |||
Depreciation | 638,681 | |||
Network operations | 192,947 | |||
Customer support | 69,804 | |||
Sales and marketing | 246 | |||
General and administrative | 105,545 | |||
Total Operating Expenses | 3,530,445 | |||
Operating Loss | (2,977,143) | |||
Gain on sale of assets | 1,177,742 | |||
Loss from discontinued operations | $ (1,799,401) |
Note 4 - Discontinued Operati36
Note 4 - Discontinued Operations - Components of Balance Sheet Accounts (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Prepaid expenses and other current assets | $ 231,978 | |
Total Current Assets | 231,978 | |
Liabilities: | ||
Total Current Liabilities | 1,030,535 | 1,240,000 |
Network [Member] | ||
Liabilities: | ||
Accrued expenses - leases | $ 1,030,535 | $ 1,240,000 |
Note 5 - Property and Equipme37
Note 5 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Depreciation | $ 1,633,704 | $ 2,574,875 | $ 5,397,098 | $ 7,524,097 |
Note 5 - Property and Equipme38
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant, and Equipment, Gross | $ 86,501,063 | $ 83,920,282 |
Less: accumulated depreciation | 74,065,023 | 68,667,925 |
Property and equipment, net | 12,436,040 | 15,252,357 |
Network and Base Station Equipment [Member] | ||
Property, Plant, and Equipment, Gross | 43,240,042 | 42,098,570 |
Customer Premise Equipment [Member] | ||
Property, Plant, and Equipment, Gross | 35,032,548 | 33,617,085 |
Information Technology [Member] | ||
Property, Plant, and Equipment, Gross | 4,879,952 | 4,859,875 |
Furniture and Fixtures [Member] | ||
Property, Plant, and Equipment, Gross | 1,713,431 | 1,713,430 |
Leasehold Improvements [Member] | ||
Property, Plant, and Equipment, Gross | $ 1,635,090 | $ 1,631,322 |
Note 5 - Property and Equipme39
Note 5 - Property and Equipment - Property Acquired Through Capital Leases (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Capital Leased Assets, Gross | $ 5,473,324 | $ 5,150,718 |
Less: accumulated depreciation | 4,580,960 | 4,083,274 |
Property acquired through capital leases, net | 892,364 | 1,067,444 |
Network and Base Station Equipment [Member] | ||
Capital Leased Assets, Gross | 2,629,526 | 2,620,898 |
Customer Premise Equipment [Member] | ||
Capital Leased Assets, Gross | 983,770 | 669,792 |
Information Technology [Member] | ||
Capital Leased Assets, Gross | $ 1,860,028 | $ 1,860,028 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Amortization of Intangible Assets | $ 319,815 | $ 417,883 | $ 1,090,203 | $ 1,040,440 |
Time Warner Cable [Member] | Backhaul Agreement [Member] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years |
Note 6 - Intangible Assets - In
Note 6 - Intangible Assets - Intangible Assets and Goodwill (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Goodwill | $ 1,674,281 | $ 1,674,281 |
Customer relationships, net | 1,812,287 | |
FCC licenses | 750,000 | 750,000 |
Intangible assets, net | 2,562,287 | 3,652,490 |
Customer Relationships [Member] | ||
Customer relationships | 11,856,126 | 11,856,126 |
Less: accumulated amortization | 11,856,126 | 11,725,369 |
Customer relationships, net | 130,757 | |
Backhaul Agreement [Member] | ||
Customer relationships | 3,837,783 | 3,837,783 |
Less: accumulated amortization | 2,025,496 | 1,066,050 |
Customer relationships, net | $ 1,812,287 | $ 2,771,733 |
Note 6 - Intangible Assets - Fu
Note 6 - Intangible Assets - Future Amortization Expense (Details) | Sep. 30, 2017USD ($) |
Remainder of 2017 | $ 319,816 |
2,018 | 1,279,261 |
2,019 | 213,210 |
Total | $ 1,812,287 |
Note 7 - Accrued Expenses - Acc
Note 7 - Accrued Expenses - Accrued Expenses (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Accrued Liabilities, Current | $ 1,103,340 | $ 911,210 |
Professional Services [Member] | ||
Accrued Liabilities, Current | 169,510 | 263,928 |
Payroll and Related [Member] | ||
Accrued Liabilities, Current | 394,598 | 294,006 |
Property and Equipment [Member] | ||
Accrued Liabilities, Current | 286,657 | 118,139 |
Network [Member] | ||
Accrued Liabilities, Current | 175,168 | 92,645 |
Other Accrued Liabilities [Member] | ||
Accrued Liabilities, Current | $ 77,407 | $ 142,492 |
Note 8 - Other Long-term Liab44
Note 8 - Other Long-term Liabilities - Other Liabilities, Current and Noncurrent (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Deferred rent | $ 500,499 | $ 641,799 |
Deferred taxes | 420,438 | 420,438 |
Total | $ 920,937 | $ 1,062,237 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) | Nov. 08, 2016 | Oct. 31, 2014 | Oct. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Debt Instrument, Unamortized Discount | $ 1,005,292 | $ 1,005,292 | $ 1,803,742 | |||||
Debt Conversion, Original Debt, Amount | $ 5,000,000 | |||||||
Increase (Decrease) in Interest Payable, Net | 1,725,528 | $ 1,130,192 | ||||||
Amortization of Debt Issuance Costs | 798,450 | 1,272,648 | ||||||
Melody Business Finance LLC [Member] | ||||||||
Debt Conversion, Original Debt, Amount | $ 5,000,000 | |||||||
Melody Business Finance LLC [Member] | Series D Convertible Preferred Stock [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 53,334 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,000 | |||||||
Towerstream Investor [Member] | Melody Business Finance LLC [Member] | ||||||||
Proceeds from Collection of Notes Receivable | $ 5,500,000 | |||||||
Melody Business Finance LLC [Member] | Secured Debt [Member] | ||||||||
Debt Instrument, Face Amount | $ 35,000,000 | $ 35,000,000 | ||||||
Proceeds from Issuance of Long-term Debt | $ 33,950,000 | |||||||
Debt Instrument, Original Issue Discount Rate | 3.00% | 3.00% | ||||||
Paid In Kind Interest Stated Rate | 4.00% | 4.00% | ||||||
Debt Covenant, Cash and Cash Equivalents, Minimum Balance | $ 6,500,000 | |||||||
Debt Instrument Additional Interes Rate In The Event Of Default | 5.00% | 5.00% | ||||||
Debt Instrument Prepayment Minimum Principal Amount | $ 5,000,000 | $ 5,000,000 | ||||||
Debt Instrument, Prepayment, Integral Amounts Beyond the Minimum Principal Amount | 1,000,000 | 1,000,000 | ||||||
Debt Instrument, Unamortized Discount | 6,406,971 | 6,406,971 | ||||||
Warrants and Rights Outstanding | 2,463,232 | 2,463,232 | ||||||
Debt Issuance Costs, Gross | 2,893,739 | 2,893,739 | ||||||
Debt Instrument, Original Issue Discount | $ 1,050,000 | $ 1,050,000 | ||||||
Debt Conversion, Original Debt, Amount | 5,000,000 | |||||||
Debt Conversion, Original Debt, Amount, Principal Portion | 4,935,834 | |||||||
Debt Conversion, Original Debt, Amount, Interest Portion | 64,166 | |||||||
Interest Expense, Write-off of Unamortized Debt Discount | 331,609 | |||||||
Gain (Loss) on Extinguishment of Debt | $ (500,000) | |||||||
Interest Expense | 1,063,851 | $ 1,149,871 | 3,048,881 | 3,390,576 | ||||
Interest Paid | 1,323,353 | 2,260,384 | ||||||
Increase (Decrease) in Interest Payable, Net | 1,016,295 | 1,130,192 | ||||||
Amortization of Debt Issuance Costs | $ 241,428 | $ 396,414 | $ 798,450 | $ 1,272,648 | ||||
Melody Business Finance LLC [Member] | Secured Debt [Member] | Warrant One [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,600 | 1,600 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1,890 | $ 1,890 | ||||||
Melody Business Finance LLC [Member] | Secured Debt [Member] | Warrant Two [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 800 | 800 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 15 | $ 15 | ||||||
Melody Business Finance LLC [Member] | Secured Debt [Member] | If Rate Is Greater Than LIBOR Rate [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | ||||||
Melody Business Finance LLC [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 7.00% | |||||||
Debt Instrument, Reference Rate | 1.23% |
Note 9 - Long-Term Debt - Summa
Note 9 - Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Principal | $ 34,307,290 | $ 33,290,995 |
Unamortized debt discount | (1,005,292) | (1,803,742) |
Total | $ 33,301,998 | $ 31,487,253 |
Note 10 - Capital Stock (Detail
Note 10 - Capital Stock (Details Textual) - USD ($) | May 26, 2017 | Apr. 13, 2017 | Jan. 09, 2017 | Jun. 29, 2017 | Aug. 22, 2017 | Mar. 23, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Series G Convertible Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | |||||||
Preferred Stock Conversion, Price Per Share | $ 7.50 | |||||||
Preferred Stock, Liquidation Preference Percentage, Per Share | 100.00% | |||||||
Convertible Preferred Stock, Maximum Beneficial Ownership Percentage of Common Stock Upon Conversion | 9.99% | |||||||
Convertible Preferred Stock, Beneficial Conversion Feature | $ 1,905,570 | |||||||
Series H Convertible Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1,000 | |||||||
Convertible Preferred Stock, Conversion Price, Minimum Volume-weighted Average Price Used in Computation | $ 9.38 | |||||||
Preferred Stock, Liquidation Preference Percentage, Per Share | 100.00% | |||||||
Convertible Preferred Stock, Maximum Beneficial Ownership Percentage of Common Stock Upon Conversion | 9.99% | |||||||
Convertible Preferred Stock, Beneficial Conversion Feature | $ 1,905,570 | |||||||
Conversion of Series E Convertible Preferred Stock into Shares of Common Stock [Member] | ||||||||
Conversion of Stock, Shares Converted | 500,000 | |||||||
Conversion of Stock, Shares Issued | 6,667 | |||||||
Conversion of Series F Convertible Preferred Stock into Common Stock [Member] | ||||||||
Conversion of Stock, Shares Converted | 200 | 390 | ||||||
Conversion of Stock, Shares Issued | 13,334 | 26,000 | ||||||
Conversion of Series D Convertible Preferred Stock into Shares of Series G Convertible Preferred Stock [Member] | ||||||||
Conversion of Stock, Shares Converted | 1,233 | |||||||
Conversion of Stock, Shares Issued | 938 | |||||||
Conversion of Series F Convertible Preferred Stock into Shares of Series H Convertible Preferred Stock [Member] | ||||||||
Conversion of Stock, Shares Converted | 643 | |||||||
Conversion of Stock, Shares Issued | 938 | |||||||
Series H Convertible Preferred Stock [Member] | ||||||||
Conversion of Stock, Shares Converted | 437 | |||||||
Conversion of Stock, Shares Issued | 46,614 | |||||||
Series G Convertible Preferred Stock [Member] | ||||||||
Conversion of Stock, Shares Converted | 400 | |||||||
Conversion of Stock, Shares Issued | 53,335 |
Note 11 - Stock Options and W48
Note 11 - Stock Options and Warrants (Details Textual) - USD ($) | May 15, 2017 | Feb. 03, 2017 | Jan. 24, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,868 | 51,090 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 13.50 | $ 12.77 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 2,044 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 102 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 73 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 0 | ||||
Share Price | $ 6.10 | ||||
Class of Warrant or Right, Outstanding | 2,400 | 2,400 | |||
Class Of Warrant Or Right, Outstanding, Weighted Average Exercise Price | $ 1,265 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 219 days | ||||
Warrant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 0 | ||||
Consultant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 334 | ||||
Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,586 | ||||
Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 170 | ||||
Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 6,676 | ||||
Chief Operating Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,854 | ||||
Chief Financial Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,338 | ||||
Employee Stock Option [Member] | |||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 292,737 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value | $ 493,090 | ||||
Employee Stock Option [Member] | Consultant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 180 days | ||||
Employee Stock Option [Member] | Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Employee Stock Option [Member] | Executive Officer [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||
Employee Stock Option [Member] | Executive Officer [Member] | Maximum [Member] | Vest Quarterly Over Next Three Years [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Employee Stock Option [Member] | Executive Officer [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Employee Stock Option [Member] | Director [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Stock Options, Employment Agreement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,556 | 27,162 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 12.75 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Percentage of Common Stock | 2.00% | ||||
Stock Options, Employment Agreement [Member] | Vest on January 24, 2018 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,178 | ||||
Stock Options, Employment Agreement [Member] | Vest in Eight Quarterly Installments During the Twenty-four Months Ending January 24, 2020 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 8,358 | ||||
Stock Options, Employment Agreement [Member] | Vest Upon the Achievement of Three Consecutive Quarters of Positive Cash Flow [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,313 | ||||
Stock Options, Employment Agreement [Member] | Vest Upon Sale of Earth Station Assets in Miami, Florida for Gross Proceeds Equal to or Greater than $15,000,000 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,313 | ||||
Stock Options, Employment Agreement [Member] | Share-based Compensation Award, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Stock Options, Employment Agreement [Member] | Share Based Compensation Award Tranches Two Three and Four [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Fair Value | $ 140,708 |
Note 11 - Stock Option and Warr
Note 11 - Stock Option and Warrants - Black-Scholes Option Pricing Model Assumptions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Expected volatility | ||||
Expected life (in years) (Year) | 4 years 73 days | 4 years 73 days | 4 years 73 days | |
Estimated forfeiture rates | 20.00% | 20.00% | ||
Weighted average per share grant date fair value (in dollars per share) | $ 99.75 | $ 9.65 | $ 110.25 | |
Stock-based compensation | $ 207,064 | $ 192,812 | $ 874,888 | $ 629,671 |
Maximum [Member] | ||||
Risk-free interest rate | 1.00% | 1.70% | 1.40% | |
Expected volatility | 79.00% | 113.00% | 83.00% | |
Estimated forfeiture rates | 7.00% | 7.00% | ||
Minimum [Member] | ||||
Risk-free interest rate | 0.90% | 1.60% | 0.90% | |
Expected volatility | 78.00% | 110.00% | 78.00% | |
Estimated forfeiture rates | 1.00% | 1.00% |
Note 11 - Stock Options and W50
Note 11 - Stock Options and Warrants - Option Transactions Under the Stock Option Plans (Details) - $ / shares | Feb. 03, 2017 | Sep. 30, 2017 |
Outstanding (in shares) | 28,232 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 404.82 | |
Granted (in shares) | 15,868 | 51,090 |
Granted, weighted average exercise price (in dollars per share) | $ 13.50 | $ 12.77 |
Exercised (in shares) | ||
Exercised, weighted average exercise price (in dollars per share) | ||
Cancelled /expired (in shares) | (2,146) | |
Cancelled /expired (in dollars per share) | $ 1,409.58 | |
Outstanding (in shares) | 77,176 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 117.34 | |
Exercisable (in shares) | 35,887 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 233.48 |
Note 11 - Stock Option and Wa51
Note 11 - Stock Option and Warrants - Grants Under Stock Option Plans (Details) - shares | Feb. 03, 2017 | Sep. 30, 2017 |
Granted (in shares) | 15,868 | 51,090 |
Consultant [Member] | ||
Granted (in shares) | 334 | |
Executive Officer [Member] | ||
Granted (in shares) | 50,586 | |
Director [Member] | ||
Granted (in shares) | 170 |
Note 12 - Employee Stock Purc52
Note 12 - Employee Stock Purchase Plan (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 358 | |||
2010 Employee Stock Purchase Plan [Member] | ||||
Percentage Of Discount Allowed For Shares Issued Under Employee Stock Purchase Plan | 15.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 334 | 334 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | 30 | ||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 0 | $ 358 | ||
Defined Contribution Plan, Cost | $ 0 | $ 902 | $ 53 | $ 4,017 |
Note 14 - Net Loss Per Common53
Note 14 - Net Loss Per Common Share - Antidilutive Shares Excluded from Computation of EPS (Details) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded From Computation of Earnings Per Share, Amount (in shares) | 204,750 | 15,603 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded From Computation of Earnings Per Share, Amount (in shares) | 77,176 | 13,203 |
Warrant [Member] | ||
Antidilutive Securities Excluded From Computation of Earnings Per Share, Amount (in shares) | 2,400 | 2,400 |
Series G Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded From Computation of Earnings Per Share, Amount (in shares) | 71,734 | |
Series H Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded From Computation of Earnings Per Share, Amount (in shares) | 53,440 |
Note 15 - Commitments (Details
Note 15 - Commitments (Details Textual) - USD ($) | Jun. 30, 2017 | Apr. 30, 2017 | Apr. 30, 2016 | Dec. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2014 | Feb. 28, 2014 |
Corporate Offices [Member] | |||||||||
Lessee, Operating Lease, Renewal Term | 5 years | ||||||||
Leasehold Improvements, Gross | $ 600,000 | ||||||||
Operating Lease, Leasehold Improvements to be Made by Lessor | $ 380,000 | ||||||||
Operating Lease, Annual Rent | $ 359,750 | ||||||||
Annual Increase in Operating Lease Rent Expense | 3.00% | ||||||||
Corporate Offices [Member] | Scenario, Forecast [Member] | |||||||||
Operating Lease, Annual Rent | $ 416,970 | ||||||||
Sales Center [Member] | |||||||||
Lessee, Operating Lease, Renewal Term | 5 years | ||||||||
Operating Lease, Annual Rent | $ 53,130 | ||||||||
Annual Increase in Operating Lease Rent Expense | 3.00% | ||||||||
Lessee, Operating Lease, Term of Contract | 3 years 60 days | ||||||||
Security Deposit Forfeited | $ 26,648 | ||||||||
Termination Payment of Lease | $ 25,000 | ||||||||
Virginia Sales Office [Member] | |||||||||
Operating Lease, Annual Rent | $ 32,021 | ||||||||
Virginia Second Sales Office [Member] | |||||||||
Operating Lease, Annual Rent | $ 20,734 | ||||||||
Minimum [Member] | |||||||||
Lessee, Operating Lease, Renewal Term | 1 year | ||||||||
Maximum [Member] | |||||||||
Lessee, Operating Lease, Renewal Term | 15 years |
Note 15 - Commitments - Total F
Note 15 - Commitments - Total Future Operating Lease Obligations (Details) | Sep. 30, 2017USD ($) |
Remainder of 2017 | $ 1,789,648 |
2,018 | 6,318,665 |
2,019 | 4,846,377 |
2,020 | 2,627,912 |
2,021 | 667,892 |
Thereafter | 231,105 |
Total | $ 16,481,599 |
Note 15 - Commitments - Rent Ex
Note 15 - Commitments - Rent Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Lease and Rental Expense | $ 2,500,176 | $ 2,347,957 | $ 7,449,955 | $ 6,995,152 |
Points of Presence [Member] | ||||
Lease and Rental Expense | 2,161,038 | 2,160,592 | 6,472,499 | 6,402,312 |
Corporate Offices [Member] | ||||
Lease and Rental Expense | 105,359 | 79,647 | 281,513 | 250,567 |
Other Leased Property [Member] | ||||
Lease and Rental Expense | $ 233,779 | $ 107,718 | $ 695,943 | $ 342,273 |
Note 15 - Commitments - Total57
Note 15 - Commitments - Total Future Capital Lease Obligations (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Remainder of 2017 | $ 189,947 | |
2,018 | 283,864 | |
2,019 | 122,094 | |
2,020 | 72,000 | |
Subtotal | 667,905 | |
Less: interest expense | 51,844 | |
Total | 616,061 | |
Current | 411,309 | $ 791,009 |
Long-term | 204,752 | $ 158,703 |
Total | $ 616,061 |