Planet Payment 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information
Entity Registrant Name	Planet Payment Inc
Entity Central Index Key	1,362,925
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		52,548,508
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 13,531,160	$ 9,837,791
Restricted cash	4,280,412	4,167,560
Accounts receivable, net of allowances of $0.1 million as of June 30, 2015 and December 31, 2014, respectively	5,847,020	6,948,595
Prepaid expenses and other assets	1,666,586	1,136,821
Total current assets	25,325,178	22,090,767
Other assets:
Restricted cash	552,187	432,094
Property and equipment, net	2,061,489	2,139,747
Software development costs, net	4,409,050	4,612,457
Intangible assets, net	1,659,934	2,046,700
Goodwill	291,823	319,671
Security deposits and other assets	4,231,071	2,289,858
Total other assets	13,205,554	11,840,527
Total assets	38,530,732	33,931,294
Current liabilities:
Accounts payable	378,145	512,057
Accrued expenses	4,712,290	2,918,645
Due to merchants	4,460,634	4,352,199
Current portion of capital leases	364,800	458,812
Total current liabilities	9,915,869	8,241,713
Long-term liabilities:
Long-term portion of capital leases and deferred revenue	2,270,985	1,560,310
Total long-term liabilities	2,270,985	1,560,310
Total liabilities	$ 12,186,854	$ 9,802,023
Commitments and contingencies (Note 8)
Stockholders' equity:
Convertible preferred stock—10,000,000 shares authorized as of June 30, 2015 and December 31, 2014, $0.01 par value: Series A—2,243,750 issued and outstanding as of June 30, 2015 and December 31, 2014; $8,975,000 aggregate liquidation preference	$ 22,438	$ 22,438
Common stock—250,000,000 shares authorized as of June 30, 2015 and December 31, 2014, $0.01 par value, and 55,174,561 issued and 53,779,920 shares issued and outstanding as of June 30, 2015, and 55,680,999 issued and 55,177,899 shares issued and outstanding as of December 31, 2014	551,746	556,810
Treasury stock, at cost, 1,394,641 shares and 503,100 shares as of June 30, 2015 and December 31, 2014, respectively	(2,469,814)	(822,603)
Additional paid-in capital	103,754,000	103,277,253
Accumulated other comprehensive loss	(370,593)	(173,774)
Accumulated deficit	(75,143,899)	(78,730,853)
Total stockholders' equity	26,343,878	24,129,271
Total liabilities and stockholders' equity	$ 38,530,732	$ 33,931,294

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets
Accounts receivable, allowances (in dollars)	$ 100,000	$ 100,000
Series A Convertible preferred stock, shares authorized	10,000,000	10,000,000
Series A Convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Series A Convertible preferred stock, shares issued	2,243,750	2,243,750
Series A Convertible preferred stock, shares outstanding	2,243,750	2,243,750
Series A Convertible preferred stock, aggregate liquidation preference (in dollars)	$ 8,975,000	$ 8,975,000
Common stock, shares authorized	250,000,000	250,000,000
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	55,174,561	55,680,999
Common stock, shares outstanding	53,779,920	55,177,899
Treasury Stock, Shares	1,394,641	503,100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Net revenue	$ 12,683,359	$ 11,884,605	$ 24,816,129	$ 23,059,722
Cost of revenue:
Payment processing service fees	2,590,885	2,374,857	5,179,089	4,893,678
Processing and service costs	3,385,658	3,245,321	6,623,598	6,959,914
Total cost of revenue	5,976,543	5,620,178	11,802,687	11,853,592
Selling, general and administrative expenses	4,712,704	4,502,977	9,183,104	9,584,770
Restructuring charges		53,752		682,967
Total operating expenses	10,689,247	10,176,907	20,985,791	22,121,329
Income from operations	1,994,112	1,707,698	3,830,338	938,393
Other (expense) income:
Interest expense	(13,830)	(15,816)	(28,443)	(31,986)
Interest income	365	288	791	463
Other income		16,949		16,949
Total other (expense) income, net	(13,465)	1,421	(27,652)	(14,574)
Income from operations before provision for income taxes	1,980,647	1,709,119	3,802,686	923,819
Provision for income taxes	(105,319)	(199,705)	(215,732)	(193,695)
Net income	$ 1,875,328	$ 1,509,414	$ 3,586,954	$ 730,124
Basic net income per share applicable to common stockholders ( in dollars per share)	$ 0.03	$ 0.02	$ 0.06	$ 0.01
Diluted net income per share applicable to common stockholders (in dollars per share)	$ 0.03	$ 0.02	$ 0.06	$ 0.01
Weighted average common stock outstanding (basic) (in shares)	53,082,296	53,802,936	53,439,467	53,621,071
Weighted average common stock outstanding (diluted) (in shares)	53,830,534	54,767,440	54,090,469	55,288,195

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 1,875,328	$ 1,509,414	$ 3,586,954	$ 730,124
Foreign currency translation adjustment	60,612	(57)	(196,819)	(12,970)
Total comprehensive income	$ 1,935,940	$ 1,509,357	$ 3,390,135	$ 717,154

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 3,586,954	$ 730,124
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	461,590	585,793
Depreciation and amortization expense	1,439,778	1,477,297
(Recovery) provision for doubtful accounts	(193)	3,248
Gain on insurance settlement	(517,930)
Changes in operating assets and liabilities:
(Increase) decrease in settlement assets	(244,451)	1,291,208
Decrease in accounts receivables, prepaid expenses and other current assets	1,529,933	3,881
Increase in security deposits and other assets	(181,213)	(203,770)
Increase (decrease) in accounts payable and accrued expenses	239,331	(1,289,370)
Increase (decrease) in due to merchants	240,034	(1,345,015)
Other	(53,259)	6,611
Net cash provided by operating activities	6,500,574	1,260,007
Cash flows from investing activities:
Decrease (increase) in restricted cash	11,506	(2,233,940)
(Decrease) increase in merchant reserves	(131,599)	2,113,823
Purchase of property and equipment	(168,282)	(87,681)
Capitalized software development	(593,946)	(718,593)
Purchase of intangible assets	(13,454)	(81,453)
Net cash used in investing activities	(895,775)	(1,007,844)
Cash flows from financing activities:
Proceeds from issuance of common stock	22,949	782,598
Purchases of treasury stock	(1,647,211)
Principal payments on capital lease obligations	(287,168)	(270,652)
Net cash (used in) provided by financing activities	(1,911,430)	511,946
Net increase in cash and cash equivalents	3,693,369	764,109
Beginning of period	9,837,791	6,572,468
End of period	13,531,160	7,336,577
Cash paid for:
Interest	30,785	32,552
Income taxes	395,294	396,692
Non-cash investing and financing activities:
Assets acquired under capital leases	79,291	287,275
Accrued capitalized hardware, software and fixed assets	12,071	88,992
Capitalized stock-based compensation	$ 20,015	$ 21,560

Business description and basis

Business description and basis of presentation	6 Months Ended
	Jun. 30, 2015
Business description and basis of presentation
Business description and basis of presentation	1. Business description and basis of presentation Business description Planet Payment, Inc. together with its wholly owned subsidiaries (“Planet Payment,” the “Company,” “we,” or “our”) is a provider of international payment and transaction processing and multi-currency processing services. The Company provides its services to approximately 103,000 active merchant locations in 23 countries and territories across the Asia Pacific region, the Americas, the Middle East, Africa and Europe, primarily through its acquiring bank and processor customers, as well as through its own direct sales force. The Company provides banks and their merchants with innovative services to accept, process and reconcile electronic payments. The Company’s point-of-sale and e-commerce services are integrated within the payment card transaction process , enabling its acquiring customers to process and reconcile payment transactions in multiple currencies, geographies and channels. The Company’s ATM services provide its domestic and international acquirers with additional processing capabilities to help them increase revenue and improve customer satisfaction. The Company also offers non-financial transaction processing services that allow merchants to offer a range of commercial services including pre-paid mobile phone top-up and bill payments using the same point-of-sale devices deployed to accept payment cards. The Company is a registered third party processor with the major card associations and operates in accordance with industry standards, including the Payment Card Industry, or PCI, Security Council’s Data Security Standards. Basis of presentation The unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated interim financial statements include the accounts of Planet Payment, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. Unaudited condensed consolidated interim financial information The accompanying unaudited condensed consolidated interim financial statements as of June 30, 2015 and for the periods ended June 30, 2015 and 2014 have been prepared on the same basis as the annual consolidated financial statements. In the opinion of management, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the statement of operations, financial position and cash flows. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Operating results for the interim period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The December 31, 2014 balance sheet information has been derived from the audited financial statements at that date. Certain information and disclosures normally included in annual consolidated financial statements have been omitted pursuant to the rules and regulation of the Securities and Exchange Commission (“SEC”).

Recent accounting pronouncement

Recent accounting pronouncements	6 Months Ended
	Jun. 30, 2015
Recent accounting pronouncements
Recent accounting pronouncements	2. Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new guidance includes a cohesive set of disclosure requirements intended to provide users of financial statements with comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a company’s contracts with customers. The original effective date of ASU 2014-09 of January 1, 2017 has been delayed until January 1, 2018. Early adoption is not permitted before the original effective date. The standard allows for either retrospective application to each reporting period presented or retrospective application with the cumulative effect of initially applying this update recognized at the date of initial application. The Company is currently evaluating the effect ASU 2014-09 will have on the Company’s Consolidated Financial Statements and disclosures. In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03, Interest-Imputation of Interest Simplifying the Presentation of Debt Issuance Costs (Topic 835) (“ASU No. 2015-03”). The purpose of this update is to simplify presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted for financial statements that have not been previously issued. The Company is currently evaluating the effect ASU 2015-03 will have on the Company’s Consolidated Financial Statements and disclosure.

Concentration of credit risk

Concentration of credit risk	6 Months Ended
	Jun. 30, 2015
Concentration of credit risk
Concentration of credit risk	3. Concentration of credit risk The Company’s assets that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash and receivables from clients. The Company places some of its cash, cash equivalents, and restricted cash with financial banking institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 . The Company also maintains cash balances at foreign banking institutions, which are not insured by the FDIC. The Company maintains an allowance for uncollectible accounts receivable based on expected collectability and performs ongoing credit evaluations of customers’ financial condition. The Company’s accounts receivable concentrations of 10% and greater are as follows: As of As of June 30, December 31, 2015 2014 Customer A % % Customer B Customer C The Company’s revenue concentrations of 10% and greater are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Customer A % % % % Customer C * * Less than 10% revenue concentration. a

Net income per share

Net income per share	6 Months Ended
	Jun. 30, 2015
Net income per share
Net income per share	4. Net income per share The Company computes net income per share in accordance with ASC 260, Earnings per Share (“ASC topic 260”). Under ASC topic 260, securities that contain rights to receive non-forfeitable dividends (whether paid or unpaid) are participating securities and should be included in the two-class method of computing earnings per share. The Company’s preferred stockholders are entitled to participate in dividends and earnings when, and if, dividends are declared on the common stock. As such, the Company calculates net income per share using the two-class method. The two-class method is an earnings formula that treats a participating security as having rights to dividends that otherwise would have been available to common and preferred stockholders based on their respective rights to receive dividends. Losses are not allocated to the preferred stockholders for computing net loss per share under the two-class method because the preferred stockholders do not have contractual obligations to share in the losses of the Company. Basic earnings per share is calculated by dividing net income, adjusted for amounts allocated to participating securities under the two-class method, if applicable, by the weighted average number of common stock outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of the Company’s common stock outstanding, assuming dilution, during the period. The diluted earnings per share calculation assumes (i) all stock options and warrants which are in the money are exercised at the beginning of the period and (ii) each issue or series of issues of potential common stock are considered in sequence from the most dilutive to the least dilutive. That is, dilutive potential common stock with the lowest “earnings add-back per incremental share” shall be included in dilutive earnings per share before those shares with higher earnings add back per incremental share. The following table sets forth the computation of basic and diluted net income per share: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income $ $ $ $ Amounts allocated to participating preferred stockholders under the two-class method Net income applicable to common stockholders (basic and dilutive) $ $ $ $ Denominator: Weighted average common stock outstanding (basic) Common equivalent shares from options and warrants to purchase common stock Weighted average common stock outstanding (diluted)(1) Basic net income per share applicable to common stockholders $ $ $ $ Diluted net income per share applicable to common stockholders(1) $ $ $ $ (1) In accordance with ASC 260-10-45-48 for the three and six months ended June 30, 201 5 and 2014, the Company has excluded 718,407 and 1,236,119 , respectively, of contingently issued restricted shares from diluted weighted average common stock outstanding as the contingencies (a) were not satisfied at the reporting date nor (b) would have been satisfied if the reporting date was at the end of the contingency period. The following table sets forth the weighted average securities outstanding that have been excluded from the diluted net income per share calculation because the effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock options Restricted stock awards — — Warrants — — — Convertible preferred stock(1) Total anti-dilutive securities (1) Diluted net income per share increases when convertible preferred stock is included in the required sequence in the diluted earnings per share computation. As such, convertible preferred stock is excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2015 and 2014.

Stock-based compensation expens

Stock-based compensation expense and assumptions	6 Months Ended
	Jun. 30, 2015
Stock-based compensation expense and assumptions
Stock-based compensation expense and assumptions	5. Stock-based compensation expense and assumptions During the first and second quarters of 2015, stock options granted to certain employees of the Company were 0.2 million and 0.1 million, respectively, with a grant fair value of $0.2 million and $0.1 million, respectively. The actual number of shares that will be issued upon exercise of the options is subject to the achievement of service-based vesting conditions. Stock-based compensation expense is recorded on a straight line basis from the date of the grant over the requisite service period of 36 months. During the first quarter of 2015, 0.1 million restricted stock awards with a grant fair value of $0.1 million were granted to an employee of the Company. The final number of vested shares is subject to service-based vesting conditions. Expense is recorded on a straight line basis from the date of the grant over the applicable service period of 36 months. Stock-based compensation expense is measured at the grant date based on fair value and recognized as an expense over the requisite service period, net of an estimated forfeiture rate. The following summarizes stock-based compensation expense recognized by income statement classification: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Processing and service costs $ $ $ $ Selling, general and administrative expenses Restructuring charges — — — Total stock-based compensation expense $ $ $ $ The following summarizes stock-based compensation expense recognized by type: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock options $ $ $ $ Restricted stock awards Total stock-based compensation expense $ $ $ $

Property and equipment

Property and equipment	6 Months Ended
	Jun. 30, 2015
Property and equipment
Property and equipment	6. Property and equipment Property and equipment, net consist of the following: Estimated As of As of useful life June 30, December 31, (in years) 2015 2014 Equipment - 7 $ $ Computer hardware - 5 Furniture and fixtures - 7 Leasehold improvements - 10 Total property and equipment, gross Less: Accumulated depreciation and amortization Property and equipment, net $ $ Property and equipment depreciation and amortization expense is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Depreciation and amortization expense $ $ $ $

Goodwill and intangible assets

Goodwill and intangible assets	6 Months Ended
	Jun. 30, 2015
Goodwill and intangible assets
Goodwill and intangible assets	7. Goodwill and intangible assets The change in carrying amount of goodwill for the six months ended June 30, 2015 is as follows: Goodwill, gross, as of December 31, 2014 $ Impact of change in Euro exchange rate Accumulated impairment losses as of June 30, 2015 — Goodwill, net, as of June 30, 2015 $ The entire goodwill balance is assigned to the payment processing services segment as this is the reporting unit expected to benefit from the synergies of the combination. Intangible assets are recorded at estimated fair value and are amortized ratably over their estimated useful lives to processing and service costs, which are included in cost of revenue. The gross book value, accumulated amortization and amortization periods of intangible assets are as follows: As of June 30, 2015 As of December 31, 2014 Amortization Gross book Accumulated Net book Gross book Accumulated Net book period value amortization value value amortization value (in years) Trademarks and patents $ $ $ $ $ $ - 21 Technology Intangible assets, net $ $ $ $ $ $ Amortization expense related to intangible assets is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Amortization expense $ $ $ $

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and contingencies
Commitments and contingencies	8. Commitments and contingencies Employment agreements Pursuant to employment agreements with certain employees, the Company had a commitment to pay severance of approximately $0.8 million as of June 30, 2015 and December 31, 2014, in the event of termination without cause, as defined in the employment agreements. Additionally, in the event of termination upon a change of control, as defined in the agreements, the Company had a commitment to pay severance of approximately $1.0 million as of June 30, 2015 and December 31, 2014. Contingent liabilities In instances where the Company is acting as the merchant acquirer, the Company bears a risk that a merchant may engage in fraud by submitting for payment certain credit card transactions that may have been manipulated, are fictitious, or are otherwise not bona fide. Similarly, the Company bears the risk that a merchant becomes insolvent, owing money to cardholders. To the extent that such fraud or insolvency occurs in circumstances where the Company is liable to make good on any resultant losses, this could affect the Company’s operating results and cash flows. The Company has required certain merchants to post cash reserves of approximately $0.9 million with the sponsoring bank against such liabilities and has itself paid the acquirer a reserve of $0.3 million in connection therewith, which is included in long-term “Restricted cash” on the condensed consolidated balance sheets. In addition, the Company holds merchant reserves of approximately $2.2 million. This reserve amount is included in “Restricted cash” with an offset in “Due to merchants”. Under FASB ASC 460, Guarantees , the Company evaluates its ultimate risk and records an estimate of potential loss for chargeback’s related to merchant fraud and processing errors based upon an assessment of actual historical fraud rates and errors in processing compared to recent bank card processing volume levels . No contingent liability has been recorded as of June 30, 2015 and December 31, 201 4, as the risk of material loss is considered remote. The Company monitors these contingent liabilities on a quarterly basis and will provide for a reserve if deemed necessary . Outstanding litigation From time to time, the Company’s operating entities are involved in legal proceeding in the ordinary course of business. While any litigation contains an element of uncertainty, the Company has no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on the financial condition or results of operations of the Company. Acquiring bank sponsorship agreement In order to offer merchant acquiring services for Visa and MasterCard transactions, the Company must be sponsored by a financial institution that is a principal member of the Visa and MasterCard networks. The Company entered into a five -year agreement with a sponsoring bank effective September 1, 2013. The Company is required to pay minimum annual sponsorship transaction fees of $0.3 million in year one. The minimum fees escalates each subsequent year with minimum fees of $0.5 million due in year five for total minimum fees of $1.8 million to be paid over the term of the agreement. Sponsorship fees are recorded to cost of sales with the total agreement minimum of $1.8 million recognized on a straight line basis over the term of the agreement. Pursuant to the agreement, the Company is liable for all losses incurred by the sponsoring bank with respect to the activities of our merchants sponsored under the agreement. No contingent liability has been recorded as of June 30, 2015 as the risk of material loss is considered remote based on historical information. The Company monitors this contingent liability on a quarterly basis and will provide for a reserve if deemed necessary. Insurance reimbursement Based on the loss recovery model the Company recorded an insurance reimbursement gain of $0.5 million in selling, general and administrative expenses during the six months ended June 2015. The insurance reimbursement was related to a previous property and casualty loss recognized by the Company.

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2015
Convertible debt
Long-term Debt [Text Block]	9. Credit Facility On June 10, 2015, the Company entered into a $10.0 million secured revolving credit facility (the “Credit Facility”) with Citizens Bank, N.A. (“Citizens”) pursuant to a Credit and Security Agreement by and among the Company, certain affiliates thereof as borrowers or guarantors, and Citizens (the “Credit Agreement”). The line of credit under the Credit Agreement is secured by substantially all of the Company’s personal property, including the Company’s intellectual property and that of its subsidiaries that are borrowers or guarantors. The interest rate applicable to committed borrowings is tied to LIBOR plus a margin of 2.5% . The Credit Agreement also provides for a letter of credit sub-facility of up to $2.0 million. The Credit Agreement contains customary affirmative and negative covenants, including, among others, financial covenants based on the Company’s leverage and fixed charge coverage ratios, as well as an obligation to maintain a minimum availability requirement of at least $5.0 million in the aggregate of cash and availability under the line of credit. The Credit Facility will provide funds for general corporate purposes and repurchases of issued and outstanding capital stock of the Company. The Credit Facility matures on June 10, 2020 and is payable in full upon maturity. As of June 30, 2015, the Company was in compliance with all financial covenants contained in the Credit Agreement and no amounts were outstanding.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2015
Related party transactions
Related party transactions	10. Related party transactions The Company incurred the following amounts to companies that are principally owned by executives, directors or stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Rent $ — $ $ $ Consulting and professional fees — Rent was paid to BDP Realty Associates LLC, a company in which our former Chief Executive Officer and Chairman of the Board of Directors, Philip Beck has a one -third (1/3 rd ) interest. Furthermore, consulting and professional fees were paid to a professional services company where a family member of Philip Beck has a substantial interest. Mr. Beck does not have any direct financial interest in such company. In February 2015, Philip Beck ceased to serve as the Company’s Director and Chairman of the Board. The Company’s related party expense for 2015 is for the two months Philip Beck was Chairman of the Board of Directors.

Accrued expenses

Accrued expenses	6 Months Ended
	Jun. 30, 2015
Accrued expenses
Accrued expenses	11. Accrued expenses The following are the components of accrued expenses: As of As of June 30, December 31, 2015 2014 Deferred revenue(*) $ $ Deferred incentive(**) — Other(***) Total accrued expenses $ $ (*) Current deferred revenue will be recognized as revenue ratably over the next 12 months. As of June 30, 2015, included in the balance sheet classification “Long-term portion of capital leases and deferred revenue” is the non-current portion of deferred revenue in the amount of $0.8 million. The non-current deferred revenue balance as of December 31, 2014 is approximately $1.0 million. (**) As of June 30, 2015, the Company recorded a $1.2 million short term incentive in relation to future obligations under a contract. (***) No amounts included in “Other” exceed 10% of total current liabilities.

Segment information

Segment information	6 Months Ended
	Jun. 30, 2015
Segment information
Segment information	12. Segment information General information The segment and geographic information provided in the table below is being reported consistent with the Company’s method of internal reporting. Operating segments are defined as components of an enterprise for which separate financial information is available and which is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM reviews net revenue and gross profit by service by geographical region. The Company operates in two reportable segments: multi-currency processing services and payment processing services. Information about revenue, profit and assets The CODM evaluates performance and allocates resources based on net revenue and gross profit of each segment. For purposes of analyzing segments, gross profit of the multi-currency processing services segment is equal to net revenue less multi-currency cost of sales of $0.7 million and $0.5 million, which is included in “processing and services costs” for the three months ended June 30, 2015 and 2014, respectively, and $1.3 million and $1.1 million for the six months ended June 30, 2015 and 2014, respectively. The gross profit for the payment processing services segment includes net revenue of the segment less the cost of revenue component “payment processing services fees”, which includes interchange and card network fees and assessments. Net revenue and gross profit by geographical region is based upon where the transaction originated. Lastly, the Company does not evaluate performance or allocate resources using segment asset data. Long-lived assets are primarily located in the Americas and Europe and as of June 30, 2015 and December 31, 2014, long-lived asset amounts are $8 .4 million and $9.1 million, respectively. The Company conducts its business primarily in three geographical regions: Asia Pacific (“APAC”), the Americas, and Central Europe, Middle East and Africa (“CEMEA”). The following table provides revenue concentration by geographic region. Analysis of revenue by segment and geographical region and reconciliations to consolidated revenue and gross profit are as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net Revenue: APAC $ $ $ $ Americas CEMEA Total multi-currency processing services revenue Payment processing services revenue Net revenue $ $ $ $ Gross Profit: APAC $ $ $ $ Americas CEMEA Total multi-currency processing services gross profit Payment processing services gross profit Total gross profit $ $ $ $ Payment processing services revenue and gross profit are the result of transactions that primarily originated in the Americas. For the three months ended June 30, 2015, Customer B and Customer H had revenue concentration of 14% and 24% , respectively, and for the six months ended June 30, 2015, Customer B and Customer H had revenue concentration of 15% and 22% , respectively. No individual customer of the payment processing segment was greater than 10% of segment revenue for the three and six months ended June 30, 2014. Concentration of revenue by customer by geographical region: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Multi-currency processing services revenue: APAC: Customer A % % % % Americas: Customer D Customer E Customer F * CEMEA: Customer C Customer G (*) Less than 10% revenue concentration.

Restructuring charges

Restructuring charges	6 Months Ended
	Jun. 30, 2015
Restructuring charges
Restructuring charges	13. Restructuring charges In 2014, the Company initiated a realignment of its workforce aimed at achieving greater operational efficiencies. As a result of the realignment, the Company incurred total restructuring charges during the six months ended June 30, 2014 of approximately $0.7 million. The table below sets forth the cash components and activity associated with the realignment of workforce and business for the six months ended June 30, 2015: Balance as of Balance as of January 1, 2015 Charges Cash Payment June 30, 2015 Severance and benefits $ $ — $ $ Legal expenses and other — — — — Total restructuring charges $ $ — $ $

Stock Repurchase Program

Stock Repurchase Program	6 Months Ended
	Jun. 30, 2015
Stock Repurchase Program
Stock repurchase program	14. Stock Repurchase Program In October 2014, the Company announced that its Board of Directors authorized the repurchase of up to $6.0 million of the Company’s outstanding shares of common stock. The shares may be purchased from time to time during a period ending on December 31, 2015. The timing, price and quantity of purchases are at the discretion of the Company and the program may be discontinued or suspended at any time. As of June 30, 2015, the Company repurchased approximately 1.4 million shares of common stock for an aggregate price of $2.5 million. From July 1, 2015 to July 31, 2015, the Company repurchased approximately 1.2 million shares of common stock for an aggregate price of $2.7 million. Total amount of common stock repurchased under the program through July 31, 2015 was 2.6 million shares for an aggregate price of $5.2 million. On August 4, 2015, the Company’s Board of Directors expanded its share repurchase authorization by an incremental $5.2 million, bringing its total current authorization to $6 . 0 million. Under the new authorization, the Company may repurchase shares in the open market or as otherwise may be determined by the company, subject to market conditions, business opportunities and other factors. The company has no obligation to repurchase shares under this program. This authorization has no expiration date and may be suspended or terminated at any time.

Concentration of credit risk (T

Concentration of credit risk (Tables)	6 Months Ended
	Jun. 30, 2015
Accounts Receivable
Concentration of credit risk
Schedule of concentrations of 10% and greater	As of As of June 30, December 31, 2015 2014 Customer A % % Customer B Customer C
Revenue
Concentration of credit risk
Schedule of concentrations of 10% and greater	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Customer A % % % % Customer C *

Net income per share (Tables)

Net income per share (Tables)	6 Months Ended
	Jun. 30, 2015
Net income per share
Schedule of computation of basic and diluted net income (loss) per share	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income $ $ $ $ Amounts allocated to participating preferred stockholders under the two-class method Net income applicable to common stockholders (basic and dilutive) $ $ $ $ Denominator: Weighted average common stock outstanding (basic) Common equivalent shares from options and warrants to purchase common stock Weighted average common stock outstanding (diluted)(1) Basic net income per share applicable to common stockholders $ $ $ $ Diluted net income per share applicable to common stockholders(1) $ $ $ $ In accordance with ASC 260-10-45-48 for the three and six months ended June 30, 201 5 and 2014, the Company has excluded 718,407 and 1,236,119 , respectively, of contingently issued restricted shares from diluted weighted average common stock outstanding as the contingencies (a) were not satisfied at the reporting date nor (b) would have been satisfied if the reporting date was at the end of the contingency period.
Schedule of weighted average securities outstanding that have been excluded from the diluted net income (loss) per share calculation because the effect would have been anti-dilutive	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock options Restricted stock awards — — Warrants — — — Convertible preferred stock(1) Total anti-dilutive securities Diluted net income per share increases when convertible preferred stock is included in the required sequence in the diluted earnings per share computation. As such, convertible preferred stock is excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2015 and 2014.

Stock-based compensation expe23

Stock-based compensation expense and assumptions (Tables)	6 Months Ended
	Jun. 30, 2015
Stock-based compensation expense and assumptions
Summary of stock-based compensation expense recognized by income statement classification	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Processing and service costs $ $ $ $ Selling, general and administrative expenses Restructuring charges — — — Total stock-based compensation expense $ $ $ $
Summary of stock-based compensation expense recognized by type	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock options $ $ $ $ Restricted stock awards Total stock-based compensation expense $ $ $ $

Property and equipment (Tables)

Property and equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Property and equipment
Schedule of property and equipment, net	Estimated As of As of useful life June 30, December 31, (in years) 2015 2014 Equipment - 7 $ $ Computer hardware - 5 Furniture and fixtures - 7 Leasehold improvements - 10 Total property and equipment, gross Less: Accumulated depreciation and amortization Property and equipment, net $ $
Schedule of property and equipment depreciation and amortization expense	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Depreciation and amortization expense $ $ $ $

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and intangible assets
Schedule of changes in carrying amount of goodwill	Goodwill, gross, as of December 31, 2014 $ Impact of change in Euro exchange rate Accumulated impairment losses as of June 30, 2015 — Goodwill, net, as of June 30, 2015 $
Schedule of the gross book value, accumulated amortization and amortization periods of intangible assets	As of June 30, 2015 As of December 31, 2014 Amortization Gross book Accumulated Net book Gross book Accumulated Net book period value amortization value value amortization value (in years) Trademarks and patents $ $ $ $ $ $ - 21 Technology Intangible assets, net $ $ $ $ $ $
Schedule of amortization expense related to intangible assets	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Amortization expense $ $ $ $

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related party transactions
Schedule of amounts incurred to companies that are principally owned by executives, directors or stockholders of the Company or their families	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Rent $ — $ $ $ Consulting and professional fees —

Accrued expenses (Tables)

Accrued expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Accrued expenses
Schedule of the components of accrued expenses	As of As of June 30, December 31, 2015 2014 Deferred revenue(*) $ $ Deferred incentive(**) — Other(***) Total accrued expenses $ $ (*) Current deferred revenue will be recognized as revenue ratably over the next 12 months. As of June 30, 2015, included in the balance sheet classification “Long-term portion of capital leases and deferred revenue” is the non-current portion of deferred revenue in the amount of $0.8 million. The non-current deferred revenue balance as of December 31, 2014 is approximately $1.0 million. (**) As of June 30, 2015, the Company recorded a $1.2 million short term incentive in relation to future obligations under a contract. (***) No amounts included in “Other” exceed 10% of total current liabilities.

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment information
Schedule of revenue by segment and geographical region and reconciliations to consolidated revenue and gross profit	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net Revenue: APAC $ $ $ $ Americas CEMEA Total multi-currency processing services revenue Payment processing services revenue Net revenue $ $ $ $ Gross Profit: APAC $ $ $ $ Americas CEMEA Total multi-currency processing services gross profit Payment processing services gross profit Total gross profit $ $ $ $
Schedule of concentration of revenue by customer by geographical region	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Multi-currency processing services revenue: APAC: Customer A % % % % Americas: Customer D Customer E Customer F * CEMEA: Customer C Customer G (*) Less than 10% revenue concentration.

Restructuring charges (Tables)

Restructuring charges (Tables)	6 Months Ended
	Jun. 30, 2015
Restructuring charges
Schedule of cash components and activity associated with the realignment of workforce and business	Balance as of Balance as of January 1, 2015 Charges Cash Payment June 30, 2015 Severance and benefits $ $ — $ $ Legal expenses and other — — — — Total restructuring charges $ $ — $ $

Business description and basi30

Business description and basis of presentation (Details)	Jun. 30, 2015item
Business description and basis of presentation
Number of active merchant locations to which the Company provides services	103,000
Number of countries in which the entity provides services	23

Concentration of credit risk (D

Concentration of credit risk (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Concentration of credit risk
Cash, cash equivalents, and restricted cash with financial banking institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC")	$ 250,000		$ 250,000
Accounts Receivable | Credit concentration risk | Customer A
Concentration of credit risk
Concentration risk (as a percent)			20.00%		28.00%
Accounts Receivable | Credit concentration risk | Customer B
Concentration of credit risk
Concentration risk (as a percent)			14.00%		13.00%
Accounts Receivable | Credit concentration risk | Customer C
Concentration of credit risk
Concentration risk (as a percent)			14.00%		17.00%
Revenue | Customer concentration risk | Customer A
Concentration of credit risk
Concentration risk (as a percent)	19.00%	21.00%	20.00%	21.00%
Revenue | Customer concentration risk | Customer C
Concentration of credit risk
Concentration risk (as a percent)		10.00%	10.00%	11.00%

Net income per share (Details)

Net income per share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income	$ 1,875,328	$ 1,509,414	$ 3,586,954	$ 730,124
Amounts allocated to participating preferred stockholders under the two-class method	(214,905)	(170,325)	(411,051)	(82,389)
Net income applicable to common stockholders (basic and dilutive)	$ 1,660,423	$ 1,339,089	$ 3,175,903	$ 647,735
Denominator:
Weighted average common stock outstanding (basic) (in shares)	53,082,296	53,802,936	53,439,467	53,621,071
Common equivalent shares from options and warrants to purchase common stock (in shares)	748,238	964,504	651,002	1,667,124
Weighted average common stock outstanding (diluted) (in shares)	53,830,534	54,767,440	54,090,469	55,288,195
Basic net income per share applicable to common stockholders ( in dollars per share)	$ 0.03	$ 0.02	$ 0.06	$ 0.01
Diluted net income per share applicable to common stockholders (in dollars per share)	$ 0.03	$ 0.02	$ 0.06	$ 0.01

Net income per share (Details 2

Net income per share (Details 2) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Anti-dilutive securities excluded from computation of diluted earnings per share
Total anti-dilutive securities (in shares)	11,673,467	10,588,565	12,890,660	9,271,312
Contingently issued restricted shares
Anti-dilutive securities excluded from computation of diluted earnings per share
Total anti-dilutive securities (in shares)	718,407	1,236,119	718,407	1,236,119
Stock options
Anti-dilutive securities excluded from computation of diluted earnings per share
Total anti-dilutive securities (in shares)	4,762,323	3,737,421	5,979,516	2,375,051
Restricted stock awards
Anti-dilutive securities excluded from computation of diluted earnings per share
Total anti-dilutive securities (in shares)	60,000		60,000
Warrants
Anti-dilutive securities excluded from computation of diluted earnings per share
Total anti-dilutive securities (in shares)				45,117
Convertible preferred stock
Anti-dilutive securities excluded from computation of diluted earnings per share
Total anti-dilutive securities (in shares)	6,851,144	6,851,144	6,851,144	6,851,144

Stock-based compensation expe34

Stock-based compensation expense and assumptions (Details) - USD ($) shares in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock-based expense
Total stock-based compensation expense	$ 228,128		$ 274,669	$ 461,590	$ 585,793
Processing and service costs
Stock-based expense
Total stock-based compensation expense	50,084		62,400	100,581	126,310
Selling, general and administrative expenses
Stock-based expense
Total stock-based compensation expense	$ 178,044		212,269	$ 361,009	424,350
Restructuring charge
Stock-based expense
Total stock-based compensation expense					35,133
Stock options
Stock-based expense
Options granted (in shares)	0.1	0.2
Fair value of options granted	$ 100,000	$ 200,000
Requisite service period				36 months
Total stock-based compensation expense	124,433		202,809	$ 255,705	420,392
Restricted stock awards
Stock-based expense
Awards granted (in shares)		0.1
Fair value of awards granted		$ 100,000
Requisite service period		36 months
Total stock-based compensation expense	$ 103,695		$ 71,860	$ 205,885	$ 165,401

Property and equipment (Details

Property and equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Property and equipment
Total property and equipment, gross	$ 5,096,413		$ 5,096,413		$ 4,852,419
Less: Accumulated depreciation and amortization	(3,034,924)		(3,034,924)		(2,712,672)
Total property and equipment, net	2,061,489		2,061,489		2,139,747
Depreciation and amortization expense	153,243	$ 139,768	324,472	$ 296,191
Equipment
Property and equipment
Total property and equipment, gross	962,432		$ 962,432		945,116
Equipment | Minimum
Property and equipment
Estimated useful life			2 years
Equipment | Maximum
Property and equipment
Estimated useful life			7 years
Computer hardware
Property and equipment
Total property and equipment, gross	3,184,279		$ 3,184,279		2,963,629
Computer hardware | Minimum
Property and equipment
Estimated useful life			3 years
Computer hardware | Maximum
Property and equipment
Estimated useful life			5 years
Furniture and fixtures
Property and equipment
Total property and equipment, gross	193,754		$ 193,754		194,399
Furniture and fixtures | Minimum
Property and equipment
Estimated useful life			5 years
Furniture and fixtures | Maximum
Property and equipment
Estimated useful life			7 years
Leasehold improvements
Property and equipment
Total property and equipment, gross	$ 755,948		$ 755,948		$ 749,275
Leasehold improvements | Minimum
Property and equipment
Estimated useful life			3 years
Leasehold improvements | Maximum
Property and equipment
Estimated useful life			10 years

Goodwill and intangible asset36

Goodwill and intangible assets (Details)	6 Months Ended
	Jun. 30, 2015USD ($)
Goodwill
Goodwill, gross, at the Beginning of the period	$ 319,671
Impact of change in Euro exchange rate	(27,848)
Goodwill, net, at the end of the period	$ 291,823

Goodwill and intangible asset37

Goodwill and intangible assets (Details 2) - USD ($)	3 Months Ended		6 Months Ended		18 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Dec. 31, 2014
Intangible assets
Gross book value	$ 3,598,612		$ 3,598,612		$ 3,598,612	$ 3,820,736
Accumulated amortization	(1,938,678)		(1,938,678)		(1,938,678)	(1,774,036)
Net book value	1,659,934		1,659,934		1,659,934	2,046,700
Amortization expense	142,789	$ 168,164	287,789	$ 339,455
Trademarks And Patents
Intangible assets
Gross book value	1,168,369		1,168,369		1,168,369	1,158,572
Accumulated amortization	(429,575)		(429,575)		(429,575)	(387,134)
Net book value	738,794		738,794		$ 738,794	771,438
Trademarks And Patents | Minimum
Intangible assets
Amortization period					15 years
Trademarks And Patents | Maximum
Intangible assets
Amortization period					21 years
Technology
Intangible assets
Gross book value	2,430,243		2,430,243		$ 2,430,243	2,662,164
Accumulated amortization	(1,509,103)		(1,509,103)		(1,509,103)	(1,386,902)
Net book value	$ 921,140		$ 921,140		$ 921,140	$ 1,275,262
Amortization period					5 years

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($) $ in Millions	Sep. 01, 2013	Jun. 30, 2015	Dec. 31, 2014
Employment agreements
Commitment to pay severance in event of employment termination without cause		$ 0.8	$ 0.8
Commitment to pay severance in event of employment termination upon change of control		1	1
Contingent liability		0	$ 0
Insurance reimbursement
Employment agreements
Gain on insurance reimbursemnt		0.5
Fraud related to certain credit card transactions
Employment agreements
Reserves posted by merchants with sponsor bank		0.9
Reserves posted by entity		0.3
Loss Contingency Cash Reserves Required to be Posted by Merchant, Entity		2.2
Bank Sponsorship Agreement
Employment agreements
Contingent liability		$ 0
Term of Bank Sponsorship Agreement	5 years
Bank Sponsorship Agreement | Financial Guarantee | Minimum
Employment agreements
Bank sponsorship agreement annual fees in year one	$ 0.3
Bank sponsorship agreement fees final year	0.5
Bank sponsorship agreement fees due	$ 1.8

Credit Facility (Details)

Credit Facility (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	Jun. 10, 2015	Jun. 30, 2015
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10
Minimum availability requirement		$ 5
Amount outstanding		$ 0
LIBOR
Debt Instrument [Line Items]
Variable interest rate	2.50%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2

Related party transactions (Det

Related party transactions (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 28, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related party transactions
Rent		$ 125,999	$ 90,887	$ 251,093
Consulting and professional fees		$ 2,815	$ 1,929	$ 3,426
BDP Realty Corporation
Related party transactions
Ownership interest owned by related party (as a percent)			33.33%
Rent expenses period	2 months

Accrued expenses (Details)

Accrued expenses (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Accrued expenses
Deferred revenue	$ 863,479	$ 800,650
Deferred incentive	1,200,000
Other	2,648,811	2,117,995
Total accrued expenses	$ 4,712,290	2,918,645
Recognition period of deferred revenue	12 months
Non-current portion of deferred revenue	$ 800,000	$ 1,000,000
Maximum percentage of total current liabilities	10.00%

Segment information (Details)

Segment information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment information
Number of reportable segments | item			2
Cost of sales included in processing and services costs	$ 3,385,658	$ 3,245,321	$ 6,623,598	$ 6,959,914
Long-lived assets	8,400,000		$ 8,400,000		$ 9,100,000
Number of geographical regions in which the entity conducts its business | item			3
Net Revenue:
Net revenue	12,683,359	11,884,605	$ 24,816,129	23,059,722
Gross Profit:
Total gross profit	9,405,479	8,993,949	18,337,274	17,052,396
Multi-currency processing services
Segment information
Cost of sales included in processing and services costs	700,000	500,000	1,300,000	1,100,000
Net Revenue:
Net revenue	8,061,689	8,125,546	15,743,454	15,563,981
Gross Profit:
Total gross profit	7,374,695	7,609,747	14,443,689	14,450,333
Payment processing services
Net Revenue:
Net revenue	4,621,670	3,759,059	9,072,675	7,495,741
Gross Profit:
Total gross profit	2,030,784	1,384,202	3,893,585	2,602,063
APAC
Net Revenue:
Net revenue	4,226,769	4,102,146	8,263,045	7,988,153
Gross Profit:
Total gross profit	4,187,113	4,079,966	8,193,825	7,938,105
Americas
Net Revenue:
Net revenue	1,750,920	2,079,643	3,244,050	3,290,449
Gross Profit:
Total gross profit	1,641,963	2,043,352	3,038,241	3,222,055
CEMEA
Net Revenue:
Net revenue	2,084,000	1,943,757	4,236,359	4,285,379
Gross Profit:
Total gross profit	$ 1,545,619	$ 1,486,429	$ 3,211,623	$ 3,290,173

Segment information (Details 2)

Segment information (Details 2) - item	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Payment processing services
Revenue concentration
Number of Individual Customers with Revenue Greater than Specified Percentage of Segment Revenue		0		0
Revenue | Geographical concentration risk | Multi-currency processing services | APAC | Customer A
Revenue concentration
Concentration risk (as a percent)	57.00%	60.00%	59.00%	62.00%
Revenue | Geographical concentration risk | Multi-currency processing services | Americas | Customer D
Revenue concentration
Concentration risk (as a percent)	16.00%	16.00%	15.00%	18.00%
Revenue | Geographical concentration risk | Multi-currency processing services | Americas | Customer E
Revenue concentration
Concentration risk (as a percent)	19.00%	19.00%	19.00%	21.00%
Revenue | Geographical concentration risk | Multi-currency processing services | Americas | Customer F
Revenue concentration
Concentration risk (as a percent)		30.00%	12.00%	19.00%
Revenue | Geographical concentration risk | Multi-currency processing services | CEMEA | Customer C
Revenue concentration
Concentration risk (as a percent)	55.00%	60.00%	59.00%	61.00%
Revenue | Geographical concentration risk | Multi-currency processing services | CEMEA | Customer G
Revenue concentration
Concentration risk (as a percent)	45.00%	39.00%	41.00%	39.00%
Revenue | Customer concentration risk | Customer A
Revenue concentration
Concentration risk (as a percent)	19.00%	21.00%	20.00%	21.00%
Revenue | Customer concentration risk | Customer C
Revenue concentration
Concentration risk (as a percent)		10.00%	10.00%	11.00%
Revenue | Customer concentration risk | Multi-currency processing services | Customer B
Revenue concentration
Concentration risk (as a percent)	14.00%		15.00%
Revenue | Customer concentration risk | Multi-currency processing services | Customer H
Revenue concentration
Concentration risk (as a percent)	24.00%		22.00%

Restructuring charges (Details)

Restructuring charges (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash components and activity associated with the realignment of workforce and business under the restructuring program
Balance at beginning of period	$ 195,773
Charges		$ 700,000
Cash Payments	186,471
Balance at end of period	9,302
Severance and benefits
Cash components and activity associated with the realignment of workforce and business under the restructuring program
Balance at beginning of period	195,773
Cash Payments	186,471
Balance at end of period	$ 9,302

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	7 Months Ended	9 Months Ended	10 Months Ended
	Jul. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	Jul. 31, 2015	Aug. 04, 2015	Oct. 31, 2014
Shares repurchased, authorized amount						$ 6
Stock Repurchased During Period, Shares			1.4
Stock Repurchased During Period, Value			$ 2.5
Subsequent event
Shares repurchased, authorized amount					$ 6
Shares repurchased, increased authorized amount					$ 5.2
Stock Repurchased During Period, Shares	1.2			2.6
Stock Repurchased During Period, Value	$ 2.7	$ 5.2