Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 11, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | EXP World Holdings, Inc. | |
Entity Central Index Key | 1,495,932 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 51,370,962 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 944,096 | $ 571,814 |
Restricted cash | 533,374 | 148,613 |
Accounts receivable, net of allowance $130,867 and $2,342, respectively | 1,333,674 | 341,643 |
Prepaids and other assets | 404,565 | 84,451 |
TOTAL CURRENT ASSETS | 3,215,709 | 1,146,521 |
OTHER ASSETS | ||
Fixed assets, net | 352,288 | 110,195 |
TOTAL OTHER ASSETS | 352,288 | 110,195 |
TOTAL ASSETS | 3,567,997 | 1,256,716 |
CURRENT LIABILITIES | ||
Accounts payable | 395,422 | 89,984 |
Customer deposits | 533,374 | 148,613 |
Accrued expenses | 615,268 | 425,613 |
TOTAL CURRENT LIABILITIES | 1,544,064 | 664,210 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY | ||
Common Stock, $0.00001 par value 220,000,000 shares authorized; 51,370,962 shares and 50,168,195 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 512 | 502 |
Additional paid-in capital | 29,322,379 | 6,611,781 |
Accumulated deficit | (27,263,960) | (5,991,088) |
Accumulated other comprehensive (loss) | 6,491 | (9,113) |
Total eXp World Holdings, Inc. Stockholders' Equity | 2,065,422 | 612,082 |
Non-controlling interests in subsidiary | (41,489) | (19,576) |
TOTAL STOCKHOLDERS' EQUITY | 2,023,933 | 592,506 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 3,567,997 | $ 1,256,716 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 130,867 | $ 2,342 |
Common stock shares authorized | 220,000,000 | 220,000,000 |
Common stock par value | $ .00001 | $ 0.00001 |
Common stock shares issued | 51,370,962 | 50,168,195 |
Common stock shares outstanding | 51,370,962 | 50,168,195 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net Revenues | $ 15,756,956 | $ 7,419,103 | $ 36,181,796 | $ 16,453,307 |
Operating expenses | ||||
Cost of revenues | 13,294,452 | 6,354,951 | 30,868,564 | 14,000,222 |
General and administrative | 16,810,567 | (661,707) | 25,801,423 | 5,457,334 |
Professional fees | 140,804 | 138,001 | 414,197 | 313,436 |
Sales and marketing | 158,968 | 77,011 | 358,396 | 166,374 |
Total expenses | 30,404,791 | 5,908,256 | 57,442,580 | 19,937,366 |
Net income (loss) from operations | (14,647,835) | 1,510,847 | (21,260,784) | (3,484,059) |
Other income and (expenses) | ||||
Other income | (432) | 319 | 14 | 6,902 |
Interest expense | 0 | (202) | 0 | (1,127) |
Total other income and (expenses) | (432) | 117 | 14 | 5,775 |
Income (loss) before income tax expense | (14,648,267) | 1,510,964 | (21,260,770) | (3,478,284) |
Income tax expense | (7,444) | (1,244) | (33,015) | (26,967) |
Net income (loss) | (14,655,711) | 1,509,720 | (21,293,785) | (3,505,251) |
Net loss attributable to non-controlling interest in subsidiary | 8,613 | 7,388 | 20,913 | 7,388 |
Net Income (loss) attributable to common shareholders | $ (14,647,098) | $ 1,517,108 | $ (21,272,872) | $ (3,497,863) |
Net income (loss) per share attributable to common shareholders | ||||
Basic from continuing operations | $ (.29) | $ .03 | $ (.42) | $ (.07) |
Diluted from continuing operations | $ (0.29) | $ 0.03 | $ (0.42) | $ (0.07) |
Weighted average shares outstanding | ||||
Basic | 51,225,817 | 49,714,285 | 50,929,102 | 49,211,822 |
Diluted | 51,225,817 | 51,163,219 | 50,929,102 | 49,211,822 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net loss | $ (14,655,711) | $ 1,509,720 | $ (21,293,785) | $ (3,505,251) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments, net of tax | 10,515 | (13,251) | 15,604 | (22,663) |
Comprehensive income (loss) | (14,645,196) | 1,496,469 | (21,278,181) | (3,527,914) |
Comprehensive loss attributable to non-controlling interest in subsidiary | 8,613 | 7,388 | 20,913 | 7,388 |
Comprehensive income (loss) attributable to common shareholders | $ (14,636,583) | $ 1,503,857 | $ (21,257,268) | $ (3,520,526) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net loss | $ (21,293,785) | $ (3,505,251) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 38,110 | 19,010 |
Stock compensation expense | 1,527,110 | 985,076 |
Stock option expense | 21,183,498 | 2,751,138 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (992,031) | (318,223) |
Accounts receivable, related party | 0 | 4,744 |
Prepaids and other assets | (320,114) | (79,172) |
Accounts payable | 305,438 | (9,606) |
Accrued expenses | 189,655 | 380,754 |
Accrued interest | 0 | (9,397) |
CASH PROVIDED BY OPERATING ACTIVITIES | 637,881 | 219,073 |
INVESTING ACTIVITIES | ||
Acquisition of property and equipment | (281,203) | (37,821) |
CASH USED IN INVESTING ACTIVITIES | (281,203) | (37,821) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of subsidiary common stock | 0 | 1,950 |
Repurchase and retirement of subsidiary common stock | (1,000) | 0 |
Exercise of options | 1,000 | 0 |
Repurchase and retirement of shares | 0 | (3,132) |
Principal payments of notes payable | 0 | (61,877) |
CASH USED IN FINANCING ACTIVITIES | 0 | (63,059) |
Effect of changes in exchange rates on cash and cash equivalents | 15,604 | (22,663) |
Net change in cash and cash equivalents | 372,282 | 95,530 |
Cash and cash equivalents, beginning of period | 571,814 | 353,374 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 944,096 | 448,904 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 0 | 10,524 |
Cash paid for income taxes | $ 33,015 | $ 26,967 |
1. Background and Basis of Pres
1. Background and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | eXp World Holdings, Inc. formerly known as eXp Realty International Corporation (the “Company” or “we” or “eXp”) was incorporated in the State of Delaware on July 30, 2008. The Company’s primary operating subsidiary, eXp Realty is a cloud-based real estate brokerage operating in 41 States, the District of Columbia, and in Alberta, Canada. The Company also operates a residential mortgage origination company which currently operates in California, Arizona, New Mexico, Virginia, and Texas. As a cloud-based company, eXp Realty has embraced and adopted a number of cloud-based technologies in order to grow an international brokerage without the burden of physical bricks and mortar or redundant staffing costs. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine-month period ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Principles of Consolidation The accompanying condensed consolidated unaudited financial statements include the accounts of eXp World Holdings, Inc. (formerly eXp Realty International Corporation) and its subsidiaries eXp Realty Holdings, Inc. (formerly eXp Acquisition Corp); First Cloud Mortgage, Inc.; eXp Realty Associates, LLC; eXp Realty, LLC; eXp Realty of California, Inc.(formerly eXp Realty of Washington, Inc.); eXp Realty of Canada, Inc.; and eXp Realty of Connecticut, LLC. All material intercompany accounts and transactions have been eliminated upon consolidation. Non-controlling interests Non-controlling interests in the Company’s subsidiaries are reported as a component of equity, separate from the parent company’s equity. Results of operations attributable to the non-controlling interests are included in the Company’s condensed consolidated statements of operations and condensed consolidated statements of comprehensive loss. The Company owns an 89.4% interest in First Cloud Mortgage, Inc. Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to provisions for doubtful accounts, legal contingencies, income taxes, revenue recognition, stock-based compensation, expense accruals, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Foreign currency translation The Company’s functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars and management has adopted ASC 830, Foreign Currency Translation Matters Other Comprehensive Income / Loss The Company incurred other comprehensive income of $10,515 and a loss of $15,604 for the three and nine months ended September 30, 2016, respectively. For the three and nine months ended September 30, 2015 the Company incurred losses of $13,251 and $22,663, respectively. Other comprehensive income and loss consisted of foreign exchange translations for all periods presented. Recently Issued Accounting Pronouncements In March 2016, FASB issued Accounting Standards Update ASU No. 2016-07 Investments – Equity Method and Joint Ventures In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments 1. Debt prepayment or debt extinguishment costs 2. Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing 3. Contingent consideration payments made after a business combination 4. Proceeds from the settlement of insurance claims 5. Proceeds from the settlement of corporate owned life insurance policies including bank-owned life insurance policies 6. Distributions received from equity method investees 7. Beneficial interests in securitization transactions 8. Separately identifiable cash flows and application of the predominance principle The amendment is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. The Company will evaluate the applicability of the provisions of the amendment on specifically covered transactions as they arise. In the event the Company elects early adoption for one of the specific provisions, the amendment requires early adoption for all eight of the cash flow issues. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent amounts in a classified statement of financial position. Instead, entities will be required to classify all deferred tax assets and liabilities as noncurrent in a statement of financial position. This standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted. The Company is currently evaluating the impacts of adoption of this ASU on its financial statements. |
3. Related Party Transactions
3. Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The Company had no known related party balances as of September 30, 2016 or December 31, 2015, respectively. |
4. Stockholders' Equity
4. Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | As of September 30, 2016, the Company had 51,370,962 shares of common stock issued and outstanding. The following provides a summary description of the shares issued during the period ended September 30, 2016: The Company re-purchased and retired 1,000 shares of common stock in our subsidiary First Cloud Mortgage, Inc. for $1,000 in cash. The Company issued a total of 133,678 shares of restricted common stock for the exercise of stock options for $1,000 in cash. During the nine months ended September 30, 2016, the Company issued a total of 1,069,089 shares of common stock and recognized a total of $1,527,110 in compensation cost. |
5. Stock Based Compensation
5. Stock Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Equity Incentive Programs The Company has various equity based incentive programs available to its officers, directors, employees, real estate agents, consultants, and other independent contractors. The Company measures and recognizes the compensation cost associated with these awards when the applicable performance milestones are achieved and systematically over the requisite service (vesting) period. On July 29, 2016, the Company granted 128,000 restricted shares of common stock its newly appointed Chief Strategy Officer and General Counsel with a total grant date fair value of $261,120. The first 96,000 restricted shares of common stock vest quarterly over a four-year period from the date of the grant. The remaining 32,000 shares of restricted common stock vest in accordance with the achievement of performance milestones over a four-year period. As of September 30, 2016, the Company had 1,722,846 unvested shares committed for issuance related to its equity incentive programs. Intrinsic Value Options At September 30, 2016, the Company had 6,785,808 stock options outstanding that were granted prior to Company becoming public in September 2013, which the Company accounts for based on the intrinsic value method and re-measures the intrinsic value at each reporting date through the date of exercise or other settlement. Compensation cost or benefit is recognized based on the change in intrinsic value at each reporting date. For the nine months ended September 30, 2016 the Company’s stock options had intrinsic values between $3.61 and $3.74 and the Company recognized stock option expense associated with the change in intrinsic value of $20.4 million. For the nine months ended September 30, 2015 the Company’s stock options had intrinsic values between $0.44 and $0.57 and the Company recognized stock option expense of $2.5 million associated with the change in intrinsic value. Traditional Fair Value Options All option awards granted to employees and non-employees subsequent to becoming a public company are recognized, as vested, at their grant date fair value. During the nine months ended September 30, 2016 the Company granted 4,100,000 stock options. The total grant date fair value of $6,165,294 for the awards issued during the nine months ended September 30, 2016 was calculated with a Black-Scholes Option pricing model with the following assumptions: For the three and nine months ended September 30, 2016 the Company recognized $544 thousand and $727 thousand, respectively, of compensation cost associated with its stock options, exclusive of changes in intrinsic value. The Company recognized $143 thousand and $272 thousand of stock option compensation cost, exclusive of changes in intrinsic value, for the three and nine months ended September 30, 2015, respectively. As of September 30, 2016, the Company had 4,437,750 options issued and 448,654 exercisable with a weighted average exercise price of $1.45 and a weighted average remaining term of 9.63 years. The options outstanding as of September 30, 2016 had unrecognized compensation cost of $5.85 million. |
6. Commitments and Contingencie
6. Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company is subject to legal proceedings and claims that arise in the ordinary course of business. In the opinion of Management, the ultimate liability with respect to current proceedings and claims will not have a material adverse effect upon the Company’s financial position or results of operations. |
7. Segment Information and Geog
7. Segment Information and Geographic Data | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Data | The reportable segments presented below represent the Company’s operating segments for which separate financial information is available and which is utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management evaluates the operating results of each of its reportable segments based upon net revenues. The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries. For the nine months ended September 30, 2016 US CANADA TOTAL Net revenues $ 35,405,251 $ 776,545 $ 36,181,796 Total assets 3,349,537 218,460 3,567,997 For the nine months ended September 30, 2015 Net revenues $ 15,393,120 $ 1,060,187 $ 16,453,307 Total assets 1,433,417 244,763 1,678,180 |
8. Subsequent Events
8. Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Discontinued Operations In October 2016, the Company's Board of Directors approved an action plan to wind down operations of its majority-owned subsidiary, First Cloud Mortgage, Inc. The Company made this determination in order to focus on its core real estate business. For the three and nine months ended September 30, 2016 the Company incurred a loss of $74,023 and $177,046, respectively, net of its non-controlling interest. First Cloud Mortgage has immaterial assets and liabilities primarily consisting of cash and computer equipment. |
2. Summary of Significant Acc15
2. Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated unaudited financial statements include the accounts of eXp World Holdings, Inc. (formerly eXp Realty International Corporation) and its subsidiaries eXp Realty Holdings, Inc. (formerly eXp Acquisition Corp); First Cloud Mortgage, Inc.; eXp Realty Associates, LLC; eXp Realty, LLC; eXp Realty of California, Inc.(formerly eXp Realty of Washington, Inc.); eXp Realty of Canada, Inc.; and eXp Realty of Connecticut, LLC. All material intercompany accounts and transactions have been eliminated upon consolidation. |
Non-controlling interests | Non-controlling interests Non-controlling interests in the Company’s subsidiaries are reported as a component of equity, separate from the parent company’s equity. Results of operations attributable to the non-controlling interests are included in the Company’s condensed consolidated statements of operations and condensed consolidated statements of comprehensive loss. The Company owns an 89.4% interest in First Cloud Mortgage, Inc. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to provisions for doubtful accounts, legal contingencies, income taxes, revenue recognition, stock-based compensation, expense accruals, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Foreign currency translation | Foreign currency translation The Company’s functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars and management has adopted ASC 830, Foreign Currency Translation Matters |
Other Comprehensive Loss | Other Comprehensive Income / Loss The Company incurred other comprehensive income of $10,515 and a loss of $15,604 for the three and nine months ended September 30, 2016, respectively. For the three and nine months ended September 30, 2015 the Company incurred losses of $13,251 and $22,663, respectively. Other comprehensive income and loss consisted of foreign exchange translations for all periods presented. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2016, FASB issued Accounting Standards Update ASU No. 2016-07 Investments – Equity Method and Joint Ventures In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments 1. Debt prepayment or debt extinguishment costs 2. Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing 3. Contingent consideration payments made after a business combination 4. Proceeds from the settlement of insurance claims 5. Proceeds from the settlement of corporate owned life insurance policies including bank-owned life insurance policies 6. Distributions received from equity method investees 7. Beneficial interests in securitization transactions 8. Separately identifiable cash flows and application of the predominance principle The amendment is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. The Company will evaluate the applicability of the provisions of the amendment on specifically covered transactions as they arise. In the event the Company elects early adoption for one of the specific provisions, the amendment requires early adoption for all eight of the cash flow issues. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which eliminates the current requirement to present deferred tax liabilities and assets as current and noncurrent amounts in a classified statement of financial position. Instead, entities will be required to classify all deferred tax assets and liabilities as noncurrent in a statement of financial position. This standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted. The Company is currently evaluating the impacts of adoption of this ASU on its financial statements. |
7. Segment Information and Ge16
7. Segment Information and Geographic Data (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Revenue and Assets by Geographic Area | For the nine months ended September 30, 2016 US CANADA TOTAL Net revenues $ 35,405,251 $ 776,545 $ 36,181,796 Total assets 3,349,537 218,460 3,567,997 For the nine months ended September 30, 2015 Net revenues $ 15,393,120 $ 1,060,187 $ 16,453,307 Total assets 1,433,417 244,763 1,678,180 |
2. Summary of Significant Acc17
2. Summary of Significant Accounting Principles (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Foreign exchange translation loss | $ 10,515 | $ (13,251) | $ 15,604 | $ (22,663) |
First Cloud Mortgage, Inc. [Member] | ||||
Controlling percentage owned | 89.40% | 89.40% |
3. Related Party Transactions (
3. Related Party Transactions (Details Narrative) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Related Party Transactions [Abstract] | ||
Due from related parties | $ 0 | $ 0 |
4. Stockholders' Equity (Detail
4. Stockholders' Equity (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Shares repurchased and retired, value | $ 0 | |
Proceeds from exercise of options | $ 1,000 | $ 0 |
Stock issued for compensation, shares | 1,069,089 | |
Share based compensation expense | $ 1,527,110 | $ 985,076 |
Restricted Stock [Member] | ||
Restricted stock issued for exercise of stock options, shares | 133,678 | |
First Cloud Mortgage, Inc. [Member] | ||
Shares repurchased and retired, shares | 1,000 | |
Shares repurchased and retired, value | $ 1,000 |
5. Stock Based Compensation (De
5. Stock Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Stock option expense (benefit) | $ 21,183,498 | $ 2,751,138 | ||
Share based compensation | $ 1,527,110 | $ 985,076 | ||
Equity Incentive Programs [Member] | ||||
Unvested shares outstanding | 1,722,846 | 1,722,846 | ||
Restricted Stock [Member] | Chief Strategy Officer and General Counsel [Member] | ||||
Restricted stock granted | 128,000 | |||
Grant date fair value | $ 261,120 | |||
Intrinsic Value Options [Member] | ||||
Stock options outstanding | 6,785,808 | 6,785,808 | ||
Intrinsic stock price range | $3.61 to $3.74 | $0.44 to $0.57 | ||
Share based compensation | $ 143,000 | $ 272,000 | ||
Intrinsic Value Options [Member] | Change in Intrinsic Value [Member] | ||||
Stock option expense (benefit) | $ 20,400,000 | $ 2,500,000 | ||
Intrinsic Value Options [Member] | Vesting Costs [Member] | ||||
Stock option expense (benefit) | $ 450,000 | |||
Stock Options [Member] | ||||
Stock options outstanding | 4,437,750 | 4,437,750 | ||
Stock options granted, shares | 4,100,000 | |||
Grant date fair value | $ 6,165,294 | |||
Share based compensation | $ 544,000 | $ 727,000 | ||
Options exercisable | 448,654 | 448,654 | ||
Weighted average exericse price of options outstanding | $ 1.45 | $ 1.45 | ||
Weighed average remaining term | 9 years 7 months 17 days | |||
Unrecognized compensation cost | $ 585,000 | $ 585,000 |
7. Segment Information (Details
7. Segment Information (Details Geographic) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Net revenues | $ 15,756,956 | $ 7,419,103 | $ 36,181,796 | $ 16,453,307 | |
Total assets | 3,567,997 | 1,678,180 | 3,567,997 | 1,678,180 | $ 1,256,716 |
UNITED STATES | |||||
Net revenues | 35,405,251 | 15,393,120 | |||
Total assets | 3,349,537 | 1,433,417 | 3,349,537 | 1,433,417 | |
CANADA | |||||
Net revenues | 776,545 | 1,060,187 | |||
Total assets | $ 218,460 | $ 244,763 | $ 218,460 | $ 244,763 |