Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 13, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001499961 | |
Entity Registrant Name | Net Element, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34887 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 90-1025599 | |
Entity Address, Address Line One | 3363 NE 163rd Street, Suite 605 | |
Entity Address, City or Town | North Miami Beach | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33160 | |
City Area Code | 305 | |
Local Phone Number | 507-8808 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | NETE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,404,287 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash | $ 3,926,150 | $ 4,541,013 |
Accounts receivable, net | 10,760,417 | 7,109,173 |
Due from Mullen Technologies, Inc. | 2,039,961 | 480,000 |
Prepaid expenses and other assets | 1,709,847 | 1,837,972 |
Total current assets, net | 18,436,375 | 13,968,158 |
Intangible assets, net | 2,801,626 | 3,595,326 |
Goodwill | 7,681,186 | 7,681,186 |
Operating lease right-of-use asset | 732,013 | 801,062 |
Other long term assets | 1,121,907 | 780,998 |
Total assets | 30,773,107 | 26,826,730 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 10,042,807 | 7,171,376 |
Accrued expenses | 3,082,697 | 4,604,097 |
Deferred revenue | 1,461,017 | 1,607,329 |
Notes payable (current portion) | 520,397 | 1,330,018 |
Operating lease liability (current portion) | 72,720 | 140,973 |
Due to related party | 346,331 | 216,657 |
Total current liabilities | 15,525,970 | 15,070,450 |
Operating lease liability (net of current portion) | 660,621 | 660,621 |
Notes payable (net of current portion) | 8,428,232 | 8,613,587 |
Total liabilities | 24,614,823 | 24,344,658 |
STOCKHOLDERS' EQUITY | ||
Series A Convertible Preferred stock ($.0001 par value, 1,000,000 shares authorized, no shares issued and outstanding at June 30, 2021 and December 31, 2020) | 0 | 0 |
Common stock ($.0001 par value, 100,000,000 shares authorized and 5,199,185 and 4,997,349 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively) | 519 | 499 |
Paid in capital | 191,722,577 | 189,700,103 |
Accumulated other comprehensive loss | (2,147,227) | (2,259,410) |
Accumulated deficit | (183,123,628) | (184,692,067) |
Non-controlling interest | (293,957) | (267,053) |
Total stockholders' equity | 6,158,284 | 2,482,072 |
Total liabilities and stockholders' equity | $ 30,773,107 | $ 26,826,730 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 5,199,185 | 4,997,349 |
Common stock, shares outstanding (in shares) | 5,199,185 | 4,997,349 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net revenues | ||||
Total Revenues | $ 33,291,935 | $ 13,718,609 | $ 57,077,282 | $ 29,556,175 |
Costs and expenses: | ||||
Cost of service fees | 29,582,598 | 11,536,787 | 50,369,043 | 24,837,195 |
Selling, general and administrative | 2,050,861 | 1,385,329 | 3,962,710 | 3,701,221 |
Non-cash compensation | 11,237 | 7,500 | 22,494 | 45,900 |
Bad debt expense | 514,381 | 33,310 | 1,209,058 | 476,088 |
Depreciation and amortization | 528,884 | 772,402 | 1,264,562 | 1,551,844 |
Total costs and operating expenses | 32,687,961 | 13,735,328 | 56,827,867 | 30,612,248 |
Income (loss) from operations | 603,974 | (16,719) | 249,415 | (1,056,073) |
Interest expense | (363,312) | (341,020) | (719,592) | (689,433) |
Gain on debt forgiveness | 441,492 | 0 | 441,492 | 0 |
Late fees due from Mullen | 559,986 | 0 | 1,559,961 | 0 |
Other income | 8,971 | 19,325 | 10,261 | 29,065 |
Net income (loss) from continuing operations before income taxes | 1,251,111 | (338,414) | 1,541,537 | (1,716,441) |
Income taxes | 0 | 0 | 0 | 0 |
Net income (loss) from continuing operations | 1,251,111 | (338,414) | 1,541,537 | (1,716,441) |
Net income attributable to the non-controlling interest | 12,764 | 13,724 | 26,903 | 24,953 |
Net income (loss) attributable to Net Element, Inc. stockholders | 1,263,875 | (324,690) | 1,568,440 | (1,691,488) |
Foreign currency translation | 93,601 | (65,990) | 112,183 | 64,824 |
Comprehensive income (loss) attributable to common stockholders | $ 1,357,476 | $ (390,680) | $ 1,680,623 | $ (1,626,664) |
Income (loss) per share - basic and diluted (in dollars per share) | $ 0.21 | $ (0.08) | $ 0.26 | $ (0.41) |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 5,966,123 | 4,175,148 | 5,944,636 | 4,146,396 |
Service Fees [Member] | ||||
Net revenues | ||||
Total Revenues | $ 33,291,935 | $ 13,718,609 | $ 57,077,282 | $ 29,556,175 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities | |||||
Net income (loss) attributable to Net Element, Inc. stockholders | $ 1,263,875 | $ (324,690) | $ 1,568,440 | $ (1,691,488) | $ (5,900,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Non-controlling interest | (12,764) | (13,724) | (26,903) | (24,953) | |
Share based compensation | 22,494 | 45,899 | |||
Deferred revenue | (146,312) | (109,414) | |||
Provision for bad debt | 872 | (8,668) | |||
Depreciation and amortization | 1,264,562 | 1,551,844 | |||
Non cash interest | 438,151 | 46,552 | |||
Changes in assets and liabilities: | |||||
Accounts receivable | (3,592,063) | 700,506 | |||
Due from Mullen Technologies, Inc. | (1,559,961) | 0 | |||
Prepaid expenses and other assets | (58,402) | (287,386) | |||
Accounts payable and accrued expenses | 896,151 | (538,178) | |||
Net cash used in operating activities | (1,192,971) | (315,286) | |||
Cash flows from investing activities: | |||||
Client acquisition costs | (333,050) | (359,350) | |||
Purchase of equipment and changes in other assets | (53,588) | (35,666) | |||
Net cash used in investing activities | (386,638) | (395,016) | |||
Cash flows from financing activities: | |||||
Proceeds from SBA Loans | 0 | 651,392 | |||
Proceeds from indebtedness | 2,287,339 | 174,314 | |||
Repayment of indebtedness | (994,959) | 0 | |||
Lease liability | (68,253) | (64,868) | |||
Related party advances | 2,295 | 159,432 | |||
Net cash provided by financing activities | 1,226,422 | 920,270 | |||
Effect of exchange rate changes on cash | (61,767) | 14,589 | |||
Net (decrease) increase in cash and restricted cash | (414,954) | 224,557 | |||
Cash and restricted cash at beginning of period | 5,322,011 | 1,116,255 | 1,116,255 | ||
Cash and restricted cash at end of period | $ 4,907,057 | $ 1,340,812 | 4,907,057 | 1,340,812 | $ 5,322,011 |
Supplemental disclosure of cash flow information | |||||
Interest | 281,441 | 336,120 | |||
Taxes | 205,200 | 0 | |||
Non Cash activities: | |||||
Shares issued for redemption of indebtedness | $ 1,999,980 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 1. The accompanying June 30, 2021 not 10 December 31, 2020. not The condensed consolidated unaudited financial statements contained in this report include the accounts of Net Element, Inc., and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Note 2 - Organization and Opera
Note 2 - Organization and Operations | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 2. Net Element, Inc. (collectively with its subsidiaries, “Net Element”, “we”, “us”, “our” or the “Company”) is a financial technology-driven group specializing in payment acceptance and value-added solutions across multiple channels in the United States and selected international markets. We are differentiated by our proprietary technology which enables us to provide a broad suite of payment products and end-to-end transaction processing services. Our transactional services business enables merchants to accept credit cards as well as other forms of payment, including debit cards, checks, gift cards, loyalty programs and alternative payment methods in traditional card-present or swipe transactions, as well as card- not two We are able to deliver our services across multiple points of access, or “multi-channel,” including brick and mortar locations, software integration, e-commerce, mobile operator billing, mobile and tablet-based solutions. In the United States, via our U.S. based subsidiaries, we generate revenues from transactional services and other payment technologies for small and medium-sized businesses. Through PayOnline, we provide transactional services, mobile payment transactions, online payment transactions and other payment technologies in emerging countries in the Eurasian Economic Community ("EAEC"), Europe and Asia. Our transactional services business enables merchants to accept credit cards as well as other forms of payment, including debit cards, checks, gift cards, loyalty programs and alternative payment methods in traditional card-present or swipe transactions, as well as card- not third ® ® ®, ® may Our Mobile Solutions business, PayOnline, provides relationships and contracts with mobile operators that gives us the ability to offer our clients in-app, premium SMS (short message services, which is a text messaging service), Wireless Application Protocol (WAP)-click, one Also part of our transactional services business, Aptito is a proprietary, cloud-based payments platform for the hospitality industry, which creates an online consumer experience in offline commerce environments via tablet, mobile and all other cloud-connected devices. Aptito’s easy to use point-of-sale (“POS”) system makes things easier by providing a comprehensive solution to the hospitality industry to help streamline management and operations. Orders placed tableside by customers directly speed up the ordering process and improve overall efficiency. Aptito's mobile POS system provides portability to the staff while performing all the same functions as a traditional POS system. |
Note 3 - Liquidity and Going Co
Note 3 - Liquidity and Going Concern Considerations | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 3. Our consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. We had net income attributable to common stockholders of approximately $1.6 million for the six June 30, 2021 December 31, 2020 June 30, 2021. June 30, 2021 5 Due from Mullen The COVID- 19 19, 19, 19 The COVID- 19 may 2020. December 31, 2020, three six June 30, 2021 three six June 30, 2020, 19 not 19 During March 2020, 19 14 Subsequent Events no On March 27, 2020, March 27, 2021, On April 23, 2020 August 3, 2020, $2,000,000 one On March 27, 2020, first June 30, 2021 first not $148,000 On April 28, 2020, second $143,000 On August 11, 2020, third On August 21, 2020, fourth On September 25, 2020, fifth On December 30, 2020, sixth $1,960,000 On July 9, 2021, 14 Subsequent Events Mullen Merger and Related Transactions On August 4, 2020, December 29, 2020, March 30, 2021 April 30, 2021 ( On May 14, 2021, July 20, 2021, 14 Subsequent Events The Restated Merger Agreement contains termination rights for each of the Company and Mullen Automotive, including, among others, (i) in the event that the Merger has not August 31, 2021, ( not not may may The consummation of the Merger is subject to (i) the Merger and the shares of Company common stock to be issued in connection with the Merger and other transactions contemplated by the Restated Merger Agreement being approved and authorized for the listing on Nasdaq and (ii) the Company’s and its subsidiaries aggregate cash and cash equivalents plus amounts lent by the Company to Mullen Automotive pursuant to the Restated Merger Agreement less accounts payable and debt (exclusive of unfunded warrant proceeds) is $10,000,000 less legal fees as set forth in the Restated Merger Agreement, the Late Fees (as defined below), $500,000 previously lent by the Company to Mullen pursuant to the Mullen Note (as defined below) together with all accrued interested thereon (the “Net Cash Position”). The parties to the Restated Merger Agreement intend that the Company will effect a private placement of the Company common stock prior to the Merger Effective Time (the “Private Placement”) in order to raise sufficient capital for the Net Cash Position. The parties to the Restated Merger Agreement intend that the number of shares of the Company’s common stock outstanding immediately after the Merger effective time on a fully diluted and fully converted basis will not The Company and Mullen Automotive may may one The parties to the Restated Merger Agreement intend that, prior to the Merger effective time but, subject to and after the Company’s stockholders’ approval, the Company will divest itself of its existing business operations to another party, and will cause such party to assume all liabilities of the Company directly related to its operations of its existing business immediately prior to the closing of such divestiture (the “Divestiture”). On July 20, 2021, 14 Subsequent Events As was contemplated by the Original Merger Agreement, on August 11, 2020, August 11, 2020 ( In addition, pursuant to the Original Merger Agreement, the Company, Mullen and Merger Sub agreed that, if the registration statement on Form S- 4 not January 15, 2021, 5th February 5, 2021 5th 4 May 14, 2021. June 30, 2021, Prior to the effective time of the Merger, (i) Mullen is contemplating to assign and transfer to Mullen Automotive all of its electric vehicle business related assets, business and operations, and Mullen Automotive is contemplating assuming certain debt and liabilities of Mullen and (ii) Mullen is contemplating a spin off, via share dividend, of all of the capital stock of Mullen Automotive to the stockholders of Mullen as of the effective date of such spin off. After such spin off and immediately prior to the effective time of the Merger, the capital structure (including its issued and outstanding common and preferred stock) of Mullen Automotive shall mirror the capital structure of Mullen. Consummation of the Merger, the Divestiture, the Private Placement and the other transactions contemplated in the Restated Merger Agreement, is subject to customary conditions including, among others, the approval of the Company’s stockholders. There is no These conditions raise substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements do not |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 4. Significant accounting policies are defined as those that are reflective of significant judgments and uncertainties, and potentially result in materially different results under different assumptions and conditions. The Company’s significant accounting policies are described below. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP and pursuant to the reporting and disclosure rules and regulations of the Commission. Principles of Consolidation These consolidated financial statements include the accounts of Net Element, Inc. and our subsidiary companies. All significant intercompany accounts and transactions have been eliminated in consolidation. Cash We maintain our U.S. dollar-denominated cash in several non-interest bearing bank deposit accounts. All U.S. non-interest bearing transaction accounts are insured up to a maximum of $250,000 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Restricted Cash Restricted cash represents funds held-on-deposit with processing banks pursuant to agreements to cover potential merchant losses. It is presented as other long-term assets on the accompanying consolidated balance sheets since the related agreements extend beyond the next twelve 2016 18, Statement of Cash Flows: Restricted Cash 230 June 30, 2021 December 31, 2020 Cash on consolidated balance sheet $ 3,926,150 $ 4,541,013 Restricted cash 980,907 780,998 Total cash and restricted cash $ 4,907,057 $ 5,322,011 Accounts Receivable and Credit Policies Accounts receivable consist primarily of uncollateralized credit card processing residual payments due from processing banks requiring payment within thirty not Other Current Assets Other current assets consist of point-of-sale equipment which we use to service both merchants and independent sales agents ("ISG"). Often, we will provide the equipment as an incentive for merchants and independent sales agents to enter into a merchant contracts with us. The term of these contracts have an average length of three Intangible Assets Intangible assets acquired, either individually or with a group of other assets (but not not December 31, 2020 six June 30, 2021 The cost of internally developing, maintaining and restoring intangible assets (including goodwill) that are not Intangible assets include acquired merchant relationships, recurring cash flow portfolios, referral agreements, trademarks, tradenames, website development costs and non-compete agreements. Merchant relationships represent the fair value of customer relationships purchased by us. Recurring cash flow portfolios give us the right to retain a greater share of the cash flow, in the form of paying less commissions to an independent sales agent, related to certain future transactions with the agent referred sales partners. Referral agreements represent the right to exclusively obtain referrals from a partner for their customers' credit card processing services. We amortize definite lived identifiable intangible assets using a method that reflects the pattern in which the economic benefits of the intangible asset are expected to be consumed or otherwise utilized. The estimated useful lives of our customer-related intangible assets approximate the expected distribution of cash flows on a straight- line basis from each asset. The useful lives of contract-based intangible assets are equal to the terms of the agreement. Management evaluates the remaining useful lives and carrying values of long-lived assets, including definite lived intangible assets, at least annually, or when events and circumstances warrant such a review, to determine whether significant events or changes in circumstances indicate that a change in the useful life or impairment in value may six June 30, 2021 2020 Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other Our goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in business combinations. The goodwill generated from the business combinations is primarily related to the value placed on the employee workforce and expected synergies. Judgment is involved in determining if an indicator or change in circumstances relating to impairment has occurred. Such changes may We have the option of performing a qualitative assessment of impairment to determine whether any further quantitative testing for impairment is necessary. The option of whether or not may not January 1, 2017 2017 04, not We did not six June 30, 2021 2020. For a discussion of the estimate methodology and the significance of various inputs, please see the subheading below titled “Use of Estimates.” Capitalized Customer Acquisition Costs, Net Capitalized customer acquisition costs consist of up-front cash payments made to ISG’s for the establishment of new merchant relationships. Capitalized customer acquisition costs represent incremental, direct customer acquisition costs that are recoverable through gross margins associated with merchant contracts. The up-front cash payment to the ISG is based on the estimated gross margin for the first not four 6 Client Acquisition Costs Accrued Residual Commissions We record commissions as a cost of revenues in the accompanying consolidated statement of operations and comprehensive loss. We pay agent commissions to ISGs and independent sales agents based on the processing volume of the merchants enrolled. The commission obligations are based on varying percentages of the volume processed by us on behalf of the merchants. Percentages vary based on the program type and transaction volume of each merchant. Fair Value Measurements Our financial instruments consist primarily of cash, accounts receivables, accounts payables, and a note payable. The carrying values of these financial instruments are considered to be representative of their fair values due to the short-term nature of these instruments. The carrying amount of notes payable of approximately $8.9 million and $9.9 million at June 30, 2021 December 31, 2020 not 2 We measure certain nonfinancial assets and liabilities at fair value on a nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We use a three three Level 1 Level 2 Level 3 not These non-financial assets and liabilities include intangible assets and liabilities acquired in a business combination as well as impairment calculations, when necessary. The fair value of the assets acquired and liabilities assumed in connection with the PayOnline acquisition, were measured at fair value by us at the acquisition date. The fair values of our merchant portfolios are primarily based on Level 3 3. 3. Leases Effective January 1, 2019, 2016 02, Leases 842 840, Leases 840 842 Under Topic 842, not 12 January 1, 2019. We identify leases in our contracts if the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. We do not not Revenue Recognition and Deferred Revenue We recognize revenue when all of the following criteria are met: ( 1 2 3 4 5 not not Our transactional processing fees are generated primarily from TOT Payments doing business as Unified Payments, which is our North American Transaction Solutions segment, PayOnline, which is our International Transaction Solutions segment, and Aptito, which is our point of sale solution for restaurants. We work directly with payment card networks and banks so that our merchants do not The majority of our revenues is derived from volume-based payment processing fees ("discount fees”) and other related fixed transaction or service fees. Discount fees represent a percentage of the dollar amount of each credit or debit transaction processed. Discount fees are recognized at the time the merchants’ transactions are processed. Generally, where we have control over merchant pricing, merchant portability, credit risk and ultimate responsibility for the merchant relationship, revenues are reported at the time of sale on a gross basis equal to the full amount of the discount charged to the merchant. This amount includes interchange fees paid to card issuing banks and assessments paid to payment card networks pursuant to which such parties receive payments based primarily on processing volume for particular groups of merchants. Revenues generated from merchant portfolios where we do not Revenues are also derived from a variety of fixed transaction or service fees, including authorization fees, convenience fees, statement fees, annual fees, and fees for other miscellaneous services, such as handling chargebacks. Revenues derived from service fees are recognized at the time the services are performed and there are no no We primarily report revenues gross as a principal versus net as an agent. Although some of our processing agreements vary with respect to specific terms, the transactional processing service fees collected from merchants generally are recognized as revenue on a gross basis as we are the principal in the delivery of the managed payments solutions to the sellers. The gross fees we collect are intended to cover the interchange, assessments and other processing and non-processing fees which are included and are part of our gross margin. We have primary responsibility for providing end-to-end payment processing services for our clients. Our clients contract us for all credit card processing services, including transaction authorization, settlement, dispute resolution, data/transmission security, risk management, reporting, technical support and other value-added services. We have concluded that we are the principal because we control the services before delivery to the merchant, and are primarily responsible for the delivery of the services, have discretion in setting prices charged to merchants, and are responsible for losses. We also have pricing latitude and can provide services using several different network options. Net Income (Loss) per Share Basic net income (loss) per common share is computed by dividing net income (loss) applicable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares issuable upon exercise of common stock options or warrants. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would have an anti-dilutive effect. Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize net deferred tax assets to the extent that we believe these assets are more likely than not We account for uncertainty in income taxes using a two first not second 50% one 2017, 2018, 2019 2020. Interchange, Network Fees and Other Cost of Services Interchange and network fees consist primarily of fees that are directly related to discount fee revenue. These include interchange fees paid to issuers and assessment fees payable to card associations, which are a percentage of the processing volume we generate from Visa and Mastercard, AMEX, and Discover, as well as fees charged by card-issuing banks. Other costs of services include costs directly attributable to processing and bank sponsorship costs, which may not Equity-based Compensation We account for grants of equity awards to employees in accordance with ASC 718, Compensation Stock Compensation Foreign Currency Transactions We are subject to exchange rate risk in our foreign operations in Russia, the functional currency of which is the Russian ruble, where we generate service fee revenues, interest income or expense, incur product development, engineering, website development, and selling, general and administrative costs and expenses. Our Russian subsidiaries pay a majority of their operating expenses in their local currencies, exposing us to exchange rate risk. Use of Estimates The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Such estimates include, but are not not Below is a summary of the Company’s critical accounting estimates for which the nature of management’s assumptions are material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and for which the impact of the estimates and assumptions on financial condition or operating performance is material. Goodwill The Company tests goodwill for impairment using a fair value approach at least annually, absent some triggering event that would require an interim impairment assessment. Significant estimates and assumptions are used in our goodwill impairment review and include the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units and determining the fair value of each reporting unit. Our assessment of qualitative factors involves significant judgments about expected future business performance, general market conditions, and regulatory changes. In a quantitative assessment, the fair value of each reporting unit is determined based largely on the present value of projected future cash flows, growth assumptions regarding discount rates, estimated growth rates and our future long-term business plans. Changes in any of these estimates or assumptions could materially affect the determination of fair value and the associated goodwill impairment charge for each reporting unit. Recent Accounting Pronouncements Adoption of ASU 2016 02, In February 2016, 2016 02, 842 December 15, 2018, January 1, 2019, 842 842 no January 1, 2019. January 1, 2019 842, not 840. 842. Adoption of ASU 2016 13, 326 . In June 2016, 2016 13, 326 January 1, 2020. not |
Note 5 - Due From Mullen
Note 5 - Due From Mullen | 6 Months Ended |
Jun. 30, 2021 | |
Mullen [Member] | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 5. As contemplated by the Original Merger Agreement referred to in Note 3, August 11, 2020, August 11, 2020 ( At June 30, 2021, |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 6. The Company had approximately $2.8 million and $3.6 million in intangible assets, net of amortization, at June 30, 2021 December 31, 2020 Intangible assets consisted of the following as of June 30, 2021 Cost Accumulated Amortization Carrying Value Amortization Life and Method IP Software $ 2,378,248 $ (2,367,723 ) $ 14,406 3 years - straight-line Portfolios and Client Lists 7,739,665 (7,151,144 ) 588,521 4 years - straight-line Client Acquisition Costs 9,149,668 (6,950,968 ) 2,198,699 4 years - straight-line PCI Certification 449,000 (449,000 ) - 3 years - straight-line Trademarks 703,586 (703,586 ) - 3 years - straight-line Domain Names 437,810 (437,810 ) - 3 years - straight-line Total $ 20,857,976 $ (18,060,231 ) $ 2,801,626 Intangible assets consisted of the following as of December 31, 2020 Cost Accumulated Amortization Carrying Value Amortization Life and Method IP Software $ 2,378,248 $ (2,321,843 ) $ 40,185 3 years - straight-line Portfolios and Client Lists 7,714,665 (6,776,317 ) 938,348 4 years - straight-line Client Acquisition Costs 8,841,617 (6,224,824 ) 2,616,794 4 years - straight-line PCI Certification 449,000 (449,000 ) - 3 years - straight-line Trademarks 703,586 (703,586 ) - 3 years - straight-line Domain Names 437,810 (437,810 ) - 3 years - straight-line Total $ 20,524,925 $ (16,913,379 ) $ 3,595,326 Amortization expense for the intangible assets was approximately $ 452,000 three June 30, 2021 2020 six June 30, 2021 2020 1.1 The following table presents the estimated aggregate future amortization expense of intangible assets: 2021 (remainder of year) $ 336,867 2022 673,735 2023 673,735 2024 671,334 2025 445,955 Balance June 30, 2021 $ 2,801,626 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 7. At June 30, 2021 December 31, 2020 not June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Accrued professional fees $ 220,140 $ 268,435 PayOnline accrual - 61,719 Accrued interest 759,945 409,525 Accrued bonus 1,864,304 1,690,556 Accrued foreign taxes (11,475 ) (12,336 ) Other accrued expenses 249,783 2,186,197 Total accrued expenses $ 3,082,697 $ 4,604,097 Included in accrued bonus are non-discretionary compensation due to our Chairman and CEO, which was approximately $ 1.5 June 30, 2021 December 31, 2020 410,000 June 30, 2021 December 31, 2020 Included in other accrued expenses at December 31, 2020 sixth December 30, 2020, January 2021 |
Note 8 - Notes Payable
Note 8 - Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8. Notes payable consist of the following at June 30, 2021 December 31, 2020: June 30, 2021 December 31, 2020 RBL Capital Group, LLC $ 8,949,199 $ 9,431,157 SBA Loan - EIDL 159,899 159,899 SBA Loan - PPP - 491,493 Subtotal 9,109,098 10,082,549 Less: deferred loan costs (160,469 ) (138,944 ) Subtotal 8,948,629 9,943,605 Less: current portion (520,397 ) (1,330,018 ) Long term debt $ 8,428,232 $ 8,613,587 RBL Capital Group, LLC Effective June 30, 2014, May 2, 2016, $10 February 2019. The co-borrowers’ obligations to RBL pursuant to the RBL Loan Agreement are secured by a first not On December 19, 2019, January 20, 2020, one 1 five 5 July 20, 2020, forty-eight 48 March 20, 2024 On June 20, 2020, two 2 first December 20, 2021, one 1 eight 8 second June 20, 2020, one 1 six 6 January 20,2021, twenty one 1 February 20, 2021; June 20, 2021; August 20, 2022; September 20, 2022. not not On March 27, 2020, March 27, 2021, On April 23, 2020 August 3, 2020, $2,000,000 one On March 27, 2020, first June 30, 2021 first not $148,000 On April 28, 2020, second $143,000 On August 11, 2020, third $707,000 On August 21, 2020, fourth $401,000 On September 25, 2020, fifth $426,000 On December 30, 2020, sixth with this exchange. Concurrently with this transaction, the Company received an equivalent aggregate amount of $1,960,000 On July 9, 2021, 14 Subsequent Events SBA Loans On May 7, 2020, May 7, 2022 1% December 7, 2020, 17 two May 7, 2020. eight first May 9, 2021, three June 30, 2021. On May 18, 2020, twelve 3.75% thirty Scheduled notes payable principal repayment at June 30, 2021 2021 (remainder of year) $ 520,397 2022 8,437,531 2023 5,514 2024 5,514 thereafter 140,142 Balance June 30, 2021 $ 9,109,098 |
Note 9 - Concentrations
Note 9 - Concentrations | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 9. Our credit card processing revenues are from merchant customer transactions, which were processed primarily by two third three six June 30, 2021 2020 During the six June 30, 2021, 18 71 7 six June 30, 2020, During the three June 30, 2021, 16 73 6 three June 30, 2020, |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10. Employment Agreement On February 25, 2020, , two Minimum Billing Processing Fees Commitment We have non-exclusive agreements with two June 30, 2021, Leases North American Transaction Solutions During May 2013, 3363 163rd 705 707, 33160. May 1, 2013 December 31, 2016, January 1, 2016 December 31, 2016. five August 1, 2017 July 31, 2022 September 2020, #707 $65,600 1 2 December 31, 2020; 3 March 31, 2021. On September 26, 2019, September 23, 2019 September 30, 2024. one 1 2 July 7, 2020, January 1, 2021. March 1, 2021, $16,156 $11,500, July 2020. Net Element Software, our subsidiary, currently leases approximately 1,654 square feet of office space in Yekaterinburg, Russia, where we develop value added services, mobile applications, smart terminals applications, sales central ERP system development and marketing activities, at an annual rent of approximately $21,000.The June 1, 2019 International Transaction Solutions The Company occupies an office in Moscow, Russia with approximately 1600 square feet at an annual rent of $50,900, which lease expired on February 10, 2021. one We believe that our current facilities are suitable and adequate for our present purposes, and we anticipate that we will be able to extend our existing leases on terms satisfactory to us or move to new facilities on acceptable terms. The following table presents a reconciliation of the undiscounted future minimum lease payments, under the lease for the premises we occupy for our North American Transaction Solutions segment's U.S. headquarters, to the amounts reported as operating lease liabilities on the consolidated balance sheet as of June 30, 2021 Total Undiscounted future minimum lease payments: 2021 (remainder of year) $ 114,928 2022 230,660 2023 231,764 2024 222,926 2025 129,250 Total $ 929,528 Amount representing imputed interest (196,187 ) Total operating lease liability 733,341 Current portion of operating lease liability (72,720 ) Operating Lease Liability, non-current $ 660,621 As of June 30, 2021 Remaining term on Leases 3.75 Incremental borrowing rate 12 % As of June 30, 2021 , the future minimum lease payments under other operating leases, not 842, for the remainder of the year. Litigation, Claims, and Assessments With respect to all legal, regulatory and governmental proceedings, and in accordance with ASC 450 20, Contingencies Loss Contingencies no may In addition, we are involved in ordinary course legal proceedings, which include all claims, lawsuits, investigations and proceedings, including unasserted claims, which are probable of being asserted, arising in the ordinary course of business and otherwise not not Aptito.com, Inc . On August 6, 2014, 11th 125,000 two one ten 125,000 two one ten two one ten 125,000 two one ten On July 18, 2017, not August 6, 2014. In March 2018, not In July 2018, A court ordered mediation conference was held on April 24, 2019 May 1, 2019 On August 14, 2019, September 17, 2019, March 23, 2020. July 2020. July 23, 2020, August 2020, Gene Zel l In June 2014, October 2014, In April 2015, August 26, 2015, March 2017 In 2018, On September 20, 2019, A trial was scheduled for April 2020 Georgia Notes 18, On March 22, 2021, one 18, 2014 August 31, 2021. Litigation relating to the proposed merger with Mullen Technologies. A The following lawsuits have been filed against Net Element and current and former members of its board of directors in connection with the proposed Merger with Mullen: ·Raquel Ruby v. Net Element, Inc., Oleg Firer, Jon Najarian, John Roland, and Todd Raarup June 11, 2021 ·Thomas Farley v. Net Element, Inc., Oleg Firer, Jon Najarian, John Roland, and Todd Raarup June 8, 2021 ·Michael Gatto v. Net Element, Inc., Oleg Firer, Jon Najarian, John Roland, Todd Raarup, Mullen Automotive, Inc., Mullen Technologies, Inc., and Mullen Acquisition, Inc . June 3, 2021 ·Atish Shinde v. Net Element, Inc., Oleg Firer, Howard Ash, Jon Najarian, Todd Raarup, Mullen Technologies, Inc. and Mullen Acquisition, Inc . May 28, 2021 Each of the above complaints allege that the initial Form S- 4 May 14, 2021 ( 4" Ruby 4 Farley 14 20 14a 9, Gatto 4 14 20 14a 9, Shinde 4 These suits were filed prior to the Company’s filing of Amendment No. 1 4 July 22, 2021 4 July 26, 2021. B Shawn Strickland v. Net Element, Inc., Oleg Firer, Jon Najarian, John Roland, and Todd Raarup August 10, 2021 -Matthew Whitfield v. Net Element, Inc., Oleg Firer, Jon Najarian, John Roland, Todd Raarup August 13, 2021 - Robert Wilhelm v. Net Element, Inc., Oleg Firer, Jon Najarian, John Roland, Todd Raarup August 13, 2021 Each of the above complaints allege that the proxy statement and/or prospectus filed on July 27, 2021 , Strickland Wilhelm , 14 20 14a 9, Whitfield 424B3 not not C. June 8, 2021 8 Del. C. 8220. |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 11. During each of the six June 30, 2021 2020 18,000 six June 30, 2021 2020 At June 30, 2021 December 31, 2020 On March 27, 2020, March 27, 2021, On March 27, 2020, first June 30, 2021 first not $148,000 On April 28, 2020, second $143,000 On August 11, 2020, third $707,000 On August 21, 2020, fourth $401,000 On September 25, 2020, fifth $426,000 On December 30, 2020, sixth $1,960,000 On July 9, 2021, 14 Subsequent Events |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12. On October 5, 2017, one ten On June 12, 2015 June 13, 2016, October 2, 2017, The following table represents the change in our stockholders' equity for the three six June 30, 2021 2020 Three and Six Months Ended June 30, 2020 Common Stock Paid in Accumulated Other Non-controlling Accumulated Total Shares Amount Capital Comprehensive Loss interest Deficit Stockholder's Equity Balance December 31, 2019 4,111,082 $ 410.66 $ 185,297,069 $ (2,274,187 ) $ (231,999 ) $ (178,750,634 ) $ 4,040,660 Share based compensation 14,672 1.47 45,896 - - - 45,897 Expenses paid in connection with ESOUSA transaction - - (5,000 ) - - - (5,000 ) Net income (loss) - - - - (11,228 ) (1,366,798 ) (1,378,026 ) Comprehensive income - foreign currency translation - - - 130,813 - - 130,813 Balance March 31, 2020 4,125,754 $ 412.13 $ 185,337,965 $ (2,143,374 ) $ (243,227 ) $ (180,117,432 ) $ 2,834,345 Share based compensation 4,054 0.41 7,500 - - - 7,500 ESOUSA transaction 65,862 6.59 151,475 - - - 151,482 Net loss - - - - (13,724 ) (324,690 ) (338,414 ) Comprehensive income - foreign currency translation - - - (65,990 ) (65,990 ) Balance June 30, 2020 4,195,670 $ 419.13 $ 185,496,940 $ (2,209,364 ) $ (256,951 ) $ (180,442,122 ) $ 2,588,923 Three and Six Months Ended June 30, 2021 Common Stock Paid in Accumulated Other Non-controlling Accumulated Total Shares Amount Capital Comprehensive Loss interest Deficit Stockholder's Equity Balance December 31, 2020 4,997,349 $ 499.28 $ 189,700,103 $ (2,259,410 ) $ (267,053 ) $ (184,692,067 ) $ 2,482,072 Share based compensation 807 0.08 11,258 - - - 11,258 ESOUSA transaction 200,000 20.00 1,999,980 - - - 2,000,000 Net income (loss) - - - - (14,140 ) 304,562 290,422 Comprehensive loss - foreign currency translation - - - 18,583 - - 18,583 Balance March 31, 2021 5,198,156 $ 519.37 $ 191,711,341 $ (2,240,827 ) $ (281,193 ) $ (184,387,504 ) $ 4,802,335 Share based compensation 1,029 0.10 11,237 11,237 Net loss (12,764 ) 1,263,876 1,251,111 Comprehensive loss - foreign currency translation 93,601 93,601 Balance June 30, 2021 5,199,185 $ 519.47 $ 191,722,577 $ (2,147,227 ) $ (293,957 ) $ (183,123,628 ) $ 6,158,284 Equity Incentive Plan Activity On December 5, 2013, 2013 “2013 2013 may one 422 1986, may not may not On December 1, 2020, 2013 2013 The maximum aggregate number of shares of common stock available for award under the 2013 June 30, 2021 December 31, 2020 208,664 2013 2013 During the three June 30, 2021 2020 2013 11,237 During the six June 30, 2021 2020, 2013 22,494 At June 30, 2021 December 31, 2020 10.73 June 30, 2021 December 31, 2020 6.58 June 30, 2021 December 31, 2020. December 31, 2020. |
Note 13 - Warrants and Options
Note 13 - Warrants and Options | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 13. Options At June 30, 2021 December 31, 2020 Due to the high level of volatility in the stock price of our common stock, our management determined the grant date fair value of the options using the then quoted stock price at the grant date. Warrants At June 30, 2021 December 31, 2020 404,676 June 30, 2021 11.12 1.50 December 31, 2020 Non-Incentive Plan Options At June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 14. ESOUSA Master Exchange Agreement On July 9, 2021, July 8, 2022, Mullen Second Amended and Restated Agreement and Plan of Merger On July 20, 2021, RBL Divestiture Agreement On July 20, 2021, not The Divestiture is contingent upon and subject to the Company’s stockholders’ requisite approval of the Divestiture. If the Company’s stockholders’ requisite approval of the Divestiture is obtained and if the Merger is consummated, the Divestiture will occur immediately prior to the consummation of the Merger. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP and pursuant to the reporting and disclosure rules and regulations of the Commission. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation These consolidated financial statements include the accounts of Net Element, Inc. and our subsidiary companies. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash We maintain our U.S. dollar-denominated cash in several non-interest bearing bank deposit accounts. All U.S. non-interest bearing transaction accounts are insured up to a maximum of $250,000 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash represents funds held-on-deposit with processing banks pursuant to agreements to cover potential merchant losses. It is presented as other long-term assets on the accompanying consolidated balance sheets since the related agreements extend beyond the next twelve 2016 18, Statement of Cash Flows: Restricted Cash 230 June 30, 2021 December 31, 2020 Cash on consolidated balance sheet $ 3,926,150 $ 4,541,013 Restricted cash 980,907 780,998 Total cash and restricted cash $ 4,907,057 $ 5,322,011 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable and Credit Policies Accounts receivable consist primarily of uncollateralized credit card processing residual payments due from processing banks requiring payment within thirty not |
Other Current Assets, Policy [Policy Text Block] | Other Current Assets Other current assets consist of point-of-sale equipment which we use to service both merchants and independent sales agents ("ISG"). Often, we will provide the equipment as an incentive for merchants and independent sales agents to enter into a merchant contracts with us. The term of these contracts have an average length of three |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets acquired, either individually or with a group of other assets (but not not December 31, 2020 six June 30, 2021 The cost of internally developing, maintaining and restoring intangible assets (including goodwill) that are not Intangible assets include acquired merchant relationships, recurring cash flow portfolios, referral agreements, trademarks, tradenames, website development costs and non-compete agreements. Merchant relationships represent the fair value of customer relationships purchased by us. Recurring cash flow portfolios give us the right to retain a greater share of the cash flow, in the form of paying less commissions to an independent sales agent, related to certain future transactions with the agent referred sales partners. Referral agreements represent the right to exclusively obtain referrals from a partner for their customers' credit card processing services. We amortize definite lived identifiable intangible assets using a method that reflects the pattern in which the economic benefits of the intangible asset are expected to be consumed or otherwise utilized. The estimated useful lives of our customer-related intangible assets approximate the expected distribution of cash flows on a straight- line basis from each asset. The useful lives of contract-based intangible assets are equal to the terms of the agreement. Management evaluates the remaining useful lives and carrying values of long-lived assets, including definite lived intangible assets, at least annually, or when events and circumstances warrant such a review, to determine whether significant events or changes in circumstances indicate that a change in the useful life or impairment in value may six June 30, 2021 2020 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other Our goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in business combinations. The goodwill generated from the business combinations is primarily related to the value placed on the employee workforce and expected synergies. Judgment is involved in determining if an indicator or change in circumstances relating to impairment has occurred. Such changes may We have the option of performing a qualitative assessment of impairment to determine whether any further quantitative testing for impairment is necessary. The option of whether or not may not January 1, 2017 2017 04, not We did not six June 30, 2021 2020. For a discussion of the estimate methodology and the significance of various inputs, please see the subheading below titled “Use of Estimates.” |
Goodwill and Intangible Assets, Capitalized Customer Acquisition Costs, Net, Policy [Policy Text Block] | Capitalized Customer Acquisition Costs, Net Capitalized customer acquisition costs consist of up-front cash payments made to ISG’s for the establishment of new merchant relationships. Capitalized customer acquisition costs represent incremental, direct customer acquisition costs that are recoverable through gross margins associated with merchant contracts. The up-front cash payment to the ISG is based on the estimated gross margin for the first not four 6 Client Acquisition Costs |
Accrued Residual Commissions, Policy [Policy Text Block] | Accrued Residual Commissions We record commissions as a cost of revenues in the accompanying consolidated statement of operations and comprehensive loss. We pay agent commissions to ISGs and independent sales agents based on the processing volume of the merchants enrolled. The commission obligations are based on varying percentages of the volume processed by us on behalf of the merchants. Percentages vary based on the program type and transaction volume of each merchant. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements Our financial instruments consist primarily of cash, accounts receivables, accounts payables, and a note payable. The carrying values of these financial instruments are considered to be representative of their fair values due to the short-term nature of these instruments. The carrying amount of notes payable of approximately $8.9 million and $9.9 million at June 30, 2021 December 31, 2020 not 2 We measure certain nonfinancial assets and liabilities at fair value on a nonrecurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We use a three three Level 1 Level 2 Level 3 not These non-financial assets and liabilities include intangible assets and liabilities acquired in a business combination as well as impairment calculations, when necessary. The fair value of the assets acquired and liabilities assumed in connection with the PayOnline acquisition, were measured at fair value by us at the acquisition date. The fair values of our merchant portfolios are primarily based on Level 3 3. 3. |
Lessee, Leases [Policy Text Block] | Leases Effective January 1, 2019, 2016 02, Leases 842 840, Leases 840 842 Under Topic 842, not 12 January 1, 2019. We identify leases in our contracts if the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. We do not not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition and Deferred Revenue We recognize revenue when all of the following criteria are met: ( 1 2 3 4 5 not not Our transactional processing fees are generated primarily from TOT Payments doing business as Unified Payments, which is our North American Transaction Solutions segment, PayOnline, which is our International Transaction Solutions segment, and Aptito, which is our point of sale solution for restaurants. We work directly with payment card networks and banks so that our merchants do not The majority of our revenues is derived from volume-based payment processing fees ("discount fees”) and other related fixed transaction or service fees. Discount fees represent a percentage of the dollar amount of each credit or debit transaction processed. Discount fees are recognized at the time the merchants’ transactions are processed. Generally, where we have control over merchant pricing, merchant portability, credit risk and ultimate responsibility for the merchant relationship, revenues are reported at the time of sale on a gross basis equal to the full amount of the discount charged to the merchant. This amount includes interchange fees paid to card issuing banks and assessments paid to payment card networks pursuant to which such parties receive payments based primarily on processing volume for particular groups of merchants. Revenues generated from merchant portfolios where we do not Revenues are also derived from a variety of fixed transaction or service fees, including authorization fees, convenience fees, statement fees, annual fees, and fees for other miscellaneous services, such as handling chargebacks. Revenues derived from service fees are recognized at the time the services are performed and there are no no We primarily report revenues gross as a principal versus net as an agent. Although some of our processing agreements vary with respect to specific terms, the transactional processing service fees collected from merchants generally are recognized as revenue on a gross basis as we are the principal in the delivery of the managed payments solutions to the sellers. The gross fees we collect are intended to cover the interchange, assessments and other processing and non-processing fees which are included and are part of our gross margin. We have primary responsibility for providing end-to-end payment processing services for our clients. Our clients contract us for all credit card processing services, including transaction authorization, settlement, dispute resolution, data/transmission security, risk management, reporting, technical support and other value-added services. We have concluded that we are the principal because we control the services before delivery to the merchant, and are primarily responsible for the delivery of the services, have discretion in setting prices charged to merchants, and are responsible for losses. We also have pricing latitude and can provide services using several different network options. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) per Share Basic net income (loss) per common share is computed by dividing net income (loss) applicable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares issuable upon exercise of common stock options or warrants. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would have an anti-dilutive effect. |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize net deferred tax assets to the extent that we believe these assets are more likely than not We account for uncertainty in income taxes using a two first not second 50% one 2017, 2018, 2019 2020. |
Cost of Goods and Service [Policy Text Block] | Interchange, Network Fees and Other Cost of Services Interchange and network fees consist primarily of fees that are directly related to discount fee revenue. These include interchange fees paid to issuers and assessment fees payable to card associations, which are a percentage of the processing volume we generate from Visa and Mastercard, AMEX, and Discover, as well as fees charged by card-issuing banks. Other costs of services include costs directly attributable to processing and bank sponsorship costs, which may not |
Share-based Payment Arrangement [Policy Text Block] | Equity-based Compensation We account for grants of equity awards to employees in accordance with ASC 718, Compensation Stock Compensation |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions We are subject to exchange rate risk in our foreign operations in Russia, the functional currency of which is the Russian ruble, where we generate service fee revenues, interest income or expense, incur product development, engineering, website development, and selling, general and administrative costs and expenses. Our Russian subsidiaries pay a majority of their operating expenses in their local currencies, exposing us to exchange rate risk. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Such estimates include, but are not not Below is a summary of the Company’s critical accounting estimates for which the nature of management’s assumptions are material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and for which the impact of the estimates and assumptions on financial condition or operating performance is material. Goodwill The Company tests goodwill for impairment using a fair value approach at least annually, absent some triggering event that would require an interim impairment assessment. Significant estimates and assumptions are used in our goodwill impairment review and include the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units and determining the fair value of each reporting unit. Our assessment of qualitative factors involves significant judgments about expected future business performance, general market conditions, and regulatory changes. In a quantitative assessment, the fair value of each reporting unit is determined based largely on the present value of projected future cash flows, growth assumptions regarding discount rates, estimated growth rates and our future long-term business plans. Changes in any of these estimates or assumptions could materially affect the determination of fair value and the associated goodwill impairment charge for each reporting unit. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Adoption of ASU 2016 02, In February 2016, 2016 02, 842 December 15, 2018, January 1, 2019, 842 842 no January 1, 2019. January 1, 2019 842, not 840. 842. Adoption of ASU 2016 13, 326 . In June 2016, 2016 13, 326 January 1, 2020. not |
Note 4 - Summary of Significa_2
Note 4 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | June 30, 2021 December 31, 2020 Cash on consolidated balance sheet $ 3,926,150 $ 4,541,013 Restricted cash 980,907 780,998 Total cash and restricted cash $ 4,907,057 $ 5,322,011 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Cost Accumulated Amortization Carrying Value Amortization Life and Method IP Software $ 2,378,248 $ (2,367,723 ) $ 14,406 3 years - straight-line Portfolios and Client Lists 7,739,665 (7,151,144 ) 588,521 4 years - straight-line Client Acquisition Costs 9,149,668 (6,950,968 ) 2,198,699 4 years - straight-line PCI Certification 449,000 (449,000 ) - 3 years - straight-line Trademarks 703,586 (703,586 ) - 3 years - straight-line Domain Names 437,810 (437,810 ) - 3 years - straight-line Total $ 20,857,976 $ (18,060,231 ) $ 2,801,626 Cost Accumulated Amortization Carrying Value Amortization Life and Method IP Software $ 2,378,248 $ (2,321,843 ) $ 40,185 3 years - straight-line Portfolios and Client Lists 7,714,665 (6,776,317 ) 938,348 4 years - straight-line Client Acquisition Costs 8,841,617 (6,224,824 ) 2,616,794 4 years - straight-line PCI Certification 449,000 (449,000 ) - 3 years - straight-line Trademarks 703,586 (703,586 ) - 3 years - straight-line Domain Names 437,810 (437,810 ) - 3 years - straight-line Total $ 20,524,925 $ (16,913,379 ) $ 3,595,326 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 (remainder of year) $ 336,867 2022 673,735 2023 673,735 2024 671,334 2025 445,955 Balance June 30, 2021 $ 2,801,626 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, 2021 December 31, 2020 Accrued professional fees $ 220,140 $ 268,435 PayOnline accrual - 61,719 Accrued interest 759,945 409,525 Accrued bonus 1,864,304 1,690,556 Accrued foreign taxes (11,475 ) (12,336 ) Other accrued expenses 249,783 2,186,197 Total accrued expenses $ 3,082,697 $ 4,604,097 |
Note 8 - Notes Payable (Tables)
Note 8 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2021 December 31, 2020 RBL Capital Group, LLC $ 8,949,199 $ 9,431,157 SBA Loan - EIDL 159,899 159,899 SBA Loan - PPP - 491,493 Subtotal 9,109,098 10,082,549 Less: deferred loan costs (160,469 ) (138,944 ) Subtotal 8,948,629 9,943,605 Less: current portion (520,397 ) (1,330,018 ) Long term debt $ 8,428,232 $ 8,613,587 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2021 (remainder of year) $ 520,397 2022 8,437,531 2023 5,514 2024 5,514 thereafter 140,142 Balance June 30, 2021 $ 9,109,098 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Total Undiscounted future minimum lease payments: 2021 (remainder of year) $ 114,928 2022 230,660 2023 231,764 2024 222,926 2025 129,250 Total $ 929,528 Amount representing imputed interest (196,187 ) Total operating lease liability 733,341 Current portion of operating lease liability (72,720 ) Operating Lease Liability, non-current $ 660,621 As of June 30, 2021 Remaining term on Leases 3.75 Incremental borrowing rate 12 % |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Three and Six Months Ended June 30, 2020 Common Stock Paid in Accumulated Other Non-controlling Accumulated Total Shares Amount Capital Comprehensive Loss interest Deficit Stockholder's Equity Balance December 31, 2019 4,111,082 $ 410.66 $ 185,297,069 $ (2,274,187 ) $ (231,999 ) $ (178,750,634 ) $ 4,040,660 Share based compensation 14,672 1.47 45,896 - - - 45,897 Expenses paid in connection with ESOUSA transaction - - (5,000 ) - - - (5,000 ) Net income (loss) - - - - (11,228 ) (1,366,798 ) (1,378,026 ) Comprehensive income - foreign currency translation - - - 130,813 - - 130,813 Balance March 31, 2020 4,125,754 $ 412.13 $ 185,337,965 $ (2,143,374 ) $ (243,227 ) $ (180,117,432 ) $ 2,834,345 Share based compensation 4,054 0.41 7,500 - - - 7,500 ESOUSA transaction 65,862 6.59 151,475 - - - 151,482 Net loss - - - - (13,724 ) (324,690 ) (338,414 ) Comprehensive income - foreign currency translation - - - (65,990 ) (65,990 ) Balance June 30, 2020 4,195,670 $ 419.13 $ 185,496,940 $ (2,209,364 ) $ (256,951 ) $ (180,442,122 ) $ 2,588,923 Three and Six Months Ended June 30, 2021 Common Stock Paid in Accumulated Other Non-controlling Accumulated Total Shares Amount Capital Comprehensive Loss interest Deficit Stockholder's Equity Balance December 31, 2020 4,997,349 $ 499.28 $ 189,700,103 $ (2,259,410 ) $ (267,053 ) $ (184,692,067 ) $ 2,482,072 Share based compensation 807 0.08 11,258 - - - 11,258 ESOUSA transaction 200,000 20.00 1,999,980 - - - 2,000,000 Net income (loss) - - - - (14,140 ) 304,562 290,422 Comprehensive loss - foreign currency translation - - - 18,583 - - 18,583 Balance March 31, 2021 5,198,156 $ 519.37 $ 191,711,341 $ (2,240,827 ) $ (281,193 ) $ (184,387,504 ) $ 4,802,335 Share based compensation 1,029 0.10 11,237 11,237 Net loss (12,764 ) 1,263,876 1,251,111 Comprehensive loss - foreign currency translation 93,601 93,601 Balance June 30, 2021 5,199,185 $ 519.47 $ 191,722,577 $ (2,147,227 ) $ (293,957 ) $ (183,123,628 ) $ 6,158,284 |
Note 2 - Organization and Ope_2
Note 2 - Organization and Operations (Details Textual) | 6 Months Ended |
Jun. 30, 2021 | |
Number of Reportable Segments | 2 |
Note 3 - Liquidity and Going _2
Note 3 - Liquidity and Going Concern Considerations (Details Textual) - USD ($) | Jan. 15, 2021 | Dec. 30, 2020 | Sep. 25, 2020 | Aug. 21, 2020 | Aug. 11, 2020 | Apr. 28, 2020 | Mar. 27, 2020 | Jan. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jul. 20, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Aug. 03, 2020 |
Net Income (Loss) Attributable to Parent, Total | $ 1,263,875 | $ (324,690) | $ 1,568,440 | $ (1,691,488) | $ (5,900,000) | ||||||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | (183,123,628) | (183,123,628) | (184,692,067) | ||||||||||||||
Working Capital | (2,900,000) | ||||||||||||||||
Long-term Debt, Gross | 9,109,098 | 9,109,098 | 10,082,549 | ||||||||||||||
Sale of Promissory Note, Periodic Purchase Amount | $ 148,000 | ||||||||||||||||
Other Accrued Liabilities, Current | 249,783 | 249,783 | 2,186,197 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Maximum Number of Common Shares to be Outstanding After Merger (in shares) | 75,000,000 | ||||||||||||||||
Percent of Common Shares Issuable to Shareholders After Merger | 15.00% | ||||||||||||||||
Tranche from ESOUSA Agreement [Member] | |||||||||||||||||
Other Accrued Liabilities, Current | 145,000 | 145,000 | $ 145,000 | $ 145,000 | |||||||||||||
Esousa Holdings LLC [Member] | |||||||||||||||||
Sale of Promissory Note, Percent of Gross Proceeds of Equity Sale Used to Finance Purchase of Note | 88.00% | ||||||||||||||||
Sale of Promissory Note, Periodic Purchase Amount | $ 148,000 | ||||||||||||||||
Proceeds from Sale of Notes Payable | $ 143,000 | 148,000 | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 50,000 | 45,654 | 66,190 | 65,862 | 200,000 | ||||||||||||
RBL Capital Group, LLC [Member] | |||||||||||||||||
Proceeds from Sale of Notes Payable | $ 1,960,000 | $ 426,000 | $ 401,000 | $ 707,000 | $ 143,000 | 148,000 | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 200,000 | ||||||||||||||||
Receivable with Imputed Interest, Face Amount | $ 500,000 | ||||||||||||||||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 14.00% | ||||||||||||||||
RBL Capital Group, LLC [Member] | Tranche from ESOUSA Agreement [Member] | |||||||||||||||||
Other Accrued Liabilities, Current | $ 2,000,000 | ||||||||||||||||
Mullen [Member] | |||||||||||||||||
Receivable with Imputed Interest, Face Amount | $ 500,000 | ||||||||||||||||
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 14.00% | ||||||||||||||||
Registration Filing, Late Fee Per Day | $ 13,333 | ||||||||||||||||
Registration Filing, Late Fees Owed | $ 1,500,000 | $ 1,500,000 | |||||||||||||||
Mullen [Member] | Subsequent Event [Member] | |||||||||||||||||
Merger Agreement, Required Aggregate Cash and Cash Equivalents Less Payable and Debt | $ 10,000,000 | ||||||||||||||||
Receivable with Imputed Interest, Face Amount | $ 500,000 | ||||||||||||||||
Promissory Note Issued to RBL Capital Group [Member] | |||||||||||||||||
Long-term Debt, Gross | $ 2,000,000 | $ 15,000,000 |
Note 4 - Summary of Significa_3
Note 4 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash, Uninsured Amount | $ 2,900,000 | $ 3,700,000 | |
Impairment of Intangible Assets, Finite-lived | 0 | $ 0 | |
Goodwill, Impairment Loss | 0 | $ 0 | |
Long-term Debt, Total | $ 8,948,629 | $ 9,943,605 | |
Open Tax Year | 2017 2018 2019 2020 | ||
Client Acquisition Costs [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | 4 years | |
Weighted Average [Member] | |||
Merchant Contracts, Term (Year) | 3 years | ||
Russia and Cayman Islands [Member] | |||
Cash, Uninsured Amount | $ 10,000 | $ 43,000 |
Note 4 - Summary of Significa_4
Note 4 - Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Cash on consolidated balance sheet | $ 3,926,150 | $ 4,541,013 |
Restricted cash | 980,907 | 780,998 |
Total cash and restricted cash | $ 4,907,057 | $ 5,322,011 |
Note 5 - Due From Mullen (Detai
Note 5 - Due From Mullen (Details Textual) - USD ($) | Aug. 11, 2020 | Jun. 30, 2021 |
RBL Capital Group, LLC [Member] | ||
Proceeds from Notes Payable, Total | $ 500,000 | |
Receivable with Imputed Interest, Face Amount | $ 500,000 | |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 14.00% | |
Mullen [Member] | ||
Receivable with Imputed Interest, Face Amount | $ 500,000 | |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 14.00% | |
Registration Filing, Late Fees Owed | $ 1,500,000 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 2,801,626 | $ 2,801,626 | $ 3,595,326 | ||
Amortization of Intangible Assets, Total | $ 452,000 | $ 679,000 | $ 1,100,000 | $ 1,400,000 |
Note 6 - Intangible Assets - In
Note 6 - Intangible Assets - Intangible Assets (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Intangible assets, cost | $ 20,857,976 | $ 20,524,925 |
Intangible assets, accumulated amortization | (18,060,231) | (16,913,379) |
Intangible assets, carrying value | 2,801,626 | 3,595,326 |
Computer Software, Intangible Asset [Member] | ||
Intangible assets, cost | 2,378,248 | 2,378,248 |
Intangible assets, accumulated amortization | (2,367,723) | (2,321,843) |
Intangible assets, carrying value | $ 14,406 | $ 40,185 |
Intangible assets, useful life (Year) | 3 years | 3 years |
Portfolios and Client Lists [Member] | ||
Intangible assets, cost | $ 7,739,665 | $ 7,714,665 |
Intangible assets, accumulated amortization | (7,151,144) | (6,776,317) |
Intangible assets, carrying value | $ 588,521 | $ 938,348 |
Intangible assets, useful life (Year) | 4 years | 4 years |
Client Acquisition Costs [Member] | ||
Intangible assets, cost | $ 9,149,668 | $ 8,841,617 |
Intangible assets, accumulated amortization | (6,950,968) | (6,224,824) |
Intangible assets, carrying value | $ 2,198,699 | $ 2,616,794 |
Intangible assets, useful life (Year) | 4 years | 4 years |
PCI Certifiction [Member] | ||
Intangible assets, cost | $ 449,000 | $ 449,000 |
Intangible assets, accumulated amortization | (449,000) | (449,000) |
Intangible assets, carrying value | $ 0 | $ 0 |
Intangible assets, useful life (Year) | 3 years | 3 years |
Trademarks [Member] | ||
Intangible assets, cost | $ 703,586 | $ 703,586 |
Intangible assets, accumulated amortization | (703,586) | (703,586) |
Intangible assets, carrying value | $ 0 | $ 0 |
Intangible assets, useful life (Year) | 3 years | 3 years |
Internet Domain Names [Member] | ||
Intangible assets, cost | $ 437,810 | $ 437,810 |
Intangible assets, accumulated amortization | (437,810) | (437,810) |
Intangible assets, carrying value | $ 0 | $ 0 |
Intangible assets, useful life (Year) | 3 years | 3 years |
Note 6 - Intangible Assets - Es
Note 6 - Intangible Assets - Estimated Aggregate Future Amortization Expense (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
2021 (remainder of year) | $ 336,867 | |
2022 | 673,735 | |
2023 | 673,735 | |
2024 | 671,334 | |
2025 | 445,955 | |
Balance | $ 2,801,626 | $ 3,595,326 |
Note 7 - Accrued Expenses (Deta
Note 7 - Accrued Expenses (Details Textual) - USD ($) | Dec. 30, 2020 | Sep. 25, 2020 | Aug. 21, 2020 | Aug. 11, 2020 | Apr. 28, 2020 | Jan. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Accrued Liabilities, Current, Total | $ 3,082,697 | $ 4,604,097 | ||||||||
Other Accrued Liabilities, Current | 249,783 | 2,186,197 | ||||||||
RBL Capital Group, LLC [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 200,000 | |||||||||
Esousa Holdings LLC [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 50,000 | 45,654 | 66,190 | 65,862 | 200,000 | |||||
Tranche from ESOUSA Agreement [Member] | ||||||||||
Other Accrued Liabilities, Current | 145,000 | $ 145,000 | $ 145,000 | |||||||
Tranche from ESOUSA Agreement [Member] | RBL Capital Group, LLC [Member] | ||||||||||
Other Accrued Liabilities, Current | 2,000,000 | |||||||||
Chief Executive Officer [Member] | ||||||||||
Accrued Bonuses | 1,500,000 | 1,300,000 | ||||||||
Employees [Member] | ||||||||||
Accrued Bonuses | $ 410,000 | $ 386,000 |
Note 7 - Accrued Expenses - Acc
Note 7 - Accrued Expenses - Accrued expenses (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued professional fees | $ 220,140 | $ 268,435 |
PayOnline accrual | 0 | 61,719 |
Accrued interest | 759,945 | 409,525 |
Accrued bonus | 1,864,304 | 1,690,556 |
Accrued foreign taxes | (11,475) | (12,336) |
Other Accrued Liabilities, Current | 249,783 | 2,186,197 |
Total accrued expenses | $ 3,082,697 | $ 4,604,097 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) | Sep. 20, 2022 | Aug. 20, 2022 | Jun. 20, 2021 | Feb. 20, 2021 | Dec. 30, 2020 | Sep. 25, 2020 | Aug. 21, 2020 | Aug. 11, 2020 | Aug. 03, 2020 | Jun. 20, 2020 | May 18, 2020 | May 07, 2020 | Apr. 28, 2020 | Mar. 27, 2020 | Dec. 19, 2019 | Jun. 30, 2014 | Jan. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | May 02, 2016 |
Long-term Debt, Gross | $ 9,109,098 | $ 10,082,549 | ||||||||||||||||||||
Sale of Promissory Note, Periodic Purchase Amount | $ 148,000 | |||||||||||||||||||||
Other Accrued Liabilities, Current | 249,783 | 2,186,197 | ||||||||||||||||||||
Proceeds from Paycheck Protection Program Under CARES Act | $ 491,493 | |||||||||||||||||||||
Payments for (Proceeds from) Deposit on Loan | $ 159,899 | |||||||||||||||||||||
Tranche from ESOUSA Agreement [Member] | ||||||||||||||||||||||
Other Accrued Liabilities, Current | 145,000 | $ 145,000 | $ 145,000 | |||||||||||||||||||
Esousa Holdings LLC [Member] | ||||||||||||||||||||||
Sale of Promissory Note, Percent of Gross Proceeds of Equity Sale Used to Finance Purchase of Note | 88.00% | |||||||||||||||||||||
Sale of Promissory Note, Periodic Purchase Amount | $ 148,000 | |||||||||||||||||||||
Proceeds from Sale of Notes Payable | $ 143,000 | 148,000 | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 50,000 | 45,654 | 66,190 | 65,862 | 200,000 | |||||||||||||||||
RBL Capital Group, LLC [Member] | ||||||||||||||||||||||
Proceeds from Sale of Notes Payable | $ 1,960,000 | $ 426,000 | $ 401,000 | $ 707,000 | $ 143,000 | 148,000 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 200,000 | |||||||||||||||||||||
RBL Capital Group, LLC [Member] | Tranche from ESOUSA Agreement [Member] | ||||||||||||||||||||||
Other Accrued Liabilities, Current | 2,000,000 | |||||||||||||||||||||
Promissory Note Issued to RBL Capital Group [Member] | ||||||||||||||||||||||
Long-term Debt, Gross | $ 15,000,000 | 2,000,000 | ||||||||||||||||||||
Proceeds from Issuance of Debt | $ 2,000,000 | |||||||||||||||||||||
RBL Capital Group, LLC [Member] | ||||||||||||||||||||||
Long-term Debt, Gross | $ 8,949,199 | $ 9,431,157 | ||||||||||||||||||||
RBL Capital Group, LLC [Member] | RBL Loan Agreement [Member] | ||||||||||||||||||||||
Debt Instrument, Term (Month) | 18 months | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | $ 15,000,000 | ||||||||||||||||||||
RBL Capital Group, LLC [Member] | RBL Loan Agreement [Member] | Prime Rate [Member] | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 10.65% | |||||||||||||||||||||
RBL Capital Group, LLC [Member] | RBL Loan Agreement [Member] | Minimum [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 13.90% | |||||||||||||||||||||
RBL Capital Group, LLC [Member] | RBL Term Note [Member] | ||||||||||||||||||||||
Debt Instrument, Term (Month) | 20 months | |||||||||||||||||||||
Proceeds from Lines of Credit, Total | $ 1,000,000 | |||||||||||||||||||||
Long-term Debt, Gross | $ 9,431,157 | $ 9,431,157 | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.19% | |||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 137,109 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 3,290,475 | |||||||||||||||||||||
Debt Issuance Costs, Gross | 894,311 | |||||||||||||||||||||
Payments of Debt Issuance Costs | $ 25,000 | $ 25,000 | ||||||||||||||||||||
RBL Capital Group, LLC [Member] | RBL Term Note [Member] | Forecast [Member] | ||||||||||||||||||||||
Payments of Debt Issuance Costs | $ 750,000 | $ 94,311 | ||||||||||||||||||||
RBL Capital Group, LLC [Member] | RBL Term Note [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||||||||||||
Debt Instrument, Periodic Payment, Interest | 67,746 | $ 117,329 | ||||||||||||||||||||
RBL Capital Group, LLC [Member] | RBL Term Note [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||||||||||||||
Debt Instrument, Periodic Payment, Interest | 111,523 | |||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 5,540,128 | |||||||||||||||||||||
RBL Capital Group, LLC [Member] | RBL Term Note [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 258,620 | |||||||||||||||||||||
RBL Capital Group, LLC [Member] | RBL Term Note, One [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.19% | |||||||||||||||||||||
Debt Instrument, Face Amount | $ 4,431,157 | |||||||||||||||||||||
RBL Capital Group, LLC [Member] | RBL Term Note, Two [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.19% | |||||||||||||||||||||
Debt Instrument, Periodic Payment, Interest | $ 59,125 | |||||||||||||||||||||
Debt Instrument, Face Amount | $ 5,000,000 | |||||||||||||||||||||
Priority Payment Systems LLC [Member] | ||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 15,000,000 |
Note 8 - Notes Payable - Notes
Note 8 - Notes Payable - Notes Payable (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term debt, gross | $ 9,109,098 | $ 10,082,549 |
Less: deferred loan costs | (160,469) | (138,944) |
Subtotal | 8,948,629 | 9,943,605 |
Less: current portion | (520,397) | (1,330,018) |
Long term debt | 8,428,232 | 8,613,587 |
RBL Capital Group, LLC [Member] | ||
Long-term debt, gross | 8,949,199 | 9,431,157 |
SBA Loans [Member] | ||
Long-term debt, gross | 159,899 | 159,899 |
Paycheck Protection Program CARES Act [Member] | ||
Long-term debt, gross | $ 0 | $ 491,493 |
Note 8 - Notes Payable - Schedu
Note 8 - Notes Payable - Scheduled Notes Payable Principal Repayment (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
2021 (remainder of year) | $ 520,397 | |
2022 | 8,437,531 | |
2023 | 5,514 | |
2024 | 5,514 | |
thereafter | 140,142 | |
Balance | $ 9,109,098 | $ 10,082,549 |
Note 9 - Concentrations (Detail
Note 9 - Concentrations (Details Textual) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Number of Major Customers | 2 | 2 | ||
Two Third-party Processors [Member] | ||||
Concentration Risk, Percentage | 5.00% | 5.00% | ||
Priority Payment Systems LLC [Member] | ||||
Concentration Risk, Percentage | 16.00% | 27.00% | 18.00% | 33.00% |
BIN and ICA [Member] | ||||
Concentration Risk, Percentage | 73.00% | 50.00% | 71.00% | 46.00% |
First Data Corp [Member] | ||||
Concentration Risk, Percentage | 6.00% | 10.00% | 7.00% | 10.00% |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) | Mar. 01, 2021USD ($) | Jan. 01, 2021USD ($) | Jul. 07, 2020USD ($) | Feb. 25, 2020USD ($)shares | Sep. 26, 2019USD ($)ft² | Jun. 01, 2019USD ($)ft² | Mar. 11, 2019USD ($)ft² | Oct. 05, 2017 | Aug. 01, 2017USD ($) | May 25, 2016 | Sep. 30, 2020USD ($) | May 31, 2013USD ($)ft² | Dec. 31, 2016USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2018shares | Jul. 18, 2017shares | Aug. 06, 2014shares |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 929,528 | ||||||||||||||||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | 114,928 | ||||||||||||||||
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | 58,000 | ||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | 10 | |||||||||||||||
Lawsuit Against Aptito.com, Inc. and Shareholders of Aptito.com, Inc. [Member] | Aptito, LLC [Member] | |||||||||||||||||
Number of Parent's Shares in Dispute Related to Acquisition (in shares) | shares | 125,000 | 125,000 | 125,000 | ||||||||||||||
Lease Agreement for Office at Florida [Member] | |||||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 5,875 | 4,101 | |||||||||||||||
Periodic Lease and Rental Expense, Per Month | $ 16,156 | $ 11,500 | $ 16,156 | $ 14,354 | $ 16,800 | $ 19,448 | |||||||||||
Periodic Lease and Rental Expense, Annual | $ 193,875 | $ 172,248 | $ 233,377 | ||||||||||||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | 5 years | 4 years | ||||||||||||||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 65,600 | ||||||||||||||||
Lessee, Operating Lease, Monthly Rent | 2,954 | ||||||||||||||||
Lessee, Operating Lease, Liability, to be Paid, Upon Modification | 22,700 | ||||||||||||||||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | 20,100 | ||||||||||||||||
Lessee, Operating Lease, Liability, to be Paid, First Quarter Year One | $ 22,800 | ||||||||||||||||
Additional Periodic Lease and Rental Expense, Per Month | $ 2,000 | ||||||||||||||||
Operating Lease, Deferred Rent, Interest Rate | 4.00% | ||||||||||||||||
Lease Agreement for Office in Yekaterinburg, Russia [Member] | |||||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 1,654 | ||||||||||||||||
Periodic Lease and Rental Expense, Annual | $ 21,000 | ||||||||||||||||
Lease Agreement for Office in Moscow Russia [Member] | |||||||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 1,600 | ||||||||||||||||
Periodic Lease and Rental Expense, Annual | $ 50,900 | ||||||||||||||||
Processing Provider 1 [Member] | |||||||||||||||||
Minimum Monthly Fees Per Month | $ 150,000 | ||||||||||||||||
Chief Legal Officer and Corporate Secretary [Member] | |||||||||||||||||
Annual Base Salary | $ 250,000 | ||||||||||||||||
Employment Agreement, Term (Year) | 5 years | ||||||||||||||||
Employment Agreement, Renewal Term (Year) | 1 year | ||||||||||||||||
Employment Agreement, Signing Bonus, Shares (in shares) | shares | 10,000 | ||||||||||||||||
Employment Agreement, Bonus Percent | 50.00% |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Minimum Lease Payments for North American Transaction Solutions Segment (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 114,928 | |
2022 | 230,660 | |
2023 | 231,764 | |
2024 | 222,926 | |
2025 | 129,250 | |
Total | 929,528 | |
Amount representing imputed interest | (196,187) | |
Total operating lease liability | 733,341 | |
Current portion of operating lease liability | (72,720) | $ (140,973) |
Operating lease liability (net of current portion) | $ 660,621 | $ 660,621 |
Remaining term on Leases (Year) | 3 years 9 months | |
Incremental borrowing rate | 12.00% |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - USD ($) | Dec. 30, 2020 | Sep. 25, 2020 | Aug. 21, 2020 | Aug. 11, 2020 | Apr. 28, 2020 | Mar. 27, 2020 | Jan. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Aug. 03, 2020 |
Due to Related Parties, Current, Total | $ 346,331 | $ 216,657 | |||||||||||
Long-term Debt, Gross | 9,109,098 | 10,082,549 | |||||||||||
Sale of Promissory Note, Periodic Purchase Amount | $ 148,000 | ||||||||||||
Other Accrued Liabilities, Current | 249,783 | 2,186,197 | |||||||||||
Tranche from ESOUSA Agreement [Member] | |||||||||||||
Other Accrued Liabilities, Current | 145,000 | $ 145,000 | $ 145,000 | ||||||||||
Esousa Holdings LLC [Member] | |||||||||||||
Sale of Promissory Note, Percent of Gross Proceeds of Equity Sale Used to Finance Purchase of Note | 88.00% | ||||||||||||
Sale of Promissory Note, Periodic Purchase Amount | $ 148,000 | ||||||||||||
Proceeds from Sale of Notes Payable | $ 143,000 | 148,000 | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 50,000 | 45,654 | 66,190 | 65,862 | 200,000 | ||||||||
RBL Capital Group, LLC [Member] | |||||||||||||
Proceeds from Sale of Notes Payable | $ 1,960,000 | $ 426,000 | $ 401,000 | $ 707,000 | $ 143,000 | 148,000 | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 200,000 | ||||||||||||
RBL Capital Group, LLC [Member] | Tranche from ESOUSA Agreement [Member] | |||||||||||||
Other Accrued Liabilities, Current | 2,000,000 | ||||||||||||
Promissory Note Issued to RBL Capital Group [Member] | |||||||||||||
Long-term Debt, Gross | $ 2,000,000 | $ 15,000,000 | |||||||||||
Prime Portfolios, LLC [Member] | |||||||||||||
Payments for Commissions | 18,000 | $ 18,000 | |||||||||||
Key Members of Management Owned Companies [Member] | |||||||||||||
Payments for Commissions | 782,000 | $ 186,000 | |||||||||||
Chief Executive Officer [Member] | |||||||||||||
Due to Related Parties, Current, Total | $ 209,000 | $ 122,000 |
Note 12 - Stockholders' Equit_2
Note 12 - Stockholders' Equity (Details Textual) | Dec. 01, 2020shares | Oct. 05, 2017 | Oct. 02, 2017shares | May 25, 2016 | Jun. 12, 2015shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Dec. 31, 2020$ / sharesshares | Mar. 31, 2021$ / shares | Jun. 13, 2016shares |
Increase (Decrease) in Common Stock Shares Authorized (in shares) | (300,000,000) | 100,000,000 | ||||||||||
Common Stock, Shares Authorized (in shares) | 100,000,000 | 300,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 400,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares | $ 200,648 | $ 200,648 | $ 200,648 | |||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 200,648 | 200,648 | 200,648 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares | $ 10.73 | $ 10.73 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 6 months 29 days | 7 years 25 days | ||||||||||
Plan 2013 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 219,500 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,160,500 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 208,664 | 208,664 | 210,500 | |||||||||
Plan 2013 [Member] | Board of Directors [Member] | ||||||||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount, Total | $ | $ 11,237 | $ 7,500 | $ 22,494 | $ 15,000 | ||||||||
Reverse Stock Split [Member] | ||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | 10 |
Note 12 - Stockholders' Equit_3
Note 12 - Stockholders' Equity - Change in Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Balance | $ 4,802,335 | $ 2,482,072 | $ 2,834,345 | $ 4,040,660 | $ 2,482,072 | $ 4,040,660 |
Share based compensation | 11,237 | 11,258 | 7,500 | 45,897 | ||
Expenses paid in connection with ESOUSA transaction | (5,000) | |||||
Net income (loss) | 1,251,111 | 290,422 | (338,414) | (1,378,026) | 1,541,537 | (1,716,441) |
Comprehensive income (loss) - foreign currency translation | 93,601 | 18,583 | (65,990) | 130,813 | 112,183 | 64,824 |
ESOUSA transaction | 2,000,000 | 151,482 | ||||
Balance | $ 6,158,284 | $ 4,802,335 | $ 2,588,923 | $ 2,834,345 | $ 6,158,284 | $ 2,588,923 |
Common Stock [Member] | ||||||
Balance (in shares) | 5,198,156 | 4,997,349 | 4,125,754 | 4,111,082 | 4,997,349 | 4,111,082 |
Balance | $ 519.37 | $ 499.28 | $ 412.13 | $ 410.66 | $ 499.28 | $ 410.66 |
Share based compensation (in shares) | 1,029 | 807 | 4,054 | 14,672 | ||
Share based compensation | $ 0.10 | $ 0.08 | $ 0.41 | $ 1.47 | ||
Expenses paid in connection with ESOUSA transaction | 0 | |||||
Net income (loss) | 0 | 0 | 0 | |||
Comprehensive income (loss) - foreign currency translation | $ 0 | $ 0 | $ 0 | |||
Stock Issued During Period, Shares, New Issues (in shares) | 200,000 | 65,862 | ||||
ESOUSA transaction | $ 20 | $ 6.59 | ||||
Balance (in shares) | 5,199,185 | 5,198,156 | 4,195,670 | 4,125,754 | 5,199,185 | 4,195,670 |
Balance | $ 519.47 | $ 519.37 | $ 419.13 | $ 412.13 | $ 519.47 | $ 419.13 |
Additional Paid-in Capital [Member] | ||||||
Balance | 191,711,341 | 189,700,103 | 185,337,965 | 185,297,069 | 189,700,103 | 185,297,069 |
Share based compensation | 11,237 | 11,258 | 7,500 | 45,896 | ||
Expenses paid in connection with ESOUSA transaction | (5,000) | |||||
Net income (loss) | 0 | 0 | 0 | |||
Comprehensive income (loss) - foreign currency translation | 0 | 0 | 0 | |||
ESOUSA transaction | 1,999,980 | 151,475 | ||||
Balance | 191,722,577 | 191,711,341 | 185,496,940 | 185,337,965 | 191,722,577 | 185,496,940 |
AOCI Attributable to Parent [Member] | ||||||
Balance | (2,240,827) | (2,259,410) | (2,143,374) | (2,274,187) | (2,259,410) | (2,274,187) |
Share based compensation | 0 | 0 | 0 | |||
Expenses paid in connection with ESOUSA transaction | 0 | |||||
Net income (loss) | 0 | 0 | 0 | |||
Comprehensive income (loss) - foreign currency translation | 93,601 | 18,583 | (65,990) | 130,813 | ||
ESOUSA transaction | 0 | 0 | ||||
Balance | (2,147,227) | (2,240,827) | (2,209,364) | (2,143,374) | (2,147,227) | (2,209,364) |
Noncontrolling Interest [Member] | ||||||
Balance | (281,193) | (267,053) | (243,227) | (231,999) | (267,053) | (231,999) |
Share based compensation | 0 | 0 | 0 | |||
Expenses paid in connection with ESOUSA transaction | 0 | |||||
Net income (loss) | (12,764) | (14,140) | (13,724) | (11,228) | ||
Comprehensive income (loss) - foreign currency translation | 0 | 0 | ||||
ESOUSA transaction | 0 | 0 | ||||
Balance | (293,957) | (281,193) | (256,951) | (243,227) | (293,957) | (256,951) |
Retained Earnings [Member] | ||||||
Balance | (184,387,504) | (184,692,067) | (180,117,432) | (178,750,634) | (184,692,067) | (178,750,634) |
Share based compensation | 0 | 0 | 0 | |||
Expenses paid in connection with ESOUSA transaction | 0 | |||||
Net income (loss) | 1,263,876 | 304,562 | (324,690) | (1,366,798) | ||
Comprehensive income (loss) - foreign currency translation | 0 | 0 | ||||
ESOUSA transaction | 0 | 0 | ||||
Balance | $ (183,123,628) | $ (184,387,504) | $ (180,442,122) | $ (180,117,432) | $ (183,123,628) | $ (180,442,122) |
Note 13 - Warrants and Options
Note 13 - Warrants and Options (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 200,648 | $ 200,648 |
Non-Incentive Plan Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 21.46 | $ 21.46 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 46,643 | 46,643 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | $ 0 |
Warrants to Purchase Common Stock [Member] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 404,676 | 404,676 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.12 | $ 6.18 |
Warrants and Rights Outstanding, Remaining Contractual Term (Year) | 1 year 6 months | 3 years |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 6.29 | $ 6.29 |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 134 | $ 134 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - USD ($) | Jul. 20, 2021 | Jul. 09, 2021 | Jun. 30, 2021 |
Subsequent Event [Member] | Sale of TOT Group, Inc. [Member] | |||
Sale of Stock, Percentage of Ownership before Transaction | 100.00% | ||
Esousa Holdings LLC [Member] | ESOUSA Agreement [Member] | |||
Maximum Amount of Promissory Notes Authorized to be Purchased | $ 15,000,000 | ||
Esousa Holdings LLC [Member] | ESOUSA Agreement [Member] | Subsequent Event [Member] | |||
Master Exchange Agreement, Finance, Percentage of Gross Proceeds from Sale of Common Stock | 88.00% | ||
Master Exchange Agreement, Amount of Each Tranche | $ 100,000 |