Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Liberated Syndication Inc. |
Entity Central Index Key | 1,667,489 |
Amendment Flag | true |
Amendment description | Amendment No. 3 |
Document Type | S-1/A |
Document Period End Date | Mar. 31, 2016 |
Entity Filer Category | Smaller Reporting Company |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | |||
Cash | $ 2,887,229 | $ 2,470,694 | $ 1,056,799 |
Accounts receivable, net | 411,689 | 336,267 | 236,281 |
Prepaid expenses | 160,000 | 12,500 | 13,116 |
Total current assets | 3,458,918 | 2,819,461 | 1,306,196 |
Property and equipment, net | 16,291 | 21,870 | 44,632 |
Goodwill | 11,484,251 | 11,484,251 | 11,484,251 |
Total assets | 14,959,460 | 14,325,582 | 12,835,079 |
CURRENT LIABILITIES: | |||
Accounts payable | 481,114 | 410,434 | 303,546 |
Accrued expenses | 29,571 | 42,080 | 33,258 |
Deferred revenue | 155,689 | 146,859 | 256,255 |
Total current liabilities | 666,374 | 599,373 | 593,059 |
Total liabilities | 666,374 | 599,373 | 593,059 |
STOCKHOLDERS' EQUITY | |||
Common stock | 1 | 1 | 1 |
Additional paid-in capital | 25,687,902 | 25,715,318 | 27,211,740 |
Retained Earnings (accumulated deficit) | (11,394,817) | (11,989,110) | (14,969,721) |
Total stockholders' equity | 14,293,086 | 13,726,209 | 12,242,020 |
Total liabilities and stockholders' equity | $ 14,959,460 | $ 14,325,582 | $ 12,835,079 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | |||
Allowance for doubtful accounts | $ 14,000 | $ 14,000 | $ 14,000 |
Common stock authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock outstanding | 1,000 | 1,000 | 1,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 2,065,277 | $ 1,474,852 | $ 7,213,088 | $ 5,274,608 |
Cost of Revenue | 655,196 | 461,749 | 2,106,937 | 1,928,934 |
Gross Profit | 1,410,081 | 1,013,103 | 5,106,151 | 3,345,674 |
OPERATING EXPENSES | ||||
Selling expenses | 70,406 | 67,853 | 298,151 | 238,215 |
General and administrative | 745,382 | 428,685 | 1,826,994 | 1,709,511 |
Total Operating Expenses | 815,788 | 496,538 | 2,125,145 | 1,947,726 |
Net income from operations | $ 594,293 | $ 516,565 | 2,981,006 | 1,397,948 |
OTHER INCOME (EXPENSE): | ||||
Other income (expense) | (395) | 307 | ||
Total Other Income | (395) | 307 | ||
Income from operations before income taxes | $ 594,293 | $ 516,565 | $ 2,980,611 | $ 1,398,255 |
Current Income Tax Expense (Benefit) | ||||
Deferred Income Tax Expense (Benefit) | ||||
Net Income | $ 594,293 | $ 516,565 | $ 2,980,611 | $ 1,398,255 |
BASIC AND DILUTED INCOME PER COMMON SHARE | $ 594.29 | $ 516.56 | $ 2,980.61 | $ 1,398.26 |
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 1,000 | 1,000 | 1,000 | 1,000 |
PRO FORMA EFFECT OF STOCK SPLIT ON EARNINGS PER SHARE: | ||||
PRO FORMA BASIC AND DILUTED INCOME PER SHARE | $ 0.03 | $ 0.02 | $ 0.14 | $ 0.06 |
PRO FORMA BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 20,805,860 | 20,805,860 | 20,805,860 | 20,805,860 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2013 | $ 1 | $ 28,438,994 | $ (16,367,976) | |
Balance, shares at Dec. 31, 2013 | 1,000 | |||
Distribution to Owner (Parent) | $ (1,227,254) | |||
Net income | $ 1,398,255 | $ 1,398,255 | ||
Balance at Dec. 31, 2014 | $ 1 | $ 27,211,740 | $ (14,969,721) | 12,242,020 |
Balance, shares at Dec. 31, 2014 | 1,000 | |||
Distribution to Owner (Parent) | $ (1,496,422) | |||
Net income | $ 2,980,611 | 2,980,611 | ||
Balance at Dec. 31, 2015 | $ 1 | $ 25,715,318 | $ (11,989,110) | 13,726,209 |
Balance, shares at Dec. 31, 2015 | 1,000 | |||
Net income | 594,293 | |||
Balance at Mar. 31, 2016 | $ 14,293,086 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | ||||
Net income | $ 594,293 | $ 516,565 | $ 2,980,611 | $ 1,398,255 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization expense | 5,578 | 6,028 | 22,762 | 25,324 |
Change in assets and liabilities: | ||||
Accounts receivable | (75,423) | 3,093 | (99,985) | 91,367 |
Prepaid expenses | (147,500) | 4,365 | 615 | (13,116) |
Accounts payable | 70,680 | (40,288) | 106,888 | 915 |
Accrued expense | (12,508) | (11,652) | 8,822 | (4,147) |
Deferred revenue | 8,830 | 38,921 | (109,396) | 98,798 |
Net Cash Provided by Operating Activities | $ 443,950 | $ 517,032 | $ 2,910,317 | 1,597,396 |
Cash Flows from Investing Activities: | ||||
Purchase of property & equipment | (16,598) | |||
Net Cash Used in Investing Activities | (16,598) | |||
Cash Flows from Financing Activities: | ||||
Payments to FAB Universal Corp | $ (27,415) | $ (255,707) | $ (1,496,422) | (1,227,254) |
Net Cash Used in Financing Activities | (27,415) | (255,707) | (1,496,422) | (1,227,254) |
Net Increase in Cash | 416,535 | 261,325 | 1,413,895 | 353,544 |
Cash at Beginning of Period | 2,470,694 | 1,056,799 | 1,056,799 | 703,255 |
Cash at End of Period | $ 2,887,229 | $ 1,318,124 | $ 2,470,694 | $ 1,056,799 |
Supplemental Disclosures of Cash Flow Information | ||||
Cash paid during the periods for: Interest | ||||
Cash paid during the periods for: Income taxes |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Reverse Spinoff / Proforma Weighted Average Shares Outstanding The Proforma basic and diluted earnings per share and proforma weighted average basic and diluted common shares outstanding gives effect to the 20,804,860 additional common shares to be issued upon spin off of the Company from FAB accounted for as a reverse spin-off. Consolidation Accounting Estimates Cash and Cash Equivalents Accounts Receivable Depreciation Long-lived intangible assets Software Development Costs Goodwill Advertising Costs Fair Value of Financial Instruments Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Unless otherwise disclosed, the fair value of the Companys financial instruments including cash, accounts receivable, prepaid expenses, and accounts payable and accrued expenses approximates their recorded values due to their short-term maturities. Revenue Recognition We evaluate whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when we are primarily obligated in a transaction, are subject to inventory risk, have latitude in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross sale price. We generally record the net amounts as commissions earned if we are not primarily obligated and do not have latitude in establishing prices. Such amounts earned are determined using a fixed percentage, a fixed-payment schedule, or a combination of the two. Publishing services are billed on a month to month basis. The Company recognizes revenue from providing digital media publishing services when the services are provided and when collection is probable. The Company recognizes revenue from the insertion of advertisements in digital media, as the digital media with the advertisement is downloaded and collection is probable. The Company recognizes revenue from the sale of apps and premium subscriptions when sold and collection is probable. The Company facilitates the sale of producers premium content through the sale of subscriptions. The amount earned per transaction is fixed and the producers determine the price for the sale of the subscription, and the Company earns a percentage of what the customer pays. Accordingly, the Company reports premium subscription revenue at net. Leases Research and Development - Earnings Per Share Income Taxes Recently Enacted Accounting Standards - In 2015, the FASB issued an amended standard requiring that we classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current. The amended standard is effective for us beginning in the first quarter of 2017; early adoption is permitted and we are evaluating whether we will early adopt. The amended standard may be adopted on either a prospective or retrospective basis. We do not expect that the adoption of this standard will have a significant impact on our financial position or results of operations. In February 2016, the FASB issued changes to the accounting for leases that primarily affect presentation and disclosure requirements. The new standard will require the recognition of a right to use asset and underlying lease liability for operating leases with an initial life in excess of one year. This standard is effective for us beginning in the first quarter of 2019. We have not yet determined the impact of the new standard on our consolidated financial statements. Recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Companys present or future financial statements. | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Reverse Spinoff The Proforma basic and diluted earnings per share and proforma weighted average basic and diluted common shares outstanding gives effect to the 20,804,860 additional common shares to be issued upon spin off of the Company from FAB accounted for as a reverse spin-off. Consolidation Accounting Estimates Cash and Cash Equivalents Accounts Receivable Depreciation Long-lived intangible assets Software Development Costs Goodwill Advertising Costs Fair Value of Financial Instruments Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Unless otherwise disclosed, the fair value of the Companys financial instruments including cash, accounts receivable, prepaid expenses, and accounts payable and accrued expenses approximates their recorded values due to their short-term maturities. Revenue Recognition We evaluate whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when we are primarily obligated in a transaction, are subject to inventory risk, have latitude in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross sale price. We generally record the net amounts as commissions earned if we are not primarily obligated and do not have latitude in establishing prices. Such amounts earned are determined using a fixed percentage, a fixed-payment schedule, or a combination of the two. Publishing services are billed on a month to month basis. The Company recognizes revenue from providing digital media publishing services when the services are provided and when collection is probable. The Company recognizes revenue from the insertion of advertisements in digital media, as the digital media with the advertisement is downloaded and collection is probable. The Company recognizes revenue from the sale of apps and premium subscriptions when sold and collection is probable. The Company facilitates the sale of producers premium content through the sale of subscriptions. The amount earned per transaction is fixed and the producers determine the price for the sale of the subscription, and the Company earns a percentage of what the customer pays. Accordingly, the Company reports premium subscription revenue at net. Leases Research and Development - Earnings Per Share Income Taxes Recently Enacted Accounting Standards - R |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
PROPERTY AND EQUIPMENT | NOTE 2 - PROPERTY & EQUIPMENT The following is a summary of property and equipment at: Life March 31, 2016 December 31, 2015 Furniture, fixtures and equipment 2-10 yrs $ 108,762 $ 108,762 108,762 108,762 Less: Accumulated depreciation (92,471) (86,892) Property & equipment, net $ 16,291 $ 21,870 Depreciation expense for the three months ended March 31, 2016 and 2015 was $5,578 and $6,028, respectively. | NOTE 2 - PROPERTY & EQUIPMENT The following is a summary of property and equipment at: Life December 31, 2015 December 31, 2014 Furniture, fixtures and equipment 2-10 yrs $ 110,415 $ 238,432 110,415 238,432 Less: Accumulated depreciation (88,545) (193.800) Property & equipment, net $ 21,870 $ 44,632 Depreciation expense for the periods ended December 31, 2014 and 2013 was $22,762 and $25,324, respectively. |
GOODWILL
GOODWILL | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
GOODWILL | NOTE 3 - GOODWILL Impairment - During the fourth quarter of 2015 and 2014, Libsyn management performed its annual test of impairment of goodwill by comparing the net carrying value of the intangible asset with the fair value of the reporting units. Based upon the results of this analysis, it was determined that the goodwill was not impaired. Goodwill For the Periods Ended March 31, 2016 December 31, 2015 Goodwill at beginning of period $ 11,484,251 $ 11,484,251 Impairment - - Goodwill at end of period $ 11,484,251 $ 11,484,251 | NOTE 3 - GOODWILL Impairment - During 2015 and 2014, Libsyn management performed its annual test of impairment of goodwill by comparing the net carrying value of the intangible asset with the fair value of the reporting units. Based upon the results of this analysis, it was determined that the goodwill was not impaired. Goodwill For the Years Ended December 31, 2015 December 31, 2014 Goodwill at beginning of period $ 11,484,251 $ 11,484,251 Impairment - - Goodwill at end of period $ 11,484,251 $ 11,484,251 |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | ||
CAPITAL STOCK | NOTE 4 - CAPITAL STOCK Common Stock Reverse spin-off | NOTE 4 - CAPITAL STOCK Common Stock Reverse spin-off |
INCOME TAXES
INCOME TAXES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
INCOME TAXES | NOTE 5 - INCOME TAXES The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carryforwards. At March 31, 2016 and 2015, the total of all deferred tax assets was $4,459,356 and $5,701,237, respectively, and the total of the deferred tax assets related to goodwill was $1,703,009 and $1,191,901, respectively. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Companys future earnings, and other future events, the effects of which cannot be determined. Because of the uncertainty surrounding the realization of the deferred tax assets the Company established a valuation allowance equal to the deferred tax asset. The change in the valuation allowance for the three months ended March 31, 2016 and 2015 was $241,394 and $209,763, respectively. The components of income tax expense (benefit) from continuing operations for the three months ended March 31, 2016 and 2015 consist of the following: For the Three Months Ended December 31, 2016 2015 Current tax expense: Federal $ - $ - State - - Current tax expense - - Deferred tax expense (benefit): Goodwill 127,777 127,777 Valuation Allowance (241,394) (209,763) Net operating loss carryforward 113,617 81,986 Subtotal deferred tax expense/(benefit) - - Income tax expense/(benefit) $ - $ - Deferred income tax expense/(benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income. A reconciliation of income tax expense as the federal statutory rate to income tax expense at the Companys effective rate is as follows: For the Three Months Ended March 31, 2016 2015 Computed tax at the expected statutory rate $ 202,060 $ 175,632 State and local income taxes, net of federal 3 9,208 34,071 Other non-deductible expenses 126 60 Valuation Allowance (241,394) (209,763) Income tax expense/(benefit) $ - $ - The temporary differences, tax credits and carryforwards gave rise to the following deferred tax asset at March 31, 2016 and 2015: December 31, December 31, 2015 2014 Current deferred tax assets (liabilities): Allowance for doubtful accounts $ - $ - Vacation accrual - - Total current deferred tax assets (liabilities) - - Long-term deferred tax assets (liabilities): Goodwill - impaired 2,903,618 2,903,618 Goodwill tax amortization (4,606,627) (4,095,519) Net operating loss carryforward 6,162,365 6,893,138 Valuation allowance (4,459,356) (5,701,237) Total long-term deferred tax assets (liabilities) $ - $ - Net term deferred tax assets (liabilities) $ - $ - | NOTE 5 - INCOME TAXES The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carryforwards. At December 31, 2015 and 2014, the total of all deferred tax assets was $4,700,750 and $5,911,000, respectively, and the total of the deferred tax assets related to goodwill was $1,575,232 and $1,064,124, respectively. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Companys future earnings, and other future events, the effects of which cannot be determined. . Because of the uncertainty surrounding the realization of the deferred tax assets the Company has established a valuation allowance of $4,700,750 and $5,911,000 for the years ended December 31, 2015 and 2014. The change in the valuation allowance for the year ended December 31, 2015 and 2014 was $1,210,250 and $568,016, respectively. The components of income tax expense (benefit) from continuing operations for the Years ended December 31, 2015 and 2014 consist of the following: For the Years Ended December 31, 2015 2014 Current tax expense: Federal $ - $ - State - - Current tax expense - - Deferred tax expense (benefit): Allowance for doubtful accounts - - Depreciation - - Goodwill Impaired - - Goodwill 511,108 511,108 Valuation Allowance (1,210,250) (568,016) Net operating loss carryforward 699,142 56,908 Subtotal deferred tax expense/(benefit) - - Income tax expense/(benefit) $ - $ - Deferred income tax expense/(benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income. A reconciliation of income tax expense at the federal statutory rate to income tax expense at the companys effective rate is as follows: For the Years Ended December 31, 2015 2014 Computed tax at the expected statutory rate $ 1,013,408 $ 475,407 State and local income taxes, net of federal 196,575 92,260 Other non-deductible expenses 267 349 Return to accrual adjustment - - Valuation Allowance (1,210,250) (568,016) Income tax expense/(benefit) $ - $ - The temporary differences, tax credits and carryforwards gave rise to the following deferred tax asset December 31, 2015 and 2014: December 31, December 31, 2015 2014 Current deferred tax assets (liabilities): Allowance for doubtful accounts $ - $ - Bonus accrual - - Vacation accrual - - Total current deferred tax assets (liabilities) - - Long-term deferred tax assets (liabilities): Goodwill - impaired 2,903,618 2,903,618 Goodwill tax amortization (4,478,850) (3,967,742) Depreciation - - Net operating loss carryforward 6,275,982 6,975,124 Valuation allowance (4,700,750) (5,911,000) Total long-term deferred tax assets (liabilities) $ - $ - Net term deferred tax assets (liabilities) $ - $ - At December 31, 2015, the company has loss carryforwards of approximately $15,460,597 that expire in various years through 2033. We file U.S. federal, and U.S. states returns, and we are generally no longer subject to tax examinations for years prior to 2010 for U.S. federal and U.S. states tax returns. |
LEASES
LEASES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | ||
LEASES | NOTE 6 - LEASES Operating Lease The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2016 are as follows: Year ending March 31: Lease Payments 2017 285,806 2018 320,658 2019 224,565 2020 12,970 Thereafter - Total Minimum Lease Payment $ 843,999 Lease expense charged to operations was $51,321 and $62,184 for the three months ended March 31, 2016 and 2015, respectively. | NOTE 6 - LEASES Operating Lease The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2015 are as follows: Year ending December 31: Lease Payments 2016 283,422 2017 293,346 2018 300,596 2019 23,956 Thereafter - Total Minimum Lease Payment $ 901,320 Lease expense charged to operations was $256,092 and $159,137 for the periods ended December 31, 2015 and 2014, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | ||
EARNINGS PER SHARE | NOTE 7 EARNINGS PER SHARE The following data shows the amounts used in computing earnings per share and the weighted average number of shares of common stock outstanding for the periods presented for the periods ended: For the Three Months Ended March 31, 2016 2015 Income from operations available to common stockholders (numerator) $ 594,293 $ 516,565 Net income available to common stockholders (numerator) 594,293 516,565 Weighted average number of common shares outstanding during the period used in earnings per share (denominator) 1,000 1,000 Proforma Weighted average number of common shares outstanding during the period used in earnings per share (denominator) 20,805,860 20,805,860 | NOTE 7 EARNINGS PER SHARE The following data shows the amounts used in computing earnings per share and the weighted average number of shares of common stock outstanding for the periods presented for the periods ended: December 31, 2015 December 31, 2014 Income from operations available to common stockholders (numerator) $ 2,980,611 $ 1,398,255 Income available to common stockholders (numerator) 2,980,611 1,398,255 Weighted average number of common shares outstanding during the period used in earnings per share (denominator) 1,000 1,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | NOTE 8 COMMITMENTS AND CONTINGENCIES From and after the Spin-Off, Libsyn will be responsible for the debts, liabilities and other obligations related to the business or businesses which Libsyn own and operate following the consummation of the Spin-Off. Although Libsyn does not expect to be liable for any obligations not expressly assumed by Libsyn, it is possible that Libsyn could be required to assume responsibility for certain obligations retained by FAB should FAB fail to pay or perform its retained obligations. After the Spin-Off, FAB may have obligations that at the present time are unknown or unforeseen. As the nature of such obligations are unknown, we are unable to provide an estimate of the potential obligation. However, should FAB incur such obligations, Libsyn may be financially obligated to pay any losses incurred. FAB Universal Corp. has a 401 (k) plan and profit sharing plan for the benefit of the employees of FAB and the Company as a wholly owned subsidiary of FAB. Employees are eligible to participate in the plan the first of the month following their hire date and attaining the age of 21. Profit sharing contributions are made at the discretion of the Board of Directors and vest 100% after the second year of service. | NOTE 8 COMMITMENTS AND CONTINGENCIES From and after the Spin-Off, Libsyn will be responsible for the debts, liabilities and other obligations related to the business or businesses which Libsyn own and operate following the consummation of the Spin-Off. Although Libsyn does not expect to be liable for any obligations not expressly assumed by Libsyn, it is possible that Libsyn could be required to assume responsibility for certain obligations retained by FAB should FAB fail to pay or perform its retained obligations. After the Spin-Off, FAB may have obligations, that at the present time are unknown or unforeseen. As the nature of such obligations are unknown, we are unable to provide an estimate of the potential obligation. However, should FAB incur such obligations, Libsyn may be financially obligated to pay any losses incurred. 401 (k) plan and Profit sharing plan FAB Universal Corp. has a 401(k) Profit sharing plan for the benefit of the employees of FAB and the Company as a wholly owned subsidiary of FAB. Employees are eligible to participate in the plan the first of the month following their hire date and attaining the age of 21. Profit sharing contributions are made at the discretion of the Board of Directors and vest 100% after the second year of service. The Company did not make any profit sharing contributions to the plan in 2015 and 2014. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | NOTE 9 - SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of the filing of this report. | NOTE 9 - SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of the filing of this report |
SUMMARY OF SIGNIFICANT ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Organization | Organization | Organization |
Reverse Spinoff | Reverse Spinoff / Proforma Weighted Average Shares Outstanding The Proforma basic and diluted earnings per share and proforma weighted average basic and diluted common shares outstanding gives effect to the 20,804,860 additional common shares to be issued upon spin off of the Company from FAB accounted for as a reverse spin-off. | Reverse Spinoff The Proforma basic and diluted earnings per share and proforma weighted average basic and diluted common shares outstanding gives effect to the 20,804,860 additional common shares to be issued upon spin off of the Company from FAB accounted for as a reverse spin-off. |
Consolidation | Consolidation | Consolidation |
Accounting Estimates | Accounting Estimates | Accounting Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents |
Accounts Receivable | Accounts Receivable | Accounts Receivable |
Depreciation | Depreciation | Depreciation |
Long-lived intangible assets | Long-lived intangible assets | Long-lived intangible assets |
Software Development Costs | Software Development Costs | Software Development Costs |
Goodwill | Goodwill | Goodwill |
Advertising Costs | Advertising Costs | Advertising Costs |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Unless otherwise disclosed, the fair value of the Companys financial instruments including cash, accounts receivable, prepaid expenses, and accounts payable and accrued expenses approximates their recorded values due to their short-term maturities. | Fair Value of Financial Instruments Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Unless otherwise disclosed, the fair value of the Companys financial instruments including cash, accounts receivable, prepaid expenses, and accounts payable and accrued expenses approximates their recorded values due to their short-term maturities. |
Revenue Recognition | Revenue Recognition We evaluate whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when we are primarily obligated in a transaction, are subject to inventory risk, have latitude in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross sale price. We generally record the net amounts as commissions earned if we are not primarily obligated and do not have latitude in establishing prices. Such amounts earned are determined using a fixed percentage, a fixed-payment schedule, or a combination of the two. Publishing services are billed on a month to month basis. The Company recognizes revenue from providing digital media publishing services when the services are provided and when collection is probable. The Company recognizes revenue from the insertion of advertisements in digital media, as the digital media with the advertisement is downloaded and collection is probable. The Company recognizes revenue from the sale of apps and premium subscriptions when sold and collection is probable. The Company facilitates the sale of producers premium content through the sale of subscriptions. The amount earned per transaction is fixed and the producers determine the price for the sale of the subscription, and the Company earns a percentage of what the customer pays. Accordingly, the Company reports premium subscription revenue at net. | Revenue Recognition We evaluate whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. Generally, when we are primarily obligated in a transaction, are subject to inventory risk, have latitude in establishing prices and selecting suppliers, or have several but not all of these indicators, revenue is recorded at the gross sale price. We generally record the net amounts as commissions earned if we are not primarily obligated and do not have latitude in establishing prices. Such amounts earned are determined using a fixed percentage, a fixed-payment schedule, or a combination of the two. Publishing services are billed on a month to month basis. The Company recognizes revenue from providing digital media publishing services when the services are provided and when collection is probable. The Company recognizes revenue from the insertion of advertisements in digital media, as the digital media with the advertisement is downloaded and collection is probable. The Company recognizes revenue from the sale of apps and premium subscriptions when sold and collection is probable. The Company facilitates the sale of producers premium content through the sale of subscriptions. The amount earned per transaction is fixed and the producers determine the price for the sale of the subscription, and the Company earns a percentage of what the customer pays. Accordingly, the Company reports premium subscription revenue at net. |
Leases | Leases | Leases |
Research and Development | Research and Development - | Research and Development - |
Earnings Per Share | Earnings Per Share | Earnings Per Share |
Income Taxes | Income Taxes | Income Taxes |
Recently Enacted Accounting Standards | Recently Enacted Accounting Standards - In 2015, the FASB issued an amended standard requiring that we classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current. The amended standard is effective for us beginning in the first quarter of 2017; early adoption is permitted and we are evaluating whether we will early adopt. The amended standard may be adopted on either a prospective or retrospective basis. We do not expect that the adoption of this standard will have a significant impact on our financial position or results of operations. In February 2016, the FASB issued changes to the accounting for leases that primarily affect presentation and disclosure requirements. The new standard will require the recognition of a right to use asset and underlying lease liability for operating leases with an initial life in excess of one year. This standard is effective for us beginning in the first quarter of 2019. We have not yet determined the impact of the new standard on our consolidated financial statements. Recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Companys present or future financial statements. | Recently Enacted Accounting Standards - R |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property and Equipment | The following is a summary of property and equipment at: Life March 31, 2016 December 31, 2015 Furniture, fixtures and equipment 2-10 yrs $ 108,762 $ 108,762 108,762 108,762 Less: Accumulated depreciation (92,471) (86,892) Property & equipment, net $ 16,291 $ 21,870 | The following is a summary of property and equipment at: Life December 31, 2015 December 31, 2014 Furniture, fixtures and equipment 2-10 yrs $ 110,415 $ 238,432 110,415 238,432 Less: Accumulated depreciation (88,545) (193.800) Property & equipment, net $ 21,870 $ 44,632 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Summary of Goodwill | Goodwill For the Periods Ended March 31, 2016 December 31, 2015 Goodwill at beginning of period $ 11,484,251 $ 11,484,251 Impairment - - Goodwill at end of period $ 11,484,251 $ 11,484,251 | The following is a summary of goodwill: For the Years Ended December 31, 2015 December 31, 2014 Goodwill at beginning of period $ 11,484,251 $ 11,484,251 Impairment - - Goodwill at end of period $ 11,484,251 $ 11,484,251 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Schedule of Income Tax Expense | The components of income tax expense (benefit) from continuing operations for the three months ended March 31, 2016 and 2015 consist of the following: For the Three Months Ended December 31, 2016 2015 Current tax expense: Federal $ - $ - State - - Current tax expense - - Deferred tax expense (benefit): Goodwill 127,777 127,777 Valuation Allowance (241,394) (209,763) Net operating loss carryforward 113,617 81,986 Subtotal deferred tax expense/(benefit) - - Income tax expense/(benefit) $ - $ - | The components of income tax expense (benefit) from continuing operations for the Years ended December 31, 2015 and 2014 consist of the following: For the Years Ended December 31, 2015 2014 Current tax expense: Federal $ - $ - State - - Current tax expense - - Deferred tax expense (benefit): Allowance for doubtful accounts - - Depreciation - - Goodwill Impaired - - Goodwill 511,108 511,108 Valuation Allowance (1,210,250) (568,016) Net operating loss carryforward 699,142 56,908 Subtotal deferred tax expense/(benefit) - - Income tax expense/(benefit) $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense as the federal statutory rate to income tax expense at the Companys effective rate is as follows: For the Three Months Ended March 31, 2016 2015 Computed tax at the expected statutory rate $ 202,060 $ 175,632 State and local income taxes, net of federal 3 9,208 34,071 Other non-deductible expenses 126 60 Valuation Allowance (241,394) (209,763) Income tax expense/(benefit) $ - $ - | A reconciliation of income tax expense at the federal statutory rate to income tax expense at the companys effective rate is as follows: For the Years Ended December 31, 2015 2014 Computed tax at the expected statutory rate $ 1,013,408 $ 475,407 State and local income taxes, net of federal 196,575 92,260 Other non-deductible expenses 267 349 Return to accrual adjustment - - Valuation Allowance (1,210,250) (568,016) Income tax expense/(benefit) $ - $ - |
Schedule of Deferred Tax Assets and Liabilities | The temporary differences, tax credits and carryforwards gave rise to the following deferred tax asset at March 31, 2016 and 2015: December 31, December 31, 2015 2014 Current deferred tax assets (liabilities): Allowance for doubtful accounts $ - $ - Vacation accrual - - Total current deferred tax assets (liabilities) - - Long-term deferred tax assets (liabilities): Goodwill - impaired 2,903,618 2,903,618 Goodwill tax amortization (4,606,627) (4,095,519) Net operating loss carryforward 6,162,365 6,893,138 Valuation allowance (4,459,356) (5,701,237) Total long-term deferred tax assets (liabilities) $ - $ - Net term deferred tax assets (liabilities) $ - $ - | The temporary differences, tax credits and carryforwards gave rise to the following deferred tax asset December 31, 2015 and 2014: December 31, December 31, 2015 2014 Current deferred tax assets (liabilities): Allowance for doubtful accounts $ - $ - Bonus accrual - - Vacation accrual - - Total current deferred tax assets (liabilities) - - Long-term deferred tax assets (liabilities): Goodwill - impaired 2,903,618 2,903,618 Goodwill tax amortization (4,478,850) (3,967,742) Depreciation - - Net operating loss carryforward 6,275,982 6,975,124 Valuation allowance (4,700,750) (5,911,000) Total long-term deferred tax assets (liabilities) $ - $ - Net term deferred tax assets (liabilities) $ - $ - |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | ||
Schedule of Future Minimum Lease Payments | The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2016 are as follows: Year ending March 31: Lease Payments 2017 285,806 2018 320,658 2019 224,565 2020 12,970 Thereafter - Total Minimum Lease Payment $ 843,999 | The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2015 are as follows: Year ending December 31: Lease Payments 2016 283,422 2017 293,346 2018 300,596 2019 23,956 Thereafter - Total Minimum Lease Payment $ 901,320 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Schedule of Earnings Per Share | The following data shows the amounts used in computing earnings per share and the weighted average number of shares of common stock outstanding for the periods presented for the periods ended: For the Three Months Ended March 31, 2016 2015 Income from operations available to common stockholders (numerator) $ 594,293 $ 516,565 Net income available to common stockholders (numerator) 594,293 516,565 Weighted average number of common shares outstanding during the period used in earnings per share (denominator) 1,000 1,000 Proforma Weighted average number of common shares outstanding during the period used in earnings per share (denominator) 20,805,860 20,805,860 | The following data shows the amounts used in computing earnings per share and the weighted average number of shares of common stock outstanding for the periods presented for the periods ended: December 31, 2015 December 31, 2014 Income from operations available to common stockholders (numerator) $ 2,980,611 $ 1,398,255 Income available to common stockholders (numerator) 2,980,611 1,398,255 Weighted average number of common shares outstanding during the period used in earnings per share (denominator) 1,000 1,000 |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||||
Cash balances in excess of federally insured limits | $ 2,834,274 | $ 2,259,911 | ||
Allowance for doubtful accounts | $ 14,000 | $ 14,000 | $ 14,000 | |
Adjusted allowance for bad debt | ||||
Research and development costs | $ 119,862 | $ 67,112 | $ 290,559 | $ 270,507 |
Advertising costs | $ 4,522 | $ 7,358 | $ 32,628 | $ 47,208 |
Impairment of goodwill | ||||
Additional common shares to be issued upon spin off of the Company from FAB accounted for as a reverse spin-off | 20,804,860 | 20,804,860 |
PROPERY AND EQUIPMENT (Details)
PROPERY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment | $ 108,762 | $ 108,762 | $ 238,432 | |
Less: Accumulated depreciation | (92,471) | (86,892) | (193,800) | |
Property and equipment, net | 16,291 | 21,870 | 44,632 | |
Depreciation expense | 5,578 | $ 6,028 | 22,762 | 25,324 |
Furniture, fixtures and equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment | $ 108,762 | $ 108,762 | $ 238,432 | |
Furniture, fixtures and equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life | 2 years | 2 years | ||
Furniture, fixtures and equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life | 10 years | 10 years |
GOODWILL (Details)
GOODWILL (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | |||
Goodwill at beginning of period | $ 11,484,251 | $ 11,484,251 | $ 11,484,251 |
Impairment | |||
Goodwill at end of period | $ 11,484,251 | $ 11,484,251 | $ 11,484,251 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |||
Common stock authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock issued | 1,000 | 1,000 | 1,000 |
Common stock outstanding | 1,000 | 1,000 | 1,000 |
Common stock dividend per share declared | $ 1 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Loss carryforwards | $ 15,460,597 | |||
Loss carryforwards, expiration date | Dec. 31, 2033 | |||
Total of all deferred tax assets | $ 4,459,356 | $ 5,701,237 | $ 4,700,750 | $ 5,911,000 |
Total of the deferred tax assets related to goodwill | 1,703,009 | 1,191,901 | 1,575,232 | 1,064,124 |
Valuation allowance | 4,700,750 | 5,911,000 | ||
Change in valuation allowance | $ 241,394 | $ 209,763 | $ 1,210,250 | $ 568,016 |
INCOME TAXES (Schedule of Compo
INCOME TAXES (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current tax expense: | ||||
Federal | ||||
State | ||||
Current tax expense | ||||
Deferred tax expense (benefit): | ||||
Allowance for doubtful accounts | ||||
Depreciation | ||||
Goodwill - Impaired | ||||
Goodwill | $ 127,777 | $ 127,777 | $ 511,108 | $ 511,108 |
Valuation Allowance | (241,394) | (209,763) | (1,210,250) | (568,016) |
Net operating loss carryforward | $ 113,617 | $ 81,986 | $ 699,142 | $ 56,908 |
Subtotal deferred tax expense/(benefit) | ||||
Income tax expense/(benefit) |
INCOME TAXES (Schedule of Effec
INCOME TAXES (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation [Abstract] | ||||
Computed tax at the expected statutory rate | $ 202,060 | $ 175,632 | $ 1,013,408 | $ 475,407 |
State and local income taxes, net of federal | 39,208 | 34,071 | 196,575 | 92,260 |
Other non-deductible expenses | 126 | 60 | $ 267 | $ 349 |
Return to accrual adjustment | ||||
Valuation Allowance | $ (241,394) | $ (209,763) | $ (1,210,250) | $ (568,016) |
Income tax expense/(benefit) |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||||
Allowance for doubtful accounts | ||||
Bonus accrual | ||||
Vacation accrual | ||||
Total current deferred tax assets (liabilities) | ||||
Goodwill - impaired | $ 2,903,618 | $ 2,903,618 | $ 2,903,618 | $ 2,903,618 |
Goodwill - tax amortization | (4,606,627) | $ (4,478,850) | (4,095,519) | $ (3,967,742) |
Depreciation | ||||
Net operating loss carryforward | 6,162,365 | $ 6,275,982 | 6,893,138 | $ 6,975,124 |
Valuation allowance | $ (4,459,356) | $ (4,700,750) | $ (5,701,237) | $ (5,911,000) |
Total long-term deferred tax assets (liabilities) | ||||
Net term deferred tax assets (liabilities) |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | ||||
Lease expense | $ 51,321 | $ 62,184 | $ 256,092 | $ 159,137 |
Pittsburgh Pennsylvania [Member] | Office Space [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Monthly rent | 4,667 | 4,667 | ||
Los Angeles, California [Member] | Office Space [Member] | Through February 2016 [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Monthly rent | 27,099 | |||
Los Angeles, California [Member] | Office Space [Member] | Through February 2017 [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Monthly rent | 27,872 | 27,872 | ||
Los Angeles, California [Member] | Office Space [Member] | Through February 2018 [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Monthly rent | 28,710 | 28,710 | ||
Los Angeles, California [Member] | Office Space [Member] | Through February 2019 [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Monthly rent | 29,581 | 29,581 | ||
Los Angeles, California [Member] | Office Space [Member] | Through June 2019 [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Monthly rent | $ 30,573 | $ 30,573 |
LEASES (Schedule of Future Mini
LEASES (Schedule of Future Minimum Lease Payments) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Year ending December 31: | ||
Year 1 | $ 285,806 | $ 283,422 |
Year 2 | 320,658 | 293,346 |
Year 3 | 224,565 | 300,596 |
Year 4 | $ 12,970 | $ 23,956 |
Thereafter | ||
Total Minimum Lease Payment | $ 843,999 | $ 901,320 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Income from operations available to common stockholders (numerator) | $ 594,293 | $ 516,565 | $ 2,980,611 | $ 1,398,255 |
Net Income (Loss) Attributable to Parent | $ 594,293 | $ 516,565 | $ 2,980,611 | $ 1,398,255 |
Weighted average number of common shares outstanding during the period used in earnings per share (denominator) | 1,000 | 1,000 | 1,000 | 1,000 |
Proforma Weighted average number of common shares outstanding during the period used in earnings per share (denominator) | 20,805,860 | 20,805,860 | 20,805,860 | 20,805,860 |