Liberated Syndication (LSYN) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 09, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Liberated Syndication Inc.
Entity Central Index Key	1,667,489
Amendment Flag	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		24,415,860

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash	$ 7,369,569	$ 4,875,458
Accounts receivable, net	591,572	385,335
Prepaid expenses	44,600	44,583
Total current assets	8,005,741	5,305,376
Security Deposit	3,582
Property and equipment, net	88,948	33,982
Goodwill	11,484,251	11,484,251
Total assets	19,582,522	16,823,609
CURRENT LIABILITIES:
Accounts payable	429,377	536,295
Accrued expenses	74,302	313,586
Deferred revenue	101,025	110,167
Total current liabilities	604,704	960,048
Total liabilities	604,704	960,048
STOCKHOLDERS' EQUITY
Common stock	24,416	20,806
Additional paid-in capital	26,787,637	25,047,247
Retained Earnings (accumulated deficit)	(7,834,235)	(9,204,492)
Total stockholders' equity	18,977,818	15,863,561
Total liabilities and stockholders' equity	$ 19,582,522	$ 16,823,609

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 14,000	$ 14,000	$ 14,000
Common stock authorized	200,000,000	200,000,000
Common stock par value	$ 0.001	$ 0.001
Common stock outstanding	24,415,860	20,805,860

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenue	$ 2,730,237	$ 2,228,482	$ 7,723,250	$ 6,419,298
Cost of Revenue	797,746	677,729	2,309,902	2,084,487
Gross Profit	1,932,491	1,550,753	5,413,348	4,334,811
OPERATING EXPENSES
Selling expenses	75,649	85,576	235,583	221,781
General and administrative	695,361	681,801	3,807,508	1,996,515
Total Operating Expenses	771,010	767,377	4,043,091	2,218,296
Income from operations	1,161,481	783,376	1,370,257	2,116,515
OTHER INCOME (EXPENSE):
Other income (expense)
Total Other Income (expense)
Income from operations before income taxes	1,161,481	783,376	1,370,257	2,116,515
INCOME TAXES
Current Income Tax Expense (Benefit)
Deferred Income Tax Expense (Benefit)
Net Income	$ 1,161,481	$ 783,376	$ 1,370,257	$ 2,116,515
BASIC AND DILUTED INCOME PER COMMON SHARE (Restated)	$ 0.05	$ 0.04	$ 0.06	$ 0.10
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (Restated)	24,415,860	20,805,860	24,195,567	20,805,860

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flows from Operating Activities
Net income	$ 1,370,257	$ 2,116,515
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	14,098	19,807
Issuance of common stock	1,752,000
Change in assets and liabilities:
Accounts receivable	(206,236)	(9,107)
Prepaid expenses	(3,599)	(77,083)
Accounts payable	(106,918)	(13,274)
Accrued expense	(239,285)	(22,805)
Deferred revenue	(9,142)	(34,959)
Net Cash Provided by Operating Activities	2,571,175	1,979,094
Cash Flows from Investing Activities:
Purchase of equipment	(69,064)	(18,436)
Net Cash Used in Investing Activities	(69,064)	(18,436)
Cash Flows from Financing Activities:
Payments to FAB Universal Corp		(620,766)
Re-purchase of common stock	(8,000)
Net Cash Used in Financing Activities	(8,000)	(620,766)
Net Increase in Cash	2,494,111	1,339,892
Cash at Beginning of Period	4,875,458	2,470,694
Cash at End of Period	7,369,569	3,810,586
Supplemental Disclosures of Cash Flow Information
Cash paid during the periods for: Interest
Cash paid during the periods for: Income taxes
Supplemental Non-Cash Investing and Financing Activities
Compensation for restricted stock awards issued to management and the board of directors	$ 1,752,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Restatement/Reverse Spin-off The basic and diluted earnings per share and weighted average basic and diluted common shares outstanding for the nine months ended September 30, 2016 gives effect to the 20,805,860 common shares issued upon the 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 - We account for software development costs, including costs to develop software products or the software component of products to be marketed to external users, as well as software programs to be used solely to meet our internal needs in accordance with ASC Topic 985 Software and ASC Topic 350 Intangibles – Goodwill and Other. We have determined that technological feasibility for our products to be marketed to external users was reached shortly before the release of those products. As a result, the development costs incurred after the establishment of technological feasibility and before the release of those products were not material, and accordingly, were expensed as incurred. In addition, costs incurred during the application development stage for software programs to be used solely to meet our internal needs were not material. 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 Company’s 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 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. Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 2 - PROPERTY & EQUIPMENT The following is a summary of property and equipment at: Life September 30, 2017 December 31, 2016 Furniture, fixtures and equipment 2-10 yrs $ 186,568 $ 145,553 Leasehold Improvements 5 yrs 28,049 - 214,617 145,553 Less: Accumulated depreciation (125,669) (111,571) Property & equipment, net $ 88,948 $ 33,982 Depreciation expense for the nine months ended September 30, 2017 and 2016 was $14,098 and $19,807, respectively.

GOODWILL

GOODWILL	9 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	NOTE 3 - GOODWILL Impairment - During the fourth quarter of 2016, 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 September 30, 2017 December 31, 2016 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	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
CAPITAL STOCK	NOTE 4 - CAPITAL STOCK Common Stock During the first quarter, the Company issued 3,650,000 shares of common stock valued at $1,752,000 to officers and directors. During the second quarter, the Company repurchased 40,000 shares of common stock for $8,000, and the stock was retired. Reverse Spin-Off —

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and 2016, the total of all deferred tax assets was $3,011,953 and $3,840,987, respectively, and the total of the deferred tax assets related to goodwill was $2,469,670 and $1,958,563, 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 Company’s 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 nine months ended September 30, 2017 and 2016 was $557,580 and $859,763, respectively. The components of income tax expense (benefit) from continuing operations for the nine months ended September 30, 2017 and 2016 consist of the following: For the Nine Months Ended September 30, 2017 2016 Current tax expense: Federal $ - $ - State - - Current tax expense - - Deferred tax expense (benefit): Goodwill 383,331 383,331 Valuation Allowance (557,580) (859,763) Net operating loss carryforward 174,249 476,432 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 Company’s effective rate is as follows: For the Nine Months Ended September 30, 2017 2016 Computed tax at the expected statutory rate $ 465,893 $ 719,616 State and local income taxes, net of federal 90,565 139,647 Other non-deductible expenses 1,122 500 Valuation Allowance (557,580) (859,763) Income tax expense/(benefit) $ - $ - The temporary differences, tax credits and carryforwards gave rise to the following deferred tax asset at September 30, 2017 and December 31, 2016: September 30, December 31, 2017 2016 Net deferred tax assets (liabilities): Goodwill - impaired 2,903,618 2,903,618 Goodwill – tax amortization (5,373,289) (4,862,181) Net operating loss carryforward 5,481,624 5,799,550 Valuation allowance (3,011,953) (3,840,987) Net term deferred tax assets (liabilities) $ - $ -

LEASES

LEASES	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 are as follows: Year ending September 30: Lease Payments 2018 56,844 2019 56,844 2020 56,844 2021 56,844 Thereafter 33,159 Total Minimum Lease Payment $ 260,535 Lease expense charged to operations was $153,252 and $168,786 for the nine months ended September 30, 2017 and 2016, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2017
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 For the Nine Months September 30 September 30 2017 2016 2017 2016 Income from operations available to common stockholders (numerator) $ 1,161,481 $ 783,376 $ 1,370,257 $ 2,116,515 Income available to common stockholders (numerator) 1,161,481 783,376 1,370,257 2,116,515 Restated Weighted average number of common shares outstanding during the period used in earnings per share (denominator) 24,446,578 20,805,860 24,083,595 20,805,860

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8 – COMMITMENTS AND CONTINGENCIES Although Libsyn does not expect to be liable for any obligations not expressly assumed by Libsyn from the Spin-Off, 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. 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. The Company has a 401(k) plan and Profit sharing plan for the benefit of the employees of the Company. 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 made a $100,000 profit sharing contribution to the plan in 2016.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 9 - SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of the filing of this report.

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Organization	Organization
Restatement/Reverse Spin-off	Restatement/Reverse Spin-off The basic and diluted earnings per share and weighted average basic and diluted common shares outstanding for the nine months ended September 30, 2016 gives effect to the 20,805,860 common shares issued upon the spin-off of the Company from FAB accounted for as a reverse spin-off
Consolidation	Consolidation
Accounting Estimates	Accounting Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
Accounts Receivable	Accounts Receivable
Depreciation	Depreciation
Long-lived intangible assets	Long-lived intangible assets
Software Development Costs	Software Development Costs - We account for software development costs, including costs to develop software products or the software component of products to be marketed to external users, as well as software programs to be used solely to meet our internal needs in accordance with ASC Topic 985 Software and ASC Topic 350 Intangibles – Goodwill and Other. We have determined that technological feasibility for our products to be marketed to external users was reached shortly before the release of those products. As a result, the development costs incurred after the establishment of technological feasibility and before the release of those products were not material, and accordingly, were expensed as incurred. In addition, costs incurred during the application development stage for software programs to be used solely to meet our internal needs were not material.
Goodwill	Goodwill
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 Company’s 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.
Leases	Leases
Research and Development	Research and Development -
Earnings Per Share	Earnings Per Share
Income Taxes	Income Taxes
Recently Enacted Accounting Standards	Recently Enacted Accounting Standards - 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. Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following is a summary of property and equipment at: Life September 30, 2017 December 31, 2016 Furniture, fixtures and equipment 2-10 yrs $ 186,568 $ 145,553 Leasehold Improvements 5 yrs 28,049 - 214,617 145,553 Less: Accumulated depreciation (125,669) (111,571) Property & equipment, net $ 88,948 $ 33,982

GOODWILL (Tables)

GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Goodwill	The following is a summary of goodwill: For the Periods Ended September 30, 2017 December 31, 2016 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)	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense	The components of income tax expense (benefit) from continuing operations for the nine months ended September 30, 2017 and 2016 consist of the following: For the Nine Months Ended September 30, 2017 2016 Current tax expense: Federal $ - $ - State - - Current tax expense - - Deferred tax expense (benefit): Goodwill 383,331 383,331 Valuation Allowance (557,580) (859,763) Net operating loss carryforward 174,249 476,432 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 Company’s effective rate is as follows: For the Nine Months Ended September 30, 2017 2016 Computed tax at the expected statutory rate $ 465,893 $ 719,616 State and local income taxes, net of federal 90,565 139,647 Other non-deductible expenses 1,122 500 Valuation Allowance (557,580) (859,763) 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 September 30, 2017 and December 31, 2016: September 30, December 31, 2017 2016 Net deferred tax assets (liabilities): Goodwill - impaired 2,903,618 2,903,618 Goodwill – tax amortization (5,373,289) (4,862,181) Net operating loss carryforward 5,481,624 5,799,550 Valuation allowance (3,011,953) (3,840,987) Net term deferred tax assets (liabilities) $ - $ -

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 are as follows: Year ending September 30: Lease Payments 2018 56,844 2019 56,844 2020 56,844 2021 56,844 Thereafter 33,159 Total Minimum Lease Payment $ 260,535

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2017
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 For the Nine Months September 30 September 30 2017 2016 2017 2016 Income from operations available to common stockholders (numerator) $ 1,161,481 $ 783,376 $ 1,370,257 $ 2,116,515 Income available to common stockholders (numerator) 1,161,481 783,376 1,370,257 2,116,515 Restated Weighted average number of common shares outstanding during the period used in earnings per share (denominator) 24,446,578 20,805,860 24,083,595 20,805,860

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Accounting Policies [Abstract]
Additional common shares issued	20,805,860
Cash balances in excess of federally insured limits	$ 7,204,003
Allowance for doubtful accounts	14,000	$ 14,000	$ 14,000
Adjusted allowance for bad debt	0	0
Advertising costs	25,344	21,721
Research and development costs	$ 463,386	$ 389,575
Additional common shares to be issued upon spin off of the Company from FAB accounted for as a reverse spin-off	20,804,860

PROPERY AND EQUIPMENT (Details)

PROPERY AND EQUIPMENT (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment	$ 214,617		$ 145,553
Less: Accumulated depreciation	(125,669)		(111,571)
Property & equipment, net	88,948		33,982
Depreciation expense	14,098	$ 19,807
Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 186,568		145,553
Furniture, fixtures and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Life	2 years
Furniture, fixtures and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Life	10 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 28,049
Life	5 years

GOODWILL (Details)

GOODWILL (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
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 (Details)

CAPITAL STOCK (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Common stock authorized			200,000,000		200,000,000
Common stock par value			$ 0.001		$ 0.001
Common stock issued			24,415,860		20,805,860
Common stock outstanding			24,415,860		20,805,860
Common stock shares issued			20,805,860
Common stock shares issued, value			$ (1,752,000)
Common stock shares repurchased	40,000
Common stock shares repurchased, Value	$ 8,000
Officers and directors [Member]
Common stock shares issued		3,650,000
Common stock shares issued, value		$ 1,752,000

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Total of all deferred tax assets	$ 3,011,953	$ 3,840,987
Deferred tax assets related to goodwill	2,469,670	1,958,563
Change in the valuation allowance	$ 557,580	$ 859,763

INCOME TAXES (Schedule of Compo

INCOME TAXES (Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Current tax expense:
Federal
State
Current tax expense
Deferred tax expense (benefit):
Goodwill			383,331	383,331
Valuation Allowance			(557,580)	(859,763)
Net operating loss carryforward			174,249	476,432
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 ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Effective Income Tax Rate Reconciliation [Abstract]
Computed tax at the expected statutory rate	$ 465,893	$ 719,616
State and local income taxes, net of federal	90,565	139,647
Other non-deductible expenses	1,122	500
Valuation Allowance	(557,580)	(859,763)
Income tax expense/(benefit)

INCOME TAXES (Schedule of Defer

INCOME TAXES (Schedule of Deferred Tax Assets) (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Net deferred tax assets (liabilities):
Goodwill - impaired	$ 2,903,618	$ 2,903,618
Goodwill - tax amortization	(5,373,289)	(4,862,181)
Net operating loss carryforward	5,481,624	5,799,550
Valuation allowance	(3,011,953)	(3,840,987)
Net term deferred tax assets (liabilities)

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Leased Assets [Line Items]
Lease expense	$ 153,252	$ 168,786
Office Space [Member] | Pittsburgh Pennsylvania [Member] | Through April 2022 [Member]
Operating Leased Assets [Line Items]
Monthly rent	$ 4,737

LEASES (Schedule of Future Mini

LEASES (Schedule of Future Minimum Lease Payments) (Details)	Sep. 30, 2017USD ($)
Year ending September 30:
2,018	$ 56,844
2,019	56,844
2,020	56,844
2,021	56,844
Thereafter	33,159
Total Minimum Lease Payment	$ 260,535

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Income from operations available to common stockholders (numerator)	$ 1,161,481	$ 783,376	$ 1,370,257	$ 2,116,515
Income available to common stockholders (numerator)	$ 1,161,481	$ 783,376	$ 1,370,257	$ 2,116,515
Restated Weighted average number of common shares outstanding during the period used in earnings per share (denominator)	24,415,860	20,805,860	24,195,567	20,805,860

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	9 Months Ended
	Sep. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Profit sharing contribution	$ 100,000