0001262463-17-000056.txt : 20170515 0001262463-17-000056.hdr.sgml : 20170515 20170515162819 ACCESSION NUMBER: 0001262463-17-000056 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170515 DATE AS OF CHANGE: 20170515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPYR, Inc. CENTRAL INDEX KEY: 0000829325 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING & DRINKING PLACES [5810] IRS NUMBER: 752636283 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-20111 FILM NUMBER: 17844701 BUSINESS ADDRESS: STREET 1: 4643 S ULSTER ST. SUITE 1510 CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: 303-991-8000 MAIL ADDRESS: STREET 1: 4643 S ULSTER ST. SUITE 1510 CITY: DENVER STATE: CO ZIP: 80237 FORMER COMPANY: FORMER CONFORMED NAME: EAT AT JOES LTD DATE OF NAME CHANGE: 19961125 FORMER COMPANY: FORMER CONFORMED NAME: CONCEPTUALISTICS INC DATE OF NAME CHANGE: 19961122 10-Q 1 spyr10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2017

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE

EXCHANGE ACT

For the transition period from __________ to __________

Commission file number 33-20111

SPYR, INC.

(Exact name of registrant as specified in its charter)

Nevada		75-2636283
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

4643 S. Ulster St., Suite 1510, Denver, CO 80237

(Address of principal executive offices)

(303) 991-8000

(Registrant's telephone number)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and" smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐		Accelerated filer	☐
Non-accelerated filer	☐		Smaller reporting company	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

APPLICABLE ONLY TO CORPORATE ISSUERS

As of April 28, 2017, there were 160,507,026 shares of the Registrant's common stock, par value $0.0001, issued, 107,636 shares of Series A Convertible preferred stock (convertible to 26,909,028 common shares), par value $0.0001, and 20,000 shares of Series E Convertible preferred stock (convertible to 170,648 common shares), par value $0.0001.

PART I - FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

SPYR, INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

		March 31, 2017			December 31, 2016
ASSETS		(Unaudited)
Current Assets:
Cash and cash equivalents	$	2,296,000		$	3,204,000
Accounts receivable, net		48,000			44,000
Other receivable		100,000			200,000
Inventory		8,000			12,000
Prepaid expenses		52,000			50,000
Trading securities, at market value		44,000			59,000
Total Current Assets		2,548,000			3,569,000

Property and equipment, net		184,000			211,000
Intangible assets, net		17,000			18,000
Capitalized licensing rights, net		38,000			40,000
Other assets		22,000			22,000
TOTAL ASSETS	$	2,809,000		$	3,860,000

LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Current Liabilities:
Accounts payable and accrued liabilities	$	222,000		$	176,000
Total Current Liabilities		222,000			176,000

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized
107,636 Class A shares issued and outstanding
as of March 31, 2017 and December 31, 2016		11			11
20,000 Class E shares issued and outstanding
as of March 31, 2017 and December 31, 2016		2			2
Common Stock, $0.0001 par value, 250,000,000 shares authorized
160,447,026 and 157,637,026 shares issued and outstanding
as of March 31, 2017 and December 31, 2016		16,044			15,763
Additional paid-in capital		37,111,943			34,752,224
Accumulated deficit		(34,541,000	)		(31,084,000	)
Total Stockholders’ Equity		2,587,000			3,684,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,809,000		$	3,860,000

The accompanying notes are an integral part of these condensed consolidated financial statements.

SPYR, INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

	For the Three Months Ended March 31,
	2017			2016

Revenues	$	364,000		$	332,000
Cost of sales		99,000			97,000
Gross Margin		265,000			235,000

Expenses
Labor and related expenses		1,493,000			553,000
Rent		99,000			104,000
Depreciation and amortization		30,000			38,000
Professional fees		1,592,000			219,000
Research and development		113,000			75,000
Other general and administrative		383,000			210,000
Total Operating Expenses		3,710,000			1,199,000
Operating Loss		(3,445,000	)		(964,000	)

Other Income (Expense)
Interest and dividend income		3,000			5,000
Unrealized (loss) gain on trading securities		(15,000	)		101,000
Gain on sale of marketable securities		—			49,000
Total Other (Expense) Income		(12,000	)		155,000

Loss from continuing operations		(3,457,000	)		(809,000	)

Loss on discontinued operations		—			(4,000	)

Net Loss	$	(3,457,000	)	$	(813,000	)

Per Share Amounts
Loss from continuing operations
Basic and Diluted earnings per share	$	(0.02	)	$	(0.01	)

Loss on discontinued operations
Basic and Diluted earnings per share	$	—		$	—

Net Loss
Basic and Diluted earnings per share	$	(0.02	)	$	(0.01	)

Weighted Average Common Shares
Basic and Diluted		159,333,637			152,289,857

The accompanying notes are an integral part of these condensed consolidated financial statements.

SPYR, INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 2017
(Unaudited)

	Preferred Stock												Additional
	Class A				Class E				Common Stock				Paid-in		Accumulated
	Shares		Amount		Shares		Amount		Shares		Amount		Capital		Deficit			Total
Balance at December 31, 2016		107,636	$	11		20,000	$	2		157,637,026	$	15,763	$	34,752,224	$	(31,084,000	)	$	3,684,000

Fair value of common stock issued for employee compensation		—		—		—		—		1,250,000		125		846,875		—			847,000
Fair value of common stock issued for professional fees		—		—		—		—		1,560,000		156		1,064,844		—			1,065,000
Vesting of options and warrants granted for services		—		—		—		—		—		—		402,000		—			402,000
Vesting of shares of common stock issued for services		—		—		—		—		—		—		46,000		—			46,000
Net loss		—		—		—		—		—		—		—		(3,457,000	)		(3,457,000	)
Balance at March 31, 2017		107,636	$	11		20,000	$	2		160,447,026	$	16,044	$	37,111,943	$	(34,541,000	)	$	2,587,000

The accompanying notes are an integral part of these condensed consolidated financial statements.

SPYR, INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	For the Three Months Ended March 31,
	2017			2016
Cash Flows From Operating Activities:
Net loss for the period	$	(3,457,000	)	$	(813,000	)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on discontinued operations		—			4,000
Depreciation and amortization		30,000			38,000
Fair value of vesting warrants and options		402,000			—
Common stock issued for employee compensation		847,000			200,000
Common stock issued for professional fees		1,065,000			52,000
Vesting of shares of common stock issued for services		46,000			6,000
Unrealized loss on trading securities		15,000			(101,000	)
(Gain) loss on sale of trading securities		—			(49,000	)
(Increase) decrease in accounts receivables		(4,000	)		(20,000	)
Decrease (Increase) in other receivables		100,000			—
Decrease in inventory		4,000			3,000
(Increase) decrease in prepaid expenses		(2,000	)		15,000
Increase (decrease) in accounts payable and accrued liabilities		46,000			34,000
Decrease in related party accounts payable		—			(8,000	)
Net Cash Used in Operating Activities from Continuing Operations		(908,000	)		(639,000	)
Net Cash Used in Operating Activities from Discontinued Operations		—			(4,000	)
Net Cash Used in Operating Activities		(908,000	)		(643,000	)

Cash Flows From Investing Activities:
Purchase of licensing rights		—			(10,000	)
Purchases of trading securities		—			(510,000	)
Proceeds from sale of trading securities		—			189,000
Purchase of property and equipment		—			(40,000	)
Net Cash (Used in) Provided by Investing Activities		—			(371,000	)

Net decrease in Cash		(908,000	)		(1,014,000	)
Cash and cash equivalents at beginning of period		3,204,000			6,904,000
Cash and cash equivalents at end of period	$	2,296,000		$	5,890,000

Supplemental Disclosure of Interest and Income Taxes Paid:
Interest paid during the period	$	—		$	—
Income taxes paid during the period	$	—		$	—

The accompanying notes are an integral part of these condensed consolidated financial statements.

SPYR, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended March 31, 2017 and 2016

(Unaudited)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Statements

The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC. The condensed consolidated balance sheet as of December 31, 2016 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company's financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results.

Organization

The Company was incorporated as Conceptualistics, Inc. on January 6, 1988 in Delaware. Subsequent to its incorporation, the Company changed its name to Eat at Joe’s, Ltd. In February 2015, the Company changed its name to SPYR, Inc. and adopted a new ticker symbol “SPYR” effective March 12, 2015.

Nature of Business

The primary focus of SPYR, Inc. (the “Company”) is to act as a holding company and develop a portfolio of profitable subsidiaries, not limited by any particular industry or business.

We currently own three subsidiaries, two in the digital technology industry and, one in the restaurant industry, each having their own particular focus.

Through our wholly owned subsidiaries, SPYR APPS, LLC and SPYR APPS Oy, we operate our mobile games and applications business. The focus of the SPYR APPS subsidiaries is the development and publication of our own mobile games as well as the publication of games developed by third-party developers.

Through our other wholly owned subsidiary, E.A.J.: PHL Airport, Inc., we owned and operated the restaurant “Eat at Joe’s®,” which was located in the Philadelphia International Airport since 1997. Our lease in the Philadelphia Airport expired in April 2017 and will not be renewed. Concurrent with expiration of the lease the restaurant closed. The Company’s plan is to divest itself from its restaurant division and is considering spinning off the business, and issue a stock dividend to its shareholders; however, there is no assurance this can be completed. The Company is also exploring opportunities to license or franchise the name “Eat at Joe’s” as well as merger and acquisition targets of other food related businesses.

Principles of Consolidation

The consolidated financial statements include the accounts of SPYR, Inc. and its wholly-owned subsidiaries, SPYR APPS, LLC, a Nevada Limited Liability Company, and SPYR APPS, Oy, a Finnish Limited Liability Company, and E.A.J.: PHL, Airport Inc., a Pennsylvania corporation. Intercompany accounts and transactions have been eliminated.

Liquidity

The accompanying financial statements have been prepared under the assumption that the Company will continue as a going concern. Such assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the three months ended March 31, 2017, the Company recorded a net loss from continuing operations of $3,457,000 and utilized cash in continuing operations of $908,000. As of March 31, 2017, our cash balance was $2,296,000 and we had trading securities of $44,000.

The Company’s restaurant, Eat At Joes closed in April 2017, concurrent with the expiration of the lease. However, the Company plans to expand its mobile games and application development and publishing activities, such as Pocket Starships, through acquisition and/or development of its own intellectual property and publishing agreements with developers.

We estimate the Company currently has sufficient cash and liquidity to meet its anticipated working capital for the next twelve months. Historically, we have financed our operations primarily through private sales of our trading securities or through sales of our common stock. If our sales goals for our products do not materialize as planned, we believe that the Company can reduce its operating and product development costs that would allow us to maintain sufficient cash levels to continue operations. However, if we are not able to achieve profitable operations at some point in the future, we may have insufficient working capital to maintain our operations as we presently intend to conduct them or to fund our expansion, marketing, and product development plans. There can be no assurance that we will be able to obtain such financing on acceptable terms, or at all.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions used by management affected impairment analysis for fixed assets, intangible assets, amounts of potential liabilities and valuation of issuance of equity securities. Actual results could differ from those estimates.

Earnings (Loss) Per Share

The Company’s computation of earnings (loss) per share (EPS) includes basic and diluted EPS. Basic EPS is calculated by dividing the Company’s net income (loss) available to common stockholders by the weighted average number of common shares during the period. Diluted EPS reflects the potential dilution, using the treasury stock method that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company. In computing diluted EPS, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest.

The basic and fully diluted shares for the three months ended March 31, 2017 are the same because the inclusion of the potential shares (Class A – 26,909,028, Class E – 150,775, Options – 5,970,000, Warrants – 1,200,000) would have had an anti-dilutive effect due to the Company generating a loss for the three months ended March 31, 2017.

The basic and fully diluted shares for the three months ended March 31, 2016 are the same because the inclusion of the potential shares (Non-vested Common – 241,667, Class A – 26,909,028, Class E – 696,767) would have had an anti-dilutive effect due to the Company generating a loss for the three months ended March 31, 2016.

Software Licensing and Publication Costs

Software licensing and publishing costs pertain to non-refundable payments made to independent gaming software developers pursuant to licensing agreements. The payments are intended to assist gaming software developers in the marketing and further development of gaming software applications.

Software licensing and publication costs were $147,000 and $15,000 for the three months ended March 31, 2017 and 2016, respectively, and was reflected as part of Other general and administrative expenses on the accompanying condensed consolidated statements of operations.

Capitalized Licensing Rights

Capitalized licensing rights represent fees paid to intellectual property rights holders for use of their trademarks, copyrights, software, technology, music or other intellectual property or proprietary rights in the development of our products. Depending upon the agreement with the rights holder, we may obtain the right to use the intellectual property in multiple products over a number of years, or alternatively, for a single product.

Significant management judgments and estimates are utilized in assessing the recoverability of capitalized costs. In evaluating the recoverability of capitalized costs, the assessment of expected product performance utilizes forecasted sales amounts and estimates of additional costs to be incurred. If revised forecasted or actual product sales are less than the originally forecasted amounts utilized in the initial recoverability analysis, the net realizable value may be lower than originally estimated in any given quarter, which could result in an impairment charge. Material differences may result in the amount and timing of expenses for any period if management makes different judgments or utilizes different estimates in evaluating these qualitative factors.

In a prior period, the Company capitalized $50,000 as a result of the acquisition of licensing rights of one gaming applications. The Company estimates that the gaming application will have an estimated life of five years, which approximates the term of the license. As of March 31, 2017 and December 31, 2016, the unamortized capitalized licensing rights amounted to $38,000 and $40,000 respectively.

Research and Development Costs

Costs incurred for research and development are expensed as incurred. During the three months ended March 31, 2017 and 2016, the Company incurred $113,000 and $75,000 in research and development costs paid to an independent gaming software developer for the Pocket Starships game.

Reclassifications

During the period ended March 31, 2016, the Company incurred $75,000 in connection with fees paid to a game developer for the development of the Pocket Starships game that were accounted as part of Operating expenses. To conform with presentation adopted for the current period, the Company reclassified this amount as Research and Development expenses. The reclassification had no effect on total assets, total shareholder's equity, net loss or cash flows as previously presented.

Recent Accounting Standards

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the impact of ASU 2014-09 on the Company’s financial statements and disclosures.

In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Company’s financial statements and disclosures.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

NOTE 2 - TRADING SECURITIES

The Company’s securities investments are bought and held principally for the purpose of selling them in the short term and are classified as trading securities. Trading securities are recorded at fair value based on quoted market prices (level 1) on the balance sheet in current assets, with the change in fair value during the period included in earnings as unrealized gains or losses in the statement of operations. Gains from the sales of such securities will be utilized to fund payment of obligations and to provide working capital for operations and to finance future growth, including, but not limited to: conducting our ongoing business, conducting strategic business development, marketing analysis, due diligence investigations into possible acquisitions, and research and development and implementation of the Company’s business plans generally.

Investments in securities are summarized as follows:

Fair Value at

Year

Beginning of Year

Purchases

Proceeds from

Sale

Gain on

Sale

Unrealized

Loss

Fair Value at

March 31, 2017

2017

59,000

—

(15,000

)

44,000

Realized gains and losses are determined on the basis of specific identification. During the three months ended March 31, 2017 and 2016, sales proceeds and gross realized gains and losses on trading securities were:

	March 31, 2017		March 31, 2016

Sales proceeds	$	—	$	189,000
Gross realized (losses)	$	—	$	—
Gross realized gains		—		49,000
Gain (loss) on sale of trading securities	$	—	$	49,000

The following table discloses the assets measured at fair value on a recurring basis and the methods used to determine fair value:

		Fair Value Measurements at Reporting Date Using
		Quoted Prices	Significant	Significant
		in Active	Other	Unobservable
	Fair Value at	Markets	Observable Inputs	Inputs
	March 31, 2017	(Level 1)	(Level 2)	(Level 3)
Trading securities	$ 44,000	$ 44,000	$ -	$ -
Money market funds	36,000	36,000	-	-
Total	$ 80,000	$ 80,000	$ -	$ -

		Fair Value Measurements at Reporting Date Using
		Quoted Prices	Significant	Significant
		in Active	Other	Unobservable
	Fair Value at	Markets	Observable Inputs	Inputs
	December 31, 2016	(Level 1)	(Level 2)	(Level 3)
Trading securities	$ 59,000	$ 59,000	$ -	$ -
Money market funds	36,000	36,000	-	-
Total	$ 95,000	$ 95,000	$ -	$ -

The fair value of the Company’s trading securities is determined by reference to quoted market prices (level 1). During the three months ended March 31, 2017, the Company recorded $15,000 in unrealized losses to account for the changes in fair value of its trading securities. During the three months ended March 31, 2016, the Company recorded $101,000 in unrealized gains to account for the changes in fair value of its trading securities.

NOTE 3 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:


	March 31, 2017			December 31, 2016
		(Unaudited)
Equipment	$	150,000		$	151,000
Furniture & fixtures		116,000			116,000
Leasehold improvements		381,000			381,000
		647,000			648,000
Less: accumulated depreciation and amortization		(463,000	)		(437,000	)
Property and Equipment, Net	$	184,000		$	211,000

Depreciation and amortization expense for the three months ended March 31, 2017 and 2016 was $27,000 and $29,000, respectively.

NOTE 4 – EQUITY TRANSACTIONS

Common Stock:

During the three months ended March 31, 2017, the Company issued an aggregate of 1,250,000 shares of common stock to employees with a total fair value of $847,000 for services rendered. The shares issued are non-refundable and deemed earned upon issuance. As a result, the Company expensed the entire $847,000 upon issuance. The shares issued were valued at the date earned under the respective agreements.

During the three months ended March 31, 2017, the Company issued an aggregate of 1,560,000 shares of restricted common stock to consultants with a total fair value of $1,065,000. The shares issued are non-refundable and deemed earned upon issuance. As a result, the Company expensed the entire $1,065,000 upon issuance. The shares issued were valued at the date earned under the respective agreements.

Common Stock with Vesting Terms:

The following table summarizes common stock with vesting terms activity:

				Weighted
				Average
		Number of		Grant Date
		Shares		Fair Value
Non-vested, December 31, 2016		20,833	$	0.50
	Granted	—		—
	Vested	(20,833)		0.50
	Forfeited	—		—
Non-vested, March 31, 2017		—	$	—

In February 2015, the Company granted and issued 500,000 shares of its restricted common stock to a consultant pursuant to a consulting agreement. The 500,000 shares are forfeitable and are deemed earned upon completion of service over a period of twenty-four months. The Company recognizes the fair value of these shares as they vest. As of December 31, 2016, 479,167 of these shares had vested. During the three months ended March 31, 2017, the remaining 20,833 of these shares vested and as a result, the Company recognized compensation cost of $46,000. As of March 31, 2017, there were no unvested shares and no unearned compensation costs to be recorded.

When calculating basic net income (loss) per share, these shares are included in weighted average common shares outstanding from the time they vest. When calculating diluted net income per share, these shares are included in weighted average common shares outstanding as of their grant date.

Options

The following table summarizes common stock options activity:

				Weighted
				Average
		Options		Exercise Price
December 31, 2016		12,900,000	$	2.83
	Granted	570,000		1.00
	Exercised	—		—
	Cancelled	—		—
	Forfeited	(7,500,000)		3.97
Outstanding, March 31, 2017		5,970,000		3.32
Exercisable, March 31, 2017		4,585,000	$	3.43

During the period ended March 31, 2017, the Company granted stock options to consultants to purchase a total of 570,000 shares of common stock. A total of 185,000 options vested upon grant while the remaining 385,000 options will vest through February 2018 at a rate of 35,000 shares per month. The options are exercisable at $1.00 per share and will expire over 4 years. The fair values of the options are recorded at their respective grant dates computed using the Black-Scholes Option Pricing Model. During the three months ended March 31, 2017, the Company recognized $111,000 in compensation expense based upon the vesting of outstanding options. As of March 31, 2017 the unamortized compensation expense for unvested options was $231,000 which will be recognized over the vesting period.

The weighted average exercise prices, remaining lives for options granted, and exercisable as of March 31, 2017, were as follows:


	Outstanding Options			Exercisable Options
Options			Weighted		Weighted
Exercise Price		Life	Average Exercise		Average Exercise
Per Share	Shares	(Years)	Price	Shares	Price

$1.00	1,720,000	0.75 – 3.86	$1.00	1,335,000	$1.00
$2.50	1,250,000	1.75	$2.50	750,000	$2.50
$5.00	3,000,000	2.75	$5.00	2,500,000	$5.00
	5,970,000		$3.32	4,585,000	$3.43

At March 31, 2017, the Company’s closing stock price was $0.65 per share. As all outstanding options had an exercise price greater than $0.65 per share, there was no intrinsic value of the options outstanding at March 31, 2017.

Warrants:

The following table summarizes common stock warrants activity:

			Weighted
			Average
			Exercise
	Warrants		Price
December 31, 2016		200,000	$	0.50
Granted		1,000,000		1.75
Exercised		—		—
Cancelled		—		—
Forfeited		—		—
Outstanding, March 31, 2017		1,200,000	$	1.54
Exercisable, March 31, 2017		1,200,000	$	1.54

In March 2017, pursuant to an employee separation agreement, the Company granted warrants to purchase a total of 1,000,000 shares of restricted common stock with an exercise price of $1.50 and $2.00 which will expire December 31, 2018. The warrants are fully vested and exercisable upon grant. Total fair value of the warrants at grant date amounted to $291,000 computed using the Black-Scholes Option Pricing Model and was fully recognized on the date of grant.

The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of March 31, 2017, were as follows:

	Outstanding and Exercisable Warrants
Warrants
Exercise Price		Life
Per Share	Shares	(Years)
$0.50	200,000	0.6
$1.50	500,000	1.75
$2.00	500,000	1.75
	1,200,000

At March 31, 2017, the Company’s closing stock price was $0.65 per share and the aggregate intrinsic value of the warrants outstanding at March 31, 2017 was $30,000.

The table below represents the average assumptions used in valuing the stock options and warrants granted in fiscal 2017:

		Three-Months Ended March 31,
		2017
	Expected life in years	1.75 – 3.92
	Stock price volatility	127% - 158%
	Risk free interest rate	1.26 % - 1.60%
Expected dividends		-
	Forfeiture rate	-

The assumptions used in the Black Scholes models referred to above are based upon the following data: (1) the contractual life of the underlying non-employee options is the expected life. The expected life of the employee option is estimated by considering the contractual term of the option, the vesting period of the option, the employees’ expected exercise behavior and the post-vesting employee turnover rate. (2) The expected stock price volatility was based upon the Company’s historical stock price over the expected term of the option. (3) The risk-free interest rate is based on published U.S. Treasury Department interest rates for the expected terms of the underlying options. (4) The expected dividend yield was based on the fact that the Company has not paid dividends to common shareholders in the past and does not expect to pay dividends to common shareholders in the future. (5) The expected forfeiture rate is based on historical forfeiture activity and assumptions regarding future forfeitures based on the composition of current grantees.

NOTE 5 – SEGMENT REPORTING

The Company operated in two segments: Digital Media and Restaurant, which provide different products or services.

Digital Media Segment - Through our wholly owned subsidiaries SPYR APPS, LLC and SPYR APPS Oy, we develop, publish and co-publish mobile games, and then generate revenue through those games by way of advertising and in-app purchases.

Restaurant Segment - Through our wholly owned subsidiary E.A.J.: PHL, Airport, Inc. we owned and operated one “American Diner” theme restaurant called “Eat at Joe’s ® located in the Philadelphia International Airport. Eat at Joe’s ® menu included a variety of dishes including omelets, waffles and hotcakes, sandwiches, hot dogs, burgers, traditional Philly Steak sandwiches, custom wraps, fresh salads and a full complement of beverages and deserts, all made with top quality, fresh ingredients and all prepared to order.

Our lease in the Philadelphia Airport expired in April 2017 and will not be renewed. Concurrent with expiration of the lease the restaurant closed. The Company’s plan is to divest itself from its restaurant division and is considering spinning off the business, and issue a stock dividend to its shareholders; however, there is no assurance this can be completed. The Company is also exploring opportunities to license or franchise the name “Eat at Joe’s®” as well as merger and acquisition targets of other businesses in the food service industries. Pursuant to current accounting guidelines, the Company will report the restaurant segment as a discontinued operations starting in April 2017.

Revenue and expenses earned and charged between segments are eliminated in consolidation. Corporate expenses, interest income, interest expense, gains and losses on trading or marketable securities and income taxes are managed on a total company basis.

Information related to these segments is as follows:

REPORTABLE SEGMENTS
THREE MONTHS ENDED MARCH 31, 2017
(Unaudited)

		Digital Media			Restaurants			Corporate			Consolidated

Revenues	$	52,000		$	312,000		$	—		$	364,000
Cost of sales		—			99,000			—			99,000
Research and development		113,000			—			—			113,000
General and administrative		751,000			233,000			2,583,000			3,567,000
Depreciation and amortization		3,000			15,000			12,000			30,000
Operating loss	$	(815,000	)	$	(35,000	)	$	(2,595,000	)	$	(3,445,000	)


Current assets	$	316,000		$	378,000		$	1,854,000		$	2,548,000
Property and equipment, net		6,000			15,000			163,000			184,000
Intangible assets		—			—			17,000			17,000
Other non-current assets		38,000			17,000			5,000			60,000
Total assets	$	360,000		$	410,000		$	2,039,000		$	2,809,000

REPORTABLE SEGMENTS
THREE MONTHS ENDED MARCH 31, 2016
(Unaudited)

		Digital Media			Restaurants			Corporate			Consolidated

Revenues	$	35,000		$	297,000		$	—		$	332,000
Cost of sales		—			97,000			—			97,000
Research and development		75,000			—			—			75,000
General and administrative		258,000			239,000			589,000			1,086,000
Depreciation and amortization		8,000			19,000			11,000			38,000
Operating income (loss)	$	(306,000	)	$	(58,000	)	$	(600,000	)	$	(964,000	)


Current assets	$	137,000		$	245,000		$	6,463,000		$	6,845,000
Property and equipment, net		—			78,000			208,000			286,000
Intangible assets		—			—			20,000			20,000
Other non-current assets		—			17,000			6,000			23,000
Total assets	$	137,000		$	340,000		$	6,697,000		$	7,174,000

NOTE 6 – COMMITMENTS AND CONTINGENCIES

We are involved in certain legal proceedings that arise from time to time in the ordinary course of our business. Except for income tax contingencies, we record accruals for contingencies to the extent that our management concludes that the occurrence is probable and that the related amounts of loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. A material legal proceeding that is currently pending is as follows:

On October 14, 2015, the Company was named as a defendant in a case filed in the United States District Court for the District of Delaware case: Zakeni Limited v. SPYR, Inc., f/k/a Eat at Joe’s., Ltd. The suit relates to the Company’s issuance of two convertible debentures in the aggregate principal amount of $1,500,000 in 1998. The plaintiff is seeking payment or conversion of said convertible debentures together with accrued interest and unspecified damages. The Company believes the claim is not a valid debt and is vigorously defending this lawsuit. On December 4, 2015, the Company filed a motion to dismiss the suit based on the statute of limitations. In evaluating a motion to dismiss, the Court is only allowed to view the allegations set forth in the plaintiff’s complaint and documents referenced therein, must assume that those allegations are true, and must construe all evidence contained in the referenced documents in a light most favorable to the plaintiff. On August 24, 2016, under this standard, the Court determined that the legal requirements to grant the motion to dismiss had not been fully satisfied and denied the Company’s Motion to Dismiss. Accordingly, no final determinations regarding liability have been made, the case will proceed to be litigated in the normal course, and, if the Company elects, it will have the ability to again present its arguments for dismissal prior to trial through a motion for summary judgment, which will allow for a determination to be made based on a legal standard that is slightly less favorable to the plaintiff. If that motion is denied, the Company will still have the opportunity to present all of its arguments and defenses at trial, at which Zakeni will have to prove its case by a preponderance of the evidence. The case is scheduled for trial on January 8, 2018. Based upon available information at this very early stage of litigation, it is still the belief of management and opinion of in-house counsel that the Company will obtain a favorable ruling and no amount will be awarded to the plaintiff in this action. Accordingly, Management believes the likelihood of material loss resulting from this lawsuit to be remote.

NOTE 7 – SUBSEQUENT EVENTS

Subsequent to March 31, 2017, the Company issued an aggregate of 60,000 shares of common stock to third party service providers with a total fair value of $38,000 for services rendered. The shares issued are non-refundable and deemed earned upon issuance.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and supplementary data referred to in this Form 10-Q.

This discussion contains forward-looking statements that involve risks and uncertainties. Such statements, which include statements concerning revenue sources and concentration, selling, general and administrative expenses and capital resources, are subject to risks and uncertainties, including, but not limited to, those discussed elsewhere in this Form 10-Q that could cause actual results to differ materially from those projected. Unless otherwise expressly indicated, the information set forth in this Form 10-Q is as of March 31, 2017, and we undertake no duty to update this information.

Plan of Operations – SPYR, Inc. operated in two separate and distinct segments: Digital Media and Restaurant. The Digital Media segment includes publishing, co-publishing, developing and marketing mobile games and applications. The Restaurant segment included owning and operating an “American Diner” theme restaurant called “Eat at Joe’s®.” Concurrent with the expiration of our lease in the Philadelphia Airport in April 2017 and the closing of the restaurant, Management plans to focus our efforts on the Digital Media Segment.

Through our wholly owned subsidiaries SPYR APPS, LLC, d/b/a SPYR GAMES and SPYR APPS Oy, we develop, publish and co-publish mobile games, and then generate revenue through those games by way of advertising and in-app purchases. Our primary focus is on the development and expansion of our mobile games and applications. We anticipate we will need to hire additional employees during 2017 to help with the development and marketing of existing and future games and applications.

In June 2016, we obtained an exclusive option to purchase all the assets of the developer of the electronic game commonly known and referred to as “Pocket Starships” (the “Option”). This exclusive Option is exercisable by the Company at any time, in the Company’s sole discretion, through December 31, 2020, on fixed terms favorable to the Company.

Since December 17, 2015, the Company has been publishing Pocket Starships through an exclusive publishing agreement (the “Publishing Agreement”) with the game’s former publisher, Spectacle Games Publishing (“Spectacle”). The exclusive Publishing Agreement runs for a term of five years, expiring on December 17, 2020, and provides for the Company to fund advanced development and marketing of Pocket Starships in exchange for 50% of the revenue generated by Pocket Starships, us a recoupment, out of Spectacle’s share of the revenue, of the development money advanced by the Company. Should the Company decide to exercise the Option, the Company will receive 100% of the revenue generated by Pocket Starships.

Spectacle is a California corporation that is under common ownership and control of MMOJoe, as defined below. Spectacle maintains a proper registered agent in California, but otherwise has no formal presence in the U.S. The developer and owner of Pocket Starships, MMOJoe UG, maintains its physical offices out of which its employees perform their work at Rosenstrasse 17, 10178 Berlin, Germany and has incorporated a related entity in the U.S. under common ownership and control by the name of MMOJoe USA, a California corporation, which maintains a proper registered agent, but otherwise has no formal presence in the U.S. (collectively “MMOJoe”). All services and work by Spectacle and MMOJoe are performed by employees working out of offices in Berlin, Germany and/or third party contractors overseas. Should the Company decide to exercise the Option, it will pay to MMOJoe $5,000,000 in cash plus $10,000,000 worth of shares of the Company’s common stock, valued at the time of closing of the purchase. In exchange for the Option, the Company granted MMOJoe stock options to purchase an aggregate of 3.75 million shares of common stock with a fair value of $472,000 using the Black-Scholes Option Pricing Model. The stock options are fully vested, exercisable at a price per share of $1.00, $2.50 and $5.00 and will expire starting in December 31, 2017 through December 31, 2019.

The Company intends to utilize cash on hand to conduct its ongoing business, and to also conduct strategic business development, marketing analysis, due diligence investigations into possible acquisitions, and research and development and implementation of our business plans generally. The Company may also decide to diversify, through acquisition or otherwise, in other unrelated business areas if opportunities present themselves.

COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2017 TO 2016

The consolidated results of continuing operations for the three months ended March 31, 2017 and 2016 are as follows:

	Digital Media			Restaurants			Corporate			Consolidated

Three Months Ended March 31, 2017
Revenues	$	52,000		$	312,000		$	—		$	364,000
Cost of sales		—			99,000			—			99,000
Labor and related expenses		383,000			123,000			987,000			1,493,000
Rent		3,000			61,000			35,000			99,000
Depreciation and amortization		3,000			15,000			12,000			30,000
Professional fees		93,000			—			1,499,000			1,592,000
Research and development		113,000			—			—			113,000
Other general and administrative		272,000			49,000			62,000			383,000
Operating loss		(815,000	)		(35,000	)		(2,595,000	)		(3,445,000	)

Other income (expense)		—			—			(12,000	)		(12,000	)
Loss from continuing operations	$	(815,000	)	$	(35,000	)	$	(2,607,000	)	$	(3,457,000	)

Three Months Ended March 31, 2016
Revenues	$	35,000		$	297,000		$	—		$	332,000
Cost of sales		—			97,000			—			97,000
Labor and related expenses		71,000			117,000			365,000			553,000
Rent		—			72,000			32,000			104,000
Depreciation and amortization		8,000			19,000			11,000			38,000
Professional fees		75,000			—			144,000			219,000
Research and development		75,000			—			—			75,000
Other general and administrative		112,000			50,000			48,000			210,000
Operating income (loss)		(306,000	)		(58,000	)		(600,000	)		(964,000	)

Other income (expense)		—			—			155,000			155,000
Income (loss) from continuing operations	$	(306,000	)	$	(58,000	)	$	(445,000	)		(809,000	)

Results of Operations - For the three months ended March 31, 2017 the Company had a loss from continuing operations of $3,457,000 compared to a loss from continuing operations of $809,000 for the three months ended March 31, 2016. This change is due primarily to restricted stock awards granted to employees and third party service providers recorded at fair value of $2,360,000 during the period ended March 31, 2017, compared to $258,000 during the corresponding period in 2016. Other items contributing to the change included increases in professional fees settled in cash of $216,000, in research and development costs of $38,000, in other general and administrative expenses of $173,000, and decreases in gains on trading securities of $165,000.

More detailed explanation of the three months ended March 31, 2017 and 2016 changes are included in the applicable segment discussions following.

Total Revenues - Total revenues increased $32,000, to $364,000 from $332,000 for the three months ended March 31, 2017 compared to the three months ended March 31, 2016. This change is due to increased digital media revenues of $17,000 and increased restaurant revenues of $15,000. For the three months ended March 31, 2017, revenues included $52,000 in revenues from our Digital Media Mobile Games Publishing and Advertising segment and $312,000 in restaurant revenues. For the three months ended March 31, 2016, revenues included $35,000 in revenues from our Digital Media Mobile Games Publishing and Advertising segment and $297,000 in restaurant revenues. Management plans to expand its mobile application and game development and monetization efforts and expects revenues to continued increasing in this segment in the coming months. As stated above, the lease in the Philadelphia Airport expired in April 2017 and the restaurant closed. The Company’s plan is to divest itself from its restaurant division and is considering spinning off the business, and issuing a stock dividend to its shareholders; however, there is no assurance this can be completed. The Company is also exploring opportunities to license or franchise the name “Eat at Joe’s” as well as merger and acquisition targets of other businesses in the food service industries.

Costs and Expenses - Costs of sales, include the costs of food, beverage, and kitchen supplies and relates solely to our restaurant business.

The cost of labor increased $940,000 to $1,493,000 from $553,000 for the three months ended March 31, 2017 compared to the three months ended March 31, 2016. The cost of labor increased in our Digital Media Mobile Games Publishing and Advertising segment by $312,000. Of this amount, $15,000 was settled in cash and $297,000 was paid in restricted stock recorded at fair value. At the corporate level, cash compensation decreased by $26,000, while the amounts paid in restricted stock recorded at fair value increased by $648,000 for a net increase of $622,000. The remaining difference is attributed to ring dates and changes in pay rates and the overall number of employees. The cost of labor is expected to increase in conjunction with expansion of the digital media operations.

The cost of rent decreased 4% as a percentage of sales from 2016 to 2017. The Company’s wholly owned subsidiary, E.A.J.: PHL, Airport, paid $14,000 per month basic rent plus percentage rent equal to 20% of gross revenues above $1,200,000 under the lease based on sales for the 12-month period from July to June of each year. Basic rent is a fixed cost and percentage rent is variable, so the total rent paid is expected to vary from year to year in conjunction with restaurant sales. As has been previously described, our lease in the Philadelphia Airport expired in April 2017. Concurrent with expiration of the lease the restaurant closed. Beginning in May 2017, there will not be any further rent expense pursuant to this lease. Beginning May 1, 2015, the Company moved into its new corporate offices in Denver, Colorado and began recording lease expense of $5,500 per month pursuant to this lease agreement. On October 1, 2015, we added additional square footage that more than doubled our administrative office space in Denver and further increased our rent expense for the year. Beginning September 1, 2016, we began leasing office space in Berlin, Germany on a month to month basis at a cost of EUR 250 plus 19% tax per person up to a maximum of 10 people. The Berlin office is being used by leased employees hired by the Company for the marketing and user acquisition for the Pocket Starships game. Beginning October 17, 2016, we began leasing shared office for one employee in Redmond, Washington on a month to month basis at a cost of $225 per month per desk.

Depreciation and amortization expenses decreased by $8,000 for the three months ended March 31, 2017 compared to the three months ended March 31, 2016. This is attributable to certain of the Company’s office equipment, furniture and fixtures, and other fixed assets being fully depreciated, no new fixed asset purchases during the three months ended March 31, 2017, and reductions in the amount of capitalized licensing rights subject to amortization.

Professional fees increased $1,373,000 from $219,000 for the three months ended March 31, 2016 to $1,592,000 for the three months ended March 31, 2017. Professional fees during 2017 included $1,407,000 for investor and public relations, of which $200,000 was settled in cash and $1,207,000 was paid in restricted stock recorded at fair value, $51,000 for accounting and auditing services, $37,000 for legal fees, $90,000 for consulting and professional fees related to our digital media segment, $7,000 for other professional service needs. Professional fees during 2016 $71,000 for investor and public relations, of which $21,000 was settled in cash and $50,000 was paid in restricted stock recorded at fair value, $49,000 for accounting and auditing services, $13,000 for legal fees, $75,000 for consulting and professional fees related to our digital media segment, $11,000 for other professional service needs.

During the three months ended March 31, 2017, the Company incurred research and development costs of $113,000 in connection with fees paid to a game developer for the development of the Pocket Starships game, compared to $75,000 during the three months ended March 31, 2016.

Other general and administrative expenses increased $173,000 for the three months ended March 31, 2017 compared to the three months ended March 31, 2016. The increase can be attributed primarily to software licensing and publishing costs which increased by $132,000, travel costs which increased by $11,000, and various other general and administrative cost increases.

The Company had unrealized losses on trading securities of $15,000 for the year ended March 31, 2017 compared to unrealized gains of $101,000 for the three months ended March 31, 2016. Unrealized gains and losses are the result of fluctuations in the quoted market price of the underlying securities.

The Company did not sell any trading securities during the three months ended March 31, 2017. The Company realized losses from the sale of trading securities of $49,000 for the three months ended March 31, 2016. Realized gains and losses are the difference between the selling prices and fair value of the underlying trading securities at the date of sale.

Digital Media Segment:

	2017			2016			Difference			%
Revenues	$	52,000		$	35,000		$	17,000			100	%
General and administrative		864,000			333,000			531,000			159	%
Depreciation and amortization		3,000			8,000			(5,000	)		100	%
Operating Loss	$	(815,000	)	$	(306,000	)	$	(509,000	)		166	%

Results of Operations – For the three months ended March 31, 2017 the Digital Media segment had an operating loss of $815,000 compared to an operating loss of $306,000 for three months ended March 31, 2016. This increase is due to increased time and resources being devoted to the development of Pocket Starships. Management’s plan for the next 12 months is to continue building upon this foundation and focus our efforts on marketing, user acquisition optimization and retention. We will also continue to provide the monthly advances to further the development, enhancement and maintenance of the game as needed to meet the needs of the users and maximize revenue into the future. In addition to our plans for Pocket Starships, we will continue to seek additional games and apps to publish as we strive to broaden our range of products and increase revenues and operating cash flows. We expect these marketing, development and expansion plans will be financed through existing cash, operating cash flows from game revenues and other forms of financing such as the sale of additional equity and debt securities, capital leases and other credit facilities.

Revenues – For the three months ended to March 31, 2017, the Digital Media segment had revenues of $52,000 compared to revenues of $35,000 the three months ended March 31, 2016. Management expects digital media revenues to increase during the next 12-18 months as the Company expands its mobile games and application development and publishing activities through the acquisition and/or development of its own intellectual property and publishing agreements with developers.

General and Administrative Expenses – For the three months ended to March 31, 2017, the Digital Media segment had total selling, general and administrative expenses of $864,000, which included Labor and related expenses of $383,000, of which $77,000 was paid in cash and $306,000 was paid in restricted stock recorded at fair value, rent expense of $3,000, professional fees of $93,000, of which $48,000 was paid in cash and $45,000 was paid in restricted stock recorded at fair value, research and development costs of $113,000, software licensing and publishing costs of$147,000, marketing costs of $44,000, travel costs of $20,000, and various other general and administrative costs of $61,000. For the three months ended March 31, 2016, the Digital Media segment had total selling, general and administrative expenses of $334,000, which included Labor and related expenses of $71,000, of which $62,000 was paid in cash and $9,000 was paid in restricted stock recorded at fair value, marketing expenses of $75,000, research and development costs of $75,000, software licensing and publishing costs of $15,000, professional fees of $75,000, and other general and administrative costs of $23,000.

Depreciation and Amortization Expenses – For the three months ended March 31, 2017 the Digital Media segment had total depreciation and amortization expense of $3,000 compared $8,000 for the three months ended March 31, 2016.

Restaurant Segment:

	2017			2016			Difference			%
Revenues	$	312,000		$	297,000		$	15,000			5	%
Cost of sales		99,000			97,000			2,000			2	%
General and administrative		233,000			239,000			(6,000	)		-3	%
Depreciation and amortization		15,000			19,000			(4,000	)		-21	%
Operating income (loss)	$	(35,000	)	$	(58,000	)	$	23,000			-40	%

Results of Operations – For the three months ended March 31, 2017 the Restaurant segment had an operating loss of $35,000 compared to an operating loss of $57,000 for the three months ended March 31, 2016. This change is due primarily to the increase in revenues of $15,000, an increase in cost of sales of $2,000, and a decreased in operating costs (general and administrative costs including depreciation and amortization) of $9,000.

Revenues – For the three months ended March 31, 2017 and 2016, the Restaurant segment had sales of $312,000 and $297,000, respectively, for an increase of $15,000 or 5%. Restaurant revenues fluctuate based upon airport traffic fluctuations.

Costs of Sales – For the three months ended March 31, 2017 and 2016, the Restaurant segment had costs of sales of $99,000 and $97,000, respectively, for an increase of $2,000 or 2%. As a percentage of sales, cost of sales for the three months ended March 31, 2017 and 2016 were 32% and 33%, respectively for a decrease of 1%. This decrease represents fluctuations in the costs of food, beverage, and kitchen supplies.

General and Administrative Expenses – For the three months ended March 31, 2017 and 2016, the Restaurant segment had general and administrative expenses of $233,000 compared to $238,000 for the three months ended March 31, 2016. The increase in general and administrative expenses is due primarily decreases in percentage rent of $11,000 and increases in salary and wages of employees of $6,000.

LIQUIDITY AND CAPITAL RESOURCES

The Company has generated a net loss from continuing operations for the three months ended March 31, 2017 of $3,457,000. As of March 31, 2017, the Company had current assets of $2,548,000, which included cash and cash equivalents of $2,296,000, and trading securities of $44,000. The Company’s restaurant, Eat at Joe’s®, subsequently closed in April 2017 concurrent with the expiration of the lease. However, the Company plans to expand its mobile games and application development and publishing activities, such as Pocket Starships, through acquisition and/or development of its own intellectual property and publishing agreements with developers.

During the three months ended March 31, 2017 and 2016, the Company has met its capital requirements through a combination of collection of revenues and utilization of cash reserves.

Operating Activities - For the three months ended March 31, 2017, the Company used cash in operating activities of $908,000. For the three months ended March 31, 2016, the Company used cash in operating activities of $639,000. This increase is due primarily to our expansion efforts into the digital media publishing, advertising and gaming industry, the addition of new management and operations personnel and the resulting increases in operating expenses.

Investing Activities - During the three months ended March 31, 2017, the Company did not engage in any investing activities. During the three months ended March 31, 2016. During the three months ended March 31, 2016, the Company used cash of $10,000 for the purchase of software licensing rights, used $510,000 in cash to purchase trading securities, received $189,000 in cash proceeds from sales of trading securities and used cash of $40,000 for the purchase of property plant and equipment.

Financing Activities - During the three months ended March 31, 2017 and 2016, the Company did not engage in any financing activities.

During 2016 and 2017 we invested in the Company’s future by working closely with the development team at Spectacle Games to optimize game play and expand the availability of the Pocket Starships to more users through new and existing game portals, social networking sites and app stores throughout the world. Management’s plan for the next 12 months is to build upon this foundation and focus our efforts on marketing and optimizing user acquisition and retention. We will also continue to provide the monthly advances to Spectacle for further development, enhancement and maintenance of the game as needed to meet the needs of the users and maximize revenue into the future. In addition to our plans for Pocket Starships, we will continue to seek additional games and apps to publish as we strive to broaden our range of products and increase revenues and operating cash flows. We expect these marketing, development and expansion plans will be financed through existing cash, operating cash flows from game revenues and other forms of financing such as the sale of additional equity and debt securities, capital leases and other credit facilities.

Government Regulations - The Company is subject to all pertinent Federal, State, and Local laws governing its business. Each subsidiary is subject to licensing and regulation by a number of authorities in its State or municipality. These may include health, safety, and fire regulations. The Company's operations are also subject to Federal and State minimum wage laws governing such matters as working conditions, overtime and tip credits.

Critical Accounting Policies - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Note 1 to the Consolidated Financial Statements describes the significant accounting policies and methods used in the preparation of the Consolidated Financial Statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ materially from those estimates. The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation of the Consolidated Financial Statements.

Revenue Recognition

The Company generates revenues from its wholly owned subsidiaries, which operate separate and distinct businesses. The following is a summary of our revenue recognition policies.

Through our wholly owned subsidiary SPYR APPS, LLC, we develop, publish and co-publish mobile games, and then generate revenue through those games by way of advertising and in-app purchases. The Company’s dedicated mobile gaming applications can be downloaded through the app stores maintained by Apple and Google. The Company’s cross platform gaming application which can be played on personal computers, Facebook and mobile devices, can be downloaded from the internet and Facebook as well as through the app stores maintained by Apple, Google and Amazon. The Company receives revenue from sale of advertising provided with games and through in-app purchases. The Company also receives revenue from publishing agreements entered into during 2015 for one mobile game and one cross platform game. The Company recognizes revenue using four basic criteria that must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured, which is typically after receipt of payment and delivery.

Though our wholly owned subsidiary E.A.J.: PHL, Airport, Inc. we generated revenue from the sale of food and beverage products through our restaurant. Revenue from the restaurant is recognized upon sale to a customer and receipt of payment.

Stock-Based Compensation

The Company periodically issues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the Financial Accounting Standards Board (FASB) whereas the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

The fair value of the Company's stock option and warrant grants is estimated using the Black-Scholes Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or warrants, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes Option Pricing model, and based on actual experience. The assumptions used in the Black-Scholes Option Pricing model could materially affect compensation expense recorded in future periods.

The Company also issues restricted shares of its common stock for share-based compensation programs to employees and non-employees. The Company measures the compensation cost with respect to restricted shares to employees based upon the estimated fair value at the date of the grant, and is recognized as expense over the period which an employee is required to provide services in exchange for the award. For non-employees, the Company measures the compensation cost with respect to restricted shares based upon the estimated fair value at measurement date which is either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete.

Recent Accounting Pronouncements

See Note 1 of the condensed consolidated financial statements for discussion of recent accounting pronouncements.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Management of the Company is responsible for maintaining disclosure controls and procedures that are designed to ensure that financial information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within the timeframes specified in the Securities and Exchange Commission’s rules and forms, consistent with Items 307 and 308 of Regulation S-K.

In addition, the disclosure controls and procedures must ensure that such financial information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required financial and other required disclosures.

As of March 31, 2017, an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) was carried out under the supervision and with the participation of our Chief Executive Officer, Chief Financial Officer, and other persons carrying out similar functions for the Company. Based on the evaluation of the Company’s disclosure controls and procedures, the Company concluded that during the period covered by this report, such disclosure controls and procedures were effective.

The Company continues to employ and refine a structure in which critical accounting policies, issues and estimates are identified, and together with other complex areas, are subject to multiple reviews by accounting personnel. In addition, the Company evaluates and assesses its internal controls and procedures regarding its financial reporting, utilizing standards incorporating applicable portions of the Public Company Accounting Oversight Board’s 2009 Guidance for Smaller Public Companies in Auditing Internal Controls Over Financial Reporting as necessary and on an on-going basis.

Changes in Internal Controls Over Financial Reporting

The Company has no reportable changes to its internal controls over financial reporting for the period covered by this report.

The Company will continually enhance and test its internal controls over financial reporting. Additionally, the Company’s management, under the control of its Chief Executive Officer and Chief Financial Officer, will increase its review of its disclosure controls and procedures on an ongoing basis. Finally, the Company plans to designate, in conjunction with its Chief Financial Officer, individuals responsible for identifying reportable developments and the process for resolving compliance issues related to them. The Company believes these actions will focus necessary attention and resources in its internal accounting functions.

PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

On October 14, 2015, the Company was named as a defendant in a case filed in the United States District Court for the District of Delaware captioned: Zakeni Limited v. SPYR, Inc., f/k/a Eat at Joe’s., Ltd. The suit relates to the Company’s issuance of two convertible debentures in the aggregate principal amount of $1,500,000 in 1998. The plaintiff is seeking payment or conversion of said convertible debentures together with accrued interest and unspecified damages. The Company believes the claim is not a valid debt and is vigorously defending this lawsuit. On December 4, 2015, the Company filed a motion to dismiss the suit based on the statute of limitations. In evaluating a motion to dismiss, the Court is only allowed to view the allegations set forth in the plaintiff’s complaint and documents referenced therein, must assume that those allegations are true, and must construe all evidence contained in the referenced documents in a light most favorable to the plaintiff. On August 24, 2016, under this standard, the Court determined that the legal requirements to grant the motion to dismiss had not been fully satisfied and denied the Company’s Motion to Dismiss. Accordingly, no final determinations regarding liability have been made, the case will proceed to be litigated in the normal course, and, if the Company elects, it will have the ability to again present its arguments for dismissal prior to trial through a motion for summary judgment, which will allow for a determination to be made based on a legal standard that is slightly less favorable to the plaintiff. If that motion is denied, the Company will still have the opportunity to present all of its arguments and defenses at trial, at which Zakeni will have to prove its case by a preponderance of the evidence. The case is scheduled for trial on January 8, 2018. Based upon available information at this very early stage of litigation, it is still the belief of management and opinion of in-house counsel that the Company will obtain a favorable ruling and no amount will be awarded to the plaintiff in this action. Accordingly, Management believes the likelihood of material loss resulting from this lawsuit to be remote.

ITEM 1A.

RISK FACTORS

Not applicable to smaller reporting companies.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During January, February, and March 2017, the Company issued 1,250,000 restricted common shares as part of the base salary pursuant to employment contracts with two officers of the Company. These shares were recorded at fair value of $847,000 in the statement of operations and comprehensive income as part of Labor and related expenses for the three months ended March 31, 2017. The Company relied upon the Section 4(a)(2) exemption from registration provided by Rule 506(b) of Regulation D.

During January, February, and March 2017, the Company issued 1,560,000 restricted common shares pursuant to third party service agreements. These shares were recorded at fair value of $1,065,000 in the statement of operations and comprehensive income as part of professional fees for the three months ended March 31, 2017. The Company relied upon the Section 4(a)(2) exemption from registration provided by Rule 506(b) of Regulation D.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.

MINE SAFETY DISCLOSURES

Not applicable

ITEM 5.

OTHER INFORMATION

None.

ITEM 6.

EXHIBITS

The following exhibits are included as part of this report:


Exhibit Number	Exhibit Description
3.1	Articles of Incorporation (1)
3.2	By-laws (1)
3.3	Amended Articles of Incorporation (1)
10.1	Lease Information Form between E.A.J.: PHL, Airport Inc. and Marketplace Redwood Limited Partnership(1)
10.2	Registration of trade name for Eat at Joe's(1)
10.2	Registration Rights Agreement(1)
10.3	Franklin Networks Acquisition Agreement (1)
14	Code of Ethics (1)
21	Subsidiaries of the Company (1)
31**	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32***	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**	XBRL Instance Document
101.SCH**	XBRL Taxonomy Extension Schema Document
101.CAL**	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	XBRL Taxonomy Extension Label Linkbase Document
101.PRE**	XBRL Taxonomy Extension Presentation Linkbase Document

** Filed herewith

*** Furnished Herewith

(1) Incorporated by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 15, 2017

	SPYR, INC.

	By:	/S/ James R. Thompson
		James R. Thompson
		President & Chief Executive Officer
		(Principal Executive Officer)

	By:	/S/ Barry D. Loveless
		Barry D. Loveless
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31 2 ex311.htm EXHIBIT 31.1

EXHIBIT 31.1

RULE 13a-14(a)/15d-14(a) CERTIFICATION

I, James R. Thompson, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2017 of SPYR, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles,

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 15, 2017

	/S/ James R. Thompson
	James R. Thompson
	Chief Executive Officer
	(Principal Executive Officer)

EX-31 3 ex312.htm EXHIBIT 31.2

EXHIBIT 31.2

RULE 13a-14(a)/15d-14(a) CERTIFICATION

I, Barry D. Loveless, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended March 31, 2017 of SPYR, Inc.;

5. The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

May 15, 2017

	/s/ Barry D. Loveless
	Barry D. Loveless, Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-32 4 ex321.htm EXHIBIT 32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SPYR (the “Company”) on Form 10-Q for the quarter ended March 31, 2017 as filed with the Securities and Exchange Commission (the “Report”), I, James R. Thompson, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. SS. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

May 15, 2017

	/S/ James R. Thompson
	James R. Thompson
	Chief Executive Officer
	(Principal Executive Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32 5 ex322.htm EXHIBIT 32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of SPYR, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2017 as filed with the Securities and Exchange Commission (the “Report”), I, Barry D. Loveless, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. SS. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

May 15, 2017

	/S/ Barry D. Loveless
	Barry D. Loveless
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

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NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Interim Financial Statements   The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC. The condensed consolidated balance sheet as of December 31, 2016 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.   In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company's financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results.   Organization   The Company was incorporated as Conceptualistics, Inc. on January 6, 1988 in Delaware. Subsequent to its incorporation, the Company changed its name to Eat at Joe’s, Ltd. In February 2015, the Company changed its name to SPYR, Inc. and adopted a new ticker symbol “SPYR” effective March 12, 2015.   Nature of Business   The primary focus of SPYR, Inc. (the “Company”) is to act as a holding company and develop a portfolio of profitable subsidiaries, not limited by any particular industry or business.   We currently own three subsidiaries, two in the digital technology industry and, one in the restaurant industry, each having their own particular focus.   Through our wholly owned subsidiaries, SPYR APPS, LLC and SPYR APPS Oy, we operate our mobile games and applications business. The focus of the SPYR APPS subsidiaries is the development and publication of our own mobile games as well as the publication of games developed by third-party developers.   Through our other wholly owned subsidiary, E.A.J.: PHL Airport, Inc., we owned and operated the restaurant “Eat at Joe’s®,” which was located in the Philadelphia International Airport since 1997. Our lease in the Philadelphia Airport expired in April 2017 and will not be renewed. Concurrent with expiration of the lease the restaurant closed. The Company’s plan is to divest itself from its restaurant division and is considering spinning off the business, and issue a stock dividend to its shareholders; however, there is no assurance this can be completed. The Company is also exploring opportunities to license or franchise the name “Eat at Joe’s” as well as merger and acquisition targets of other food related businesses.   Principles of Consolidation   The consolidated financial statements include the accounts of SPYR, Inc. and its wholly-owned subsidiaries, SPYR APPS, LLC, a Nevada Limited Liability Company, and SPYR APPS, Oy, a Finnish Limited Liability Company, and E.A.J.: PHL, Airport Inc., a Pennsylvania corporation. Intercompany accounts and transactions have been eliminated.   Liquidity   The accompanying financial statements have been prepared under the assumption that the Company will continue as a going concern. Such assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the three months ended March 31, 2017, the Company recorded a net loss from continuing operations of $3,457,000 and utilized cash in continuing operations of $908,000. As of March 31, 2017, our cash balance was $2,296,000 and we had trading securities of $44,000.   The Company’s restaurant, Eat At Joes closed in April 2017, concurrent with the expiration of the lease. However, the Company plans to expand its mobile games and application development and publishing activities, such as Pocket Starships, through acquisition and/or development of its own intellectual property and publishing agreements with developers.   We estimate the Company currently has sufficient cash and liquidity to meet its anticipated working capital for the next twelve months. Historically, we have financed our operations primarily through private sales of our trading securities or through sales of our common stock. If our sales goals for our products do not materialize as planned, we believe that the Company can reduce its operating and product development costs that would allow us to maintain sufficient cash levels to continue operations. However, if we are not able to achieve profitable operations at some point in the future, we may have insufficient working capital to maintain our operations as we presently intend to conduct them or to fund our expansion, marketing, and product development plans. There can be no assurance that we will be able to obtain such financing on acceptable terms, or at all.   Use of Estimates   The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions used by management affected impairment analysis for fixed assets, intangible assets, amounts of potential liabilities and valuation of issuance of equity securities. Actual results could differ from those estimates.   Earnings (Loss) Per Share   The Company’s computation of earnings (loss) per share (EPS) includes basic and diluted EPS. Basic EPS is calculated by dividing the Company’s net income (loss) available to common stockholders by the weighted average number of common shares during the period. Diluted EPS reflects the potential dilution, using the treasury stock method that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company. In computing diluted EPS, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest.   The basic and fully diluted shares for the three months ended March 31, 2017 are the same because the inclusion of the potential shares (Class A – 26,909,028, Class E – 150,775, Options – 5,970,000, Warrants – 1,200,000) would have had an anti-dilutive effect due to the Company generating a loss for the three months ended March 31, 2017.   The basic and fully diluted shares for the three months ended March 31, 2016 are the same because the inclusion of the potential shares (Non-vested Common – 241,667, Class A – 26,909,028, Class E – 696,767) would have had an anti-dilutive effect due to the Company generating a loss for the three months ended March 31, 2016.   Software Licensing and Publication Costs   Software licensing and publishing costs pertain to non-refundable payments made to independent gaming software developers pursuant to licensing agreements. The payments are intended to assist gaming software developers in the marketing and further development of gaming software applications.   Software licensing and publication costs were $147,000 and $15,000 for the three months ended March 31, 2017 and 2016, respectively, and was reflected as part of Other general and administrative expenses on the accompanying condensed consolidated statements of operations.   Capitalized Licensing Rights   Capitalized licensing rights represent fees paid to intellectual property rights holders for use of their trademarks, copyrights, software, technology, music or other intellectual property or proprietary rights in the development of our products. Depending upon the agreement with the rights holder, we may obtain the right to use the intellectual property in multiple products over a number of years, or alternatively, for a single product.   Significant management judgments and estimates are utilized in assessing the recoverability of capitalized costs. In evaluating the recoverability of capitalized costs, the assessment of expected product performance utilizes forecasted sales amounts and estimates of additional costs to be incurred. If revised forecasted or actual product sales are less than the originally forecasted amounts utilized in the initial recoverability analysis, the net realizable value may be lower than originally estimated in any given quarter, which could result in an impairment charge. Material differences may result in the amount and timing of expenses for any period if management makes different judgments or utilizes different estimates in evaluating these qualitative factors.   In a prior period, the Company capitalized $50,000 as a result of the acquisition of licensing rights of one gaming applications. The Company estimates that the gaming application will have an estimated life of five years, which approximates the term of the license. As of March 31, 2017 and December 31, 2016, the unamortized capitalized licensing rights amounted to $38,000 and $40,000 respectively.   Research and Development Costs   Costs incurred for research and development are expensed as incurred. During the three months ended March 31, 2017 and 2016, the Company incurred $113,000 and $75,000 in research and development costs paid to an independent gaming software developer for the Pocket Starships game.   Reclassifications   During the period ended March 31, 2016, the Company incurred $75,000 in connection with fees paid to a game developer for the development of the Pocket Starships game that were accounted as part of Operating expenses. To conform with presentation adopted for the current period, the Company reclassified this amount as Research and Development expenses. The reclassification had no effect on total assets, total shareholder's equity, net loss or cash flows as previously presented.   Recent Accounting Standards   In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the impact of ASU 2014-09 on the Company’s financial statements and disclosures.   In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Company’s financial statements and disclosures.   Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

NOTE 2 - TRADING SECURITIES   The Company’s securities investments are bought and held principally for the purpose of selling them in the short term and are classified as trading securities. Trading securities are recorded at fair value based on quoted market prices (level 1) on the balance sheet in current assets, with the change in fair value during the period included in earnings as unrealized gains or losses in the statement of operations. Gains from the sales of such securities will be utilized to fund payment of obligations and to provide working capital for operations and to finance future growth, including, but not limited to: conducting our ongoing business, conducting strategic business development, marketing analysis, due diligence investigations into possible acquisitions, and research and development and implementation of the Company’s business plans generally.   Investments in securities are summarized as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3"> </td><td> </td> <td colspan="3" style="text-align: center; vertical-align: bottom">Fair Value at</td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3" style="text-align: center"></td><td> </td> <td colspan="3" style="text-align: center"></td><td> </td> <td colspan="3" style="text-align: center"></td><td> </td> <td colspan="3" style="text-align: center"></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Year</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Beginning of Year</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Purchases</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Proceeds from Sale</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gain on Sale</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Unrealized Loss</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Fair Value at March 31, 2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">2017</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">59,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(15,000</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">44,000</td><td style="width: 1%; text-align: left"> </td></tr> </table>    Realized gains and losses are determined on the basis of specific identification. During the three months ended March 31, 2017 and 2016, sales proceeds and gross realized gains and losses on trading securities were:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2017</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">  Sales proceeds</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">189,000</td><td style="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">  Gross realized (losses)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">  Gross realized gains</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">49,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">  Gain (loss) on sale of trading securities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">49,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>    The following table discloses the assets measured at fair value on a recurring basis and the methods used to determine fair value:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fair Value Measurements at Reporting Date Using</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Quoted Prices</td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Significant</td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Significant</td></tr> <tr style="background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">in Active</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Other</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Unobservable</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fair Value at</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Markets</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Observable Inputs</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Inputs</td></tr> <tr style="background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">March 31, 2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 1)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 2)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 3)</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Trading securities</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   44,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   44,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                           -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                          -   </td></tr> <tr style="background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Money market funds</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                              -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                             -   </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   80,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   80,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                           -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                          -   </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fair Value Measurements at Reporting Date Using</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Quoted Prices</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Significant</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Significant</td></tr> <tr style="background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">in Active</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Other</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Unobservable</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fair Value at</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Markets</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Observable Inputs</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Inputs</td></tr> <tr style="background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">December 31, 2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 1)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 2)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 3)</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Trading securities</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   59,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   59,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                           -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                          -   </td></tr> <tr style="background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Money market funds</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                              -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                             -   </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   95,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   95,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                           -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                          -   </td></tr> </table>   The fair value of the Company’s trading securities is determined by reference to quoted market prices (level 1). During the three months ended March 31, 2017, the Company recorded $15,000 in unrealized losses to account for the changes in fair value of its trading securities. During the three months ended March 31, 2016, the Company recorded $101,000 in unrealized gains to account for the changes in fair value of its trading securities.

NOTE 3 – PROPERTY AND EQUIPMENT   Property and equipment consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2017</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(Unaudited)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Equipment</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">150,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">151,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Furniture & fixtures</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">116,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">116,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Leasehold improvements</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">381,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">381,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">647,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">648,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less: accumulated depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(463,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(437,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">   Property and Equipment, Net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">184,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">211,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>   Depreciation and amortization expense for the three months ended March 31, 2017 and 2016 was $27,000 and $29,000, respectively.

NOTE 4 – EQUITY TRANSACTIONS   Common Stock:   During the three months ended March 31, 2017, the Company issued an aggregate of 1,250,000 shares of common stock to employees with a total fair value of $847,000 for services rendered. The shares issued are non-refundable and deemed earned upon issuance. As a result, the Company expensed the entire $847,000 upon issuance. The shares issued were valued at the date earned under the respective agreements.   During the three months ended March 31, 2017, the Company issued an aggregate of 1,560,000 shares of restricted common stock to consultants with a total fair value of $1,065,000. The shares issued are non-refundable and deemed earned upon issuance. As a result, the Company expensed the entire $1,065,000 upon issuance. The shares issued were valued at the date earned under the respective agreements.   Common Stock with Vesting Terms:   The following table summarizes common stock with vesting terms activity:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 5%"> </td> <td nowrap="nowrap" style="width: 62%"> </td> <td nowrap="nowrap" style="width: 13%"> </td> <td nowrap="nowrap" style="width: 4%"> </td> <td nowrap="nowrap" style="width: 2%"> </td> <td nowrap="nowrap" style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Average</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Number of </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Grant Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-decoration: none; text-align: center">Shares</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Fair Value</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif">Non-vested, December 31, 2016</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,833 </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.50</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Granted</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Vested</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(20,833)</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.50</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Forfeited</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif">Non-vested, March 31, 2017</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td></tr> </table>   In February 2015, the Company granted and issued 500,000 shares of its restricted common stock to a consultant pursuant to a consulting agreement. The 500,000 shares are forfeitable and are deemed earned upon completion of service over a period of twenty-four months. The Company recognizes the fair value of these shares as they vest. As of December 31, 2016, 479,167 of these shares had vested. During the three months ended March 31, 2017, the remaining 20,833 of these shares vested and as a result, the Company recognized compensation cost of $46,000. As of March 31, 2017, there were no unvested shares and no unearned compensation costs to be recorded.   When calculating basic net income (loss) per share, these shares are included in weighted average common shares outstanding from the time they vest. When calculating diluted net income per share, these shares are included in weighted average common shares outstanding as of their grant date.   Options   The following table summarizes common stock options activity:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 5%"> </td> <td nowrap="nowrap" style="width: 63%"> </td> <td nowrap="nowrap" style="width: 13%"> </td> <td nowrap="nowrap" style="width: 4%"> </td> <td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Average</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-decoration: none; text-align: center">Options</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif">December 31, 2016</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,900,000 </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">2.83 </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Granted</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">570,000 </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.00 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Exercised</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Cancelled</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Forfeited</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,500,000)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">3.97 </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif">Outstanding, March 31, 2017</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,970,000 </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3.32 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif">Exercisable, March 31, 2017</td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,585,000 </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3.43 </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td></tr> </table>   During the period ended March 31, 2017, the Company granted stock options to consultants to purchase a total of 570,000 shares of common stock. A total of 185,000 options vested upon grant while the remaining 385,000 options will vest through February 2018 at a rate of 35,000 shares per month. The options are exercisable at $1.00 per share and will expire over 4 years. The fair values of the options are recorded at their respective grant dates computed using the Black-Scholes Option Pricing Model. During the three months ended March 31, 2017, the Company recognized $111,000 in compensation expense based upon the vesting of outstanding options. As of March 31, 2017 the unamortized compensation expense for unvested options was $231,000 which will be recognized over the vesting period.   The weighted average exercise prices, remaining lives for options granted, and exercisable as of March 31, 2017, were as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 15%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 15%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 14%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 23%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 16%; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Outstanding Options</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="text-align: right"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Exercisable Options</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: center">Options</td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Weighted</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Weighted</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">Exercise Price</td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Life</td> <td style="text-align: center"> </td> <td style="text-align: center">Average Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Average Exercise</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: center">Per Share</td> <td style="text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Shares</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(Years)</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Price</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Shares</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Price</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: center">$1.00</td> <td style="text-align: right"> </td> <td style="text-align: right">1,720,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">0.75 – 3.86</td> <td style="text-align: right"> </td> <td style="text-align: center">$1.00</td> <td style="text-align: right"> </td> <td style="text-align: right">1,335,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">$1.00</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">$2.50</td> <td style="text-align: right"> </td> <td style="text-align: right">1,250,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">1.75</td> <td style="text-align: right"> </td> <td style="text-align: center">$2.50</td> <td style="text-align: right"> </td> <td style="text-align: right">750,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">$2.50</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: center">$5.00</td> <td style="text-align: right"> </td> <td style="text-align: right">3,000,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">2.75</td> <td style="text-align: right"> </td> <td style="text-align: center">$5.00</td> <td style="text-align: right"> </td> <td style="text-align: right">2,500,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">$5.00</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right">5,970,000 </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center">$3.32</td> <td style="text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right">4,585,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">$3.43</td></tr> </table>   At March 31, 2017, the Company’s closing stock price was $0.65 per share. As all outstanding options had an exercise price greater than $0.65 per share, there was no intrinsic value of the options outstanding at March 31, 2017.   Warrants:   The following table summarizes common stock warrants activity:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: center">Weighted</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: center">Average</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: center">Exercise</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Warrants</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Price</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td style="width: 26%; text-align: left">December 31, 2016</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 26%; text-align: right">200,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">0.50</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.75</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left">Exercised</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left">Cancelled</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left">Forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left">Outstanding, March 31, 2017</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,200,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1.54</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left">Exercisable, March 31, 2017</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,200,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1.54</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   In March 2017, pursuant to an employee separation agreement, the Company granted warrants to purchase a total of 1,000,000 shares of restricted common stock with an exercise price of $1.50 and $2.00 which will expire December 31, 2018. The warrants are fully vested and exercisable upon grant. Total fair value of the warrants at grant date amounted to $291,000 computed using the Black-Scholes Option Pricing Model and was fully recognized on the date of grant.   The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of March 31, 2017, were as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Outstanding and Exercisable Warrants </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="width: 33%; text-align: center">Warrants</td> <td style="width: 3%; text-align: right"> </td> <td style="width: 30%; text-align: center"> </td> <td style="width: 3%; text-align: center"> </td> <td style="width: 28%; text-align: center"> </td> <td style="width: 3%; text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">Exercise Price</td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Life</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: center">Per Share</td> <td style="text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Shares</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(Years)</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">$0.50</td> <td style="text-align: right"> </td> <td style="text-align: right">200,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">0.6</td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: center">$1.50</td> <td style="text-align: right"> </td> <td style="text-align: right">500,000</td> <td style="text-align: right"> </td> <td style="text-align: center">1.75</td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">$2.00</td> <td style="text-align: right"> </td> <td style="text-align: right">500,000</td> <td style="text-align: right"> </td> <td style="text-align: center">1.75</td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right">1,200,000 </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td></tr> </table>   At March 31, 2017, the Company’s closing stock price was $0.65 per share and the aggregate intrinsic value of the warrants outstanding at March 31, 2017 was $30,000.   The table below represents the average assumptions used in valuing the stock options and warrants granted in fiscal 2017:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center">Three-Months Ended March 31,</td> <td> </td></tr> <tr style="background-color: White"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">2017</td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom">Expected life in years</td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center">1.75 – 3.92</td> <td> </td></tr> <tr style="background-color: White"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom">Stock price volatility</td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center">127% - 158%</td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom">Risk free interest rate</td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center">1.26 % - 1.60%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" colspan="2">Expected dividends</td> <td nowrap="nowrap" colspan="2" style="text-align: center">-</td></tr> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom">Forfeiture rate</td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center">  - </td> <td> </td></tr> </table> The assumptions used in the Black Scholes models referred to above are based upon the following data: (1) the contractual life of the underlying non-employee options is the expected life. The expected life of the employee option is estimated by considering the contractual term of the option, the vesting period of the option, the employees’ expected exercise behavior and the post-vesting employee turnover rate. (2) The expected stock price volatility was based upon the Company’s historical stock price over the expected term of the option. (3) The risk-free interest rate is based on published U.S. Treasury Department interest rates for the expected terms of the underlying options. (4) The expected dividend yield was based on the fact that the Company has not paid dividends to common shareholders in the past and does not expect to pay dividends to common shareholders in the future. (5) The expected forfeiture rate is based on historical forfeiture activity and assumptions regarding future forfeitures based on the composition of current grantees.

NOTE 5 – SEGMENT REPORTING   The Company operated in two segments: Digital Media and Restaurant, which provide different products or services.   Digital Media Segment - Through our wholly owned subsidiaries SPYR APPS, LLC and SPYR APPS Oy, we develop, publish and co-publish mobile games, and then generate revenue through those games by way of advertising and in-app purchases.   Restaurant Segment - Through our wholly owned subsidiary E.A.J.: PHL, Airport, Inc. we owned and operated one “American Diner” theme restaurant called “Eat at Joe’s ® located in the Philadelphia International Airport. Eat at Joe’s ® menu included a variety of dishes including omelets, waffles and hotcakes, sandwiches, hot dogs, burgers, traditional Philly Steak sandwiches, custom wraps, fresh salads and a full complement of beverages and deserts, all made with top quality, fresh ingredients and all prepared to order.   Our lease in the Philadelphia Airport expired in April 2017 and will not be renewed. Concurrent with expiration of the lease the restaurant closed. The Company’s plan is to divest itself from its restaurant division and is considering spinning off the business, and issue a stock dividend to its shareholders; however, there is no assurance this can be completed. The Company is also exploring opportunities to license or franchise the name “Eat at Joe’s®” as well as merger and acquisition targets of other businesses in the food service industries. Pursuant to current accounting guidelines, the Company will report the restaurant segment as a discontinued operations starting in April 2017.   Revenue and expenses earned and charged between segments are eliminated in consolidation. Corporate expenses, interest income, interest expense, gains and losses on trading or marketable securities and income taxes are managed on a total company basis.   Information related to these segments is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="17" style="text-align: center">REPORTABLE SEGMENTS</td></tr> <tr style="vertical-align: bottom"> <td colspan="17" style="text-align: center">THREE MONTHS ENDED MARCH 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td colspan="17" style="text-align: center; border-bottom: Black 1pt solid">(Unaudited)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Digital Media</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Restaurants</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Corporate</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; padding-left: 5.4pt">Revenues</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">52,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">312,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">364,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">Cost of sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">751,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">233,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,583,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,567,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Operating loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(815,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(35,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,595,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,445,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Current assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">316,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">378,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,854,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,548,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">184,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">360,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">410,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,039,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,809,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="17" style="font: 10pt Times New Roman, Times, Serif; text-align: center">REPORTABLE SEGMENTS</td></tr> <tr style="vertical-align: bottom"> <td colspan="17" style="font: 10pt Times New Roman, Times, Serif; text-align: center">THREE MONTHS ENDED MARCH 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td colspan="17" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(Unaudited)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Digital Media</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Restaurants</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Corporate</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Revenues</td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">35,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">297,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">332,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Cost of sales</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">97,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">97,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Research and development</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">75,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">75,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">258,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">239,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">589,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,086,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">19,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">38,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Operating income (loss)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(306,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(58,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(600,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(964,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Current assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">137,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">245,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,463,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,845,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Property and equipment, net</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">78,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">208,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">286,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Intangible assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other non-current assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">137,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">340,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,697,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,174,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

NOTE 6 – COMMITMENTS AND CONTINGENCIES   We are involved in certain legal proceedings that arise from time to time in the ordinary course of our business. Except for income tax contingencies, we record accruals for contingencies to the extent that our management concludes that the occurrence is probable and that the related amounts of loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. A material legal proceeding that is currently pending is as follows:   On October 14, 2015, the Company was named as a defendant in a case filed in the United States District Court for the District of Delaware case: Zakeni Limited v. SPYR, Inc., f/k/a Eat at Joe’s., Ltd. The suit relates to the Company’s issuance of two convertible debentures in the aggregate principal amount of $1,500,000 in 1998. The plaintiff is seeking payment or conversion of said convertible debentures together with accrued interest and unspecified damages. The Company believes the claim is not a valid debt and is vigorously defending this lawsuit. On December 4, 2015, the Company filed a motion to dismiss the suit based on the statute of limitations. In evaluating a motion to dismiss, the Court is only allowed to view the allegations set forth in the plaintiff’s complaint and documents referenced therein, must assume that those allegations are true, and must construe all evidence contained in the referenced documents in a light most favorable to the plaintiff. On August 24, 2016, under this standard, the Court determined that the legal requirements to grant the motion to dismiss had not been fully satisfied and denied the Company’s Motion to Dismiss. Accordingly, no final determinations regarding liability have been made, the case will proceed to be litigated in the normal course, and, if the Company elects, it will have the ability to again present its arguments for dismissal prior to trial through a motion for summary judgment, which will allow for a determination to be made based on a legal standard that is slightly less favorable to the plaintiff. If that motion is denied, the Company will still have the opportunity to present all of its arguments and defenses at trial, at which Zakeni will have to prove its case by a preponderance of the evidence. The case is scheduled for trial on January 8, 2018. Based upon available information at this very early stage of litigation, it is still the belief of management and opinion of in-house counsel that the Company will obtain a favorable ruling and no amount will be awarded to the plaintiff in this action. Accordingly, Management believes the likelihood of material loss resulting from this lawsuit to be remote.

NOTE 7 – SUBSEQUENT EVENTS   Subsequent to March 31, 2017, the Company issued an aggregate of 60,000 shares of common stock to third party service providers with a total fair value of $38,000 for services rendered. The shares issued are non-refundable and deemed earned upon issuance.

Interim Financial Statements   The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC. The condensed consolidated balance sheet as of December 31, 2016 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP.   In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company's financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results.

Organization   The Company was incorporated as Conceptualistics, Inc. on January 6, 1988 in Delaware. Subsequent to its incorporation, the Company changed its name to Eat at Joe’s, Ltd. In February 2015, the Company changed its name to SPYR, Inc. and adopted a new ticker symbol “SPYR” effective March 12, 2015.

Nature of Business   The primary focus of SPYR, Inc. (the “Company”) is to act as a holding company and develop a portfolio of profitable subsidiaries, not limited by any particular industry or business.   We currently own three subsidiaries, two in the digital technology industry and, one in the restaurant industry, each having their own particular focus.   Through our wholly owned subsidiaries, SPYR APPS, LLC and SPYR APPS Oy, we operate our mobile games and applications business. The focus of the SPYR APPS subsidiaries is the development and publication of our own mobile games as well as the publication of games developed by third-party developers.   Through our other wholly owned subsidiary, E.A.J.: PHL Airport, Inc., we owned and operated the restaurant “Eat at Joe’s®,” which was located in the Philadelphia International Airport since 1997. Our lease in the Philadelphia Airport expired in April 2017 and will not be renewed. Concurrent with expiration of the lease the restaurant closed. The Company’s plan is to divest itself from its restaurant division and is considering spinning off the business, and issue a stock dividend to its shareholders; however, there is no assurance this can be completed. The Company is also exploring opportunities to license or franchise the name “Eat at Joe’s” as well as merger and acquisition targets of other food related businesses.

Principles of Consolidation   The consolidated financial statements include the accounts of SPYR, Inc. and its wholly-owned subsidiaries, SPYR APPS, LLC, a Nevada Limited Liability Company, and SPYR APPS, Oy, a Finnish Limited Liability Company, and E.A.J.: PHL, Airport Inc., a Pennsylvania corporation. Intercompany accounts and transactions have been eliminated.

Liquidity   The accompanying financial statements have been prepared under the assumption that the Company will continue as a going concern. Such assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the three months ended March 31, 2017, the Company recorded a net loss from continuing operations of $3,457,000 and utilized cash in continuing operations of $908,000. As of March 31, 2017, our cash balance was $2,296,000 and we had trading securities of $44,000.   The Company’s restaurant, Eat At Joes closed in April 2017, concurrent with the expiration of the lease. However, the Company plans to expand its mobile games and application development and publishing activities, such as Pocket Starships, through acquisition and/or development of its own intellectual property and publishing agreements with developers.   We estimate the Company currently has sufficient cash and liquidity to meet its anticipated working capital for the next twelve months. Historically, we have financed our operations primarily through private sales of our trading securities or through sales of our common stock. If our sales goals for our products do not materialize as planned, we believe that the Company can reduce its operating and product development costs that would allow us to maintain sufficient cash levels to continue operations. However, if we are not able to achieve profitable operations at some point in the future, we may have insufficient working capital to maintain our operations as we presently intend to conduct them or to fund our expansion, marketing, and product development plans. There can be no assurance that we will be able to obtain such financing on acceptable terms, or at all.

Use of Estimates   The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions used by management affected impairment analysis for fixed assets, intangible assets, amounts of potential liabilities and valuation of issuance of equity securities. Actual results could differ from those estimates.

Earnings (Loss) Per Share   The Company’s computation of earnings (loss) per share (EPS) includes basic and diluted EPS. Basic EPS is calculated by dividing the Company’s net income (loss) available to common stockholders by the weighted average number of common shares during the period. Diluted EPS reflects the potential dilution, using the treasury stock method that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company. In computing diluted EPS, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest.   The basic and fully diluted shares for the three months ended March 31, 2017 are the same because the inclusion of the potential shares (Class A – 26,909,028, Class E – 150,775, Options – 5,970,000, Warrants – 1,200,000) would have had an anti-dilutive effect due to the Company generating a loss for the three months ended March 31, 2017.   The basic and fully diluted shares for the three months ended March 31, 2016 are the same because the inclusion of the potential shares (Non-vested Common – 241,667, Class A – 26,909,028, Class E – 696,767) would have had an anti-dilutive effect due to the Company generating a loss for the three months ended March 31, 2016.

Software Licensing and Publication Costs   Software licensing and publishing costs pertain to non-refundable payments made to independent gaming software developers pursuant to licensing agreements. The payments are intended to assist gaming software developers in the marketing and further development of gaming software applications.   Software licensing and publication costs were $147,000 and $15,000 for the three months ended March 31, 2017 and 2016, respectively, and was reflected as part of Other general and administrative expenses on the accompanying condensed consolidated statements of operations.

Capitalized Licensing Rights   Capitalized licensing rights represent fees paid to intellectual property rights holders for use of their trademarks, copyrights, software, technology, music or other intellectual property or proprietary rights in the development of our products. Depending upon the agreement with the rights holder, we may obtain the right to use the intellectual property in multiple products over a number of years, or alternatively, for a single product.   Significant management judgments and estimates are utilized in assessing the recoverability of capitalized costs. In evaluating the recoverability of capitalized costs, the assessment of expected product performance utilizes forecasted sales amounts and estimates of additional costs to be incurred. If revised forecasted or actual product sales are less than the originally forecasted amounts utilized in the initial recoverability analysis, the net realizable value may be lower than originally estimated in any given quarter, which could result in an impairment charge. Material differences may result in the amount and timing of expenses for any period if management makes different judgments or utilizes different estimates in evaluating these qualitative factors.   In a prior period, the Company capitalized $50,000 as a result of the acquisition of licensing rights of one gaming applications. The Company estimates that the gaming application will have an estimated life of five years, which approximates the term of the license. As of March 31, 2017 and December 31, 2016, the unamortized capitalized licensing rights amounted to $38,000 and $40,000 respectively.

Research and Development Costs   Costs incurred for research and development are expensed as incurred. During the three months ended March 31, 2017 and 2016, the Company incurred $113,000 and $75,000 in research and development costs paid to an independent gaming software developer for the Pocket Starships game.

Reclassifications   During the period ended March 31, 2016, the Company incurred $75,000 in connection with fees paid to a game developer for the development of the Pocket Starships game that were accounted as part of Operating expenses. To conform with presentation adopted for the current period, the Company reclassified this amount as Research and Development expenses. The reclassification had no effect on total assets, total shareholder's equity, net loss or cash flows as previously presented.

Recent Accounting Standards   In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the impact of ASU 2014-09 on the Company’s financial statements and disclosures.   In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Company’s financial statements and disclosures.   Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

Investments in securities are summarized as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3"> </td><td> </td> <td colspan="3" style="text-align: center; vertical-align: bottom">Fair Value at</td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3" style="text-align: center"></td><td> </td> <td colspan="3" style="text-align: center"></td><td> </td> <td colspan="3" style="text-align: center"></td><td> </td> <td colspan="3" style="text-align: center"></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Year</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Beginning of Year</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Purchases</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Proceeds from Sale</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gain on Sale</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Unrealized Loss</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Fair Value at March 31, 2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">2017</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">59,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(15,000</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">44,000</td><td style="width: 1%; text-align: left"> </td></tr></table>

During the three months ended March 31, 2017 and 2016, sales proceeds and gross realized gains and losses on trading securities were:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2017</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">  Sales proceeds</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">189,000</td><td style="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">  Gross realized (losses)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">  Gross realized gains</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">49,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">  Gain (loss) on sale of trading securities</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">49,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

The following table discloses the assets measured at fair value on a recurring basis and the methods used to determine fair value:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fair Value Measurements at Reporting Date Using</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Quoted Prices</td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Significant</td> <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Significant</td></tr> <tr style="background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">in Active</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Other</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Unobservable</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fair Value at</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Markets</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Observable Inputs</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Inputs</td></tr> <tr style="background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">March 31, 2017</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 1)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 2)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 3)</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Trading securities</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   44,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   44,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                           -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                          -   </td></tr> <tr style="background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Money market funds</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                              -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                             -   </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   80,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   80,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                           -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                          -   </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fair Value Measurements at Reporting Date Using</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Quoted Prices</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Significant</td> <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Significant</td></tr> <tr style="background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">in Active</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Other</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Unobservable</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Fair Value at</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Markets</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Observable Inputs</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Inputs</td></tr> <tr style="background-color: White"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">December 31, 2016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 1)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 2)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Level 3)</td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Trading securities</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   59,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   59,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                           -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                          -   </td></tr> <tr style="background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Money market funds</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                      36,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                              -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">                             -   </td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   95,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                   95,000 </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                           -   </td> <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"> $                          -   </td></tr></table>

Property and equipment consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2017</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(Unaudited)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Equipment</td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">150,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 8%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">151,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Furniture & fixtures</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">116,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">116,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Leasehold improvements</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">381,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">381,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">647,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">648,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less: accumulated depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(463,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(437,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">   Property and Equipment, Net</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">184,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">211,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr></table>

The following table summarizes common stock with vesting terms activity:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 5%"> </td> <td nowrap="nowrap" style="width: 62%"> </td> <td nowrap="nowrap" style="width: 13%"> </td> <td nowrap="nowrap" style="width: 4%"> </td> <td nowrap="nowrap" style="width: 2%"> </td> <td nowrap="nowrap" style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Average</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Number of </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Grant Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-decoration: none; text-align: center">Shares</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Fair Value</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif">Non-vested, December 31, 2016</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,833 </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.50</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Granted</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Vested</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(20,833)</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.50</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Forfeited</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif">Non-vested, March 31, 2017</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td></tr> </table>

The following table summarizes common stock options activity:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="width: 5%"> </td> <td nowrap="nowrap" style="width: 63%"> </td> <td nowrap="nowrap" style="width: 13%"> </td> <td nowrap="nowrap" style="width: 4%"> </td> <td nowrap="nowrap" style="width: 1%"> </td> <td nowrap="nowrap" style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: center">Weighted</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Average</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-decoration: none; text-align: center">Options</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif">December 31, 2016</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">12,900,000 </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">2.83 </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Granted</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">570,000 </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">1.00 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Exercised</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Cancelled</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif">Forfeited</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,500,000)</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">3.97 </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif">Outstanding, March 31, 2017</td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,970,000 </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td> <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3.32 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif">Exercisable, March 31, 2017</td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,585,000 </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: right">$</td> <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3.43 </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td></tr> </table>

The weighted average exercise prices, remaining lives for options granted, and exercisable as of March 31, 2017, were as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 15%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 15%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 14%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 23%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 12%; text-align: right"> </td> <td style="width: 1%; text-align: right"> </td> <td style="width: 16%; text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Outstanding Options</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="text-align: right"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Exercisable Options</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: center">Options</td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Weighted</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Weighted</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">Exercise Price</td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Life</td> <td style="text-align: center"> </td> <td style="text-align: center">Average Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Average Exercise</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: center">Per Share</td> <td style="text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Shares</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(Years)</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Price</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Shares</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Price</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: center">$1.00</td> <td style="text-align: right"> </td> <td style="text-align: right">1,720,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">0.75 – 3.86</td> <td style="text-align: right"> </td> <td style="text-align: center">$1.00</td> <td style="text-align: right"> </td> <td style="text-align: right">1,335,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">$1.00</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">$2.50</td> <td style="text-align: right"> </td> <td style="text-align: right">1,250,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">1.75</td> <td style="text-align: right"> </td> <td style="text-align: center">$2.50</td> <td style="text-align: right"> </td> <td style="text-align: right">750,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">$2.50</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: center">$5.00</td> <td style="text-align: right"> </td> <td style="text-align: right">3,000,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">2.75</td> <td style="text-align: right"> </td> <td style="text-align: center">$5.00</td> <td style="text-align: right"> </td> <td style="text-align: right">2,500,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">$5.00</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right">5,970,000 </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td> <td style="text-align: center">$3.32</td> <td style="text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right">4,585,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">$3.43</td></tr> </table>

The following table summarizes common stock warrants activity:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: center">Weighted</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: center">Average</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: center">Exercise</td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Warrants</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Price</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td style="width: 26%; text-align: left">December 31, 2016</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 26%; text-align: right">200,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">0.50</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left">Granted</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.75</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left">Exercised</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left">Cancelled</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left">Forfeited</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left">Outstanding, March 31, 2017</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,200,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1.54</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left">Exercisable, March 31, 2017</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,200,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1.54</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of March 31, 2017, were as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Outstanding and Exercisable Warrants </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="width: 33%; text-align: center">Warrants</td> <td style="width: 3%; text-align: right"> </td> <td style="width: 30%; text-align: center"> </td> <td style="width: 3%; text-align: center"> </td> <td style="width: 28%; text-align: center"> </td> <td style="width: 3%; text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">Exercise Price</td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">Life</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: center">Per Share</td> <td style="text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Shares</td> <td style="text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(Years)</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">$0.50</td> <td style="text-align: right"> </td> <td style="text-align: right">200,000 </td> <td style="text-align: right"> </td> <td style="text-align: center">0.6</td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: center">$1.50</td> <td style="text-align: right"> </td> <td style="text-align: right">500,000</td> <td style="text-align: right"> </td> <td style="text-align: center">1.75</td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center">$2.00</td> <td style="text-align: right"> </td> <td style="text-align: right">500,000</td> <td style="text-align: right"> </td> <td style="text-align: center">1.75</td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right">1,200,000 </td> <td style="text-align: right"> </td> <td style="text-align: center"> </td> <td style="text-align: right"> </td></tr> </table>

The table below represents the average assumptions used in valuing the stock options and warrants granted in fiscal 2017:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center">Three-Months Ended March 31,</td> <td> </td></tr> <tr style="background-color: White"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center">2017</td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom">Expected life in years</td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center">1.75 – 3.92</td> <td> </td></tr> <tr style="background-color: White"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom">Stock price volatility</td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center">127% - 158%</td> <td> </td></tr> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom">Risk free interest rate</td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center">1.26 % - 1.60%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap"> </td> <td nowrap="nowrap" colspan="2">Expected dividends</td> <td nowrap="nowrap" colspan="2" style="text-align: center">-</td></tr> <tr style="background-color: rgb(204,238,255)"> <td nowrap="nowrap" colspan="2" style="vertical-align: bottom"> </td> <td nowrap="nowrap" style="vertical-align: bottom">Forfeiture rate</td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center">  - </td> <td> </td></tr> </table>

Information related to these segments is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="17" style="text-align: center">REPORTABLE SEGMENTS</td></tr> <tr style="vertical-align: bottom"> <td colspan="17" style="text-align: center">THREE MONTHS ENDED MARCH 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td colspan="17" style="text-align: center; border-bottom: Black 1pt solid">(Unaudited)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Digital Media</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Restaurants</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Corporate</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; padding-left: 5.4pt">Revenues</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">52,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">312,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">364,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">Cost of sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">751,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">233,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,583,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,567,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Operating loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(815,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(35,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,595,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,445,000</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Current assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">316,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">378,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,854,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,548,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">184,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Intangible assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other non-current assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">360,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">410,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,039,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,809,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="17" style="font: 10pt Times New Roman, Times, Serif; text-align: center">REPORTABLE SEGMENTS</td></tr> <tr style="vertical-align: bottom"> <td colspan="17" style="font: 10pt Times New Roman, Times, Serif; text-align: center">THREE MONTHS ENDED MARCH 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td colspan="17" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(Unaudited)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Digital Media</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Restaurants</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Corporate</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Revenues</td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">35,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">297,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 3%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">332,000</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">Cost of sales</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">97,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">97,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Research and development</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">75,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">75,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">258,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">239,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">589,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,086,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Depreciation and amortization</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">19,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">38,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Operating income (loss)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(306,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(58,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(600,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(964,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Current assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">137,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">245,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,463,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,845,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Property and equipment, net</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">78,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">208,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">286,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Intangible assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other non-current assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—  </td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,000</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">137,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">340,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,697,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,174,000</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

59000

44000

-15000

4585000

3.43

3567000

1086000

751000

233000

2583000

258000

239000

589000

99000

97000

99000

97000

364000

332000

52000

312000

35000

297000

-3445000

-964000

-815000

-35000

-2595000

-306000

-58000

-600000

2809000

3860000

360000

410000

2039000

137000

340000

6697000

7174000

60000

38000

17000

5000

17000

6000

23000

17000

18000

17000

20000

184000

211000

6000

15000

163000

78000

208000

286000

2548000

3569000

316000

378000

1854000

137000

245000

6463000

6845000

147000

15000

40000

38000

7500000

50000

0.50

1.50

2.00

38000

40000

P24M

479167 20833 185000 46000 111000 291000 0

231000

A total of 185,000 options vested upon grant while the remaining 385,000 options will vest through February 2018 at a rate of 35,000 shares per month. The options are exercisable at $1.00 per share.

All outstanding options had an exercise price greater than $0.65 per share.

The Company granted warrants to purchase a total of 1,000,000 shares of restricted common stock with an exercise price of $1.50 and $2.00 which will expire December 31, 2018.

P4Y

0.65

30000

SPYR, Inc., f/k/a Eat at Joes., Ltd

Zakeni Limited

Case filed in the United States District Court for the District of Delaware case

1500000

The plaintiff is seeking payment or conversion of said convertible debentures together with accrued interest and unspecified damages.

2018-01

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Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement [Table] Statement [Line Items] ASSETS Current Assets: Cash and cash equivalents Accounts receivable, net Other receivable Inventory Prepaid expenses Trading securities, at market value Total Current Assets Property and equipment, net Intangible assets, net Capitalized licensing rights, net Other assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Current Liabilities: Accounts payable and accrued liabilities Total Current Liabilities STOCKHOLDERS' EQUITY Preferred stock, $0.0001 par value, 10,000,000 shares authorized 107,636 Class A shares issued and outstanding as of March 31, 2017 and December 31, 2016; 20,000 Class E shares issued and outstanding as of March 31, 2017 and December 31, 2016 Common Stock, $0.0001 par value, 250,000,000 shares authorized 160,447,026 and 157,637,026 shares issued and outstanding as of March 31, 2017 and December 31, 2016 Additional paid-in capital Accumulated deficit Total Stockholders' Equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Preferred stock, par value per share Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value per share Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Revenues Cost of sales Gross Margin Expenses Labor and related expenses Rent Depreciation and amortization Professional fees Research and development Other general and administrative Total Operating Expenses Operating Loss Other Income (Expense) Interest and dividend income Unrealized (loss) gain on trading securities Gain on sale of marketable securities Total Other (Expense) Income Loss from continuing operations Loss on discontinued operations Net Loss Per Share Amounts Loss from continuing operations Basic and Diluted earnings per share Loss on discontinued operations Basic and Diluted earnings per share Net Loss Basic and Diluted earnings per share Weighted Average Common Shares Basic and Diluted Balance preferred stock, shares Balance common stock, shares Balance, value Fair value of common stock issued for employee compensation, shares Fair value of common stock issued for employee compensation, value Fair value of common stock issued for professional fees, shares Fair value of common stock issued for professional fees, value Vesting of options and warrants granted for services Vesting of shares of common stock issued for services Net loss Balance preferred stock , shares Balance common stock, shares Balance, value Statement of Cash Flows [Abstract] Cash Flows From Operating Activities: Net loss for the period Adjustments to reconcile net loss to net cash used in operating activities: Fair value of vesting warrants and options Common stock issued for employee compensation Common stock issued for professional fees Vesting of shares of common stock issued for services Unrealized loss on trading securities (Gain) loss on sale of trading securities (Increase) decrease in accounts receivables Decrease (Increase) in other receivables Decrease in inventory (Increase) decrease in prepaid expenses Increase (decrease) in accounts payable and accrued liabilities Decrease in related party accounts payable Net Cash Used in Operating Activities from Continuing Operations Net Cash Used in Operating Activities from Discontinued Operations Net Cash Used in Operating Activities Cash Flows From Investing Activities: Purchase of licensing rights Purchases of trading securities Proceeds from sale of trading securities Purchase of property and equipment Net Cash (Used in) Provided by Investing Activities Net decrease in Cash Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental Disclosure of Interest and Income Taxes Paid: Interest paid during the period Income taxes paid during the period Organization And Summary Of Significant Accounting Policies Organization and Summary of Significant Accounting Policies Investments, Debt and Equity Securities [Abstract] Trading Securities Property, Plant and Equipment [Abstract] Property and Equipment Equity [Abstract] Equity Transactions Segment Reporting [Abstract] Segment Reporting Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Accounting Policies [Abstract] Subsequent Events Organization And Summary Of Significant Accounting Policies Policies Interim Financial Statements Organization Nature of Business Principles of Consolidation EX-101.PRE 11 spyr-20170331_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information
Entity Registrant Name	SPYR, Inc.
Entity Central Index Key	0000829325
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		160,507,026
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 2,296,000	$ 3,204,000
Accounts receivable, net	48,000	44,000
Other receivable	100,000	200,000
Inventory	8,000	12,000
Prepaid expenses	52,000	50,000
Trading securities, at market value	44,000	59,000
Total Current Assets	2,548,000	3,569,000
Property and equipment, net	184,000	211,000
Intangible assets, net	17,000	18,000
Capitalized licensing rights, net	38,000	40,000
Other assets	22,000	22,000
TOTAL ASSETS	2,809,000	3,860,000
Current Liabilities:
Accounts payable and accrued liabilities	222,000	176,000
Total Current Liabilities	222,000	176,000
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized 107,636 Class A shares issued and outstanding as of March 31, 2017 and December 31, 2016; 20,000 Class E shares issued and outstanding as of March 31, 2017 and December 31, 2016	13	13
Common Stock, $0.0001 par value, 250,000,000 shares authorized 160,447,026 and 157,637,026 shares issued and outstanding as of March 31, 2017 and December 31, 2016	16,044	15,763
Additional paid-in capital	37,111,943	34,752,224
Accumulated deficit	(34,541,000)	(31,084,000)
Total Stockholders' Equity	2,587,000	3,684,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,809,000	3,860,000
Class A Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized 107,636 Class A shares issued and outstanding as of March 31, 2017 and December 31, 2016; 20,000 Class E shares issued and outstanding as of March 31, 2017 and December 31, 2016	11	11
Total Stockholders' Equity	11	11
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	11	11
Class E Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized 107,636 Class A shares issued and outstanding as of March 31, 2017 and December 31, 2016; 20,000 Class E shares issued and outstanding as of March 31, 2017 and December 31, 2016	2	2
Total Stockholders' Equity	2	2
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2	$ 2

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Preferred stock, par value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	160,447,026	157,637,026
Common stock, shares outstanding	160,447,026	157,637,026
Class A Preferred Stock [Member]
Preferred stock, par value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	107,636	107,636
Preferred stock, shares outstanding	107,636	107,636
Class E Preferred Stock [Member]
Preferred stock, par value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	20,000	20,000
Preferred stock, shares outstanding	20,000	20,000

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements Of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenues	$ 364,000	$ 332,000
Cost of sales	99,000	97,000
Gross Margin	265,000	235,000
Expenses
Labor and related expenses	1,493,000	553,000
Rent	99,000	104,000
Depreciation and amortization	30,000	38,000
Professional fees	1,592,000	219,000
Research and development	113,000	75,000
Other general and administrative	383,000	210,000
Total Operating Expenses	3,710,000	1,199,000
Operating Loss	(3,445,000)	(964,000)
Other Income (Expense)
Interest and dividend income	3,000	5,000
Unrealized (loss) gain on trading securities	(15,000)	101,000
Gain on sale of marketable securities		49,000
Total Other (Expense) Income	(12,000)	155,000
Loss from continuing operations	(3,457,000)	(809,000)
Loss on discontinued operations		(4,000)
Net Loss	$ (3,457,000)	$ (813,000)
Loss from continuing operations
Basic and Diluted earnings per share	$ (0.02)	$ (0.01)
Loss on discontinued operations
Basic and Diluted earnings per share
Net Loss
Basic and Diluted earnings per share	$ (0.02)	$ (0.01)
Weighted Average Common Shares
Basic and Diluted	159,333,637	152,289,857

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($)	Class A Preferred Stock [Member]	Class E Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance preferred stock, shares at Dec. 31, 2016	107,636	20,000
Balance common stock, shares at Dec. 31, 2016			157,637,026			157,637,026
Balance, value at Dec. 31, 2016	$ 11	$ 2	$ 15,763	$ 34,752,224	$ (31,084,000)	$ 3,684,000
Fair value of common stock issued for employee compensation, shares			1,250,000
Fair value of common stock issued for employee compensation, value			$ 125	846,875		847,000
Fair value of common stock issued for professional fees, shares			1,560,000
Fair value of common stock issued for professional fees, value			$ 156	1,064,844		1,065,000
Vesting of options and warrants granted for services				402,000		402,000
Vesting of shares of common stock issued for services				46,000		46,000
Net loss					(3,457,000)	$ (3,457,000)
Balance preferred stock , shares at Mar. 31, 2017	107,636	20,000
Balance common stock, shares at Mar. 31, 2017			160,447,026			160,447,026
Balance, value at Mar. 31, 2017	$ 11	$ 2	$ 16,044	$ 37,111,943	$ (34,541,000)	$ 2,587,000

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows From Operating Activities:
Net loss for the period	$ (3,457,000)	$ (813,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on discontinued operations		(4,000)
Depreciation and amortization	30,000	38,000
Fair value of vesting warrants and options	402,000
Common stock issued for employee compensation	847,000	200,000
Common stock issued for professional fees	1,065,000	52,000
Vesting of shares of common stock issued for services	46,000	6,000
Unrealized loss on trading securities	(15,000)	101,000
(Gain) loss on sale of trading securities		49,000
(Increase) decrease in accounts receivables	4,000	20,000
Decrease (Increase) in other receivables	(100,000)
Decrease in inventory	(4,000)	(3,000)
(Increase) decrease in prepaid expenses	2,000	(15,000)
Increase (decrease) in accounts payable and accrued liabilities	46,000	34,000
Decrease in related party accounts payable		(8,000)
Net Cash Used in Operating Activities from Continuing Operations	(908,000)	(639,000)
Net Cash Used in Operating Activities from Discontinued Operations		(4,000)
Net Cash Used in Operating Activities	(908,000)	(643,000)
Cash Flows From Investing Activities:
Purchase of licensing rights		10,000
Purchases of trading securities		510,000
Proceeds from sale of trading securities		189,000
Purchase of property and equipment		40,000
Net Cash (Used in) Provided by Investing Activities		(371,000)
Net decrease in Cash	(908,000)	(1,014,000)
Cash and cash equivalents at beginning of period	3,204,000	6,904,000
Cash and cash equivalents at end of period	2,296,000	5,890,000
Supplemental Disclosure of Interest and Income Taxes Paid:
Interest paid during the period
Income taxes paid during the period

XML 18 R7.htm IDEA: XBRL DOCUMENT

Organization And Summary Of Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Organization And Summary Of Significant Accounting Policies

Organization and Summary of Significant Accounting Policies

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Statements

Organization

Nature of Business

The primary focus of SPYR, Inc. (the “Company”) is to act as a holding company and develop a portfolio of profitable subsidiaries, not limited by any particular industry or business.

We currently own three subsidiaries, two in the digital technology industry and, one in the restaurant industry, each having their own particular focus.

Principles of Consolidation

Liquidity

Use of Estimates

Earnings (Loss) Per Share

Software Licensing and Publication Costs

Capitalized Licensing Rights

Research and Development Costs

Reclassifications

Recent Accounting Standards

XML 19 R8.htm IDEA: XBRL DOCUMENT

Trading Securities

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Trading Securities

NOTE 2 - TRADING SECURITIES

Investments in securities are summarized as follows:

Fair Value at

Year

Beginning of Year

Purchases

Proceeds from

Sale

Gain on

Sale

Unrealized

Loss

Fair Value at

March 31, 2017

2017

59,000

—

(15,000

)

44,000

	March 31, 2017		March 31, 2016

Sales proceeds	$	—	$	189,000
Gross realized (losses)	$	—	$	—
Gross realized gains		—		49,000
Gain (loss) on sale of trading securities	$	—	$	49,000

The following table discloses the assets measured at fair value on a recurring basis and the methods used to determine fair value:

		Fair Value Measurements at Reporting Date Using
		Quoted Prices	Significant	Significant
		in Active	Other	Unobservable
	Fair Value at	Markets	Observable Inputs	Inputs
	March 31, 2017	(Level 1)	(Level 2)	(Level 3)
Trading securities	$ 44,000	$ 44,000	$ -	$ -
Money market funds	36,000	36,000	-	-
Total	$ 80,000	$ 80,000	$ -	$ -

		Fair Value Measurements at Reporting Date Using
		Quoted Prices	Significant	Significant
		in Active	Other	Unobservable
	Fair Value at	Markets	Observable Inputs	Inputs
	December 31, 2016	(Level 1)	(Level 2)	(Level 3)
Trading securities	$ 59,000	$ 59,000	$ -	$ -
Money market funds	36,000	36,000	-	-
Total	$ 95,000	$ 95,000	$ -	$ -

XML 20 R9.htm IDEA: XBRL DOCUMENT

Property And Equipment

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 3 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:


	March 31, 2017			December 31, 2016
		(Unaudited)
Equipment	$	150,000		$	151,000
Furniture & fixtures		116,000			116,000
Leasehold improvements		381,000			381,000
		647,000			648,000
Less: accumulated depreciation and amortization		(463,000	)		(437,000	)
Property and Equipment, Net	$	184,000		$	211,000

Depreciation and amortization expense for the three months ended March 31, 2017 and 2016 was $27,000 and $29,000, respectively.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Equity Transactions

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Equity Transactions

NOTE 4 – EQUITY TRANSACTIONS

Common Stock:

Common Stock with Vesting Terms:

The following table summarizes common stock with vesting terms activity:

				Weighted
				Average
		Number of		Grant Date
		Shares		Fair Value
Non-vested, December 31, 2016		20,833	$	0.50
	Granted	—		—
	Vested	(20,833)		0.50
	Forfeited	—		—
Non-vested, March 31, 2017		—	$	—

Options

The following table summarizes common stock options activity:

				Weighted
				Average
		Options		Exercise Price
December 31, 2016		12,900,000	$	2.83
	Granted	570,000		1.00
	Exercised	—		—
	Cancelled	—		—
	Forfeited	(7,500,000)		3.97
Outstanding, March 31, 2017		5,970,000		3.32
Exercisable, March 31, 2017		4,585,000	$	3.43

The weighted average exercise prices, remaining lives for options granted, and exercisable as of March 31, 2017, were as follows:


	Outstanding Options			Exercisable Options
Options			Weighted		Weighted
Exercise Price		Life	Average Exercise		Average Exercise
Per Share	Shares	(Years)	Price	Shares	Price

$1.00	1,720,000	0.75 – 3.86	$1.00	1,335,000	$1.00
$2.50	1,250,000	1.75	$2.50	750,000	$2.50
$5.00	3,000,000	2.75	$5.00	2,500,000	$5.00
	5,970,000		$3.32	4,585,000	$3.43

Warrants:

The following table summarizes common stock warrants activity:

			Weighted
			Average
			Exercise
	Warrants		Price
December 31, 2016		200,000	$	0.50
Granted		1,000,000		1.75
Exercised		—		—
Cancelled		—		—
Forfeited		—		—
Outstanding, March 31, 2017		1,200,000	$	1.54
Exercisable, March 31, 2017		1,200,000	$	1.54

The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of March 31, 2017, were as follows:

	Outstanding and Exercisable Warrants
Warrants
Exercise Price		Life
Per Share	Shares	(Years)
$0.50	200,000	0.6
$1.50	500,000	1.75
$2.00	500,000	1.75
	1,200,000

At March 31, 2017, the Company’s closing stock price was $0.65 per share and the aggregate intrinsic value of the warrants outstanding at March 31, 2017 was $30,000.

The table below represents the average assumptions used in valuing the stock options and warrants granted in fiscal 2017:

		Three-Months Ended March 31,
		2017
	Expected life in years	1.75 – 3.92
	Stock price volatility	127% - 158%
	Risk free interest rate	1.26 % - 1.60%
Expected dividends		-
	Forfeiture rate	-

XML 22 R11.htm IDEA: XBRL DOCUMENT

Segment Reporting

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Reporting

NOTE 5 – SEGMENT REPORTING

The Company operated in two segments: Digital Media and Restaurant, which provide different products or services.

Information related to these segments is as follows:

REPORTABLE SEGMENTS
THREE MONTHS ENDED MARCH 31, 2017
(Unaudited)

		Digital Media			Restaurants			Corporate			Consolidated

Revenues	$	52,000		$	312,000		$	—		$	364,000
Cost of sales		—			99,000			—			99,000
Research and development		113,000			—			—			113,000
General and administrative		751,000			233,000			2,583,000			3,567,000
Depreciation and amortization		3,000			15,000			12,000			30,000
Operating loss	$	(815,000	)	$	(35,000	)	$	(2,595,000	)	$	(3,445,000	)


Current assets	$	316,000		$	378,000		$	1,854,000		$	2,548,000
Property and equipment, net		6,000			15,000			163,000			184,000
Intangible assets		—			—			17,000			17,000
Other non-current assets		38,000			17,000			5,000			60,000
Total assets	$	360,000		$	410,000		$	2,039,000		$	2,809,000

REPORTABLE SEGMENTS
THREE MONTHS ENDED MARCH 31, 2016
(Unaudited)

		Digital Media			Restaurants			Corporate			Consolidated

Revenues	$	35,000		$	297,000		$	—		$	332,000
Cost of sales		—			97,000			—			97,000
Research and development		75,000			—			—			75,000
General and administrative		258,000			239,000			589,000			1,086,000
Depreciation and amortization		8,000			19,000			11,000			38,000
Operating income (loss)	$	(306,000	)	$	(58,000	)	$	(600,000	)	$	(964,000	)


Current assets	$	137,000		$	245,000		$	6,463,000		$	6,845,000
Property and equipment, net		—			78,000			208,000			286,000
Intangible assets		—			—			20,000			20,000
Other non-current assets		—			17,000			6,000			23,000
Total assets	$	137,000		$	340,000		$	6,697,000		$	7,174,000

XML 23 R12.htm IDEA: XBRL DOCUMENT

Commitments And Contingencies

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 6 – COMMITMENTS AND CONTINGENCIES

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Subsequent Events

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Subsequent Events

NOTE 7 – SUBSEQUENT EVENTS

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Organization And Summary Of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Organization And Summary Of Significant Accounting Policies Policies
Interim Financial Statements	Interim Financial Statements The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC. The condensed consolidated balance sheet as of December 31, 2016 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including notes, required by GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to fairly present the Company's financial position and results of operations for the interim periods reflected. Except as noted, all adjustments contained herein are of a normal recurring nature. Results of operations for the fiscal periods presented herein are not necessarily indicative of fiscal year-end results.
Organization	Organization The Company was incorporated as Conceptualistics, Inc. on January 6, 1988 in Delaware. Subsequent to its incorporation, the Company changed its name to Eat at Joe’s, Ltd. In February 2015, the Company changed its name to SPYR, Inc. and adopted a new ticker symbol “SPYR” effective March 12, 2015.
Nature of Business	Nature of Business The primary focus of SPYR, Inc. (the “Company”) is to act as a holding company and develop a portfolio of profitable subsidiaries, not limited by any particular industry or business. We currently own three subsidiaries, two in the digital technology industry and, one in the restaurant industry, each having their own particular focus. Through our wholly owned subsidiaries, SPYR APPS, LLC and SPYR APPS Oy, we operate our mobile games and applications business. The focus of the SPYR APPS subsidiaries is the development and publication of our own mobile games as well as the publication of games developed by third-party developers. Through our other wholly owned subsidiary, E.A.J.: PHL Airport, Inc., we owned and operated the restaurant “Eat at Joe’s®,” which was located in the Philadelphia International Airport since 1997. Our lease in the Philadelphia Airport expired in April 2017 and will not be renewed. Concurrent with expiration of the lease the restaurant closed. The Company’s plan is to divest itself from its restaurant division and is considering spinning off the business, and issue a stock dividend to its shareholders; however, there is no assurance this can be completed. The Company is also exploring opportunities to license or franchise the name “Eat at Joe’s” as well as merger and acquisition targets of other food related businesses.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of SPYR, Inc. and its wholly-owned subsidiaries, SPYR APPS, LLC, a Nevada Limited Liability Company, and SPYR APPS, Oy, a Finnish Limited Liability Company, and E.A.J.: PHL, Airport Inc., a Pennsylvania corporation. Intercompany accounts and transactions have been eliminated.
Liquidity	Liquidity The accompanying financial statements have been prepared under the assumption that the Company will continue as a going concern. Such assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the three months ended March 31, 2017, the Company recorded a net loss from continuing operations of $3,457,000 and utilized cash in continuing operations of $908,000. As of March 31, 2017, our cash balance was $2,296,000 and we had trading securities of $44,000. The Company’s restaurant, Eat At Joes closed in April 2017, concurrent with the expiration of the lease. However, the Company plans to expand its mobile games and application development and publishing activities, such as Pocket Starships, through acquisition and/or development of its own intellectual property and publishing agreements with developers. We estimate the Company currently has sufficient cash and liquidity to meet its anticipated working capital for the next twelve months. Historically, we have financed our operations primarily through private sales of our trading securities or through sales of our common stock. If our sales goals for our products do not materialize as planned, we believe that the Company can reduce its operating and product development costs that would allow us to maintain sufficient cash levels to continue operations. However, if we are not able to achieve profitable operations at some point in the future, we may have insufficient working capital to maintain our operations as we presently intend to conduct them or to fund our expansion, marketing, and product development plans. There can be no assurance that we will be able to obtain such financing on acceptable terms, or at all.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions used by management affected impairment analysis for fixed assets, intangible assets, amounts of potential liabilities and valuation of issuance of equity securities. Actual results could differ from those estimates.
Earnings (Loss) Per Share	Earnings (Loss) Per Share The Company’s computation of earnings (loss) per share (EPS) includes basic and diluted EPS. Basic EPS is calculated by dividing the Company’s net income (loss) available to common stockholders by the weighted average number of common shares during the period. Diluted EPS reflects the potential dilution, using the treasury stock method that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income (loss) of the Company. In computing diluted EPS, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. The basic and fully diluted shares for the three months ended March 31, 2017 are the same because the inclusion of the potential shares (Class A – 26,909,028, Class E – 150,775, Options – 5,970,000, Warrants – 1,200,000) would have had an anti-dilutive effect due to the Company generating a loss for the three months ended March 31, 2017. The basic and fully diluted shares for the three months ended March 31, 2016 are the same because the inclusion of the potential shares (Non-vested Common – 241,667, Class A – 26,909,028, Class E – 696,767) would have had an anti-dilutive effect due to the Company generating a loss for the three months ended March 31, 2016.
Software Licensing and Publication Costs	Software Licensing and Publication Costs Software licensing and publishing costs pertain to non-refundable payments made to independent gaming software developers pursuant to licensing agreements. The payments are intended to assist gaming software developers in the marketing and further development of gaming software applications. Software licensing and publication costs were $147,000 and $15,000 for the three months ended March 31, 2017 and 2016, respectively, and was reflected as part of Other general and administrative expenses on the accompanying condensed consolidated statements of operations.
Capitalized Licensing Rights	Capitalized Licensing Rights Capitalized licensing rights represent fees paid to intellectual property rights holders for use of their trademarks, copyrights, software, technology, music or other intellectual property or proprietary rights in the development of our products. Depending upon the agreement with the rights holder, we may obtain the right to use the intellectual property in multiple products over a number of years, or alternatively, for a single product. Significant management judgments and estimates are utilized in assessing the recoverability of capitalized costs. In evaluating the recoverability of capitalized costs, the assessment of expected product performance utilizes forecasted sales amounts and estimates of additional costs to be incurred. If revised forecasted or actual product sales are less than the originally forecasted amounts utilized in the initial recoverability analysis, the net realizable value may be lower than originally estimated in any given quarter, which could result in an impairment charge. Material differences may result in the amount and timing of expenses for any period if management makes different judgments or utilizes different estimates in evaluating these qualitative factors. In a prior period, the Company capitalized $50,000 as a result of the acquisition of licensing rights of one gaming applications. The Company estimates that the gaming application will have an estimated life of five years, which approximates the term of the license. As of March 31, 2017 and December 31, 2016, the unamortized capitalized licensing rights amounted to $38,000 and $40,000 respectively.
Research and Development Costs	Research and Development Costs Costs incurred for research and development are expensed as incurred. During the three months ended March 31, 2017 and 2016, the Company incurred $113,000 and $75,000 in research and development costs paid to an independent gaming software developer for the Pocket Starships game.
Reclassifications	Reclassifications During the period ended March 31, 2016, the Company incurred $75,000 in connection with fees paid to a game developer for the development of the Pocket Starships game that were accounted as part of Operating expenses. To conform with presentation adopted for the current period, the Company reclassified this amount as Research and Development expenses. The reclassification had no effect on total assets, total shareholder's equity, net loss or cash flows as previously presented.
Recent Accounting Standards	Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the impact of ASU 2014-09 on the Company’s financial statements and disclosures. In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Company’s financial statements and disclosures. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

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Trading Securities (Tables)

3 Months Ended

Mar. 31, 2017

Trading Securities Tables

Schedule of Change in Investment in Securities

Investments in securities are summarized as follows:

Fair Value at

Year

Beginning of Year

Purchases

Proceeds from

Sale

Gain on

Sale

Unrealized

Loss

Fair Value at

March 31, 2017

2017

59,000

—

(15,000

)

44,000

Schedule of Gross Realized Gain\Loss on Securities

During the three months ended March 31, 2017 and 2016, sales proceeds and gross realized gains and losses on trading securities were:

	March 31, 2017		March 31, 2016

Sales proceeds	$	—	$	189,000
Gross realized (losses)	$	—	$	—
Gross realized gains		—		49,000
Gain (loss) on sale of trading securities	$	—	$	49,000

Schedule of Fair Value of Assets Measured on Recurring Basis

The following table discloses the assets measured at fair value on a recurring basis and the methods used to determine fair value:

		Fair Value Measurements at Reporting Date Using
		Quoted Prices	Significant	Significant
		in Active	Other	Unobservable
	Fair Value at	Markets	Observable Inputs	Inputs
	March 31, 2017	(Level 1)	(Level 2)	(Level 3)
Trading securities	$ 44,000	$ 44,000	$ -	$ -
Money market funds	36,000	36,000	-	-
Total	$ 80,000	$ 80,000	$ -	$ -

		Fair Value Measurements at Reporting Date Using
		Quoted Prices	Significant	Significant
		in Active	Other	Unobservable
	Fair Value at	Markets	Observable Inputs	Inputs
	December 31, 2016	(Level 1)	(Level 2)	(Level 3)
Trading securities	$ 59,000	$ 59,000	$ -	$ -
Money market funds	36,000	36,000	-	-
Total	$ 95,000	$ 95,000	$ -	$ -

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Property And Equipment (Tables)

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	March 31, 2017			December 31, 2016
		(Unaudited)
Equipment	$	150,000		$	151,000
Furniture & fixtures		116,000			116,000
Leasehold improvements		381,000			381,000
		647,000			648,000
Less: accumulated depreciation and amortization		(463,000	)		(437,000	)
Property and Equipment, Net	$	184,000		$	211,000

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Equity Transactions (Tables)

3 Months Ended

Mar. 31, 2017

Equity Transactions Tables

Summarizes Common Stock with Vesting Terms Activity

The following table summarizes common stock with vesting terms activity:

				Weighted
				Average
		Number of		Grant Date
		Shares		Fair Value
Non-vested, December 31, 2016		20,833	$	0.50
	Granted	—		—
	Vested	(20,833)		0.50
	Forfeited	—		—
Non-vested, March 31, 2017		—	$	—

Summarizes Common Stock Options Activity

The following table summarizes common stock options activity:

				Weighted
				Average
		Options		Exercise Price
December 31, 2016		12,900,000	$	2.83
	Granted	570,000		1.00
	Exercised	—		—
	Cancelled	—		—
	Forfeited	(7,500,000)		3.97
Outstanding, March 31, 2017		5,970,000		3.32
Exercisable, March 31, 2017		4,585,000	$	3.43

Schedule of Weighted Average Excerise Price Range

The weighted average exercise prices, remaining lives for options granted, and exercisable as of March 31, 2017, were as follows:


	Outstanding Options			Exercisable Options
Options			Weighted		Weighted
Exercise Price		Life	Average Exercise		Average Exercise
Per Share	Shares	(Years)	Price	Shares	Price

$1.00	1,720,000	0.75 – 3.86	$1.00	1,335,000	$1.00
$2.50	1,250,000	1.75	$2.50	750,000	$2.50
$5.00	3,000,000	2.75	$5.00	2,500,000	$5.00
	5,970,000		$3.32	4,585,000	$3.43

Summarizes Common Stock Warrants Activity

The following table summarizes common stock warrants activity:

			Weighted
			Average
			Exercise
	Warrants		Price
December 31, 2016		200,000	$	0.50
Granted		1,000,000		1.75
Exercised		—		—
Cancelled		—		—
Forfeited		—		—
Outstanding, March 31, 2017		1,200,000	$	1.54
Exercisable, March 31, 2017		1,200,000	$	1.54

Schedule of Warrants Weighted Average Excerise Price Range

The weighted average exercise prices, remaining lives for warrants granted, and exercisable as of March 31, 2017, were as follows:

	Outstanding and Exercisable Warrants
Warrants
Exercise Price		Life
Per Share	Shares	(Years)
$0.50	200,000	0.6
$1.50	500,000	1.75
$2.00	500,000	1.75
	1,200,000

Schedule of Assumptions Used in Valuing the Stock Options and Warrants

The table below represents the average assumptions used in valuing the stock options and warrants granted in fiscal 2017:

		Three-Months Ended March 31,
		2017
	Expected life in years	1.75 – 3.92
	Stock price volatility	127% - 158%
	Risk free interest rate	1.26 % - 1.60%
Expected dividends		-
	Forfeiture rate	-

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Schedule of Segment Reporting

Information related to these segments is as follows:

REPORTABLE SEGMENTS
THREE MONTHS ENDED MARCH 31, 2017
(Unaudited)

		Digital Media			Restaurants			Corporate			Consolidated

Revenues	$	52,000		$	312,000		$	—		$	364,000
Cost of sales		—			99,000			—			99,000
Research and development		113,000			—			—			113,000
General and administrative		751,000			233,000			2,583,000			3,567,000
Depreciation and amortization		3,000			15,000			12,000			30,000
Operating loss	$	(815,000	)	$	(35,000	)	$	(2,595,000	)	$	(3,445,000	)


Current assets	$	316,000		$	378,000		$	1,854,000		$	2,548,000
Property and equipment, net		6,000			15,000			163,000			184,000
Intangible assets		—			—			17,000			17,000
Other non-current assets		38,000			17,000			5,000			60,000
Total assets	$	360,000		$	410,000		$	2,039,000		$	2,809,000

REPORTABLE SEGMENTS
THREE MONTHS ENDED MARCH 31, 2016
(Unaudited)

		Digital Media			Restaurants			Corporate			Consolidated

Revenues	$	35,000		$	297,000		$	—		$	332,000
Cost of sales		—			97,000			—			97,000
Research and development		75,000			—			—			75,000
General and administrative		258,000			239,000			589,000			1,086,000
Depreciation and amortization		8,000			19,000			11,000			38,000
Operating income (loss)	$	(306,000	)	$	(58,000	)	$	(600,000	)	$	(964,000	)


Current assets	$	137,000		$	245,000		$	6,463,000		$	6,845,000
Property and equipment, net		—			78,000			208,000			286,000
Intangible assets		—			—			20,000			20,000
Other non-current assets		—			17,000			6,000			23,000
Total assets	$	137,000		$	340,000		$	6,697,000		$	7,174,000

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Trading Securities (Schedule Of Change In Investment In Securities) (Details) - Trading Securities [Member]	3 Months Ended
	Mar. 31, 2017 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value at Beginning of Year	$ 59,000
Purchases
Proceeds from Sale
Gain on Sale
Unrealized Loss	(15,000)
Fair Value at March 31, 2017	$ 44,000

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Trading Securities (Schedule Of Gross Realized Gain/Loss) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Trading Securities Schedule Of Gross Realized Gainloss Details
Sales proceeds		$ 189,000
Gross realized (losses)
Gross realized gains		49,000
Gain (loss) on sale of trading securities		$ 49,000

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Trading Securities (Schedule Of Fair Value Of Assets) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 44,000	$ 59,000
Fair Value Measurements At Reporting Date Using Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	44,000	59,000
Money market funds	36,000	36,000
Total	80,000	95,000
Fair Value Measurements At Reporting Date Using Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities
Money market funds
Total
Fair Value Measurements At Reporting Date Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities
Money market funds
Total
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	44,000	59,000
Money market funds	36,000	36,000
Total	$ 80,000	$ 95,000

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Property And Equipment (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Property And Equipment Details
Equipment	$ 150,000	$ 151,000
Furniture and fixtures	116,000	116,000
Leasehold improvements	381,000	381,000
Property and Equipment, Gross	647,000	648,000
Less: accumulated depreciation and amortization	463,000	437,000
Property and Equipment, Net	$ 184,000	$ 211,000	$ 286,000

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Equity Transactions (Summarizes Common Stock With Vesting Terms Activity) (Details)	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Number of Shares
Non-vested balance at the beginning \| shares	20,833
Granted \| shares
Vested \| shares	(20,833)
Forfeited \| shares
Non-vested balance at the end \| shares
Weighted Average Grant Date Fair Value
Non-vested balance at the beginning \| $ / shares	$ 0.50
Granted \| $ / shares
Vested \| $ / shares	0.50
Forfeited \| $ / shares
Non-vested balance at the end \| $ / shares

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Equity Transactions (Summarizes Common Stock Options Activity) (Details)	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Options
Outstanding, December 31, 2016 \| shares	12,900,000
Granted \| shares	570,000
Exercised \| shares
Cancelled \| shares
Forfeited \| shares	(7,500,000)
Outstanding, March 31, 2017 \| shares	5,970,000
Exercisable, March 31, 2017 \| shares	4,585,000
Weighted Average Exercise Price
Outstanding, December 31, 2016 \| $ / shares	$ 2.83
Granted \| $ / shares	1.00
Exercised \| $ / shares
Cancelled \| $ / shares
Forfeited \| $ / shares	3.97
Outstanding, March 31, 2017 \| $ / shares	3.32
Exercisable, March 31, 2017 \| $ / shares	$ 3.43

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Equity Transactions (Schedule Of Weighted Average Excerise Price Range) (Details)	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Options, Shares \| shares	5,970,000
Outstanding Options, Weighted Average Exercise Price \| $ / shares	$ 3.32
Exercisable Options, Shares \| shares	4,585,000
Exercisable Options, Weighted Average Exercise Price \| $ / shares	$ 3.43
Stock Options [Member] \| Exercise Price Per Share $1.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Options, Shares \| shares	1,720,000
Outstanding Options, Weighted Average Exercise Price \| $ / shares	$ 1.00
Exercisable Options, Shares \| shares	1,335,000
Exercisable Options, Weighted Average Exercise Price \| $ / shares	$ 1.00
Stock Options [Member] \| Exercise Price Per Share $1.00 [Member] \| Minimum [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Options, Life (Years)	9 months
Stock Options [Member] \| Exercise Price Per Share $1.00 [Member] \| Maximum [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Options, Life (Years)	3 years 10 months 10 days
Stock Options [Member] \| Exercise Price Per Share $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Options, Shares \| shares	1,250,000
Outstanding Options, Life (Years)	1 year 9 months
Outstanding Options, Weighted Average Exercise Price \| $ / shares	$ 2.50
Exercisable Options, Shares \| shares	750,000
Exercisable Options, Weighted Average Exercise Price \| $ / shares	$ 2.50
Stock Options [Member] \| Exercise Price Per Share $5.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Options, Shares \| shares	3,000,000
Outstanding Options, Life (Years)	2 years 9 months
Outstanding Options, Weighted Average Exercise Price \| $ / shares	$ 5.00
Exercisable Options, Shares \| shares	2,500,000
Exercisable Options, Weighted Average Exercise Price \| $ / shares	$ 5.00

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Equity Transactions (Summarizes Common Stock Warrants Activity) (Details) - Warrants [Member] - $ / shares	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2017
Warrants
December 31, 2016		200,000
Granted	1,000,000	1,000,000
Exercised
Cancelled
Forfeited
Outstanding, March 31, 2017	1,200,000	1,200,000
Exercisable, March 31, 2017		1,200,000
Weighted Average Exercise Price
December 31, 2016		$ 0.50
Granted		1.75
Exercised
Cancelled
Forfeited
Outstanding, March 31, 2017	$ 1.54	1.54
Exercisable, March 31, 2017		$ 1.54

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Equity Transactions (Schedule Of Warrants Weighted Average Excerise Price Range) (Details)	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Warrants, Shares	5,970,000
Warrants [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Warrants, Shares	1,200,000
Warrants [Member] \| Exercise Price Per Share $0.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Warrants, Shares	200,000
Outstanding Warrants, Life (Years)	7 months
Warrants exercise price, per share \| $ / shares	$ 0.50
Warrants [Member] \| Exercise Price Per Share $1.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Warrants, Shares	500,000
Outstanding Warrants, Life (Years)	1 year 9 months
Warrants exercise price, per share \| $ / shares	$ 1.50
Warrants [Member] \| Exercise Price Per Share $2.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Warrants, Shares	500,000
Outstanding Warrants, Life (Years)	1 year 9 months
Warrants exercise price, per share \| $ / shares	$ 2.00

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Equity Transactions (Schedule Of Assumptions Used In Valuing The Stock Options And Warrants) (Details) - Stock Options And Warrants [Member]	3 Months Ended
	Mar. 31, 2017
Assumptions - Black Scholes Model:
Expected dividends
Forfeiture rate
Minimum [Member]
Assumptions - Black Scholes Model:
Expected life in years	1 year 9 months
Stock price volatility	127.00%
Risk free interest rate	1.26%
Maximum [Member]
Assumptions - Black Scholes Model:
Expected life in years	3 years 11 months 1 day
Stock price volatility	158.00%
Risk free interest rate	1.60%

XML 40 R29.htm IDEA: XBRL DOCUMENT

Segment Reporting (Details) - USD ($)	3 Months Ended
Segment Reporting (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Revenues	$ 364,000	$ 332,000
Cost of sales	99,000	97,000
Research and Development	113,000	75,000
General and administrative	3,567,000	1,086,000
Depreciation and amortization	30,000	38,000
Operating loss	(3,445,000)	(964,000)
Current assets	2,548,000	6,845,000	$ 3,569,000
Property and equipment, net	184,000	286,000	211,000
Intangible assets	17,000	20,000	18,000
Other non-current assets	60,000	23,000
Total assets	2,809,000	7,174,000	$ 3,860,000
Operating Segments [Member] \| Digital Media [Member]
Revenues	52,000	35,000
Cost of sales
Research and Development	113,000	75,000
General and administrative	751,000	258,000
Depreciation and amortization	3,000	8,000
Operating loss	(815,000)	(306,000)
Current assets	316,000	137,000
Property and equipment, net	6,000
Intangible assets
Other non-current assets	38,000
Total assets	360,000	137,000
Operating Segments [Member] \| Restaurants [Member]
Revenues	312,000	297,000
Cost of sales	99,000	97,000
Research and Development
General and administrative	233,000	239,000
Depreciation and amortization	15,000	19,000
Operating loss	(35,000)	(58,000)
Current assets	378,000	245,000
Property and equipment, net	15,000	78,000
Intangible assets
Other non-current assets	17,000	17,000
Total assets	410,000	340,000
Operating Segments [Member] \| Corporate [Member]
Revenues
Cost of sales
Research and Development
General and administrative	2,583,000	589,000
Depreciation and amortization	12,000	11,000
Operating loss	(2,595,000)	(600,000)
Current assets	1,854,000	6,463,000
Property and equipment, net	163,000	208,000
Intangible assets	17,000	20,000
Other non-current assets	5,000	6,000
Total assets	$ 2,039,000	$ 6,697,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

Organization And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)	3 Months Ended		36 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
One Gaming Applications [Member]
Capitalized licensing rights, additions			$ 50,000
Capitalized licensing rights	$ 38,000		$ 40,000
Estimated useful life of gaming applications	5 years
Other General And Administrative Expense [Member]
Software licensing and publication cost	$ 147,000	$ 15,000
Class A Preferred Stock [Member]
Antidilutive shares excluded from computation of basic earnings per share	26,909,028	26,909,028
Class E Preferred Stock [Member]
Antidilutive shares excluded from computation of basic earnings per share	150,775	696,767
Stock Options [Member]
Antidilutive shares excluded from computation of basic earnings per share	5,970,000
Warrants [Member]
Antidilutive shares excluded from computation of basic earnings per share	1,200,000
Non-Vested Common [Member]
Antidilutive shares excluded from computation of basic earnings per share		241,667

XML 42 R31.htm IDEA: XBRL DOCUMENT

Property And Equipment (Narrative) (Details) - USD ($)	3 Months Ended
Property And Equipment (Narrative) (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation and amortization expenses	$ 30,000	$ 38,000
Property And Equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization expenses	$ 27,000	$ 29,000

XML 43 R32.htm IDEA: XBRL DOCUMENT

Equity Transactions (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
Equity Transactions (Narrative) (Details) - USD ($)	Mar. 31, 2017	Feb. 28, 2015	Mar. 31, 2017	Dec. 31, 2016
Stock issued for employee for services, value			$ 847,000
Stock issued to consultants for services, value			$ 1,065,000
Stock options granted
Stock Options [Member]
Stock options terms			All outstanding options had an exercise price greater than $0.65 per share.
Closing stock price	$ 0.65		$ 0.65
Intrinsic value of stock price	$ 0		$ 0
Warrants [Member]
Recognized compensation expense	$ 291,000
Stock options terms	The Company granted warrants to purchase a total of 1,000,000 shares of restricted common stock with an exercise price of $1.50 and $2.00 which will expire December 31, 2018.
Closing stock price	$ 0.65		$ 0.65
Intrinsic value of stock price	$ 30,000		$ 30,000
No of warrants granted	1,000,000		1,000,000
Consultants [Member] \| Stock Options [Member]
Stock options granted			570,000
No of shares vested			185,000
Recognized compensation expense			$ 111,000
Unvested compensation costs not yet recognized	$ 231,000		$ 231,000
Stock options terms			A total of 185,000 options vested upon grant while the remaining 385,000 options will vest through February 2018 at a rate of 35,000 shares per month. The options are exercisable at $1.00 per share.
Stock options expire period			4 years
Consulting Agreement [ Member]
No of shares vested			20,833	479,167
Recognized compensation expense			$ 46,000
Unvested compensation shares not yet recognized	0		0
Unvested compensation costs not yet recognized	$ 0		$ 0
Common Stock [Member]
Stock issued for employee for services, shares			1,250,000
Stock issued for employee for services, value			$ 125
Stock issued to consultants for services, shares			1,560,000
Stock issued to consultants for services, value			$ 156
Common Stock [Member] \| Employees [Member]
Stock issued for employee for services, shares			1,250,000
Stock issued for employee for services, value			$ 847,000
Restricted Common Stock [Member] \| Consultants [Member]
Stock issued to consultants for services, shares			1,560,000
Stock issued to consultants for services, value			$ 1,065,000
Restricted Common Stock [Member] \| Consulting Agreement [ Member]
Stock options granted		500,000
Stock or warrants vesting period		24 months

XML 44 R33.htm IDEA: XBRL DOCUMENT

Commitments And Contingencies (Narrative) (Details) - Suit Relates To Issuance Of Convertible Debentures [Member]	Oct. 14, 2015 USD ($)
Loss Contingencies [Line Items]
Defendant name	SPYR, Inc., f/k/a Eat at Joe’s., Ltd
Plaintiff name	Zakeni Limited
Domicile of litigation	Case filed in the United States District Court for the District of Delaware case
Sought damages value	$ 1,500,000
Sought damages description	The plaintiff is seeking payment or conversion of said convertible debentures together with accrued interest and unspecified damages.
Trial commencement month and year	2018-01

XML 45 R34.htm IDEA: XBRL DOCUMENT

Subsequent Events (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
Subsequent Events (Narrative) (Details) - USD ($)	May 15, 2017	Mar. 31, 2017
Subsequent Event [Line Items]
Stock issued for services, value		$ 1,065,000
Common Stock [Member]
Subsequent Event [Line Items]
Stock issued for services, shares		1,560,000
Stock issued for services, value		$ 156
Subsequent Event [Member] \| Common Stock [Member] \| Third Party Service Providers [Member]
Subsequent Event [Line Items]
Stock issued for services, shares	60,000
Stock issued for services, value	$ 38,000

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Equity Transactions (Summarizes Common Stock With Vesting Terms Activity) (Details)	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Number of Shares
Non-vested balance at the beginning \| shares	20,833
Granted \| shares
Vested \| shares	(20,833)
Forfeited \| shares
Non-vested balance at the end \| shares
Weighted Average Grant Date Fair Value
Non-vested balance at the beginning \| $ / shares	$ 0.50
Granted \| $ / shares
Vested \| $ / shares	0.50
Forfeited \| $ / shares
Non-vested balance at the end \| $ / shares