-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TtfgjOl9RupRAB/ps3YG+mrdNpJfcy8xeurPAFXfiId9g5ygRXeV7WB3+aoGBLoZ sb6bRaRy7MYFYXIAZAfT+g== 0001354488-09-002030.txt : 20091113 0001354488-09-002030.hdr.sgml : 20091113 20091113122411 ACCESSION NUMBER: 0001354488-09-002030 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091113 DATE AS OF CHANGE: 20091113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ISSUER DIRECT CORP CENTRAL INDEX KEY: 0000843006 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL PRINTING [2750] IRS NUMBER: 261331503 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10185 FILM NUMBER: 091180144 BUSINESS ADDRESS: STREET 1: 201 SHANNON OAKS CIRCLE STREET 2: SUITE 105 CITY: CARY STATE: NC ZIP: 27511 BUSINESS PHONE: 9194611600 MAIL ADDRESS: STREET 1: 201 SHANNON OAKS CIRCLE STREET 2: SUITE 105 CITY: CARY STATE: NC ZIP: 27511 FORMER COMPANY: FORMER CONFORMED NAME: DOCUCON INC DATE OF NAME CHANGE: 20071002 FORMER COMPANY: FORMER CONFORMED NAME: DOCUCON INCORPORATED DATE OF NAME CHANGE: 19920703 10-Q/A 1 isdr_10qa.htm PERIOD ENDED SEPTEMBER 30 2009 - XBRL ISSUER DIRECT CORPORATION


 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


———————

FORM 10-Q/A

———————


þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2009

or


¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from: _____________ to _____________


———————

ISSUER DIRECT CORPORATION

(Exact name of registrant as specified in its charter)

———————


Delaware

1-10185

26-1331503

(State or Other Jurisdiction

(Commission

(I.R.S. Employer

of Incorporation)

File Number)

Identification No.)

201 Shannon Oaks Circle Suite 105, Cary North Carolina 27511

(Address of Principal Executive Office) (Zip Code)

(919) 481-4000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

———————


Indicate by check mark whether the registrant (1) has 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 registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ¨ Yes þ 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).    þ 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.


Large accelerated filer

¨

 

Accelerated filer

¨

 

Non-accelerated filer

¨

 

Smaller reporting company

þ

 


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


Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 16,854,717 shares of common stock were issued and outstanding as of October 10, 2009.

 

 







Explanatory Note

The purpose of this Amendment No. 1 to our Quarterly Report on Form 10-Q for the period ended June 30, 2009, as filed with the Securities and Exchange Commission on August 10, 2009, is to furnish Exhibit 101 to the Form 10-Q as required by Rule 405 of Regulation S-T. Exhibit 101 to this report provides the following items from our Form 10-Q formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets at June 30, 2009, and December 31, 2008; (ii) Consolidated Statements of Income for the three and six months periods ended June 30, 2009, and 2008; (iii) Consolidated Statements of Cash Flows for periods ended June 30, 2009, and 2008;  (iv) Notes to the Consolidated Financial Statements, tagged as blocks of text.

Users of this data are advised that pursuant to Rule 406T of Regulation S-T these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections. No other changes have been made to the Form 10-Q other than those described herein. 

Furthermore investors should not rely on the information previously filed on October 28, 2009 on form 8-K, including Exhibit 101, in making investment decisions. This amendment is being filed to correct compliance and validation issues as it relates to the form 8-K and Exhibits.


ITEM 6

EXHIBITS.


Exhibit Number

 

Description

31.1

    

Rule 13a-14(a) Certification of Principal Executive Officer.*

31.2

 

Rule 13a-14(a) Certification of Principal Financial Officer.*

32.1

 

Section 1350 Certification of Principal Executive Officer.*

32.2

 

Section 1350 Certification of Principal Financial Officer.*

101.INS

 

XBRL Instance Document**

101.SCH

 

XBRL Taxonomy Extension Schema**

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase**

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase**

101.LAB

 

XBRL Taxonomy Extension Label Linkbase**

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase**

———————

* Filed with our Form 10-Q as filed on August 10, 2009.
** Filed herewith







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.

Date: November 12, 2009

   

ISSUER DIRECT CORPORATION

 

 

 

 

 

 

 

By:

/s/ BRIAN R. BALBIRNIE

 

 

Brian R. Balbirnie

 

 

Chief Executive Officer





EX-101.INS 2 isdr-20090930.xml XBRL INSTANCE DOCUMENT 0000843006 2009-09-30 0000843006 2008-12-31 0000843006 2009-07-01 2009-09-30 0000843006 2008-07-01 2008-09-30 0000843006 2009-01-01 2009-09-30 0000843006 2008-01-01 2008-09-30 0000843006 2007-12-31 0000843006 2008-09-30 iso4217:USD xbrli:shares 215697 159371 19411 6242 21061 127195 50964 65138 73525 5 16854 1471238 4236 -1124511 400721.0 548977.0 548977.0 189627.0 359350.0 50367 165681 6242 2855 225145 15987 2000 147695 143560 128050 73525 64828 7 18834 1441006 4236 -1474747 390827.0 390827.0 409963.0 -19136.0 168943 48545 80168 6784 21993 326433 145491 180942 130069 52609 9304 191982 -11040 -1082 -9958 0.00 0.00 16854717 16854717 151147 88717 54034 18479 312377 162039 150338 217941 61201 130000 4226 413368 -263030 4580 -267610 -0.01 -0.01 18834643 18834643 562962 343152 365208 87703 205752 1564777 630532 934245 370198 184990 28568 583756 350489 253 350236 0.02 0.02 17075999 17079260 518221 328378 168648 41279 1056526 583956 472570 1082697 224744 130000 13900 1451341 -978771 10204 -988975 -0.06 -0.06 17478325 17478325 29680 10000 23371 14557 -92596 -37910 250050 13142 -13142 6750 64828 -71578 165330 39318 22249 0 0 21800 668150 43293 1359 91546 62280 -45951 9221 -9221 0 50000 11897 38103 -17069 0 0 0 0 0 16854717 779574 10-Q false 2009-09-30 ISDR Issuer Direct Corporation 0000843006 --12-31 No Yes Yes Smaller Reporting Company <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px" align="justify"><b>Basis of Presentation</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">The unaudited interim balance sheet as of September 30, 2009 and statement of operations and cash flows for the periods ended September 30, 2009 and 2008 included herein, have been prepared in accordance with the instructions for Form 10-Q under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Article 10 of Regulation S-X under the Exchange Act. In the opinion of the management, they include all normal recurring adjustments necessary for a fair presentation of the financial statements. Results of operations reported for the interim periods are not necessarily indicative of results for the entire year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations relating to interim financial statements. The interim financial informat ion should be read in conjunction with Issuer Direct Corporation's (the Company's) 2008 audited financial statements filed on Form 10-K.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">Certain reclassifications have been made to prior period amounts to conform to the current period presentation. All reclassifications have been applied consistently for the periods presented.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px" align="justify"><b>Going Concern</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">Since inception and through December 31, 2008, we have incurred losses and at September 30, 2009, we have an accumulated deficit of $1,124,511, which raises substantial doubt about our ability to continue as a going concern. We have funded our operations and marketing efforts since inception through the issuance of debt and equity securities. Should we require additional funds and if we are unable to acquire such funds, our ability to continue as a going concern will be severely impacted. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px" align="justify"><b>Earnings per Share</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">Basic EPS excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average common shares outstanding for the period. Diluted EPS reflects the potential dilution 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 earnings of the entity. Diluted income per share for the nine months ending September 30, 2009, gives effect to the weighted average of 3,261 common shares issuable during the period assuming conversion of the Company's shares of preferred stock (556 common shares for each of the preferred shares that were outstanding during the period). In April 2009, two of the Company's shares of preferred stock were retired in return for the issuance of 20,000 common shares and as result, the dilutive effect of these preferred shares in included for only a port ion of the nine month period. As the fully diluted loss per share for the quarter ending September 30, 2009 and for each of the 2008 periods was anti-dilutive, no effect was given to the preferred shares for the respective periods.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px" align="justify"><b>Allowance for Doubtful Accounts</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection information. Credit is granted to most customers on an unsecured basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions. During the three months and nine months ended September 30, 2009, we recorded bad debt expense totaling $2,717 and $29,680, and permanently wrote off or collected $29,722 of amounts previously reserved. Accordingly, our allowance for doubtful accounts increased slightly from $43,764 at December 31, 2008 to $43,722 at September 30, 2009. During the quarter ended September 30, 2008, we recorded bad debt expense totaling $21,800, and recovered $250 of amounts previously written off. Accordingly, our allowance for doubtful accounts increased from $11,950 at December 31, 2007, to $34,009 at September 30, 2008.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px"><b>Use of Estimates</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Significant estimates include the allowance for doubtful accounts and the valuation of goodwill and intangible assets. Actual results could differ from those estimates.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px"><b>Income Taxes</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We follow an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amounts expected to be realized.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">At the end of each interim period, we estimate the effective tax rate we expect to be applicable for the full fiscal year and this rate is applied to our results for the interim year to date period. Based upon our evaluation of possible future events and transactions, expected changes to our valuation allowance and utilization of our net operating loss carryforwards, we currently estimate our effective rate for the 2009 fiscal year will be 0%. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">Our policy regarding the classification of interest and penalties is to classify them as income tax expense in the Company's financial statements, if applicable. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:10.667px"><b>Fair Value Measurements</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">As of September 30, 2009 and December 31, 2008, we do not have any accounts that are required to be or that we elected to measure at fair value.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We adopted the fair value provisions applicable to nonfinancial assets and nonfinancial liabilities in this first quarter of 2009. Our assets and liabilities that will be subject to these provisions during 2009 include our intangible assets, consisting of goodwill, domain names and software, and our long-lived assets. Based on our evaluation of this statement, the adoption of the fair value provisions applicable to nonfinancial assets and liabilities did not have a significant impact on the determination or reporting of our financial results.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We believe that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, accounts payable, and unsecured notes payable approximate their carrying amounts. The interest rates payable on our notes approximate market rates on similar borrowings at September 30, 2009.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px"><b>Recent Accounting Pronouncements</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">In September 2009, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 168<i>, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles-a Replacement of FASB Statement No. 162</i>, (SFAS 168).<i> </i>SFAS 168 establishes the FASB Accounting Standards Codification ("Codification") as the single source of authoritative generally accepted accounting<i> </i>principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal<i> </i>securities laws are also sources of authoritative U.S. GAAP for SEC registrants. SFAS 168 is effective for financial statements issued for interim and annual<i> </i>periods ending after September 15, 2009. The Codification will supersede all existing non-SEC accou nting and reporting standards. All other<i> </i>non-grandfathered non-SEC accounting literature not included in the Codification will become non-authoritative. The adoption of<i> </i>SFAS 168 did not have a material impact on our results of operations or financial position.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">The adoption of other recently issued accounting pronouncements did not have a material effect on our financial position or results from operations. We do not expect recently issued accounting pronouncements that are not yet effective will have a material effect on our financial position or results of operations upon adoption.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">As of September 30, 2009 and December 31, 2008, we had unsecured notes payable outstanding totaling $0 and $64,828, respectively, as follows:</p> <table style="font-size:10pt" cellspacing="0" align="center"> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="10.467"><p style="font-size:8pt; margin:0px"><b> </b></p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="76" colspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>September 30,</b></p> <p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2009</b></p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px; font-size:8pt"><b> </b></p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px; font-size:8pt"><b> </b></p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="70" colspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>December 31,</b></p> <p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2008</b></p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"><b> </b></p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Unsecured Note Payable in connection with the asset purchase agreement in March 2007, with interest of 8%, which was fully paid on January 28, 2009. </p> </td><td valign="bottom" width="10.467"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px">$</p> </td><td valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">--</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="6.6"><p style="font-size:8pt; margin:0px">$</p> </td><td valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">35,000</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Unsecured Note Payable in connection with the July 2, 2007 acquisition of Bassett Press, with interest of 8%, due and payable monthly, due on July 17, 2009 and which was fully repaid in August 2009.</p> </td><td valign="bottom" width="10.467"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">--</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="6.6"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">29,828</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Less current portion</p> </td><td valign="bottom" width="10.467"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">--</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="6.6"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">64,828</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Total long-term notes payable- other</p> </td><td valign="bottom" width="10.467"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px">$</p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">-</p> </td><td style="border-bottom:3px double #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="6.6"><p style="font-size:8pt; margin:0px">$</p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">-</p> </td><td style="border-bottom:3px double #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> </table> <p style="font-size:8pt; margin-top:8.867px; margin-bottom:8.867px">On January 28, 2009, we entered into a settlement and release agreement ("Agreement") with the holder of the note payable that we issued in March 2007. Pursuant to the terms of the agreement, the holder agreed to accept $35,000 in full payment of principal and interest, which was paid in full on January 28, 2009. We recognized a gain on settlement of debt of approximately $16,900 as of December 31, 2008, when we reduced the carrying value of the debt pursuant to the settlement agreement.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">As of September 30, 2009 and December 31, 2008, we had three unsecured related party notes payable outstanding, totaling $73,525 as follows:</p> <table style="font-size:10pt" cellspacing="0" align="center"> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px"><b> </b></p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="76" colspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>September 30,</b></p> <p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2009</b></p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px; font-size:8pt"><b> </b></p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px; font-size:8pt"><b> </b></p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="70.067" colspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>December 31,<br /> 2008</b></p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"><b> </b></p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Note Payable to our Chief Executive Officer in the amount of $25,000 for various obligations the former company was party to, including former legal counsel, former transfer agent and tax obligations with the state of Delaware. The unsecured note carries interest in the amount of 8% per annum and was due on December 31, 2008 or upon completion of a financing agreement totaling $250,000. The note is in default at September 30, 2009, and the holder has the right to demand payment at any time. There are no penalties associated with the default.</p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px">$</p> </td><td valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">23,525</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="6.667"><p style="font-size:8pt; margin:0px">$</p> </td><td valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">23,525</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p> </p></td><td valign="bottom" width="10.4"><p> </p></td><td valign="bottom" width="7.467"><p> </p></td><td valign="bottom" width="68.533"><p> </p></td><td valign="bottom" width="3.4"><p> </p></td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="6.667"><p> </p></td><td valign="bottom" width="63.4"><p> </p></td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Unsecured Note Payable to a Director of the Company in the amount of $25,000, with interest of 8%, due on receipt by the Company or its designated escrow agent of an aggregate of $1,000,000 in gross proceeds of the Private Placement.</p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right"> 25,000</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="6.667"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">25,000</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="6.667"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Unsecured Note Payable to a Director of the Company in the amount of $25,000, with interest of 8%, due on receipt by the Company or its designated escrow agent of an aggregate of $1,000,000 in gross proceeds of the Private Placement.</p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right"> 25,000</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="6.667"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">25,000</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Total notes payable - related party</p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px">$</p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">73,525</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="6.667"><p style="font-size:8pt; margin:0px">$</p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">73,525</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> </table> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">During the nine months ended September 30, 2009, we issued 150,000 shares of our common stock to an employee under the terms of an employment agreement, paid $6,750 to repurchase 2,250,000 shares of our common stock from our former President shortly after his resignation, issued 20,000 shares of common stock to redeem all obligations pursuant to two shares of preferred stock, and issued 100,000 shares as payment for services rendered, as follows:</p> <table style="font-size:10pt" cellspacing="0" align="center"> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="7.333"><p style="font-size:8pt; margin:0px"><b> </b></p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="79.8" colspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>Nine months<br /> ended<br /> September 30,<br /> 2009</b></p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.467"><p> </p></td><td valign="bottom" width="4.4"><p style="font-size:8pt; margin:0px"><b> </b></p> </td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Outstanding at January 1, 2009</p> </td><td valign="bottom" width="7.333"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="10.133"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">18,834,717</p> </td><td valign="bottom" width="4.467"><p> </p></td><td valign="bottom" width="4.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Shares issued in settlement of obligation for services rendered in fiscal 2008 </p> </td><td valign="bottom" width="7.333"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="10.133"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">150,000</p> </td><td valign="bottom" width="4.467"><p> </p></td><td valign="bottom" width="4.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Repurchase of shares, subsequently retired</p> </td><td valign="bottom" width="7.333"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="10.133"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">(2,250,000</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.467"><p style="font-size:8pt; margin:0px">)</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.4"><p> </p></td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Shares issued to redeem preferred stock</p> </td><td valign="bottom" width="7.333"><p> </p></td><td valign="bottom" width="10.133"><p> </p></td><td valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">20,000</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.467"><p> </p></td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.4"><p> </p></td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Shares issued for services</p> </td><td valign="bottom" width="7.333"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="10.133"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">100,000</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.467"><p> </p></td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.4"><p> </p></td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Outstanding at September 30, 2009</p> </td><td valign="bottom" width="7.333"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="10.133"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">16,854,717</p> </td><td style="border-bottom:3px double #FFFFFF" valign="bottom" width="4.467"><p> </p></td><td style="border-bottom:3px double #FFFFFF" valign="bottom" width="4.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> </table> <p style="font-size:8pt; margin-top:8.867px; margin-bottom:8.867px">In February 2009, we issued 150,000 shares of our common stock in connection with an employment agreement with a former officer of Bassett Press. The fair market value of the shares totaled $25,000, or $0.17 per share, which represents the closing price on the date of the agreement. These shares were issued pursuant to the employment agreement. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">In February 2009, our former President, who remains on our Board of Directors, sold 2,250,000 shares from his beneficial holdings in a private transaction for $6,750 to the Company. The shares were retired, and we reduced paid-in capital by $4,500.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We issued 100,000 shares of our common stock in July 2009 to a consultant in exchange for certain consulting services, with an estimated fair market value of $10,000, which is equal to the closing price of our common stock on the date of the issuance.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">At September 30, 2009, we had five outstanding shares of Series A Preferred Stock. Although the Certificate of Designation of the rights, preferences and limitations of the Preferred Stock provides for dividends equal to eleven percent (11.0%) per year on the liquidation preference of $25,000 per share, we have not declared or accrued such dividends. These shares were issued by our predecessor company and the original documentation which would validate claims thereto is not available, and we are taking steps to retire the series. In April 2009, we issued 20,000 common shares to the holder of two preferred shares, for a value of $100 each, in settlement of the stated value and any potential claims to accumulated dividends thereon. Additionally, under Delaware law, dividends are an obligation only when declared, and the Board has not declared any dividends payable on the Series A Preferred Stock. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">Included in intangible assets is $50,000 of proprietary software of intellectual property acquired in July 2007, as part of the Basset Press acquisition. At the date of the acquisition and through the year ended December 31, 2008, we assigned an indefinite life to the proprietary software and included such software in our annual evaluation of impairment. During the first quarter of 2009, we reevaluated the useful life of the propriety software and have assigned a remaining estimated useful life of 6 years to such asset.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">For the three- and nine-month periods ended September 30, 2009 and 2008, we earned revenues (as a percentage of total revenues) in the following categories:</p> <table style="font-size:10pt" cellspacing="0" align="center"> <tr><td valign="bottom" width="350.867"><p> </p></td><td valign="bottom" width="18.733"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="115.067" colspan="4" rowspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>Three months ended</b></p> <p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>September 30,</b></p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="115.067" colspan="4" rowspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>Nine months ended</b></p> <p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>September 30,</b></p> </td></tr> <tr><td valign="bottom" width="350.867"><p> </p></td><td valign="bottom" width="18.733"><p> </p></td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td></tr> <tr><td style="border-bottom:1px solid #000000" valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px"><i>Revenue Streams</i></p> </td><td valign="bottom" width="18.733"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2009</b></p> </td><td valign="bottom" width="15"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt"><b> </b></p> </td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2008</b></p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><b> </b></p> </td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2009</b></p> </td><td valign="bottom" width="15"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt"><b> </b></p> </td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2008</b></p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Compliance and reporting services</p> </td><td valign="bottom" width="18.733"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">51.8%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">48.4%</p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">36.0%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">49.0%</p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Printing and financial communication </p> </td><td valign="bottom" width="18.733"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">14.9%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">28.4%</p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">21.9%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">31.1%</p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Fulfillment and distribution</p> </td><td valign="bottom" width="18.733"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">24.5%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">17.3%</p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">23.3%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">16.0%</p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Software licensing</p> </td><td valign="bottom" width="18.733"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">2.1%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">5.9%</p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">5.6%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">3.9%</p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Transfer agent services</p> </td><td valign="bottom" width="18.733"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">6.7%</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">--</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">13.2%</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">--</p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Total</p> </td><td valign="bottom" width="18.733"><p> </p></td><td style="border-bottom:3px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">100.0%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:3px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">100.0%</p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:3px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">100.0%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:3px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">100.0%</p> </td></tr> </table> <p style="font-size:8pt; margin-top:8.867px; margin-bottom:8.867px">No one customer accounted for greater than 10% of our operating revenues during the three month period ended September 30, 2009. One customer accounted for 15% of our operating revenues during the three month period ended September 30, 2008. One customer accounted for 33% of our operating revenues during the nine month period ended September 30, 2009. No one customer accounted for greater than 10% of our operating revenues during the nine month period ended September 30, 2008. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">At September 30, 2009, one customer accounted for 22.5% of our total accounts receivable. As of December 31, 2008, two customers comprised 55.3% (41.0% and 14.3%) of our total accounts receivable. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We do not believe we had any financial instruments that could have potentially subjected us to significant concentrations of credit risk. 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No authoritative reference available. false false 2 26 false NoRounding UnKnown UnKnown false true XML 9 R4.xml IDEA: Notes to Financial Statements 1.0.0.3 false Notes to Financial Statements false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 2 0 isdr_NotesToFinancialStatements isdr false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px" align="justify"><b>Basis of Presentation</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">The unaudited interim balance sheet as of September 30, 2009 and statement of operations and cash flows for the periods ended September 30, 2009 and 2008 included herein, have been prepared in accordance with the instructions for Form 10-Q under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Article 10 of Regulation S-X under the Exchange Act. In the opinion of the management, they include all normal recurring adjustments necessary for a fair presentation of the financial statements. Results of operations reported for the interim periods are not necessarily indicative of results for the entire year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations relating to interim financial statements. The interim financial informat ion should be read in conjunction with Issuer Direct Corporation's (the Company's) 2008 audited financial statements filed on Form 10-K.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">Certain reclassifications have been made to prior period amounts to conform to the current period presentation. All reclassifications have been applied consistently for the periods presented.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px" align="justify"><b>Going Concern</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">Since inception and through December 31, 2008, we have incurred losses and at September 30, 2009, we have an accumulated deficit of $1,124,511, which raises substantial doubt about our ability to continue as a going concern. We have funded our operations and marketing efforts since inception through the issuance of debt and equity securities. Should we require additional funds and if we are unable to acquire such funds, our ability to continue as a going concern will be severely impacted. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> Basis of Presentation The unaudited interim balance sheet as of September 30, 2009 and statement of operations and cash flows for the periods ended September false false No definition available. No authoritative reference available. false 4 1 us-gaap_SignificantAccountingPoliciesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px" align="justify"><b>Earnings per Share</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">Basic EPS excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average common shares outstanding for the period. Diluted EPS reflects the potential dilution 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 earnings of the entity. Diluted income per share for the nine months ending September 30, 2009, gives effect to the weighted average of 3,261 common shares issuable during the period assuming conversion of the Company's shares of preferred stock (556 common shares for each of the preferred shares that were outstanding during the period). In April 2009, two of the Company's shares of preferred stock were retired in return for the issuance of 20,000 common shares and as result, the dilutive effect of these preferred shares in included for only a port ion of the nine month period. As the fully diluted loss per share for the quarter ending September 30, 2009 and for each of the 2008 periods was anti-dilutive, no effect was given to the preferred shares for the respective periods.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px" align="justify"><b>Allowance for Doubtful Accounts</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We provide an allowance for doubtful accounts, which is based upon a review of outstanding receivables as well as historical collection information. Credit is granted to most customers on an unsecured basis. In determining the amount of the allowance, management is required to make certain estimates and assumptions. During the three months and nine months ended September 30, 2009, we recorded bad debt expense totaling $2,717 and $29,680, and permanently wrote off or collected $29,722 of amounts previously reserved. Accordingly, our allowance for doubtful accounts increased slightly from $43,764 at December 31, 2008 to $43,722 at September 30, 2009. During the quarter ended September 30, 2008, we recorded bad debt expense totaling $21,800, and recovered $250 of amounts previously written off. Accordingly, our allowance for doubtful accounts increased from $11,950 at December 31, 2007, to $34,009 at September 30, 2008.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px"><b>Use of Estimates</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Significant estimates include the allowance for doubtful accounts and the valuation of goodwill and intangible assets. Actual results could differ from those estimates.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px"><b>Income Taxes</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We follow an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred income tax assets to the amounts expected to be realized.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">At the end of each interim period, we estimate the effective tax rate we expect to be applicable for the full fiscal year and this rate is applied to our results for the interim year to date period. Based upon our evaluation of possible future events and transactions, expected changes to our valuation allowance and utilization of our net operating loss carryforwards, we currently estimate our effective rate for the 2009 fiscal year will be 0%. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">Our policy regarding the classification of interest and penalties is to classify them as income tax expense in the Company's financial statements, if applicable. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:10.667px"><b>Fair Value Measurements</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">As of September 30, 2009 and December 31, 2008, we do not have any accounts that are required to be or that we elected to measure at fair value.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We adopted the fair value provisions applicable to nonfinancial assets and nonfinancial liabilities in this first quarter of 2009. Our assets and liabilities that will be subject to these provisions during 2009 include our intangible assets, consisting of goodwill, domain names and software, and our long-lived assets. Based on our evaluation of this statement, the adoption of the fair value provisions applicable to nonfinancial assets and liabilities did not have a significant impact on the determination or reporting of our financial results.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We believe that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, accounts payable, and unsecured notes payable approximate their carrying amounts. The interest rates payable on our notes approximate market rates on similar borrowings at September 30, 2009.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px"><b>Recent Accounting Pronouncements</b></p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">In September 2009, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 168<i>, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles-a Replacement of FASB Statement No. 162</i>, (SFAS 168).<i> </i>SFAS 168 establishes the FASB Accounting Standards Codification ("Codification") as the single source of authoritative generally accepted accounting<i> </i>principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal<i> </i>securities laws are also sources of authoritative U.S. GAAP for SEC registrants. SFAS 168 is effective for financial statements issued for interim and annual<i> </i>periods ending after September 15, 2009. The Codification will supersede all existing non-SEC accou nting and reporting standards. All other<i> </i>non-grandfathered non-SEC accounting literature not included in the Codification will become non-authoritative. The adoption of<i> </i>SFAS 168 did not have a material impact on our results of operations or financial position.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">The adoption of other recently issued accounting pronouncements did not have a material effect on our financial position or results from operations. We do not expect recently issued accounting pronouncements that are not yet effective will have a material effect on our financial position or results of operations upon adoption.</p> Earnings per Share Basic EPS excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average common shares false false No definition available. No authoritative reference available. false 5 1 us-gaap_LongTermDebtTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">As of September 30, 2009 and December 31, 2008, we had unsecured notes payable outstanding totaling $0 and $64,828, respectively, as follows:</p> <table style="font-size:10pt" cellspacing="0" align="center"> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="10.467"><p style="font-size:8pt; margin:0px"><b> </b></p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="76" colspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>September 30,</b></p> <p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2009</b></p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px; font-size:8pt"><b> </b></p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px; font-size:8pt"><b> </b></p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="70" colspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>December 31,</b></p> <p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2008</b></p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"><b> </b></p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Unsecured Note Payable in connection with the asset purchase agreement in March 2007, with interest of 8%, which was fully paid on January 28, 2009. </p> </td><td valign="bottom" width="10.467"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px">$</p> </td><td valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">--</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="6.6"><p style="font-size:8pt; margin:0px">$</p> </td><td valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">35,000</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Unsecured Note Payable in connection with the July 2, 2007 acquisition of Bassett Press, with interest of 8%, due and payable monthly, due on July 17, 2009 and which was fully repaid in August 2009.</p> </td><td valign="bottom" width="10.467"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">--</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="6.6"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">29,828</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Less current portion</p> </td><td valign="bottom" width="10.467"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">--</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="6.6"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">64,828</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Total long-term notes payable- other</p> </td><td valign="bottom" width="10.467"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px">$</p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">-</p> </td><td style="border-bottom:3px double #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="6.6"><p style="font-size:8pt; margin:0px">$</p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">-</p> </td><td style="border-bottom:3px double #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> </table> <p style="font-size:8pt; margin-top:8.867px; margin-bottom:8.867px">On January 28, 2009, we entered into a settlement and release agreement ("Agreement") with the holder of the note payable that we issued in March 2007. Pursuant to the terms of the agreement, the holder agreed to accept $35,000 in full payment of principal and interest, which was paid in full on January 28, 2009. We recognized a gain on settlement of debt of approximately $16,900 as of December 31, 2008, when we reduced the carrying value of the debt pursuant to the settlement agreement.</p> As of September 30, 2009 and December 31, 2008, we had unsecured notes payable outstanding totaling $0 and $64,828, respectively, as follows: September false false No definition available. No authoritative reference available. false 6 1 us-gaap_RelatedPartyTransactionsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">As of September 30, 2009 and December 31, 2008, we had three unsecured related party notes payable outstanding, totaling $73,525 as follows:</p> <table style="font-size:10pt" cellspacing="0" align="center"> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px"><b> </b></p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="76" colspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>September 30,</b></p> <p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2009</b></p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px; font-size:8pt"><b> </b></p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px; font-size:8pt"><b> </b></p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="70.067" colspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>December 31,<br /> 2008</b></p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"><b> </b></p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Note Payable to our Chief Executive Officer in the amount of $25,000 for various obligations the former company was party to, including former legal counsel, former transfer agent and tax obligations with the state of Delaware. The unsecured note carries interest in the amount of 8% per annum and was due on December 31, 2008 or upon completion of a financing agreement totaling $250,000. The note is in default at September 30, 2009, and the holder has the right to demand payment at any time. There are no penalties associated with the default.</p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px">$</p> </td><td valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">23,525</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="6.667"><p style="font-size:8pt; margin:0px">$</p> </td><td valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">23,525</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p> </p></td><td valign="bottom" width="10.4"><p> </p></td><td valign="bottom" width="7.467"><p> </p></td><td valign="bottom" width="68.533"><p> </p></td><td valign="bottom" width="3.4"><p> </p></td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="6.667"><p> </p></td><td valign="bottom" width="63.4"><p> </p></td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Unsecured Note Payable to a Director of the Company in the amount of $25,000, with interest of 8%, due on receipt by the Company or its designated escrow agent of an aggregate of $1,000,000 in gross proceeds of the Private Placement.</p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right"> 25,000</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="6.667"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">25,000</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="6.667"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Unsecured Note Payable to a Director of the Company in the amount of $25,000, with interest of 8%, due on receipt by the Company or its designated escrow agent of an aggregate of $1,000,000 in gross proceeds of the Private Placement.</p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right"> 25,000</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="6.667"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">25,000</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="444"><p style="font-size:8pt; margin:0px">Total notes payable - related party</p> </td><td valign="bottom" width="10.4"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="7.467"><p style="font-size:8pt; margin:0px">$</p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="68.533"><p style="font-size:8pt; margin:0px" align="right">73,525</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="6.667"><p style="font-size:8pt; margin:0px">$</p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="63.4"><p style="font-size:8pt; margin:0px" align="right">73,525</p> </td><td valign="bottom" width="3.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> </table> As of September 30, 2009 and December 31, 2008, we had three unsecured related party notes payable outstanding, totaling $73,525 as follows: September false false No definition available. No authoritative reference available. false 7 1 us-gaap_StockholdersEquityNoteDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">During the nine months ended September 30, 2009, we issued 150,000 shares of our common stock to an employee under the terms of an employment agreement, paid $6,750 to repurchase 2,250,000 shares of our common stock from our former President shortly after his resignation, issued 20,000 shares of common stock to redeem all obligations pursuant to two shares of preferred stock, and issued 100,000 shares as payment for services rendered, as follows:</p> <table style="font-size:10pt" cellspacing="0" align="center"> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="7.333"><p style="font-size:8pt; margin:0px"><b> </b></p> </td><td style="border-bottom:1px solid #000000" valign="bottom" width="79.8" colspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>Nine months<br /> ended<br /> September 30,<br /> 2009</b></p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.467"><p> </p></td><td valign="bottom" width="4.4"><p style="font-size:8pt; margin:0px"><b> </b></p> </td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Outstanding at January 1, 2009</p> </td><td valign="bottom" width="7.333"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="10.133"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">18,834,717</p> </td><td valign="bottom" width="4.467"><p> </p></td><td valign="bottom" width="4.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Shares issued in settlement of obligation for services rendered in fiscal 2008 </p> </td><td valign="bottom" width="7.333"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="10.133"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">150,000</p> </td><td valign="bottom" width="4.467"><p> </p></td><td valign="bottom" width="4.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Repurchase of shares, subsequently retired</p> </td><td valign="bottom" width="7.333"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td valign="bottom" width="10.133"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">(2,250,000</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.467"><p style="font-size:8pt; margin:0px">)</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.4"><p> </p></td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Shares issued to redeem preferred stock</p> </td><td valign="bottom" width="7.333"><p> </p></td><td valign="bottom" width="10.133"><p> </p></td><td valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">20,000</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.467"><p> </p></td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.4"><p> </p></td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Shares issued for services</p> </td><td valign="bottom" width="7.333"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="10.133"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">100,000</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.467"><p> </p></td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="4.4"><p> </p></td></tr> <tr><td valign="bottom" width="528"><p style="font-size:8pt; margin:0px">Outstanding at September 30, 2009</p> </td><td valign="bottom" width="7.333"><p style="font-size:8pt; margin:0px" align="right"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="10.133"><p style="font-size:8pt; margin:0px"> </p> </td><td style="border-bottom:3px solid #000000" valign="bottom" width="69.667"><p style="font-size:8pt; margin:0px" align="right">16,854,717</p> </td><td style="border-bottom:3px double #FFFFFF" valign="bottom" width="4.467"><p> </p></td><td style="border-bottom:3px double #FFFFFF" valign="bottom" width="4.4"><p style="font-size:8pt; margin:0px"> </p> </td></tr> </table> <p style="font-size:8pt; margin-top:8.867px; margin-bottom:8.867px">In February 2009, we issued 150,000 shares of our common stock in connection with an employment agreement with a former officer of Bassett Press. The fair market value of the shares totaled $25,000, or $0.17 per share, which represents the closing price on the date of the agreement. These shares were issued pursuant to the employment agreement. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">In February 2009, our former President, who remains on our Board of Directors, sold 2,250,000 shares from his beneficial holdings in a private transaction for $6,750 to the Company. The shares were retired, and we reduced paid-in capital by $4,500.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We issued 100,000 shares of our common stock in July 2009 to a consultant in exchange for certain consulting services, with an estimated fair market value of $10,000, which is equal to the closing price of our common stock on the date of the issuance.</p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">At September 30, 2009, we had five outstanding shares of Series A Preferred Stock. Although the Certificate of Designation of the rights, preferences and limitations of the Preferred Stock provides for dividends equal to eleven percent (11.0%) per year on the liquidation preference of $25,000 per share, we have not declared or accrued such dividends. These shares were issued by our predecessor company and the original documentation which would validate claims thereto is not available, and we are taking steps to retire the series. In April 2009, we issued 20,000 common shares to the holder of two preferred shares, for a value of $100 each, in settlement of the stated value and any potential claims to accumulated dividends thereon. Additionally, under Delaware law, dividends are an obligation only when declared, and the Board has not declared any dividends payable on the Series A Preferred Stock. </p> During the nine months ended September 30, 2009, we issued 150,000 shares of our common stock to an employee under the terms of an employment agreement, paid false false No definition available. No authoritative reference available. false 8 1 us-gaap_IntangibleAssetsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">Included in intangible assets is $50,000 of proprietary software of intellectual property acquired in July 2007, as part of the Basset Press acquisition. At the date of the acquisition and through the year ended December 31, 2008, we assigned an indefinite life to the proprietary software and included such software in our annual evaluation of impairment. During the first quarter of 2009, we reevaluated the useful life of the propriety software and have assigned a remaining estimated useful life of 6 years to such asset.</p> Included in intangible assets is $50,000 of proprietary software of intellectual property acquired in July 2007, as part of the Basset Press acquisition. At false false No definition available. No authoritative reference available. false 9 1 us-gaap_ConcentrationRiskDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">For the three- and nine-month periods ended September 30, 2009 and 2008, we earned revenues (as a percentage of total revenues) in the following categories:</p> <table style="font-size:10pt" cellspacing="0" align="center"> <tr><td valign="bottom" width="350.867"><p> </p></td><td valign="bottom" width="18.733"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="115.067" colspan="4" rowspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>Three months ended</b></p> <p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>September 30,</b></p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="115.067" colspan="4" rowspan="2"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>Nine months ended</b></p> <p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>September 30,</b></p> </td></tr> <tr><td valign="bottom" width="350.867"><p> </p></td><td valign="bottom" width="18.733"><p> </p></td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td></tr> <tr><td style="border-bottom:1px solid #000000" valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px"><i>Revenue Streams</i></p> </td><td valign="bottom" width="18.733"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2009</b></p> </td><td valign="bottom" width="15"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt"><b> </b></p> </td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2008</b></p> </td><td valign="bottom" width="16.733"><p style="font-size:8pt; line-height:10pt; margin:0px; font-family:Arial; font-size:8pt"><b> </b></p> </td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2009</b></p> </td><td valign="bottom" width="15"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt"><b> </b></p> </td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; line-height:10pt; margin:0px; font-size:8pt" align="center"><b>2008</b></p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Compliance and reporting services</p> </td><td valign="bottom" width="18.733"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">51.8%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">48.4%</p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">36.0%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p style="font-size:8pt; margin:0px"> </p> </td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">49.0%</p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Printing and financial communication </p> </td><td valign="bottom" width="18.733"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">14.9%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">28.4%</p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">21.9%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">31.1%</p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Fulfillment and distribution</p> </td><td valign="bottom" width="18.733"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">24.5%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">17.3%</p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">23.3%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">16.0%</p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Software licensing</p> </td><td valign="bottom" width="18.733"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">2.1%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">5.9%</p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">5.6%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">3.9%</p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Transfer agent services</p> </td><td valign="bottom" width="18.733"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">6.7%</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">--</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">13.2%</p> </td><td style="border-bottom:1px solid #FFFFFF" valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:1px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">--</p> </td></tr> <tr><td valign="bottom" width="350.867"><p style="font-size:8pt; margin:0px">Total</p> </td><td valign="bottom" width="18.733"><p> </p></td><td style="border-bottom:3px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">100.0%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:3px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">100.0%</p> </td><td valign="bottom" width="16.733"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:3px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">100.0%</p> </td><td valign="bottom" width="15"><p> </p></td><td valign="bottom" width="7.533"><p> </p></td><td style="border-bottom:3px solid #000000" valign="bottom" width="46.267"><p style="font-size:8pt; margin:0px" align="right">100.0%</p> </td></tr> </table> <p style="font-size:8pt; margin-top:8.867px; margin-bottom:8.867px">No one customer accounted for greater than 10% of our operating revenues during the three month period ended September 30, 2009. One customer accounted for 15% of our operating revenues during the three month period ended September 30, 2008. One customer accounted for 33% of our operating revenues during the nine month period ended September 30, 2009. No one customer accounted for greater than 10% of our operating revenues during the nine month period ended September 30, 2008. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">At September 30, 2009, one customer accounted for 22.5% of our total accounts receivable. As of December 31, 2008, two customers comprised 55.3% (41.0% and 14.3%) of our total accounts receivable. </p> <p style="font-size:8pt; margin-top:0px; margin-bottom:8.867px">We do not believe we had any financial instruments that could have potentially subjected us to significant concentrations of credit risk. A portion of our revenues are paid at the beginning of the month via credit card or in advance by check, the remaining accounts receivable amounts are generally due within 30 days, none of which is collateralized.</p> For the three- and nine-month periods ended September 30, 2009 and 2008, we earned revenues (as a percentage of total revenues) in the following categories: false false No definition available. 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No authoritative reference available. false false 1 11 false NoRounding NoRounding UnKnown false true XML 11 R5.xml IDEA: Document Information 1.0.0.3 false Document Information false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 2 0 dei_DocumentInformationLineItems dei false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 dei_DocumentType dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 10-Q 10-Q false false No definition available. No authoritative reference available. false 4 1 dei_AmendmentFlag dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 false false false false No definition available. 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No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. XML 13 R1.xml IDEA: Statement of Financial Position (Consolidated) 1.0.0.3 false Statement of Financial Position (Consolidated) (USD $) false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 2 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 3 1 us-gaap_AssetsAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 4 2 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 true true 215697 215697 false false 2 true true 50367 50367 false false No definition available. No authoritative reference available. false 5 2 us-gaap_AccountsReceivableNetCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 159371 159371 false false 2 false true 165681 165681 false false No definition available. No authoritative reference available. false 6 2 us-gaap_OtherRestrictedAssetsCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 6242 6242 false false 2 false true 6242 6242 false false No definition available. No authoritative reference available. false 7 2 us-gaap_OtherAssetsCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 19411 19411 false false 2 false true 2855 2855 false false No definition available. No authoritative reference available. false 8 2 us-gaap_AssetsCurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 400721.0 400721.0 false false 2 false true 225145 225145 false false No definition available. No authoritative reference available. true 9 2 us-gaap_FurnitureAndFixturesGross us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 21061 21061 false false 2 false true 15987 15987 false false No definition available. No authoritative reference available. false 10 2 us-gaap_OtherAssetsNoncurrent us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 0 0 false false 2 false true 2000 2000 false false No definition available. No authoritative reference available. false 11 2 us-gaap_IntangibleAssetsNetExcludingGoodwill us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 127195 127195 false false 2 false true 147695 147695 false false No definition available. No authoritative reference available. false 12 2 us-gaap_Assets us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 548977.0 548977.0 false false 2 false true 390827.0 390827.0 false false No definition available. No authoritative reference available. true 13 1 us-gaap_LiabilitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 14 2 us-gaap_AccountsPayableCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 50964 50964 false false 2 false true 143560 143560 false false No definition available. No authoritative reference available. false 15 2 us-gaap_AccruedLiabilitiesCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 65138 65138 false false 2 false true 128050 128050 false false No definition available. No authoritative reference available. false 16 2 us-gaap_NotesPayableRelatedPartiesCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 73525 73525 false false 2 false true 73525 73525 false false No definition available. No authoritative reference available. false 17 2 us-gaap_OtherNotesPayableCurrent us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 0 0 false false 2 false true 64828 64828 false false No definition available. No authoritative reference available. false 18 2 us-gaap_Liabilities us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 189627.0 189627.0 false false 2 false true 409963.0 409963.0 false false No definition available. No authoritative reference available. true 19 1 us-gaap_StockholdersEquityAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 20 2 us-gaap_PreferredStockValue us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 5 5 false false 2 false true 7 7 false false No definition available. No authoritative reference available. false 21 2 us-gaap_CommonStockValue us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 16854 16854 false false 2 false true 18834 18834 false false No definition available. No authoritative reference available. false 22 2 us-gaap_AdditionalPaidInCapital us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 1471238 1471238 false false 2 false true 1441006 1441006 false false No definition available. No authoritative reference available. false 23 2 us-gaap_TreasuryStockValue us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 false true 4236 4236 false false 2 false true 4236 4236 false false No definition available. No authoritative reference available. false 24 2 us-gaap_RetainedEarningsAccumulatedDeficit us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true -1124511 -1124511 false false 2 false true -1474747 -1474747 false false No definition available. No authoritative reference available. false 25 2 us-gaap_StockholdersEquity us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 359350.0 359350.0 false false 2 false true -19136.0 -19136.0 false false No definition available. No authoritative reference available. true 26 1 us-gaap_LiabilitiesAndStockholdersEquityAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 27 2 us-gaap_LiabilitiesAndStockholdersEquity us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 true true 548977.0 548977.0 false false 2 true true 390827.0 390827.0 false false No definition available. No authoritative reference available. true false 2 25 false NoRounding UnKnown UnKnown false true XML 14 R2.xml IDEA: Statement of Income 1.0.0.3 false Statement of Income (USD $) false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 2 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 3 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 4 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 3 1 us-gaap_RevenuesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 4 2 isdr_ComplianceReportingServices isdr false credit duration monetary No definition available. false false false false false false false false false 1 true true 168943 168943 false false 2 true true 151147 151147 false false 3 true true 562962 562962 false false 4 true true 518221 518221 false false No definition available. 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No authoritative reference available. false 7 2 isdr_SoftwareLicensing isdr false credit duration monetary No definition available. false false false false false false false false false 1 false true 6784 6784 false false 2 false true 18479 18479 false false 3 false true 87703 87703 false false 4 false true 41279 41279 false false No definition available. No authoritative reference available. false 8 2 isdr_TransferAgentServices isdr false credit duration monetary No definition available. false false false false false false false false false 1 false true 21993 21993 false false 2 false true 0 0 false false 3 false true 205752 205752 false false 4 false true 0 0 false false No definition available. No authoritative reference available. false 9 2 us-gaap_Revenues us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 326433 326433 false false 2 false true 312377 312377 false false 3 false true 1564777 1564777 false false 4 false true 1056526 1056526 false false No definition available. No authoritative reference available. true 10 1 us-gaap_CostOfServicesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 11 2 us-gaap_CostOfServices us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 145491 145491 false false 2 false true 162039 162039 false false 3 false true 630532 630532 false false 4 false true 583956 583956 false false No definition available. No authoritative reference available. true 12 1 us-gaap_GrossProfitAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 13 2 us-gaap_GrossProfit us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 180942 180942 false false 2 false true 150338 150338 false false 3 false true 934245 934245 false false 4 false true 472570 472570 false false No definition available. No authoritative reference available. true 14 1 us-gaap_OperatingExpensesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 15 2 us-gaap_GeneralAndAdministrativeExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 130069 130069 false false 2 false true 217941 217941 false false 3 false true 370198 370198 false false 4 false true 1082697 1082697 false false No definition available. No authoritative reference available. false 16 2 us-gaap_SellingAndMarketingExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 52609 52609 false false 2 false true 61201 61201 false false 3 false true 184990 184990 false false 4 false true 224744 224744 false false No definition available. No authoritative reference available. false 17 2 us-gaap_AssetImpairmentCharges us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 0 0 false false 2 false true 130000 130000 false false 3 false true 0 0 false false 4 false true 130000 130000 false false No definition available. No authoritative reference available. false 18 2 us-gaap_DepreciationAndAmortization us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 9304 9304 false false 2 false true 4226 4226 false false 3 false true 28568 28568 false false 4 false true 13900 13900 false false No definition available. No authoritative reference available. false 19 2 us-gaap_OperatingCostsAndExpenses us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 191982 191982 false false 2 false true 413368 413368 false false 3 false true 583756 583756 false false 4 false true 1451341 1451341 false false No definition available. No authoritative reference available. true 20 1 us-gaap_OperatingIncomeLossAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 21 2 us-gaap_OperatingIncomeLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -11040 -11040 false false 2 false true -263030 -263030 false false 3 false true 350489 350489 false false 4 false true -978771 -978771 false false No definition available. No authoritative reference available. true 22 1 us-gaap_InterestExpenseAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 23 2 us-gaap_InterestExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -1082 -1082 false false 2 false true 4580 4580 false false 3 false true 253 253 false false 4 false true 10204 10204 false false No definition available. No authoritative reference available. true 24 1 us-gaap_NetIncomeLossAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 25 2 us-gaap_NetIncomeLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true -9958 -9958 false false 2 true true -267610 -267610 false false 3 true true 350236 350236 false false 4 true true -988975 -988975 false false No definition available. No authoritative reference available. true 26 1 us-gaap_EarningsPerShareAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 27 2 us-gaap_EarningsPerShareBasic us-gaap true na duration decimal No definition available. false false false false false false false false false 1 false true 0.00 0.00 false false 2 false true -0.01 -0.01 false false 3 false true 0.02 0.02 false false 4 false true -0.06 -0.06 false false No definition available. No authoritative reference available. false 28 2 us-gaap_EarningsPerShareDiluted us-gaap true na duration decimal No definition available. false false false false false false false false false 1 false true 0.00 0.00 false false 2 false true -0.01 -0.01 false false 3 false true 0.02 0.02 false false 4 false true -0.06 -0.06 false false No definition available. No authoritative reference available. false 29 1 us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 30 2 us-gaap_WeightedAverageNumberOfSharesOutstandingBasic us-gaap true na duration shares No definition available. false false false false false false false false false 1 false true 16854717 16854717 false false 2 false true 18834643 18834643 false false 3 false true 17075999 17075999 false false 4 false true 17478325 17478325 false false No definition available. No authoritative reference available. false 31 2 us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding us-gaap true na duration shares No definition available. false false false false false false false false false 1 false true 16854717 16854717 false false 2 false true 18834643 18834643 false false 3 false true 17079260 17079260 false false 4 false true 17478325 17478325 false false No definition available. 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