Delaware
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1-10185
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26-1331503
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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Press Release issued by the Company on August 6, 2012.
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Issuer Direct Corporation
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By:
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/s/ Brian R. Balbirnie | |
Brian R. Balbirnie
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Chief Executive Officer
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Date: August 6, 2012 |
Exhibit Number
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Description
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Press Release issued by the Company on August 6, 2012.
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●
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Company reports revenue of $1,108,439 for the quarter ended June 30, 2012.
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●
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Gross margins increase to 63% for the quarter ended June 30, 2012, compared with 60% in the second quarter of 2011.
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●
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Company achieves Non-GAAP net income for the quarter ended June 30, 2012 of $248,796, or $0.12 per share.
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●
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Company completes acquisition and integration of New York Stock Transfer.
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Three Months ended June 30,
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||||||||||||||||
2012
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2011
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Amount
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Per diluted share
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Amount
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Per diluted share
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|||||||||||||
Net income:
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$ | 35,949 | $ | 0.02 | $ | 300,218 | $ | 0.17 | ||||||||
Adjustments:
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||||||||||||||||
Amortization of intangible assets (1)
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28,250 | 0.01 | 5,500 | 0.01 | ||||||||||||
Stock based compensation (2)
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184,597 | 0.09 | 24,244 | 0.01 | ||||||||||||
Non-GAAP net income:
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$ | 248,796 | $ | 0.12 | $ | 329,962 | $ | 0.19 |
Six Months ended June 30,
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||||||||||||||||
2012
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2011
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Amount
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Per diluted share
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Amount
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Per diluted share
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|||||||||||||
Net income:
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$ | (20,987 | ) | $ | (0.01 | ) | $ | 274,436 | $ | 0.16 | ||||||
Adjustments:
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||||||||||||||||
Amortization of intangible assets (1)
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56,333 | 0.03 | 10,334 | 0.01 | ||||||||||||
Stock based compensation (2)
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266,693 | 0.14 | 43,590 | 0.02 | ||||||||||||
Non-GAAP net income:
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$ | 302,039 | $ | 0.16 | $ | 328,360 | $ | 0.19 |
(1)
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The adjustments represent the amortization of intangible assets related to acquired companies.
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(2)
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The adjustments represent stock-based compensation expense recognized related to awards of stock options or common stock in exchange for services.
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Learn more about Issuer Direct today:
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Financial Tear sheet
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http://ir.issuerdirect.com/tearsheet/html/isdr
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Request materials
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http://ir.issuerdirect.com/isdr/request_materials
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June 30,
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December 31,
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2012
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2011
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(unaudited)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 813,291 | $ | 862,386 | ||||
Accounts receivable, (net of allowance for doubtful accounts of $155,931
and $125,987, respectively)
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442,388 | 361,191 | ||||||
Deferred project costs
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- | 76,106 | ||||||
Deferred income tax asset – current
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171,094 | 135,000 | ||||||
Other current assets
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50,432 | 35,093 | ||||||
Total current assets
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1,477,205 | 1,469,776 | ||||||
Furniture, equipment and improvements, net
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55,586 | 66,611 | ||||||
Deferred income tax – noncurrent
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64,000 | 64,000 | ||||||
Intangible assets (net of accumulated amortization of $135,500 and
$79,166, respectively)
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482,695 | 109,029 | ||||||
Other noncurrent assets
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12,069 | 22,074 | ||||||
Total assets
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$ | 2,091,555 | $ | 1,731,490 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$ | 83,305 | $ | 103,566 | ||||
Accrued expenses
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33,210 | 39,324 | ||||||
Accrued litigation
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- | 130,000 | ||||||
Deferred revenue
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51,071 | 177,708 | ||||||
Line of credit
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265,000 | - | ||||||
Total current liabilities
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432,586 | 450,598 | ||||||
Other long term liabilities
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93,226 | 69,287 | ||||||
Total liabilities
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525,812 | 519,885 | ||||||
Stockholders' equity:
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Preferred stock, $1.00 par value, 30,000,000 shares authorized, no shares issued and outstanding as of June 30, 2012 and December 31, 2011. | - | - | ||||||
Common stock $0.001 par value, 100,000,000 shares authorized, 1,929,925 and 1,752,175 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively. | 1.930 | 1,752 | ||||||
Additional paid-in capital |
2,116,691
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1,741,744
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Accumulated deficit |
(552,878
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) |
(531,891
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) | ||||
Total stockholders' equity |
1,565,743
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1,211,605
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Total liabilities and stockholders’ equity | $ |
2,091,555
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$ |
1,731,490
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For the Three Months Ended
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For the Six Months Ended
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June 30,
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June 30, | June 30, | June 30, | |||||||||||||
2012
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2011
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2012
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2011
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Revenues
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$ | 1,108,439 | $ | 1,103,871 | $ | 1,905,034 | $ | 1,617,427 | ||||||||
Cost of services
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409,441 | 437,115 | 766,135 | 669,211 | ||||||||||||
Gross profit
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698,998 | 666,756 | 1,138,899 | 948,216 | ||||||||||||
Operating costs and expenses:
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General and administrative
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378,732 | 256,429 | 668,005 | 490,165 | ||||||||||||
Sales and marketing
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225,378 | 86,302 | 437,911 | 150,851 | ||||||||||||
Depreciation and amortization
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35,429 | 13,181 | 71,497 | 25,000 | ||||||||||||
Total operating costs and expenses
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639,539 | 355,912 | 1,177,413 | 666,016 | ||||||||||||
Net operating income (loss)
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59,459 | 310,844 | (38,514 | ) | 282,200 | |||||||||||
Other income (expense):
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Interest income (expense), net
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490 | 1,998 | 4.027 | 4,860 | ||||||||||||
Total other income (expense)
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490 | 1,998 | 4,027 | 4,860 | ||||||||||||
Net income (loss) before taxes
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59,949 | 312,842 | (34,487 | ) | 287,060 | |||||||||||
Income tax (expense) benefit
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(24,000 | ) | (12,624 | ) | 13,500 | (12,624 | ) | |||||||||
Net income (loss)
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$ | 35,949 | $ | 300,218 | $ | (20,987 | ) | $ | 274,436 | |||||||
Income (loss) per share - basic
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$ | 0.02 | $ | 0.17 | $ | (0.01 | ) | $ | 0.16 | |||||||
Income (loss) per share - fully diluted
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$ | 0.02 | $ | 0.17 | $ | (0.01 | ) | $ | 0.15 | |||||||
Weighted average number of common shares outstanding - basic
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1,925,618 | 1,756,773 | 1,872,358 | 1,762,620 | ||||||||||||
Weighted average number of common shares outstanding - fully diluted
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2,073,868 | 1,762,777 | 1,872,358 | 1,773,474 |
Six months ended
June 30,
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2012
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2011 | |||||||
Cash flows from operating activities:
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Net income (loss)
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$ | (20,987 | ) | $ | 274,436 | |||
Adjustments to reconcile net income (loss) to net cash
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provided by operating activities:
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Depreciation and amortization
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71,497 | 25,000 | ||||||
Bad debt expense
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45,150 | 85,345 | ||||||
Deferred income taxes
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(36,094 | ) | 12,624 | |||||
Stock-based expense
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266,603 | 43,590 | ||||||
Changes in operating assets and liabilities:
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Decrease (increase) in accounts receivable
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(126,347 | ) | (279,461 | ) | ||||
Decrease (increase) in deposits and prepaids
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60,772 | (36,387 | ) | |||||
Increase (decrease) in accounts payable
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(20,261 | ) | 74,139 | |||||
Increase (decrease) in accrued expenses
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(112,175 | ) | 33,756 | |||||
Increase (decrease) in deferred revenue
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(126,637 | ) | (15,553 | ) | ||||
Net cash provided by operating activities
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1,521 | 217,489 | ||||||
Cash flows from investing activities:
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Purchase of property and equipment
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(4,138 | ) | (30,434 | ) | ||||
Acquisition of intangible assets
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(280,000 | ) | (40,000 | ) | ||||
Net cash used in investing activities
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(284,138 | ) | (70,434 | ) | ||||
Cash flows from financing activities:
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Proceeds from exercise of stock options
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26,375 | - | ||||||
Repurchase of common stock
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- | (35,338 | ) | |||||
Payment of dividend
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(57,853 | ) | - | |||||
Advance from line of credit
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275,000 | - | ||||||
Repayment on line of credit
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(10,000 | ) | - | |||||
Net cash provided by (used in) financing activities
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233,522 | (35,338 | ) | |||||
Net change in cash
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(49,095 | ) | 111,717 | |||||
Cash – beginning
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862,386 | 504,713 | ||||||
Cash – ending
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$ | 813,291 | $ | 616,430 | ||||
Supplemental disclosure for non-cash investing and financing activities:
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Cash paid for interest
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$ | 5,923 | 29 | |||||
Cash paid for income taxes
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$ | 22,594 | $ | - | ||||
Non-cash activities:
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Common stock issued for acquisition of customer list
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$ | 140,000 | - |