0001354488-13-004227.txt : 20130806 0001354488-13-004227.hdr.sgml : 20130806 20130806170201 ACCESSION NUMBER: 0001354488-13-004227 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130806 DATE AS OF CHANGE: 20130806 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 SEC ACT: 1934 Act SEC FILE NUMBER: 001-10185 FILM NUMBER: 131014292 BUSINESS ADDRESS: STREET 1: 500 PERIMETER PARK DRIVE STREET 2: SUITE D CITY: MORRISVILLE STATE: NC ZIP: 27560 BUSINESS PHONE: 9194611600 MAIL ADDRESS: STREET 1: 500 PERIMETER PARK DRIVE STREET 2: SUITE D CITY: MORRISVILLE STATE: NC ZIP: 27560 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 1 isdr_10q.htm QUARTERLY REPORT isdr_10q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
 
þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 2013
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.)
 
500 Perimeter Park Drive, Suite D, Morrisville NC 27560
(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. þ Yes  o No

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

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 1,964,259 shares of common stock were issued and outstanding as of August 6, 2013.
 
 
 
 
 
 

PART I - FINANCIAL INFORMATION
 
 
PART II – OTHER INFORMATION
 
 
Exhibit 31.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES - OXLEY ACT OF 2002
Exhibit 31.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES - OXLEY ACT OF 2002
Exhibit 32.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES - OXLEY ACT OF 2002
Exhibit 32.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES - OXLEY ACT OF 2002
   
EX-101.INS XBRL INSTANCE DOCUMENT
EX-101.SCH XBRL TAXONOMY EXTENSION SCHEMA
EX-101.CAL XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
EX-101.LAB XBRL TAXONOMY EXTENSION LABEL LINKBASE
EX-101.PRE XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
   
 

 
2
 

 
PART I – FINANCIAL INFORMATION
 
ITEM 1.   FINANCIAL STATEMENTS
 
ISSUER DIRECT CORPORATION
 

   
June 30,
    
December 31,
  
   
2013
    
2012
  
   
(unaudited)
        
ASSETS
            
Current assets:
            
Cash and cash equivalents
   $ 1,500,155     $ 1,250,643  
Accounts receivable, (net of allowance for doubtful accounts of $159,096 and $117,030, respectively)
     833,735       544,684  
Deferred income tax asset – current
     49,000       49,000  
Other current assets
     63,304       38,710  
Total current assets
     2,446,194       1,883,037  
Furniture, equipment and improvements, net
     69,183       55,611  
Deferred income tax – noncurrent
     159,000       159,000  
Intangible assets (net of accumulated amortization of $238,833 and $187,666, respectively)
     380,362       431,529  
Other noncurrent assets
     12,069       12,069  
Total assets
   $ 3,066,808     $ 2,541,246  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
Current liabilities:
                
Accounts payable
   $ 95,974     $ 62,886  
Accrued expenses
     40,591       37,347  
Income taxes payable
     247,092       226,406  
Deferred revenue
     64,400       112,906  
Line of credit
     -       150,000  
Total current liabilities
     448,057       589,545  
Other long term liabilities
     94,646       105,554  
Total liabilities
     542,703       695,099  
                 
Stockholders' equity:
                
Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of June 30, 2013 and December 31, 2012.
     -       -  
Common stock $0.001 par value, 100,000,000 shares authorized, 1,952,259 and 1,937,329 shares issued and outstanding as of
June 30, 2013 and December 31, 2012, respectively.
     1,952       1,937  
Additional paid-in capital
     2,226,511       2,070,369  
Retained earnings (accumulated deficit)
     295,642       (226,159 )
Total stockholders' equity
     2,524,105       1,846,147  
Total liabilities and stockholders’ equity
   $ 3,066,808     $ 2,541,246  
 
The accompanying notes are an integral part of these financial statements.
 

 
ISSUER DIRECT CORPORATION
 
(UNAUDITED)
 
    For the Three Months Ended     For the Six Months Ended  
    June 30,
2013		     June 30,
2012		     June 30,
2013		     June 30,
2012		  
                                 
Revenues
   $ 1,723,785     $ 1,108,439     $ 3,135,013     $ 1,905,034  
Cost of services
     512,822       409,441       911,712       766,135  
Gross profit
     1,210,963       698,998       2,223,301       1,138,899  
Operating costs and expenses:
                                
General and administrative
     386,666       378,732       795,268       668,005  
Sales and marketing
     178,573       225,378       379,590       437,911  
Depreciation and amortization
     32,588       35,429       67,523       71,497  
Total operating costs and expenses
     597,827       639,539       1,242,381       1,177,413  
Net operating income (loss)
     613,136       59,459       980,920       (38,514 )
Other income (expense):
                                
Interest income (expense), net
     2,545       490       2,299       4,027  
Total other income (expense)
     2,545       490       2,299       4,027  
Net income (loss) before taxes
     615,681       59,949       983,219       (34,487 )
          Income tax (expense) benefit
     (251,000 )     (24,000 )     (403,000 )     13,500  
Net income (loss)
   $ 364,681     $ 35,949     $ 580,219     $ (20,987 )
Income (loss) per share - basic
   $ 0.19     $ 0.02     $ 0.30     $ (0.01 )
Income (loss) per share - fully diluted
   $ 0.18     $ 0.02     $ 0.28     $ (0.01 )
Weighted average number of common shares outstanding - basic
     1,950,092       1,925,618       1,946,367       1,872,358  
Weighted average number of common shares outstanding - fully diluted
     2,061,718       2,073,868       2,043,926       1,872,358  
 
The accompanying notes are an integral part of these financial statements.
 
 
 
ISSUER DIRECT CORPORATION
 
(UNAUDITED)
 
    Six months ended
 June 30,
  
   
2013
      2012  
Cash flows from operating activities:
            
 Net income (loss)
   $ 580,219     $ (20,987 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                
    Depreciation and amortization
     67,523       71,497  
    Bad debt expense
     81,755       45,150  
    Deferred income taxes
     -       (36,094 )
    Stock-based expense
     156,093       266,603  
Changes in operating assets and liabilities:
                
  Decrease (increase) in accounts receivable
     (370,806 )     (126,347 )
  Decrease (increase) in deposits and prepaids
     (24,594 )     60,772  
  Increase (decrease) in accounts payable
     33,088       (20,261 )
  Increase (decrease) in accrued expenses
     13,022       (112,175 )
  Increase (decrease) in deferred revenue
     (48,506 )     (126,637 )
Net cash provided by operating activities
     487,794       1,521  
                 
Cash flows from investing activities:
                
Purchase of property and equipment
     (29,928 )     (4,138 )
Acquisition of intangible assets
     -       (280,000 )
Net cash used in investing activities
     (29,928 )     (284,138 )
                 
Cash flows from financing activities:
                
Proceeds from exercise of stock options
     64       26,375  
Payment of dividend
     (58,418 )     (57,853 )
Advance on line of credit
     -       275,000  
Repayment of line of credit
     (150,000 )     (10,000 )
Net cash provided by (used in) financing activities
     (208,354 )     233,522  
                 
Net change in cash
     249,512       (49,095 )
Cash – beginning
     1,250,643       862,386  
Cash – ending
   $ 1,500,155     $ 813,291  
                 
Supplemental disclosure for non-cash investing and financing activities:                
Cash paid for interest
   $ 2,364     $ 5,923  
Cash paid for income taxes
   $ 382,314     $ 22,594  
Non-cash activities:
                
Common stock issued for acquisition of customer list
   $ -     $ 140,000  
Common stock issued for services
   $ 31,150     $ -  
 
The accompanying notes are an integral part of these financial statements.
 
 
ISSUER DIRECT CORPORATION
(UNAUDITED)
 
Note 1.   Accounting Policies
 
Basis of Presentation
 
The unaudited interim balance sheet as of June 30, 2013 and statements of operations for the three and six month periods ended June 30, 2013 and 2012, and statements of cash flows for the six month periods ended June 30, 2013 and 2012 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 information should be read in conjunction with Issuer Direct Corporation’s (the “Company’s”) 2012 audited financial statements filed on Form 10-K.
 
Note 2.   Summary of Significant Accounting Policies
 
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Direct Transfer LLC and QX Interactive LLC.  Significant intercompany accounts and transactions are eliminated in consolidation.
 
Earnings per Share (EPS)
 
Basic EPS excludes dilution and is computed by dividing income 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 that are not anti-dilutive 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 shares for the six month period ended June 30, 2012 excludes the effect of 254,500 shares of common stock issuable upon the exercise of outstanding stock options agreements because the impact is anti-dilutive.
 
Revenue Recognition
 
We recognize revenue in accordance with SEC Staff Accounting Bulletin No. 104, “Revenue Recognition,” which requires that: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. We recognize revenue when services are rendered or delivered, where collectability is probable. Deferred revenue primarily consists of upfront payments for annual service contracts, and is recognized throughout the year as the services are performed.
 
Allowance for Doubtful Accounts
 
We initially record our provision for doubtful accounts based on our historical experience and then adjust this provision at the end of each reporting period based on a detailed assessment of our accounts receivable and allowance for doubtful accounts.
 
Use of Estimates
 
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, deferred tax assets, and stock based compensation.  Actual results could differ from those estimates.
 
 
ISSUER DIRECT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
 
Income Taxes
 
We comply with FASB ASC No. 740 – Income Taxes which requires 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.  For any uncertain tax positions, we recognize the impact of a tax position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. Our policy regarding the classification of interest and penalties is to classify them as income tax expense in our financial statements, if applicable.  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.  We recognized an income tax benefit of $13,500 during the six-month period ended June 30, 2012 that we expected to realize based on projected future profitability.  We recognized income tax expense of  $251,000 and $24,000 during the three-month periods ended June 30, 2013 and 2012, respectively, and we recognized income tax expense of $403,000 during the six month period ended June 30, 2013.

Fair Value Measurements
 
As of June 30, 2013 and December 31, 2012, we do not have any financial assets or liabilities that are required to be, or that we elected to measure, at fair value.
 
We comply with the authoritative guidance for fair value provisions applicable to nonfinancial assets and nonfinancial liabilities. Our assets and liabilities that are subject to these provisions include our intangible assets, consisting of goodwill, domain names and software, and our long-lived assets.

We believe that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, our line of credit, and accounts payable approximate their carrying amounts.

Stock-based compensation

We account for stock-based compensation under the authoritative guidance for stock compensation. The authoritative guidance for stock compensation requires that companies estimate the fair value of share-based payment awards on the date of the grant using an option-pricing model. The cost is to be recognized over the period during which an employee is required to provide service in exchange for the award. Included in the determination of the fair value under the option model are highly subjective assumptions regarding expected dividend yields, prior volatility, risk free rate of interest, and the expected life of options. The authoritative guidance for stock compensation also requires the benefit of tax deductions in excess of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow as prescribed under previous accounting rules. This requirement reduces net operating cash flows and increases net financing cash flows in periods when the award is exercised.

The Company recognized stock based compensation expense of $89,825 and $184,692 during the three-month periods ended June 30, 2013 and 2012, respectively.  The Company recognized stock based compensation expense of $156,093 and $266,603 during the six-month periods ended June 30, 2013 and 2012, respectively.  

Recent Accounting Pronouncements
     
The adoption of 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.

Note 3:    Intangible Assets

The Company acquired certain assets, primarily the rights to all customer contracts, of privately held SEC Compliance Services, Inc. (“SECCS”) on January 4, 2012.  The purchase price of $425,000 consisted of cash proceeds of $285,000, and 70,000 shares of common stock with a value of $140,000 based on the Company’s stock price of $2.00 per share on the close of business on January 4, 2012. The Company borrowed $275,000 from its line of credit to finance the transaction. The Company is amortizing the purchase price of $425,000 over its estimated useful life of five years.

 
ISSUER DIRECT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
 
Note 4:    Preferred and Common Stock

Preferred Stock

On March 26, 2012, the Company filed a Certificate of Amendment to the Certificate of Designation for the Series A and B Convertible Preferred Stock (the “Amendment”). Under the terms of the Amendment, the Series A and Series B Designations were removed. As a result, the Company has 30,000,000 shares of Preferred Stock authorized, with no shares designated, issued, or outstanding.On June 29, 2012, the shareholders of the Company approved a reduction in the par value of the Preferred Stock from $1.00 per share to $0.001 per share, which became effective on July 16, 2012.

Common Stock

As discussed in Note 3, the Company issued 70,000 shares of common stock with a value of $140,000 to the former shareholders of SECCS on January 4, 2012 as part of the consideration given for the purchase of assets obtained from SECCS.

Restricted Common Stock
 
On April 2, 2012, the Company issued grants for a total of 95,000 restricted shares of the Company’s common stock (the “Awards”) to its executive officers and certain other employees. The Awards vest over periods up to two years as stated in the Award Agreements, and will accelerate in the event of a Corporate Transaction, as such term is defined in the Award Agreements. In the event a grantee’s relationship with the Company is terminated for any reason, vesting will immediately cease. These Awards are not part of the 2010 Equity Incentive Plan.
 
Dividends
 
The Company paid cash dividends of $270,590 to holders of shares of common stock during the year ended December 31, 2012. 

On April 1, 2013, the Company’s Board of Directors approved and declared a quarterly cash dividend of $0.03 per share. The dividend was paid on May 3, 2013 to shareholders of record as of April 18, 2013.  On July 3, 2013, the Company’s Board of Directors approved and declared a quarterly cash dividend of $0.03 per share. The dividend was paid on August 2, 2013 to shareholders of record as of July 13, 2013.

Note 5:  Stock Options

Increase in number of shares authorized under the 2010 Equity Incentive Plan (the “Plan”)

On January 20, 2012, the Company’s Board of Directors approved an increase in the number of shares authorized under the Plan from 220,416 to 420,416.

Employee Stock Options

The following table summarizes information about stock options outstanding and exercisable at June 30, 2013:
 
      Options Outstanding    
Options Exercisable
  
Exercise Price Range
    
Number
    
Weighted Average Remaining Contractual Life (in Years)
    
Weighted Average Exercise Price
    
Number
  
$ 0.01 - $1.00       28,700       8.85     $ 0.01       28,700  
$ 1.01 - $2.00       18,000       7.90     $ 1.73       18,000  
$ 2.01 - $3.00       132,966       6.49     $ 2.42       87,966  
$ 3.01 - $4.00       25,500       8.76     $ 3.33       25,500  
Total
       205,166       7.20     $ 2.11       160,166  
 
Total unrecognized stock based compensation expense as of June 30, 2013 was $103,142.
 

ISSUER DIRECT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
  
Note 6:    Concentrations
 
For the three and six-month periods ended June 30, 2013 and 2012, we earned revenues (as a percentage of total revenues) in the following categories:
 
     
Three months ended
June 30,
      
Six months ended 
June 30,
  
Revenue Streams    
2013
      
2012
      
2013
      
2012
  
Compliance and reporting services
     53.8 %     51.2 %     56.0 %     53.7 %
Printing and financial communication
     15.6 %     18.4 %     12.5 %     16.9 %
Fulfillment and distribution
     11.1 %     15.4 %     10.2 %     15.8 %
Software licensing
     5.6 %     4.8 %     4.7 %     5.1 %
Transfer agent services
     13.9 %     10.2 %     16.6 %     8.5 %
Total
     100.0 %     100.0 %     100.0 %     100.0 %

No customers accounted for more than 10% of the operating revenues during the three or six month periods ended June 30, 2013 or 2012.  We did not have any customers that comprised more than 10% of our total accounts receivable balances at June 30, 2013 or December 31, 2012.
 
 
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 revenue is 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.
 
Note 7:    Line of Credit
 
Effective April 30, 2013, the Company renewed it’s Line of Credit and increased the amount of funds available to 75% of eligible accounts receivable, as defined in the Line of Credit agreement, up to a maximum of $2,000,000. The interest rate was also reduced to Libor plus 3.5%. No amounts were outstanding under the Line of Credit as of June 30, 2013.
 
 
 
 
 
The discussion of the financial condition and results of operations of the Company set forth below should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Form 10-Q. This Form 10-Q contains forward-looking statements that involve risks and uncertainties. The statements contained in this Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27a of the Securities Act and Section 21e of the Exchange Act. When used in this Form 10-Q, or in the documents incorporated by reference into this Form 10-Q, the words “anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company’s strategy, future sales, future expenses, future liquidity and capital resources. All forward-looking statements in this Form 10-Q are based upon information available to the Company on the date of this Form 10-Q, and the Company assumes no obligation to update any such forward-looking statements. The Company’s actual results could differ materially from those discussed in this Form 10-Q. Factors that could cause or contribute to such differences (“Cautionary Statements”) include, but are not limited to, those discussed in Item 1. Business — “Risk Factors” and elsewhere in the Company’s Annual Report on Form 10-K, which are incorporated by reference herein and in this report. All subsequent written and oral forward-looking statements attributable to the Company, or persons acting on the Company’s behalf, are expressly qualified in their entirety by the Cautionary Statements.
 
Overview
 
Issuer Direct Corporation and its business are collectively referred to herein as “Issuer Direct”, the “Company”, “We” or “Our” unless otherwise noted.

The Company strives to be a market leader and innovator of disclosure management solutions and cloud–based compliance technologies. With a focus on corporate issuers and mutual funds, the Company alleviates the complexity of maintaining compliance with its integrated portfolio of products and services that enhance companies' ability to efficiently produce and distribute their financial and business communications both online and in print.

We work with a diverse client base in the financial services industry, including brokerage firms, banks, mutual funds, corporate issuers, shareholders and professional firms such as accountants and the legal community. For example, corporate issuers utilize our cloud-based technologies and services from document creation all the way to dissemination to regulatory bodies and shareholders. With this example, we generate revenue from all of our services during the lifecycle.

 On January 4, 2012, the Company acquired the rights to all customer contracts, of SEC Compliance Services, Inc. (“SECCS”).  We purchased the rights to the customer contracts of New York Stock Transfer on May 10, 2012 and on September 5, 2012 the Company acquired the assets of Firelace, Inc., a cloud-based accounting platform operated under the name Merchants Mirror.

We continue to focus on both the organic growth of our revenue streams as well as evaluating potential acquisitions that would complement our core business operations and accelerate our overall mission of providing a complete solution for all corporate issuers.
 
Revenue Sources
 
The Company’s core businesses operate within the financial compliance sector, including but not limited to financial reporting, print and production, proxy tabulation and solicitation as well as the safeguarding of shareholder records through traditional transfer agent services. These services are designed to offer issuers a comprehensive set of solutions for complying and communicating their messages to their audiences.  Our offerings are classified into four areas of corporate focus: (1) Disclosure Reporting, (2) Shareholder Communications, (3) Proxy Services, and (4) Stock Transfer Services. These four core business streams comprise our Disclosure Management System.

Disclosure Management System

Our Disclosure Management System is a business process outsourcing (BPO) model whereby we act under contract as a back-office extension of the corporate issuer’s management and board of directors. Our unique disclosure process aims to create efficiencies not previously possible in areas of normal regulatory business functions of the public markets, where we can clearly improve processes, streamline complexities, while reducing expenditures, generally associated with reporting and disclosure requirements.  Our disclosure management system is the only secure workflow technology available today that allows officers, directors and compliance professionals the ability to manage the entire back-office functions of their respective companies from one interface.
 
 

Disclosure Reporting

As a fully registered Securities and Exchange Commission Filing (“SEC”) Agent, we assist corporate issuers, mutual funds, law firms, resellers, and individuals with all of their securities filing needs. Many U.S. companies are required to file corporate documents with the Securities and Exchange Commission (“SEC”), including registration statements, annual reports, quarterly reports, prospectuses, information statements, material event filings, proxy statements, ownership documents, and more.

Since 2009, the SEC has been phasing in requirements for companies who must file public reports with the SEC to supplement their disclosure reporting requirements with XBRL (eXtensible Business Reporting Language) filings. XBRL is a freely available XML-based specification that uses accepted financial reporting standards and practices to exchange financial statements across all software and technologies, including the Internet. It is an XML-based framework that provides the financial community a standards-based method to prepare, publish in a variety of formats, and reliably extract and automatically exchange financial statements of publicly held companies. XBRL is not about establishing new accounting standards but enhancing the usability of the ones that we have through the digital language of business, XML.

As of the end of June 2011, the SEC  now requires all reporting companies to file quarterly reports on Form 10-Q and annual reports on Form 10-K, 20-F and 40-F in interactive data.

We market our interactive reporting directly under the brand Issuer Direct and to our resellers under the brand Issuer Services and QX Interactive. Our strategy has not changed; we continue to focus on increasing our core disclosure business from both the corporate issuer directly as well as the filing agent community both in XBRL and EDGAR filings.

Financial Printing
 
As one of the only financial printers in the Southeast, we are focused on both corporate issuers and mutual funds.

We pride ourselves on having our typeset, design, print and fulfillment operations under one roof; giving compliance professionals the ability to meet regulatory deadlines and take advantage of our technology and on demand facilities to communicate their message with markets, shareholders and other vital constituents.
 
Today we produce a comprehensive array of documents for many of the nation's leading corporations, mutual funds, law firms, and investment banks. Our financial printing expertise gives us the edge in the market - giving customers the confidence and time to focus on their business execution. Our production staff has a deep understanding of the regulatory requirements that drive many of the printed materials that are distributed today - such as the new Summary Prospectus for funds and Notice and Access for corporate issuers.

During 2012 and the six-month period ended June 30, 2013, we have continued to leverage our post-sale fulfillment and iFUND platform to a broader base of clientele. This technology when combined with our Print-on-Demand (POD) production environment gives us an advantage on the competition in the literature fulfillment marketplace. Our technological advancements make our process more efficient and transparent to multiple parties and at the same time forms one interface. As regulations continue to change and companies opt to print fewer and fewer large run projects, we expect print on demand to be a greater portion of our print business; this would include summary prospectuses for our mutual fund and broker clients, custom notice and access cards for corporate issuers, reminder mailings, and short run production on a one-to-one or one-to-many delivery method.

Shareholder Communications

As part of our commitment to shareholder disclosure and improved corporate transparency, we continue to expand our core news wire services into a comprehensive shareholder communication system that assist not only our client’s investor relations departments but also market disseminators and financial portals.

During the year ended December 31, 2012, we completed the transition of certain content from our former partners, into our internally developed product set referred to as ‘Market Streams’. This development effort has resulted in longer term margin improvements in this segment and less reliance on third party providers. We intend to license portions of our data business and application programming interfaces (“API’s”) to other providers and disseminators that are seeking a competitive replacement in the market.
 
 

Our offerings include a blend of proprietary Market Stream Cloud datasets (formally our datafeed technologies):

Stock Charting & Fundamentals – We deliver both real-time and delayed stock quotes, interactive charts and fundamental data for over 14,000 listed companies. Our interactive charts have embedded vitals such as corporate actions, news streams as well as other customizable alerts that are presented in the chart tip window. Our Market Stream is one of the only fundamental data sets that leverage XBRL as a source for specific corporate data.

Compliance Stream – Our compliance stream technology delivers SEC compliant EDGAR filings to corporate issuers’ investor relations systems in a variety of formats. The stream provides an embedded XBRL viewer for financial analysis, and easy downloadable formats such as HTML, and PDF. It also offers a social share option for each filing, whereby users can share, copy, save and print official company filings right from the Market Stream.

News Stream – Our cloud-based news stream is more than just a system to serve press releases in real-time. It analyzes, stores and matches key fundamental data, about each company and delivers it back to corporate investor relations’ personnel as well as to key industry professionals that wish to harness the power of our Profile+ system. Our network approach thinks beyond just news content and incorporates additional relevant mediums, such as blogs, analyst reports and social tagging and sharing systems.

Additionally, our shareholder communications business offers additional cloud-based product suites that provide both corporate issuer and market data distribution partners the ability to connect to our market data cloud to access virtually hundreds of customizable data sets for thousands of public companies, as well as the compliance driven modules of whistleblower, Profile+ and our e-Notify request system.

Proxy Services
 
Our Proxy system, branded as iProxyDirect, is a comprehensive technology platform that encompasses issuers, shareholders, banks, brokers and vital constituents during the proxy process. iProxyDirect is one of the only voting platforms where corporate issuers, mutual funds, and mutual fund administrators can setup, manage, communicate and monitor the entire proxy process from one online system. iProxyDirect offers notice & access options, material on demand fulfillment, digital delivery, and secure document hosting and real-time voting.

Direct Transfer
 
We operate our transfer agent business under the brand Direct Transfer, which is a wholly-owned subsidiary. Our shareholder services business provides a complete array of agency and registrar services beyond traditional transfer activities. By combining our online workflow technologies, corporate issuers and their constituents can manage, issue, monitor, communicate and disseminate all facets of shareholder information within minutes.

Our commitment to compliance and safeguarding of information goes beyond our SSAE 16 business process. We maintain our client’s books and records in the manner we would expect ours to be managed, and that second-to-none service has enabled us to sustain our valued clients, withstand regulatory change and competitiveness by other providers. Corporate issuers have the ability to take advantage of the following:

●  
Issue, manage and monitor all corporate stock of the company online
●  
Issue physical certificates, book entry as well as DWAC FAST electronic participation
●  
Print on Demand Digital Certificate Library
●  
Communicate with shareholders with the click of a mouse with e-Notify
●  
Setup, monitor and direct an annual meeting and proxy vote
●  
Warrant, escrow and rights offerings
●  
Corporate re-org services including CUSIP, FINRA and state filing needs

 
 
Our Brands & Subsidiaries

●  
Issuer Direct
●  
Issuer Services
●  
Direct Transfer (Wholly owned subsidiary – Direct Transfer, LLC.)
●  
iTransfer (formally New York Stock Transfer)
●  
iProxyDirect
●  
iRDirect
● 
XBRL Check
●   
QX Interactive (Wholly owned subsidiary – QX Interactive, LLC.)

Results of Operations
 
Comparison of results of operations for the three months ended June 30, 2013 and 2012
 
   
Three months ended
    
Six months ended
  
   
June 30,
    
June 30,
  
Revenue Streams
  
2013
    
2012
    
2013
    
2012
  
Compliance and reporting services
                        
  Revenue
   $ 927,774     $ 568,105     $ 1,754,131     $ 1,022,517  
  Gross Margin
   $ 714,475     $ 390,012     $ 1,338,531     $ 655,918  
  Gross Margin %
     77 %     69 %     76 %     64 %
                                 
Printing and financial communication
                                
  Revenue
   $ 269,405     $ 204,079     $ 391,202     $ 322,653  
  Gross Margin
   $ 151,663     $ 120,825     $ 222,143     $ 189,553  
  Gross Margin %
     56 %     59 %     57 %     59 %
                                 
Fulfillment and distribution
                                
  Revenue
   $ 191,249     $ 170,726     $ 319,815     $ 301,659  
  Gross Margin
   $ 59,860     $ 61,628     $ 90,832     $ 111,044  
  Gross Margin %
     31 %     36 %     28 %     37 %
                                 
Software licensing
                                
  Revenue
   $ 95,884     $ 52,912     $ 147,943     $ 97,017  
  Gross Margin
   $ 94,388     $ 52,073     $ 146,007     $ 95,772  
  Gross Margin %
     98 %     98 %     99 %     99 %
                                 
Transfer agent services
                                
  Revenue
   $ 239,473     $ 112,617     $ 521,922     $ 161,188  
  Gross Margin
   $ 190,577     $ 74,460     $ 425,788     $ 86,612  
  Gross Margin %
     80 %     66 %     82 %     54 %
                                 
Total
                                
  Revenue
   $ 1,723,785     $ 1,108,439     $ 3,135,013     $ 1,905,034  
  Gross Margin
   $ 1,210,963     $ 698,998     $ 2,223,301     $ 1,138,899  
  Gross Margin %
     70 %     63 %     71 %     60 %

 
Revenues
 
Total revenue increased by $615,346, or 56%, to $1,723,785 during the three-month period ended June 30, 2013, as compared to $1,108,439 during the same period of fiscal 2012.  The overall increase during the three-month period ended June 30, 2013 as compared to the same period of fiscal 2012 is primarily due to an increase in compliance and reporting revenue of $359,669, and an increase in transfer agent revenues of $126,856.   Total revenue increased by $1,229,979, or 65%, to $3,135,013 during the six-month period ended June 30, 2013, as compared to $1,905,034 during the same period of fiscal 2012.  The overall increase during the six-month period ended June 30, 2013 as compared to the same period of fiscal 2012 is primarily due to an increase in compliance and reporting revenue of $731,614, and an increase in transfer agent revenues of $360,734.

  Compliance and reporting service revenue increased $359,669, or 63%, and 731,614, or 72%, during the three and six-month periods ended June 30, 2013, respectively, as compared to the same periods in fiscal 2012.  The increase in revenue from compliance and reporting services is primarily attributable to the final phase in of the SEC’s three-year mandate for companies to begin filing quarterly and annual reports in XBRL format. A large portion of our clients are small reporting companies, and those companies were first required to file quarterly and annual reports in XBRL format for all periods ended after June 15, 2011. During the first six months of fiscal 2012, our small reporting clients were required to file their quarterly and annual reports in XBRL;  however, they were first required to file in XBRL with detail footnote tagging for periods ended after June 15, 2012.  When the requirement for detail footnote tagging became effective, we were able to significantly increase our revenue per client. Therefore, the increase in revenue in the three and six-month periods ended June 30, 2013 as compared to the same periods in fiscal 2012 are largely because of the additional revenue earned from detail footnote tagging in the three and six-month periods ended June 30, 2013.  Furthermore, we have continued to increase the number of clients we have under annual contracts, both from our acquisition of SECCS in January 2012 and from organic sales efforts.  Because of the large number of clients that we have under annual contracts, we believe our revenue from these services will continue to be much more predictable in the future.
 
Printing and financial communication revenue increased by $65,326 and $68,549 in the three and six-month periods ended June 30, 2013, respectively, as compared to the same periods in fiscal 2012.  Revenue from printing, particularly from our iFUND platform, tends to be somewhat project oriented, and will therefore fluctuate from period to period based on the timing of projects. We will continue to focus on obtaining more recurring revenues, particularly from our Print-On-Demand services
 
Fulfillment and distribution revenue increased $20,523 and $18,156, respectively, during the three and six-month periods ended June 30, 2013 as compared to the same periods in fiscal 2012.  Similar to revenue from printing services, fulfillment and distribution revenue tends to be somewhat project oriented, and will therefore fluctuate from period to period based on the timing of projects.
 
Software licensing revenues increased by $42,972, or 81%; and $50,926, or 52%, respectively, during the three and six-month periods ended June 30, 2013 as compared to the same periods in fiscal 2012, due largely to increased revenue from our market streams and investor relations platform.  Furthermore, the timing of proxy services requested from our clients can be difficult to predict, and therefore revenue from this source can fluctuate significantly between quarters.
 
Transfer agent revenue increased by $126,856, or 113%; and $360,734, or 224%; during the three and six-month periods ended June 30, 2013 as compared to the same periods in fiscal 2012. The increase was primarily due to significant revenues from corporate action engagements earned in the six months ended June 30, 2013.  Historically, corporate action services are tied to a transaction that results in a project-based engagement, therefore the timing and predictability of this type of revenue becomes difficult to forecast.  However, we do anticipate that corporate actions will be a continuing source of revenue in the future. We also achieved increased revenue due to the purchase of the clients of New York Stock Transfer in May 2012.
 
No customers accounted for more than 10% of the operating revenues during the three and six-month periods ended June 30, 2013 or June 30, 2012.
 
 
 
Cost of Revenues and Gross Margin
 
Cost of revenues consist primarily of direct labor costs, third party licensing, print production materials, postage, and outside services directly related to the delivery of services to our customers.  Cost of revenues increased by $103,381, or 25%; and $145,577, or 19%; during the three and six-month periods ended June 30, 2013 as compared to same periods of fiscal 2012. However, overall gross margins increased by $511,965, or 73%, to $1,210,963 during the three-month period ended June 30, 2013 as compared to $698,998 in the same period of fiscal 2012. Overall gross margins increased by $1,084,402, or 95%, to $2,223,301 during the six-month period ended June 30, 2013 as compared to $1,138,899 in the same period of fiscal 2012.  Gross margins for the three-month period ended June 30, 2013 increased to 70% of revenue compared to 63% of revenue during the same period of fiscal 2012.  Gross margins for the six-month period ended June 30, 2013 increased to 71% of revenue compared to 60% of revenue during the same period of fiscal 2012.

Furthermore, we achieved margins of 77% and 76%, respectively, from our compliance and regulatory services during the three and six-month periods ended June 30, 2013 as compared to 69% and 64% in same periods of fiscal 2012, primarily due to our XBRL service offerings.  Although pricing pressures in the market are accelerating quicker than we anticipated, we have been able to continually improve our margins from our XBRL services as we have gained significant operational efficiencies over the past year, as we become more experienced in performing these services, and as we have increased our revenue per client due to the requirement for small companies to add detail footnote tagging to their XBRL filings as previously discussed.

Gross margins from our printing and financial communications services have remained fairly constant at 56% and 59%, respectively, during the three-month periods ended June 30, 2013 and 2012, and was 57% and 59%, respectively, during the three-month periods ended June 30, 2013 and 2012.

Gross margins from our fulfillment and distribution services decreased to 31% and 28%, respectively, during the three and six-month periods ended June 30, 2013 as compared to 36% and 37% in the same periods of fiscal 2012. Revenue from these services are largely project based, and therefore margins can fluctuate from between projects based on the nature of the services performed.  We anticipate that margins in the future will increase as compared to the margins achieved in the six months ended June 30, 2013.

Gross margins from software licensing remained relatively high, and were 98% and 99%, respectively, during the three and six-month periods ended June 30, 2013, as compared to 98% and 99%, respectively, in the same periods of fiscal 2012. 

Gross margins from our transfer agent services increased to 80% and 82%, respectively, during the three and six-month periods ended June 30, 2013 as compared to 66% and 54%, respectively, in the same periods of fiscal 2012.  The increase in margin is primarily due to the increase in revenue previously discussed, as costs for our transfer agent department consist largely of fixed expenses.

Costs related to compliance and reporting services are related principally to direct labor costs and third party vendor costs.
 
Costs related to printing and financial communications services and fulfillment services fluctuate periodically as the cost of the services, labor, and materials fluctuate, and can also vary significantly based on the variables of any one project. We strive to maintain reasonable margins for these services, but market demands, and inventory levels play a significant impact in our overall ability to attract new business.
 
 We incur direct labor costs for software licensing, as all development is performed in-house. To date, costs have not been significant. We intend to increase our development efforts in the coming quarters to further enhance our intellectual property and market position in both our shareholder communications and disclosure management business.
 
 To date, costs for transfer agent services have also been minimal, in proportion to this growing revenue stream. We will devote additional resources to this service offering as we expand these services in future periods.
 
 

Operating Expenses
 
General and Administrative Expense
 
General and administrative expenses consist primarily of salaries, stock based compensation, insurance, fees for professional services, general corporate expenses and facility and equipment expenses. General and administrative expenses increased slightly by $7,934 during the three-month period ended June 30, 2013 as compared to the same period in fiscal 2012.  General and administrative expenses increased by $127,263 during the six-month period ended June 30, 2013 as compared to the same period of fiscal 2012.  The increase in the six month-period ended June 30, 2013 as compared to the same period of fiscal 2012 is primarily due to increases in accounting and consulting fees of $82,641, and bad debt expense of $36,605.
 
The increase in accounting services is attributable to several factors; first, we spent approximately $50,000 on project related work on evaluating acquisition targets, as strategic mergers and acquisitions is part of our ongoing strategy.  The remainder of the increase is primarily due to the timing of audit and tax work performed, and additional fees for a new investor relations firm. The increase in bad debt expense is due primarily to the overall increase in our revenues and accounts receivable, as we increased our reserve to cover the increased exposure.
 
Sales and Marketing Expenses
 
Sales and marketing expenses consist primarily of salaries, stock based compensation, sales commissions, sales consultants, advertising expenses, and marketing expenses. Sales and marketing expenses for the three and six-month periods ended June 30, 2013 decreased by $46,805 and $58,321, respectively, as compared to the same periods in fiscal 2013.
 
As a percentage of revenue, sales and marketing expense was relatively high in the three and six-month periods ended June 30, 2012, as we issued options to purchase our common stock to certain former employees and consultants of SECCS which vest upon the achievement of milestones related to executing annual contracts for XBRL services or revenue thresholds throughout fiscal 2012. As a result, stock based compensation within sales and marketing expense decreased $52,235 and $81,471, respectively, and during the three and six month periods ended June 30, 2013 as compared to the same periods in fiscal 2012.  We anticipate that sales in marketing expense as a percent of total revenue during the three months and six month periods ended June 30, 2013 is more reflective of anticipated future expenses.
 
Depreciation and Amortization
 
Depreciation and amortization expenses during the three-month period ended June 30, 2013 decreased slightly to $32,588 as compared to $35,429 during the same period of fiscal 2012. Depreciation and amortization expenses during the six-month period ended June 30, 2013 decreased slightly to $67,523 as compared to $71,497 during the same period of fiscal 2012

Interest Income (Expense)
 
Net interest income of $2,299 and $4,027 during the six-month periods ended June 30, 2013 and 2012, respectively, consisted primarily of finance charges to customers with past due balances that we are reasonably assured that we will collect.
 
Income Tax Benefit (Expense)
 
The company recorded income tax expense during the three-and six month periods ended June 30, 2013 of $251,000 and $403,000, respectively, based on our estimated effective tax rate for fiscal 2013.  The company recorded income tax expense during the three-month period ended June 30, 2012 of $24,000 based on our estimated effective tax rate for fiscal 2012. The company recorded an income tax benefit of $13,500 during the six-month period ended June 30, 2012, as a result of the net loss for the period.
 
Net Income (Loss)
 
Net income for the three-month period ended June 30, 2013 was $364,681 as compared to $35,949 in the same period of fiscal 2012.  Net income for the six-month period ended June 30, 2013 was $580,219 as compared to a net loss of $20,987 in the same period of fiscal 2012.  The improvements in net income are due primarily to the increase in total revenue and gross profit previously discussed, as well as the decreases in operating expenses.
 
 
 
Liquidity and Capital Resources
 
As of June 30, 2013, we had $1,500,155 in cash and cash equivalents and $833,735 net accounts receivable. Current liabilities at June 30, 2013, totaled $448,057 including our accounts payable, deferred revenue, accrued payroll liabilities, income taxes payable, and accrued expenses. At June 30, 2013, our current assets exceeded our current liabilities by $1,998,137.  
 
As of June 30, 2013, we did not owe and amounts under a line of credit. Effective April 30, 2013, we renewed our line of credit and increased the amount of funds available to 75% of eligible accounts receivable, as defined in the line of credit agreement, up to a maximum of $2,000,000.
 
We manage our cash flow carefully with the intent to meet our obligations from cash generated from operations. However, it is possible that we will have to raise additional funds through the issuance of equity in order to meet our debt obligations. There can be no assurance that cash generated from operations will be sufficient to fund our operating expenses, to allow us to continue paying dividends, or meet our other obligations, and there is no assurance that debt or equity financing will be available, or if available, that such financing will be upon terms acceptable to us.
 
2013 Outlook
 
The following statements and certain statements made elsewhere in this document are based upon current expectations. These statements are forward looking and are subject to factors that could cause actual results to differ materially from those suggested here, including, without limitation, demand for and acceptance of our services, new developments, competition and general economic or market conditions, particularly in the domestic and international capital markets. Refer also to the Cautionary Statement Concerning Forward Looking Statements included in this report.
 
The Company strives to be a market leader and innovator of disclosure management solutions and cloud–based compliance technologies. With a focus on corporate issuers and mutual funds, the Company alleviates the complexity of maintaining compliance with its integrated portfolio of products and services that enhance companies' ability to efficiently produce and distribute their financial and business communications both online and in print.

We pride ourselves on providing the best systems, the best service to our clients, the highest support to our staff, record results, higher returns to our shareholders, and higher rewards to our team members.
 
Our strategy is focused on maximizing long-term shareholder value by driving profitable growth, continuing our focus on productivity, and acquiring and integrating complementary businesses.
 
We work with a diverse client base in the financial services industry, including brokerage firms, banks, mutual funds, corporate issuers, shareholders and professional firms such as accountants and the legal community. For example, corporate issuers utilize our cloud-based technologies and services from document creation all the way to dissemination to regulatory bodies and shareholders. With this example, we generate revenue from all of our services during the lifecycle.

We continue to focus on both the organic growth of our revenue streams as well as evaluating potential acquisitions that could complement our core business operations and accelerate our overall mission of providing a complete solution for all corporate issuers.

Off-Balance Sheet Arrangements
 
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.
 
 
 
 
 
Not applicable
 
 
As of the end of the period covered by this quarterly report on Form 10-Q, the Company’s Chief Executive Officer and Chief Financial Officer conducted an evaluation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934). Based upon this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective and have not changed since its most recent annual report.
 
Changes in Internal Control over Financial Reporting
 
We regularly review our system of internal control over financial reporting to ensure we maintain an effective internal control environment.  There were no changes in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
 

 
PART II – OTHER INFORMATION
 
LEGAL PROCEEDINGS.
 
None.

RISK FACTORS.
 
There have been no material changes to our risk factors as previously disclosed in our most recent 10-K filing.
 
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
 
None.
 
DEFAULTS UPON SENIOR SECURITIES.
 
Not applicable.
 
MINE SAFETY DISCLOSURE.
 
Not applicable.
 
OTHER INFORMATION.
 
None.
 
EXHIBITS.
 
(a)           Exhibits.
 
Exhibit
    
Number
  
Description
 
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
 
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
 
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
 
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
 
* Filed herewith
 
 
 
 
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: August 6, 2013
 
ISSUER DIRECT CORPORATION
  
       
 
By:
/s/ Brian R. Balbirnie  
   
Brian R. Balbirnie
  
   
Chief Executive Officer
  
       
       
  By: /s/ Wesley Pollard  
    Wesley Pollard  
    Chief Financial Officer  
       
 
 
 
20
 

 
 EX-31.1 2 isdr_ex311.htm CERTIFICATION isdr_ex311.htm
Exhibit 31.1
 
CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
(SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)
 
I, Brian R. Balbirnie, certify that:
 
1.           I have reviewed this quarterly report on Form 10-Q of Issuer Direct Corporation;
 
2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.           The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.           The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
 
Date: August 6, 2013
 
 /s/ Brian R. Balbirnie  
    Brian R. Balbirnie  
    Chief Executive Officer  
EX-31.2 3 isdr_ex312.htm CERTIFICATION isdr_ex312.htm
Exhibit 31.2
 
CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
(SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)
 
I, Wesley Pollard, certify that:
 
1.           I have reviewed this quarterly report on Form 10-Q of Issuer Direct Corporation;
 
2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.           The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
 
5.           The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
 
Date: August 6, 2013
 
 /s/ Wesley Pollard  
    Wesley Pollard  
    Chief Financial Officer  
EX-32.1 4 isdr_ex321.htm CERTIFICATION isdr_ex321.htm
Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 (AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

In connection with the quarterly report of Issuer Direct Corporation (the “Company”) on Form 10-Q for the period ending June 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian R. Balbirnie, Chairman of the Board of Directors, and Chief Executive Officer, certify to my knowledge and in my capacity as an officer of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
 
Date: August 6, 2013
   /s/ Brian R. Balbirnie  
    Brian R. Balbirnie  
    Chief Executive Officer  
 
A certification furnished pursuant to this Item will not be deemed “filed” for purposes of section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the small business issuer specifically incorporates it by reference.
 EX-32.2 5 isdr_ex322.htm CERTIFICATION isdr_ex322.htm
Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 (AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

In connection with the quarterly report of Issuer Direct Corporation (the “Company”) on Form 10-Q for the period ending June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Wesley Pollard, Chief Financial Officer, certify to my knowledge and in my capacity as an officer of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
 
Date: August 6, 2013
   /s/ Wesley Pollard  
    Wesley Pollard  
    Chief Financial Officer
 
A certification furnished pursuant to this Item will not be deemed “filed” for purposes of section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporate by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the small business issuer specifically incorporates it by reference.
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Note 3. Intangible Assets (Details Narrative) (USD $)
 1 Months Ended
Jan. 31, 2012
Jan. 04, 2012
Notes to Financial Statements    
Purchase price for Customer Contractual Rights   $ 425,000
Payments To Acquire Customer Contractual Rights 285,000  
Common Stock Issued For Acquisition Of Customer List   $ 140,000
Shares Issued For Acquisition Of Customer List 70,000  
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Consolidated Statements of Operations (Unaudited) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Income Statement [Abstract]        
Revenues $ 1,723,785 $ 1,108,439 $ 3,135,013 $ 1,905,034
Cost of services 512,822 409,441 911,712 766,135
Gross profit 1,210,963 698,998 2,223,301 1,138,899
Operating costs and expenses:        
General and administrative 386,666 378,732 795,268 668,005
Sales and marketing expenses 178,573 225,378 379,590 437,911
Depreciation and amortization 32,588 35,429 67,523 71,497
Total operating costs and expenses 597,827 639,539 1,242,381 1,177,413
Net Operating income (loss) 613,136 59,459 980,920 (38,514)
Other income (expense):        
Interest income (expense), net 2,545 490 2,299 4,027
Total other income (expense) 2,545 490 2,299 4,027
Net income (loss) before taxes 615,681 59,949 983,219 (34,487)
Income tax (expense) benefit (251,000) (24,000) (403,000) 13,500
Net income (loss) $ 364,681 $ 35,949 $ 580,219 $ (20,987)
Income (loss) per share - basic $ 0.19 $ 0.02 $ 0.30 $ (0.01)
Income (loss) per share - fully diluted $ 0.18 $ 0.02 $ 0.28 $ (0.01)
Weighted average number of common shares outstanding - basic 1,950,092 1,925,618 1,946,367 1,872,358
Weighted average number of common shares outstanding - fully diluted 2,061,718 2,073,868 2,043,926 1,872,358
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Note 5. Stock Options
 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Stock Options

Increase in number of shares authorized under the 2010 Equity Incentive Plan (the “Plan”)

 

On January 20, 2012, the Company’s Board of Directors approved an increase in the number of shares authorized under the Plan from 220,416 to 420,416.

 

Employee Stock Options

 

The following table summarizes information about stock options outstanding and exercisable at June 30, 2013: 

      Options Outstanding     Options Exercisable  
Exercise Price Range     Number     Weighted Average Remaining Contractual Life (in Years)     Weighted Average Exercise Price     Number  
$ 0.01 - $1.00       28,700       8.85     $ 0.01       28,700  
$ 1.01 - $2.00       18,000       7.90     $ 1.73       18,000  
$ 2.01 - $3.00       132,966       6.49     $ 2.42       87,966  
$ 3.01 - $4.00       25,500       8.76     $ 3.33       25,500  
Total       205,166       7.20     $ 2.11       160,166  

Total unrecognized compensation expense as of  June 30, 2013 was 103,142. 
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Note 4. Preferred and Common Stock (Details Narrative) (USD $)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2013
Mar. 31, 2013
Jun. 30, 2013
Jun. 30, 2012
Dec. 31, 2012
Notes to Financial Statements          
Cash dividends paid     $ 58,418 $ 57,853 $ 270,590
Date Dividend Declared Jul. 03, 2013 Apr. 01, 2013      
Common Stock Dividends Per Share Declared $ 0.03 $ 0.03      
Dividends Payable, Date to be Paid Aug. 02, 2013 May 03, 2013      
Dividends Payable, Date of Record Jul. 13, 2013 Apr. 18, 2013      
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Note 1. Basis of Presentation
 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Basis of Presentation

The unaudited interim balance sheet as of June 30, 2013 and statements of operations for the three and six month periods ended June 30, 2013 and 2012, and statements of cash flows for the six month periods ended June 30, 2013 and 2012 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 information should be read in conjunction with Issuer Direct Corporation’s (the “Company’s”) 2012 audited financial statements filed on Form 10-K.
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Note 3. Intangible Assets
 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Intangible Assets

The Company acquired certain assets, primarily the rights to all customer contracts, of privately held SEC Compliance Services, Inc. (“SECCS”) on January 4, 2012. The purchase price of $425,000 consisted of cash proceeds of $285,000, and 70,000 shares of common stock with a value of $140,000 based on the Company’s stock price of $2.00 per share on the close of business on January 4, 2012. The Company borrowed $275,000 from its line of credit to finance the transaction. The Company is amortizing the purchase price of $425,000 over its estimated useful life of five years.
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Note 6. Concentrations
 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Concentrations

For the three and six-month periods ended June 30, 2013 and 2012, we earned revenues (as a percentage of total revenues) in the following categories:

     

Three months ended

June 30,

      

Six months ended 

June 30,

  
Revenue Streams     2013       2012       2013       2012  
Compliance and reporting services     53.8 %     51.2 %     56.0 %     53.7 %
Printing and financial communication     15.6 %     18.4 %     12.5 %     16.9 %
Fulfillment and distribution     11.1 %     15.4 %     10.2 %     15.8 %
Software licensing     5.6 %     4.8 %     4.7 %     5.1 %
Transfer agent services     13.9 %     10.2 %     16.6 %     8.5 %
Total     100.0 %     100.0 %     100.0 %     100.0 %

 

No customers accounted for more than 10% of the operating revenues during the three or six month periods ended June 30, 2013 or 2012. We did not have any customers that comprised more than 10% of our total accounts receivable balances at June 30, 2013 or December 31, 2012. 

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 revenue is 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.
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Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3044-108585 false23false 3us-gaap_AccountsReceivableNetus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse833735833735falsefalsefalse2truefalsefalse544684544684falsefalsefalsexbrli:monetaryItemTypemonetaryFor an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.9) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.5) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 false24false 3us-gaap_DeferredIncomeTaxesAndOtherAssetsCurrentus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse4900049000falsefalsefalse2truefalsefalse4900049000falsefalsefalsexbrli:monetaryItemTypemonetaryAmount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and other assets expected to be realized or consumed within one year or normal operating cycle, if longer.No definition available.false25false 3us-gaap_OtherAssetsCurrentus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse6330463304falsefalsefalse2truefalsefalse3871038710falsefalsefalsexbrli:monetaryItemTypemonetaryAggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.8) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 8 -Article 5 false26false 3us-gaap_AssetsCurrentus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse24461942446194falsefalsefalse2truefalsefalse18830371883037falsefalsefalsexbrli:monetaryItemTypemonetarySum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.9) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6801-107765 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 9 -Article 5 true27false 3us-gaap_PropertyPlantAndEquipmentNetus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse6918369183falsefalsefalse2truefalsefalse5561155611falsefalsefalsexbrli:monetaryItemTypemonetaryAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 7 false28false 3us-gaap_DeferredTaxAssetsNetNoncurrentus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse159000159000falsefalsefalse2truefalsefalse159000159000falsefalsefalsexbrli:monetaryItemTypemonetaryAmount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31917-109318 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31931-109318 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31928-109318 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31958-109318 false29false 3us-gaap_IntangibleAssetsNetExcludingGoodwillus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse380362380362falsefalsefalse2truefalsefalse431529431529falsefalsefalsexbrli:monetaryItemTypemonetarySum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16212-109274 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph ((a)(1),(b)) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 false210false 3us-gaap_OtherAssetsNoncurrentus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse1206912069falsefalsefalse2truefalsefalse1206912069falsefalsefalsexbrli:monetaryItemTypemonetaryAggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 17 -Article 5 false211false 3us-gaap_Assetsus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse30668083066808falsefalsefalse2truefalsefalse25412462541246falsefalsefalsexbrli:monetaryItemTypemonetarySum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.18) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 18 -Article 5 true212true 2us-gaap_LiabilitiesCurrentAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse013false 3us-gaap_AccountsPayableCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse9597495974falsefalsefalse2truefalsefalse6288662886falsefalsefalsexbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false214false 3us-gaap_AccruedLiabilitiesCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse4059140591falsefalsefalse2truefalsefalse3734737347falsefalsefalsexbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false215false 3us-gaap_AccruedIncomeTaxesCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse247092247092falsefalsefalse2truefalsefalse226406226406falsefalsefalsexbrli:monetaryItemTypemonetaryCarrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph b(1) -Article 7 false216false 3us-gaap_DeferredRevenueCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse6440064400falsefalsefalse2truefalsefalse112906112906falsefalsefalsexbrli:monetaryItemTypemonetaryThe carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 13.A.4(a).Q1) -URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 8 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section A false217false 3us-gaap_LinesOfCreditCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalse2truefalsefalse150000150000falsefalsefalsexbrli:monetaryItemTypemonetaryThe carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Line-of-Credit Arrangement -URI http://asc.fasb.org/extlink&oid=6517033 false218false 3us-gaap_LiabilitiesCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse448057448057falsefalsefalse2truefalsefalse589545589545falsefalsefalsexbrli:monetaryItemTypemonetaryTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 true219false 3us-gaap_OtherLiabilitiesNoncurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse9464694646falsefalsefalse2truefalsefalse105554105554falsefalsefalsexbrli:monetaryItemTypemonetaryAggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 24 -Article 5 false220false 3us-gaap_Liabilitiesus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse542703542703falsefalsefalse2truefalsefalse695099695099falsefalsefalsexbrli:monetaryItemTypemonetarySum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 true221true 2us-gaap_StockholdersEquityAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse022false 3us-gaap_PreferredStockValueus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse00falsefalsefalse2truefalsefalse00falsefalsefalsexbrli:monetaryItemTypemonetaryAggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5 false223false 3us-gaap_CommonStockValueus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse19521952falsefalsefalse2truefalsefalse19371937falsefalsefalsexbrli:monetaryItemTypemonetaryAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. 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Note 4. Preferred and Common Stock
 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Preferred and Common Stock

Preferred Stock

 

On March 26, 2012, the Company filed a Certificate of Amendment to the Certificate of Designation for the Series A and B Convertible Preferred Stock (the “Amendment”).  Under the terms of the Amendment, the Series A and Series B Designations were removed.  As a result, the Company has 30,000,000 shares of Preferred Stock authorized, with no shares designated, issued, or outstanding.  On June 29, 2012, the shareholders of the Company approved a reduction in the par value of the Preferred Stock from $1.00 per share to $0.001 per share, which became effective on July 16, 2012.

 

Common Stock

 

As discussed in Note 3, the Company issued 70,000 shares of common stock with a value of $140,000 to the former shareholders of SECCS on January 4, 2012 as part of the consideration given for the purchase of assets obtained from SECCS.

 

Restricted Common Stock

 

On April 2, 2012, the Company issued grants for a total of 95,000 restricted shares of the Company’s common stock (the “Awards”) to its executive officers and certain other employees.  The Awards vest over periods up to two years as stated in the Award Agreements, and will accelerate in the event of a Corporate Transaction, as such term is defined in the Award Agreements. In the event a grantee’s relationship with the Company is terminated for any reason, vesting will immediately cease. These Awards are not part of the 2010 Equity Incentive Plan.

 

Dividends

 

The Company paid cash dividends of $270,590 to holders of shares of common stock during the year ended December 31, 2012. 

 

On April 1, 2013, the Company’s Board of Directors approved and declared a quarterly cash dividend of $0.03 per share. The dividend was paid on May 3, 2013 to shareholders of record as of April 18, 2013. On July 3, 2013, the Company’s Board of Directors approved and declared a quarterly cash dividend of $0.03 per share. The dividend was paid on August 2, 2013 to shareholders of record as of July 13, 2013.
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Consolidated Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Assets    
Allowance for Accounts Receivables $ 159,096 $ 117,030
Accumulated Amortization $ 238,833 $ 187,666
Stockholders Equity    
Preferred Stock shares par value $ 0.001 $ 0.001
Preferred Stock shares Authorized 30,000,000 30,000,000
Preferred Stock shares Issued 0 0
Preferred Stock shares Outstanding 0 0
Common Stock shares par value $ 0.001 $ 0.001
Common Stock shares Authorized 100,000,000 100,000,000
Common Stock shares Issued 1,952,259 1,937,329
Common Stock shares Outstanding 1,952,259 1,937,329
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 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Schedule Of Stock Options
      Options Outstanding     Options Exercisable  
Exercise Price Range     Number     Weighted Average Remaining Contractual Life (in Years)     Weighted Average Exercise Price     Number  
$ 0.01 - $1.00       28,700       8.85     $ 0.01       28,700  
$ 1.01 - $2.00       18,000       7.90     $ 1.73       18,000  
$ 2.01 - $3.00       132,966       6.49     $ 2.42       87,966  
$ 3.01 - $4.00       25,500       8.76     $ 3.33       25,500  
Total       205,166       7.20     $ 2.11       160,166  
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Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities    
Net income (loss) $ 580,219 $ (20,987)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 67,523 71,497
Bad debt expense 81,755 45,150
Deferred income taxes 0 (36,094)
Stock-based expense 156,093 266,603
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable (370,806) (126,347)
Decrease (increase) in deposits and prepaids (24,594) 60,772
Increase (decrease) in accounts payable 33,088 (20,261)
Increase (decrease) in accrued expenses 13,022 (112,175)
Increase (decrease) in deferred revenue (48,506) (126,637)
Net cash provided by operating activities 487,794 1,521
Cash flows from investing activities    
Purchase of property and equipment (29,928) (4,138)
Acquisition of intangible assets 0 (280,000)
Net cash used in investing activities (29,928) (284,138)
Cash flows from financing activities    
Proceeds from exercise of stock options 64 26,375
Payment of dividend (58,418) (57,853)
Advance on line of credit 0 275,000
Repayment of line of credit (150,000) (10,000)
Net cash provided by (used in) financing activities (208,354) 233,522
Net change in cash 249,512 (49,095)
Cash - beginning 1,250,643 862,386
Cash - ending 1,500,155 813,291
Supplemental disclosures:    
Cash paid for interest 2,364 5,923
Cash paid for income taxes 382,314 22,594
Non-cash activities:    
Common stock issued for acquisition of customer list 0 140,000
Common stock issued for services $ 31,150 $ 0
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Consolidated Balance Sheets (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 1,500,155 $ 1,250,643
Accounts receivable, (net of allowance for doubtful accounts of $159,096 and $117,030, respectively) 833,735 544,684
Deferred income tax asset - current 49,000 49,000
Other current assets 63,304 38,710
Total current assets 2,446,194 1,883,037
Furniture, equipment and improvements, net 69,183 55,611
Deferred income tax - noncurrent 159,000 159,000
Intangible assets (net of accumulated amortization of $238,833 and $187,666, respectively) 380,362 431,529
Other noncurrent assets 12,069 12,069
Total assets 3,066,808 2,541,246
Current liabilities:    
Accounts payable 95,974 62,886
Accrued expenses 40,591 37,347
Income taxes payable 247,092 226,406
Deferred revenue 64,400 112,906
Line of credit 0 150,000
Total current liabilities 448,057 589,545
Other long-term liabilities 94,646 105,554
Total liabilities 542,703 695,099
Stockholders' equity:    
Preferred stock, $0.001 par value, 30,000,000 shares authorized, no shares issued and outstanding as of June 30, 2013 and December 31, 2012. 0 0
Common stock $0.001 par value, 100,000,000 shares authorized,1,952,259 and 1,937,329 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively. 1,952 1,937
Additional paid-in capital 2,226,511 2,070,369
Retained earnings (accumulated deficit) 295,642 (226,159)
Total stockholders' equity 2,524,105 1,846,147
Total liabilities and stockholders' equity $ 3,066,808 $ 2,541,246
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Note 2. Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Earnings per Share

Basic EPS excludes dilution and is computed by dividing income 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 that are not anti-dilutive 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 shares for the six month period ended June 30, 2012 excludes the effect of 254,500 shares of common stock issuable upon the exercise of outstanding stock options agreements because the impact is anti-dilutive.
Revenue Recognition

We recognize revenue in accordance with SEC Staff Accounting Bulletin No. 104, “Revenue Recognition,” which requires that: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. We recognize revenue when services are rendered or delivered, where collectability is probable. Deferred revenue primarily consists of upfront payments for annual service contracts, and is recognized throughout the year as the services are performed.
Allowance for Doubtful Accounts

We initially record our provision for doubtful accounts based on our historical experience and then adjust this provision at the end of each reporting period based on a detailed assessment of our accounts receivable and allowance for doubtful accounts.
Use of Estimates

 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, deferred tax assets, and stock based compensation.  Actual results could differ from those estimates.
Income Taxes

 We comply with FASB ASC No. 740 – Income Taxes which requires 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.  For any uncertain tax positions, we recognize the impact of a tax position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. Our policy regarding the classification of interest and penalties is to classify them as income tax expense in our financial statements, if applicable. 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.  We recognized an income tax benefit of $13,500 during the six-month period ended June 30, 2012 that we expected to realize based on projected future profitability. We recognized income tax expense of $251,000 and $24,000 during the three-month periods ended June 30, 2013 and 2012, respectively, and we recognized income tax expense of $403,000 during the six month period ended June 30, 2013.
Fair Value Measurements

As of June 30, 2013 and December 31, 2012, we do not have any financial assets or liabilities that are required to be, or that we elected to measure, at fair value.

 

We comply with the authoritative guidance for fair value provisions applicable to nonfinancial assets and nonfinancial liabilities. Our assets and liabilities that are subject to these provisions include our intangible assets, consisting of goodwill, domain names and software, and our long-lived assets.

 

We believe that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, our line of credit, and accounts payable approximate their carrying amounts.
Stock-based compensation

We account for stock-based compensation under the authoritative guidance for stock compensation. The authoritative guidance for stock compensation requires that companies estimate the fair value of share-based payment awards on the date of the grant using an option-pricing model. The cost is to be recognized over the period during which an employee is required to provide service in exchange for the award. Included in the determination of the fair value under the option model are highly subjective assumptions regarding expected dividend yields, prior volatility, risk free rate of interest, and the expected life of options. The authoritative guidance for stock compensation also requires the benefit of tax deductions in excess of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow as prescribed under previous accounting rules. This requirement reduces net operating cash flows and increases net financing cash flows in periods when the award is exercised.

 

The Company recognized stock based compensation expense of $89,825 and $184,692 during the three-month periods ended June 30, 2013 and 2012, respectively.  The Company recognized stock based compensation expense of $156,093 and $266,603 during the six-month periods ended June 30, 2013 and 2012, respectively.  
Recent Accounting Pronouncements

The adoption of 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.
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Note 2. Summary of Significant Accounting Policies (Details Narrative) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Note 2. Summary Of Significant Accounting Policies Details Narrative        
Antidilutive Securities Excluded from Computation of Earnings Per Share       254,500
Income tax expense (benefit) $ 251,000 $ 24,000 $ 403,000 $ (13,500)
Stock based compensation expense $ 89,825 $ 184,692 $ 156,093 $ 266,603
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Note 7. Line of Credit
 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Line of Credit

Effective April 30, 2013, the Company renewed it’s Line of Credit and increased the amount of funds available to 75% of eligible accounts receivable, as defined in the Line of Credit agreement, up to a maximum of $2,000,000. The interest rate was also reduced to Libor plus 3.5%. No amounts were outstanding under the Line of Credit as of June 30, 2013.
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Note 2. Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Summary of Significant Accounting Policies

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Direct Transfer LLC and QX Interactive LLC. Significant intercompany accounts and transactions are eliminated in consolidation.

Earnings per Share (EPS)

Basic EPS excludes dilution and is computed by dividing income 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 that are not anti-dilutive 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 shares for the six month period ended June 30, 2012 excludes the effect of 254,500 shares of common stock issuable upon the exercise of outstanding stock options agreements because the impact is anti-dilutive.

Revenue Recognition

 

We recognize revenue in accordance with SEC Staff Accounting Bulletin No. 104, “Revenue Recognition,” which requires that: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. We recognize revenue when services are rendered or delivered, where collectability is probable. Deferred revenue primarily consists of upfront payments for annual service contracts, and is recognized throughout the year as the services are performed.

Allowance for Doubtful Accounts

We initially record our provision for doubtful accounts based on our historical experience and then adjust this provision at the end of each reporting period based on a detailed assessment of our accounts receivable and allowance for doubtful accounts.

Use of Estimates

 

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, deferred tax assets, and stock based compensation.  Actual results could differ from those estimates.

 

Income Taxes

 

We comply with FASB ASC No. 740 – Income Taxes which requires 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.  For any uncertain tax positions, we recognize the impact of a tax position, only if it is more likely than not of being sustained upon examination, based on the technical merits of the position. Our policy regarding the classification of interest and penalties is to classify them as income tax expense in our financial statements, if applicable. 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.  We recognized an income tax benefit of $13,500 during the six-month period ended June 30, 2012 that we expected to realize based on projected future profitability. We recognized income tax expense of $251,000 and $24,000 during the three-month periods ended June 30, 2013 and 2012, respectively, and we recognized income tax expense of $403,000 during the six month period ended June 30, 2013.

 

Fair Value Measurements

 

 As of June 30, 2013 and December 31, 2012, we do not have any financial assets or liabilities that are required to be, or that we elected to measure, at fair value.

 

We comply with the authoritative guidance for fair value provisions applicable to nonfinancial assets and nonfinancial liabilities. Our assets and liabilities that are subject to these provisions include our intangible assets, consisting of goodwill, domain names and software, and our long-lived assets.

 

We believe that the fair value of our financial instruments, which consist of cash and cash equivalents, accounts receivable, our line of credit, and accounts payable approximate their carrying amounts.

 

Stock-based compensation

 

We account for stock-based compensation under the authoritative guidance for stock compensation. The authoritative guidance for stock compensation requires that companies estimate the fair value of share-based payment awards on the date of the grant using an option-pricing model. The cost is to be recognized over the period during which an employee is required to provide service in exchange for the award. Included in the determination of the fair value under the option model are highly subjective assumptions regarding expected dividend yields, prior volatility, risk free rate of interest, and the expected life of options. The authoritative guidance for stock compensation also requires the benefit of tax deductions in excess of recognized compensation expense to be reported as a financing cash flow, rather than as an operating cash flow as prescribed under previous accounting rules. This requirement reduces net operating cash flows and increases net financing cash flows in periods when the award is exercised.

 

The Company recognized stock based compensation expense of $89,825 and $184,692 during the three-month periods ended June 30, 2013 and 2012, respectively.  The Company recognized stock based compensation expense of $156,093 and $266,603 during the six-month periods ended June 30, 2013 and 2012, respectively.  

 

Recent Accounting Pronouncements

     

The adoption of 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.
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Note 5. Stock Options (Details) (USD $)
Jun. 30, 2013
Option 1
  
Exercise Price Range $0.01 - $1.00
Number of Options Outstanding 28,700
Weighted Average Remaining Contractual Life (in Years) 8 years 10 months 6 days
Weighted Average Exercise Price $ 0.01
Number of Options Exercisable 28,700
Option 2
  
Exercise Price Range $1.01 - $2.00
Number of Options Outstanding 18,000
Weighted Average Remaining Contractual Life (in Years) 7 years 10 months 24 days
Weighted Average Exercise Price $ 1.73
Number of Options Exercisable 18,000
Option 3
  
Exercise Price Range $2.01 - $3.00
Number of Options Outstanding 132,966
Weighted Average Remaining Contractual Life (in Years) 6 years 5 months 26 days
Weighted Average Exercise Price $ 2.42
Number of Options Exercisable 87,966
Option 4
  
Exercise Price Range $3.01 - $4.00
Number of Options Outstanding 25,500
Weighted Average Remaining Contractual Life (in Years) 8 years 9 months 4 days
Weighted Average Exercise Price $ 3.33
Number of Options Exercisable 25,500
Total
  
Number of Options Outstanding 205,166
Weighted Average Remaining Contractual Life (in Years) 7 years 2 months 12 days
Weighted Average Exercise Price $ 2.11
Number of Options Exercisable 160,166
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Note 6. Concentrations (Tables)
 6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
Concentration of revenue as a percentage of total revenue
     

Three months ended

June 30,

      

Six months ended 

June 30,

  
Revenue Streams     2013       2012       2013       2012  
Compliance and reporting services     53.8 %     51.2 %     56.0 %     53.7 %
Printing and financial communication     15.6 %     18.4 %     12.5 %     16.9 %
Fulfillment and distribution     11.1 %     15.4 %     10.2 %     15.8 %
Software licensing     5.6 %     4.8 %     4.7 %     5.1 %
Transfer agent services     13.9 %     10.2 %     16.6 %     8.5 %
Total     100.0 %     100.0 %     100.0 %     100.0 %
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Note 7. Line of Credit (Details Narrative) (USD $)
 6 Months Ended
Jun. 30, 2013
Dec. 31, 2012
Notes to Financial Statements    
Line Of Credit, Amount Available $ 2,000,000  
Line of Credit, Interest Rate Description LIBOR plus 3.5%.  
Line of Credit, amount outstanding $ 0 $ 150,000
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