| Three months ended September 30, | ||||||||
| (in thousands, except per share data; unaudited) | 2014 | 2013 | ||||||
|
Revenue:
|
||||||||
| Professional fees | $ | 944 | $ | 1,017 | ||||
| Software sales | 413 | 2,201 | ||||||
| Total revenue | 1,357 | 3,218 | ||||||
|
Cost of goods sold and services provided:
|
||||||||
| Cost of professional fees | 521 | 510 | ||||||
| Cost of software sales | 232 | 1,952 | ||||||
| Total cost of sales | 753 | 2,462 | ||||||
| Gross margin | 604 | 756 | ||||||
| Selling, general and administrative expense | 578 | 650 | ||||||
| Income from operations | 26 | 106 | ||||||
| Other income, net | 2 | 2 | ||||||
| Income before income taxes | 28 | 108 | ||||||
| Provision for income taxes | -- | -- | ||||||
| Net income | 28 | 108 | ||||||
| Earnings per common share: | ||||||||
| Basic | $ | 0.00 | $ | 0.01 | ||||
| Diluted | $ | 0.00 | $ | 0.01 | ||||
| Shares used in calculating earnings per share: | ||||||||
| Basic | 11,201,760 | 11,201,760 | ||||||
| Diluted | 11,347,107 | 11,211,501 | ||||||
|
Nine months ended September 30,
|
||||||||
| (in thousands, except per share data; unaudited) | 2014 | 2013 | ||||||
|
Revenue:
|
||||||||
| Professional fees | $ | 2,608 | $ | 3,097 | ||||
| Software sales | 953 | 2,556 | ||||||
| Total revenue | 3,561 | 5,653 | ||||||
|
Cost of goods sold and services provided:
|
||||||||
| Cost of professional fees | 1,498 | 1,724 | ||||||
| Cost of software sales | 687 | 2,257 | ||||||
| Total cost of sales | 2,185 | 3,981 | ||||||
| Gross margin | 1,376 | 1,672 | ||||||
| Selling, general and administrative expense | 1,615 | 1,758 | ||||||
| Income from operations | (239 | ) | (86 | ) | ||||
| Other income, net | 8 | 6 | ||||||
| Income before income taxes | (231 | ) | (80 | ) | ||||
| Provision for income taxes | -- | -- | ||||||
| Net income | (231 | ) | (80 | ) | ||||
| Earnings per common share: | ||||||||
| Basic | $ | (0.02 | ) | $ | (0.01 | ) | ||
| Diluted | $ | (0.02 | ) | $ | (0.01 | ) | ||
| Shares used in calculating earnings per share: | ||||||||
| Basic | 11,201,760 | 11,201,760 | ||||||
| Diluted | 11,201,760 | 11,201,760 | ||||||
|
As of
|
As of
|
|||||||
|
September 30, 2014
|
December 31, 2013
|
|||||||
|
(in thousands)
|
(unaudited)
|
(audited)
|
||||||
|
ASSETS
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$ | 2,067 | $ | 2,360 | ||||
|
Accounts receivable, net
|
862 | 1,438 | ||||||
|
Prepaid expenses
|
285 | 535 | ||||||
|
Note receivable
|
4 | 6 | ||||||
|
Total current assets
|
3,218 | 4,339 | ||||||
|
Fixed assets, net
|
50 | 53 | ||||||
|
Note receivable
|
6 | 8 | ||||||
|
Other assets
|
6 | 6 | ||||||
|
Total assets
|
$ | 3,280 | $ | 4,406 | ||||
|
LIABILITIES & STOCKHOLDERS' EQUITY
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$ | 93 | $ | 612 | ||||
|
Deferred revenues
|
260 | 503 | ||||||
|
Commissions payable
|
770 | 903 | ||||||
|
Accrued payroll and related liabilities
|
220 | 221 | ||||||
|
Other accrued liabilities
|
50 | 61 | ||||||
|
Total current liabilities
|
1,393 | 2,300 | ||||||
|
Common stock, par value $0.01, 30,000,000 shares authorized;
|
||||||||
|
12,844,376 shares issued, 11,196,760 outstanding as of
|
||||||||
|
September 30, 2014 and December 31, 2013
|
128 | 128 | ||||||
|
Additional paid in capital
|
14,612 | 14,600 | ||||||
|
Accumulated deficit
|
(11,923 | ) | (11,692 | ) | ||||
|
Less treasury stock; 1,642,616 shares at cost
|
(930 | ) | (930 | ) | ||||
|
Total stockholders' equity
|
1,887 | 2,106 | ||||||
|
Total liabilities and stockholders' equity
|
$ | 3,280 | $ | 4,406 | ||||