2020 Q2 Form 10-Q Financial Statement
#000143774920011015 Filed on May 15, 2020
Income Statement
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q1 |
|---|---|---|---|
| Revenue | $13.72M | $15.84M | $15.05M |
| YoY Change | -16.79% | 5.29% | -5.85% |
| Cost Of Revenue | $11.54M | $13.30M | $12.26M |
| YoY Change | -17.01% | 8.49% | -9.98% |
| Gross Profit | $2.182M | $2.542M | $2.787M |
| YoY Change | -15.63% | -8.8% | 18.09% |
| Gross Profit Margin | 15.9% | 16.04% | 18.52% |
| Selling, General & Admin | $1.385M | $2.320M | $2.385M |
| YoY Change | -39.74% | -2.72% | -2.52% |
| % of Gross Profit | 63.49% | 91.27% | 85.57% |
| Research & Development | $36.03K | $80.00K | $40.00K |
| YoY Change | -39.95% | 100.0% | -33.33% |
| % of Gross Profit | 1.65% | 3.15% | 1.44% |
| Depreciation & Amortization | $1.552M | $779.4K | $851.2K |
| YoY Change | 106.91% | -8.43% | 21.6% |
| % of Gross Profit | 71.13% | 30.67% | 30.54% |
| Operating Expenses | $13.74M | $16.88M | $15.85M |
| YoY Change | -28.08% | 6.5% | -6.61% |
| Operating Profit | -$16.72K | -$1.039M | -$803.4K |
| YoY Change | -99.36% | 29.3% | -18.79% |
| Interest Expense | $341.0K | $348.4K | $245.1K |
| YoY Change | 35.01% | 42.18% | 0.75% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $19.33K | $9.740K | -$86.39K |
| YoY Change | -98.5% | -111.27% | -75.37% |
| Pretax Income | -$338.4K | -$1.377M | -$1.135M |
| YoY Change | -78.55% | 21.38% | -28.33% |
| Income Tax | $0.00 | ||
| % Of Pretax Income | |||
| Net Earnings | -$324.7K | -$1.366M | -$1.121M |
| YoY Change | -78.88% | 21.89% | -30.42% |
| Net Earnings / Revenue | -2.37% | -8.62% | -7.45% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$77.77K | -$68.50 | -$56.00 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 4.196M | 4.136M | 3.865M |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $865.8K | $600.0K | $500.0K |
| YoY Change | 8.23% | 20.0% | -94.57% |
| Cash & Equivalents | $865.8K | $606.7K | $477.0K |
| Short-Term Investments | |||
| Other Short-Term Assets | $1.531M | $1.300M | $1.400M |
| YoY Change | 53.06% | -7.14% | -26.32% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $5.856M | $4.022M | $5.135M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $8.252M | $5.929M | $7.038M |
| YoY Change | 19.73% | -15.76% | -56.56% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $316.1K | $300.0K | $21.85K |
| YoY Change | 1850.76% | 1272.81% | -78.15% |
| Goodwill | $7.681M | $7.681M | $9.008M |
| YoY Change | -14.73% | -14.73% | |
| Intangibles | $4.703M | $5.349M | $6.331M |
| YoY Change | -24.6% | -15.51% | |
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $730.2K | $654.9K | $654.8K |
| YoY Change | 11.45% | 0.02% | 30.95% |
| Total Long-Term Assets | $13.43M | $14.03M | $16.49M |
| YoY Change | -17.9% | -14.88% | 25.85% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $8.252M | $5.929M | $7.038M |
| Total Long-Term Assets | $13.43M | $14.03M | $16.49M |
| Total Assets | $21.68M | $19.96M | $23.52M |
| YoY Change | -6.74% | -15.14% | -19.71% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $5.360M | $4.509M | $5.301M |
| YoY Change | 1.62% | -14.94% | -17.17% |
| Accrued Expenses | $2.121M | $2.001M | $2.753M |
| YoY Change | -26.38% | -27.32% | -21.33% |
| Deferred Revenue | $1.292M | $930.9K | $972.7K |
| YoY Change | 187.4% | -4.29% | |
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $936.4K | $909.1K | $330.7K |
| YoY Change | 317.35% | 174.86% | -77.95% |
| Total Short-Term Liabilities | $9.860M | $8.528M | $9.721M |
| YoY Change | 8.45% | -12.27% | -22.24% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $8.987M | $8.353M | $5.960M |
| YoY Change | 27.02% | 40.14% | 19.21% |
| Other Long-Term Liabilities | $247.3K | $200.0K | $400.0K |
| YoY Change | -38.19% | -50.0% | |
| Total Long-Term Liabilities | $8.987M | $8.353M | $5.960M |
| YoY Change | 27.02% | 40.14% | 19.21% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $9.860M | $8.528M | $9.721M |
| Total Long-Term Liabilities | $8.987M | $8.353M | $5.960M |
| Total Liabilities | $19.09M | $17.13M | $16.06M |
| YoY Change | 15.39% | 6.63% | -8.22% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$180.4M | -$180.1M | -$173.4M |
| YoY Change | 2.45% | 3.87% | |
| Common Stock | $419.00 | $412.00 | $386.00 |
| YoY Change | 2.2% | 6.74% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $2.846M | $3.100M | $7.600M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $21.68M | $19.96M | $23.52M |
| YoY Change | -6.74% | -15.14% | -19.71% |
Cashflow Statement
| Concept | 2020 Q2 | 2020 Q1 | 2019 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$324.7K | -$1.366M | -$1.121M |
| YoY Change | -78.88% | 21.89% | -30.42% |
| Depreciation, Depletion And Amortization | $1.552M | $779.4K | $851.2K |
| YoY Change | 106.91% | -8.43% | 21.6% |
| Cash From Operating Activities | -$315.3K | $448.4K | -$237.8K |
| YoY Change | -12.42% | -288.54% | -79.1% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$35.67K | $410.0K | |
| YoY Change | -159.45% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$359.4K | -$420.0K | -$650.0K |
| YoY Change | -35.83% | -35.38% | 62.5% |
| Cash From Investing Activities | -$395.0K | -$421.0K | -$1.064M |
| YoY Change | -36.29% | -60.45% | 164.81% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $0.00 | $0.00 | |
| YoY Change | |||
| Debt Paid & Issued, Net | $145.0K | $102.7K | |
| YoY Change | 41.23% | -80.09% | |
| Cash From Financing Activities | 920.3K | 112.0K | 197.0K |
| YoY Change | -30.28% | -43.17% | -135.89% |
| NET CHANGE | |||
| Cash From Operating Activities | -315.3K | 448.4K | -237.8K |
| Cash From Investing Activities | -395.0K | -421.0K | -1.064M |
| Cash From Financing Activities | 920.3K | 112.0K | 197.0K |
| Net Change In Cash | 210.0K | 145.3K | -1.118M |
| YoY Change | -38.25% | -113.0% | -46.58% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$315.3K | $448.4K | -$237.8K |
| Capital Expenditures | -$35.67K | $410.0K | |
| Free Cash Flow | -$279.6K | -$647.8K | |
| YoY Change | -33.42% |
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font: inherit;">1.</div></div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">BASIS</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">OF</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">PRESENTATION</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0.95pt;margin-right:265.7pt;margin-top:0pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The accompanying <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020 </div>interim unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations, but we believe the disclosures made are adequate to make the information presented <div style="display: inline; font-style: italic; font: inherit;">not</div> misleading. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation have been included in the condensed consolidated financial statements included herein. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>The results of operations for the periods presented are <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of results to be expected for the full fiscal year or any other periods.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0.95pt;margin-right:0pt;margin-top:0pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The condensed consolidated unaudited interim financial statements contained in this report include the accounts of Net Element, Inc., and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</div></div> | |
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14208317 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
|
969002 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
525945 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
1269701 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
1292002 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
1292002 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
20238630 | |
| CY2019Q4 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
19886966 | |
| CY2020Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
5348652 | |
| CY2019Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
5678649 | |
| CY2020Q1 | us-gaap |
Goodwill
Goodwill
|
7681186 | |
| CY2019Q4 | us-gaap |
Goodwill
Goodwill
|
7681186 | |
| CY2019 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
1300000 | |
| CY2019Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-1134813 | |
| CY2020Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
||
| CY2019Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
||
| CY2020Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
||
| CY2019Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
46932 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-1419019 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-875266 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-2520395 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-1151285 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-470205 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-523199 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-364019 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-253634 | |
| CY2020Q1 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
5348652 | |
| CY2019Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
5678649 | |
| CY2020Q1 | us-gaap |
Interest Expense
InterestExpense
|
348414 | |
| CY2019Q1 | us-gaap |
Interest Expense
InterestExpense
|
245054 | |
| CY2020Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
336120 | |
| CY2019Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
230789 | |
| CY2020Q1 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
40892 | |
| CY2019Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
43021 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
401912 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
100478 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
172248 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
129186 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
52876 | |
| CY2020Q1 | us-gaap |
Liabilities
Liabilities
|
17127417 | |
| CY2019Q4 | us-gaap |
Liabilities
Liabilities
|
19002262 | |
| CY2020Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
19962344 | |
| CY2019Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
23042921 | |
| CY2020Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
8527531 | |
| CY2019Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
10412542 | |
| CY2019Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
9251547 | |
| CY2020Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
9261713 | |
| CY2020Q1 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
909086 | |
| CY2019Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
909086 | |
| CY2020Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
|
757866 | |
| CY2020Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
3413139 | |
| CY2020Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
2328727 | |
| CY2020Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
2022338 | |
| CY2020Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
|
909086 | |
| CY2020Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
8352627 | |
| CY2019Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
8342461 | |
| CY2020Q1 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
8352627 | |
| CY2019Q4 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
8342461 | |
| CY2020Q1 | us-gaap |
Minority Interest
MinorityInterest
|
-243227 | |
| CY2019Q4 | us-gaap |
Minority Interest
MinorityInterest
|
-231999 | |
| CY2020Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0.95pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">NOTE <div style="display: inline; font-style: italic; font: inherit;">2.</div> ORGANIZATION AND OPERATIONS</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0.95pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Net Element, Inc. (collectively with its subsidiaries, “Net Element”, “we”, “us”, “our” or the “Company”) is a financial technology-driven group specializing in payment acceptance and value-added solutions across multiple channels in the United States and selected international markets. We are differentiated by our proprietary technology which enables us to provide a broad suite of payment products and end-to-end transaction processing services. Our transactional services business enables merchants to accept credit cards as well as other forms of payment, including debit cards, checks, gift cards, loyalty programs and alternative payment methods in traditional card-present or swipe transactions, as well as card-<div style="display: inline; font-style: italic; font: inherit;">not</div>-present transactions, such as those conducted over the phone or through the Internet or a mobile device. We operate in <div style="display: inline; font-style: italic; font: inherit;">two</div> reportable business operating segments: (i) North American Transaction Solutions, and (ii) International Transaction Solutions.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0.95pt;margin-right:0pt;margin-top:0pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">We are able to deliver our services across multiple points of access, or “multi-channel,” including brick and mortar locations, software integration, e-commerce, mobile operator billing, mobile and tablet-based solutions. In the United States, via our U.S. based subsidiaries, we generate revenues from transactional services and other payment technologies for small and medium-sized businesses. Through PayOnline, we provide transactional services, mobile payment transactions, online payment transactions and other payment technologies in emerging countries in the Eurasian Economic Community ("EAEC"), Europe and Asia.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0.95pt;margin-right:0pt;margin-top:0pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Our transactional services business enables merchants to accept credit cards as well as other forms of payment, including debit cards, checks, gift cards, loyalty programs and alternative payment methods in traditional card-present or swipe transactions, as well as card-<div style="display: inline; font-style: italic; font: inherit;">not</div>-present transactions, such as those conducted over the phone or through the Internet or a mobile device. We market and sell our services through both independent sales groups (“ISGs”), which are non-employee, external sales organizations and other <div style="display: inline; font-style: italic; font: inherit;">third</div>-party resellers of our products and services, and directly to merchants through electronic media, telemarketing and other programs, including utilizing partnerships with other companies that market products and services to local and international merchants. We have agreements with several banks that sponsor us for membership in the Visa <div style="display: inline; font-weight: bold;">®</div>, MasterCard <div style="display: inline; font-weight: bold;">®</div>, American Express <div style="display: inline; font-weight: bold;">®, </div>and Discover <div style="display: inline; font-weight: bold;">® </div>card associations and settle card transactions for our merchants. These sponsoring banks include Citizens Bank, Esquire Bank, N.A. and Wells Fargo Bank, N.A. From time to time, we <div style="display: inline; font-style: italic; font: inherit;"> may </div>enter into agreements with additional banks. We perform core functions for merchants such as application processing, underwriting, account set-up, risk management, fraud detection, merchant assistance and support, equipment deployment and chargeback services.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0.95pt;margin-right:0pt;margin-top:0pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Our Mobile Solutions business, PayOnline, provides relationships and contracts with mobile operators that gives us the ability to offer our clients in-app, premium SMS (short message services, which is a text messaging service), Wireless Application Protocol (WAP)-click, <div style="display: inline; font-style: italic; font: inherit;">one</div> click and other carrier billing services. PayOnline provides flexible high- tech payment solutions to companies doing business on the Internet or in the mobile environment. PayOnline specializes in integration and customization of payment solutions for websites and mobile apps. In particular, PayOnline arranges payment on the website of any commercial organization, which increases the convenience of using the website and helps maximize the number of successful transactions. In addition, PayOnline is focused on providing online and mobile payment acceptance services to the travel industry through direct integration with leading Global Distribution Systems (“GDS”), which include Amadeus® and Sabre®. Key geographic regions that PayOnline serves include Eastern Europe, Central Asia, Western Europe, North America and Asia major sub regions. The PayOnline office is located in Moscow, Russia.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0.95pt;margin-right:0pt;margin-top:0pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Also part of our transactional services business, Aptito is a proprietary, cloud-based payments platform for the hospitality industry, which creates an online consumer experience in offline commerce environments via tablet, mobile and all other cloud-connected devices. Aptito’s easy to use point-of-sale (“POS”) system makes things easier by providing a comprehensive solution to the hospitality industry to help streamline management and operations. Orders placed tableside by customers directly speed up the ordering process and improve overall efficiency. Aptito's mobile POS system provides portability to the staff while performing all the same functions as a traditional POS system.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0.95pt;margin-right:6.25pt;margin-top:0pt;text-align:justify;"> </div> <div style="width: 100%; margin-left: 0pt; margin-right: 0pt"> <div style="text-align: center; width: 100%; font-family: Times New Roman; font-size: 10pt;"> <div style="display: inline; font-style: italic; font: inherit;"></div> </div> </div></div> | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
111959 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
196992 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-420982 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1064497 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
448368 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-237806 | |
| CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1366216 | |
| CY2019 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6500000 | |
| CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1120847 | |
| CY2020Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
-11228 | |
| CY2019Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
-13966 | |
| CY2020Q1 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
909086 | |
| CY2019Q4 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
909086 | |
| CY2020Q1 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
2 | |
| CY2020Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
16881337 | |
| CY2019Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
15850548 | |
| CY2020Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.12 | |
| CY2020Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P2Y91D | |
| CY2020Q1 | us-gaap |
Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
190000 | |
| CY2020Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
233035 | |
| CY2019Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
91921 | |
| CY2020Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
654897 | |
| CY2019Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
629651 | |
| CY2020Q1 | us-gaap |
Other Commitment
OtherCommitment
|
890730 | |
| CY2020Q1 | us-gaap |
Other Commitment Due After Fifth Year
OtherCommitmentDueAfterFifthYear
|
||
| CY2020Q1 | us-gaap |
Other Commitment Due In Fourth Year
OtherCommitmentDueInFourthYear
|
80000 | |
| CY2020Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1038770 | |
| CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-803366 | |
| CY2020Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
349036 | |
| CY2020Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
101777 | |
| CY2019Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
133727 | |
| CY2020Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
247259 | |
| CY2019Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
247259 | |
| CY2020Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
349036 | |
| CY2019Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
380986 | |
| CY2020Q1 | us-gaap |
Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
|
60000 | |
| CY2020Q1 | us-gaap |
Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
|
70000 | |
| CY2020Q1 | us-gaap |
Other Commitments Future Minimum Payments Remainder Of Fiscal Year
OtherCommitmentsFutureMinimumPaymentsRemainderOfFiscalYear
|
680730 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-14561 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
130813 | |
| CY2020Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
9740 | |
| CY2019Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-86393 | |
| CY2020Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
12294 | |
| CY2019Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
14314 | |
| CY2020Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
427031 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
651365 | |
| CY2020Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2019Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2020Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
| CY2019Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
| CY2020Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2019Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2020Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2019Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2020Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2019Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2020Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1300316 | |
| CY2019Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1621144 | |
| CY2020Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
||
| CY2019Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
||
| CY2020Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
155206 | |
| CY2019Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
||
| CY2020Q1 | us-gaap |
Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
|
133743 | |
| CY2019Q1 | us-gaap |
Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
|
-171615 | |
| CY2019Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-1134813 | |
| CY2020Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-1377444 | |
| CY2020Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
485 | |
| CY2019Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
10013 | |
| CY2020Q1 | us-gaap |
Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
|
442778 | |
| CY2019Q1 | us-gaap |
Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
|
339308 | |
| CY2020Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
145040 | |
| CY2019Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
102700 | |
| CY2020Q1 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
654897 | |
| CY2019Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
629651 | |
| CY2020Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-180116849 | |
| CY2019Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-178750634 | |
| CY2020Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
15842567 | |
| CY2019Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
15047182 | |
| CY2020Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
2319911 | |
| CY2019Q1 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
2384866 | |
| CY2020Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
38400 | |
| CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
15006 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
314218 | |
| CY2019Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
314218 | |
| CY2019Q1 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
15006 | |
| CY2020Q1 | us-gaap |
Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
|
45897 | |
| CY2020Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
2834927 | |
| CY2019Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
4040659 | |
| CY2018Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
8596466 | |
| CY2019Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7462098 | |
| CY2020Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Such estimates include, but are <div style="display: inline; font-style: italic; font: inherit;">not</div> limited to, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, goodwill and asset impairment review, valuation reserves for accounts receivable, valuation of acquired or current merchant portfolios, incurred but <div style="display: inline; font-style: italic; font: inherit;">not</div> reported claims, revenue recognition for multiple element arrangements, loss reserves, assumptions used in the calculation of equity-based compensation and in the calculation of income taxes, and certain tax assets and liabilities, as well as, the related valuation allowances. Actual results could differ from those estimates.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Below is a summary of the Company’s critical accounting estimates for which the nature of management’s assumptions are material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and for which the impact of the estimates and assumptions on financial condition or operating performance is material.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 45pt; text-align: justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Goodwill</div></div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 45pt; text-align: left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 45pt; text-align: justify;">The Company tests goodwill for impairment using a fair value approach at least annually, absent some triggering event that would require an interim impairment assessment. At this time, management has determined that the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> was <div style="display: inline; font-style: italic; font: inherit;">not</div> a triggering event which resulted in an impairment charge for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ending <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020. </div>Management is aware of the potential impact on future revenues due to COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> and will continue monitoring and assessing the fair value of their respective reporting units on a periodic basis.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 45pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 45pt; text-align: justify;">Significant estimates and assumptions are used in our goodwill impairment review and include the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units and determining the fair value of each reporting unit. Our assessment of qualitative factors involves significant judgments about expected future business performance, general market conditions, and regulatory changes. In a quantitative assessment, the fair value of each reporting unit is determined based largely on the present value of projected future cash flows, growth assumptions regarding discount rates, estimated growth rates and our future long-term business plans. Changes in any of these estimates or assumptions could materially affect the determination of fair value and the associated goodwill impairment charge for each reporting unit.</div></div></div></div></div> | |
| CY2020Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
4117643 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
3908872 |
