Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.3.1.900
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
REVENUES:    
Project $ 3,758,653 $ 1,802,930
Maintenance and technical support 2,481,183 $ 2,399,527
IT asset management services 527,927
Total Revenues 6,767,763 $ 4,202,457
COST OF REVENUES:    
Project 2,051,969 1,146,045
Maintenance and technical support 958,995 $ 986,058
IT asset management services 185,212
Total Cost of Revenues 3,196,176 $ 2,132,103
GROSS PROFIT 3,571,587 2,070,354
OPERATING EXPENSES:    
Selling and marketing expenses 254,083 283,440
Salaries, wages and contract labor 2,586,735 2,264,333
Research and development 216,806 191,662
Professional Fees 256,111 83,538
General and administrative expenses 906,344 $ 835,073
Impairment loss on intangible assets and goodwill acquired (see Note 13) 1,578,816
Total Operating Expenses 5,798,895 $ 3,658,046
INCOME (LOSS ) FROM OPERATIONS (2,227,308) (1,587,692)
OTHER INCOME (EXPENSES):    
Interest expense (744,343) $ (515,539)
Gain (loss) on settlement of debt, net (216,271)
Other income, net 861,973 $ 76
Total Other Income (Expense) (98,641) (515,463)
Loss before taxes $ (2,325,950) (2,103,155)
Franchise tax (3,860)
NET LOSS $ (2,325,950) (2,107,015)
Preferred stock dividends (536,376)
Net loss applicable to common stock $ (2,325,950) $ (2,643,391)
NET LOSS APPLICABLE TO COMMON STOCK PER COMMON SHARE:    
Basic $ (0.04) $ (0.05)
Diluted $ (0.04) $ (0.05)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:    
Basic 61,250,974 56,611,537
Diluted 61,250,974 56,611,537