Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
REVENUES:    
Project $ 3,200,182 $ 3,758,653
Maintenance and technical support 2,230,633 2,481,183
IT asset management services 674,078 527,927
Total Revenues 6,104,893 6,767,763
COST OF REVENUES:    
Project 1,580,665 2,051,969
Maintenance and technical support 785,872 958,995
IT asset management services 365,914 185,212
Total Cost of Revenues 2,732,451 3,196,176
GROSS PROFIT 3,372,442 3,571,587
OPERATING EXPENSES:    
Selling and marketing expenses 278,264 254,083
Salaries, wages and contract labor 3,370,191 2,586,735
Research and development 271,950 216,806
Professional Fees 306,458 256,111
General and administrative expenses 889,685 906,344
Impairment loss on intangible assets and goodwill acquired 1,578,816
Total Operating Expenses 5,116,548 5,798,895
LOSS FROM OPERATIONS (1,744,106) (2,227,308)
OTHER INCOME (EXPENSES):    
Interest expense (561,174) (744,343)
Loss on settlement of debt (216,271)
Warrant derivative gain (loss) (264,099)
Other income, net 7,766 861,973
Total Other Income (Expense) (817,507) (98,641)
NET LOSS (2,561,613) (2,325,950)
Series A preferred stock dividends (5,920)
Net loss applicable to common stock $ (2,567,533) $ (2,325,950)
NET LOSS APPLICABLE TO COMMON STOCK PER COMMON SHARE:    
Basic & Diluted $ (0.04) $ (0.04)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:    
Basic & Diluted 65,925,944 61,250,974