Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
REVENUES:        
Project $ 882,961 $ 1,017,855 $ 1,112,084 $ 1,522,824
Maintenance and technical support 603,034 591,014 1,210,913 1,188,139
IT asset management services 161,149 328,389
Total Revenues 1,647,144 1,608,869 2,651,386 2,710,963
COST OF REVENUES:        
Project 377,838 529,889 519,164 864,384
Maintenance and technical support 196,340 223,395 463,673 437,789
IT asset management services 97,773 175,531
Total Cost of Revenues 671,951 753,284 1,158,368 1,302,173
GROSS PROFIT 975,193 855,585 1,493,018 1,408,790
OPERATING EXPENSES:        
Selling and marketing expenses 84,629 84,736 170,669 144,064
Salaries, wages and contract labor 938,567 632,226 1,824,734 1,221,853
Research and development 73,894 41,661 129,381 91,497
Professional Fees 92,246 34,827 169,474 125,132
General and administrative expenses 238,851 360,528 419,136 489,168
Impairment loss 1,578,816 1,578,816
Total Operating Expenses 1,428,187 2,732,794 2,713,394 3,650,530
LOSS FROM OPERATIONS (452,994) (1,877,209) (1,220,376) (2,241,740)
OTHER INCOME (EXPENSES):        
Interest expense (210,109) (175,118) (282,414) (566,212)
Gain on settlement of accounts payable 3,200
Other income, net 5 1,306 6
Total Other Income (Expense) (210,109) (175,113) (281,108) (563,006)
Loss before income taxes (663,103) (2,052,322) (1,501,484) (2,804,746)
Income tax
NET LOSS (663,103) (2,052,322) (1,501,484) (2,804,746)
Preferred stock dividends
Net loss applicable to common stock $ (663,103) $ (2,052,322) $ (1,501,484) $ (2,804,746)
NET LOSS APPLICABLE TO COMMON STOCK PER COMMON SHARE:        
Basic $ (0.01) $ (0.03) $ (0.02) $ (0.05)
Diluted $ (0.01) $ (0.03) $ (0.02) $ (0.05)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:        
Basic 65,857,411 60,811,682 65,752,860 59,278,951
Diluted 65,857,411 60,811,682 65,752,860 59,278,951