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
Mar. 31, 2017
Mar. 31, 2016
REVENUES:    
Project $ 360,487 $ 229,123
Maintenance and technical support 315,327 607,879
IT asset management services 359,916 167,241
Total Revenues 1,035,730 1,004,243
COST OF REVENUES:    
Project 346,128 141,078
Maintenance and technical support 147,402 267,581
IT asset management services 137,858 77,758
Total Cost of Revenues 631,388 486,417
GROSS PROFIT 404,342 517,826
OPERATING EXPENSES:    
Selling and marketing expenses 68,747 86,040
Salaries, wages and contract labor 735,602 886,167
Research and development 87,617 55,487
Professional fees 120,153 77,229
General and administrative expenses 247,988 180,285
Total Operating Expenses 1,260,107 1,285,208
LOSS FROM OPERATIONS (855,765) (767,382)
OTHER INCOME (EXPENSES):    
Interest Expense (921,314) (72,305)
Gain on settlement of debt 64,647
Loss on change in fair value of warrant liability (582,388)
Other income, net 1 1,306
Total Other Income (Expense) (1,439,054) (70,999)
NET LOSS (2,294,819) (838,381)
Series A preferred stock dividends (5,920)
Net loss applicable to common stock $ (2,300,739) $ (838,381)
NET LOSS APPLICABLE TO COMMON STOCK PER COMMON SHARE:    
Basic & Diluted $ (1.21) $ (0.45)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:    
Basic & Diluted 1,894,171 1,875,881