Investors

Financials

v3.7.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,934,880 $ 2,304,761
Restricted cash 93,270 84,577
Accounts receivable, net of allowance for bad debts of $38,015 and $31,125, respectively 2,395,061 2,137,245
Inventory, net 466,446 427,105
Prepaid expense and other 233,093 194,747
Total current assets 6,122,750 5,148,435
Goodwill and other intangible assets, net 12,198,354 12,846,019
Deferred tax assets, net 367,057 367,057
Other assets, net 23,000 82,050
Total assets 19,312,702 19,011,945
Current liabilities:    
Accounts payable 505,044 461,913
Accrued expenses 1,344,382 1,109,428
Income taxes payable 717,841 786,430
Deferred revenue 1,008,592 1,014,731
Jackpot liabilities 78,125 90,960
Deferred rent, current portion 19,309 14,938
Current portion of long-term debt and capital lease obligations 1,207,629 1,230,285
Total current liabilities 4,880,922 4,708,685
Deferred rent, net 28,050 37,704
Capital lease obligations, net 30,815 46,978
Common stock warrant liability 1,247,025 923,616
Long-term debt, net 8,214,183 8,669,151
Total liabilities 14,400,995 14,386,134
Commitments and Contingencies (See Note 10)
Stockholders’ equity    
Preferred stock, 10,000,000 shares authorized, $0.001 par value; 0 shares issued and outstanding, respectively
Common stock, 65,000,000 shares authorized; $0.001 par value; 39,365,591 and 39,315,591 shares issued and outstanding, respectively 39,366 39,316
Additional paid-in capital 3,312,811 3,109,473
Accumulated earnings 1,559,530 1,477,022
Total stockholders’ equity 4,911,707 4,625,811
Total liabilities and stockholders’ equity 19,312,702 19,011,945
Property Plant and Equipment Excluding Assets Leased to Others    
Current assets:    
Property and equipment, net 307,045 356,253
Products Leased and Held for Lease, Net    
Current assets:    
Property and equipment, net $ 294,496 $ 212,131
v3.7.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue:        
Product leases and royalties $ 3,650,813 $ 3,057,172 $ 7,124,654 $ 6,038,991
Product sales and service 7,995 6,999 9,450 9,279
Total revenue 3,658,808 3,064,171 7,134,104 6,048,270
Costs and expenses:        
Cost of ancillary products and assembled components 62,266 29,672 83,148 51,312
Selling, general and administrative 2,359,889 1,632,584 4,446,058 3,265,815
Research and development 126,386 101,879 264,433 181,221
Depreciation and amortization 447,557 417,344 883,642 833,321
Share-based compensation 118,551 29,459 168,388 49,931
Total costs and expenses 3,114,649 2,210,938 5,845,669 4,381,600
Income from operations 544,159 853,233 1,288,435 1,666,670
Other income (expense):        
Interest expense (438,247) (255,218) (883,579) (513,413)
Foreign currency exchange gains 58,155 247,664 65,952 360,226
Change in estimated fair value of warrant liability (256,909)   (323,409)  
Interest income   90   146
Total other expense (637,001) (7,464) (1,141,036) (153,041)
(Loss) income before provision for income taxes (92,842) 845,769 147,399 1,513,629
Benefit (provision) for income taxes 13,083 (282,330) (64,891) (522,355)
Net (loss) income $ (79,759) $ 563,439 $ 82,508 $ 991,274
Net (loss) income per share, basic and diluted $ 0.00 $ 0.01 $ 0.00 $ 0.03
Weighted-average shares outstanding:        
Basic 39,365,591 39,315,591 39,335,757 39,383,369
Diluted 39,365,591 39,465,676 40,773,647 39,565,633
v3.7.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 82,508 $ 991,274
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 883,642 833,321
Amortization of debt issuance costs and debt discount 146,319 104,316
Bad debt expense 6,000  
Change in estimated fair value of warrant liability 323,409  
Share-based compensation 168,388 49,931
Changes in operating assets and liabilities:    
(Increase) decrease in restricted cash (8,693) 26,786
(Increase) decrease in accounts receivable (263,815) 74,071
Increase in inventory (174,485) (137,704)
(Increase) decrease in prepaid expenses and other current assets (38,346) 9,484
Increase (decrease) in accounts payable 43,130 (240,634)
(Decrease) increase in income tax payable (109,378) 516,257
Increase in accrued expenses 234,954 334,901
(Decrease) increase in deferred revenue (6,139) 134,169
Decrease in jackpot liabilities (12,835) (16,598)
Decrease in deferred rent (5,283) (913)
Net cash provided by operating activities 1,269,376 2,678,661
Cash flows from investing activities:    
Investment in intangible assets (43,917)  
Acquisition of property and equipment (31,023) (28,832)
Net cash used in investing activities (74,940) (28,832)
Cash flows from financing activities:    
Proceeds from stock option exercises 35,000  
Debt issuance costs (17,091)  
Principal payments on capital lease obligations (15,307) (35,233)
Principal payments on long-term debt (607,708) (2,513,096)
Net cash used in financing activities (605,106) (2,548,329)
Effect of exchange rate changes on cash 40,789 (29,385)
Net increase in cash and cash equivalents 630,119 72,115
Cash and cash equivalents – beginning of period 2,304,761 570,623
Cash and cash equivalents – end of period 2,934,880 642,738
Supplemental cash flow information:    
Cash paid for interest 739,862 530,660
Inventory transferred to assets held for lease 135,144 45,137
Cash paid for income taxes $ 75,000 $ 20,000