Investors

Financials

v3.7.0.1
Condensed Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,920,154 $ 2,304,761
Restricted cash 115,513 84,577
Accounts receivable, net of allowance for bad debts of $31,125 1,996,542 2,137,245
Inventory, net 465,990 427,105
Prepaid expense and other 161,082 194,747
Total current assets 5,659,281 5,148,435
Goodwill and other intangible assets, net 12,559,573 12,846,019
Deferred tax assets, net 367,057 367,057
Other assets, net 23,000 82,050
Total assets 19,152,305 19,011,945
Current liabilities:    
Accounts payable 394,009 461,913
Accrued expenses 1,209,057 1,109,428
Income taxes payable 864,405 786,430
Deferred revenue 954,923 1,014,731
Jackpot liabilities 125,002 90,960
Deferred rent, current portion 17,124 14,938
Current portion of long-term debt and capital lease obligations 1,219,022 1,230,285
Total current liabilities 4,783,542 4,708,685
Deferred rent, net 32,877 37,704
Capital lease obligations, net 38,944 46,978
Common stock warrant liability 990,116 923,616
Long-term debt, net 8,433,911 8,669,151
Total liabilities 14,279,390 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 3,194,260 3,109,473
Accumulated earnings 1,639,289 1,477,022
Total stockholders’ equity 4,872,915 4,625,811
Total liabilities and stockholders’ equity 19,152,305 19,011,945
Property Plant and Equipment Excluding Assets Leased to Others    
Current assets:    
Property and equipment, net 327,600 356,253
Products Leased and Held for Lease, Net    
Current assets:    
Property and equipment, net $ 215,794 $ 212,131
v3.7.0.1
Condensed Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenue:    
Product leases and royalties $ 3,473,841 $ 2,981,820
Product sales and service 1,455 2,279
Total revenue 3,475,296 2,984,099
Costs and expenses:    
Cost of ancillary products and assembled components 20,882 21,640
Selling, general and administrative 2,086,169 1,633,335
Research and development 138,047 79,342
Depreciation and amortization 436,085 415,974
Share-based compensation 49,837 20,471
Total costs and expenses 2,731,020 2,170,762
Income from operations 744,276 813,337
Other income (expense):    
Interest expense (445,332) (258,195)
Foreign currency exchange gains 7,797 112,562
Change in estimated fair value of warrant liability (66,500)  
Interest income   56
Total other expense (504,035) (145,577)
Income before provision for income taxes 240,241 667,760
Provision for income taxes (77,974) (239,925)
Net income $ 162,267 $ 427,835
Net income per share, basic and diluted $ 0.00 $ 0.01
Weighted-average shares outstanding:    
Basic 39,305,591 39,351,147
Diluted 40,817,678 39,455,591
v3.7.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 162,267 $ 427,835
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 436,085 415,974
Amortization of debt issuance costs and debt discount 73,729 52,158
Change in estimated fair value of warrant liability 66,500  
Share-based compensation 49,837 20,471
Changes in operating assets and liabilities:    
(Increase) decrease in restricted cash (30,936) 51,044
Decrease in accounts receivable 140,704 78,239
Increase in inventory (63,017) (54,958)
Decrease in prepaid expenses and other current assets 33,665 52,651
Decrease in accounts payable (67,905) (111,239)
Increase in income tax payable 74,816 222,903
Increase in accrued expenses 99,629 56,054
(Decrease) increase in deferred revenue (59,808) 96,293
Increase (decrease) in jackpot liabilities 34,042 (22,470)
Decrease in deferred rent (2,641) (457)
Net cash provided by operating activities 946,967 1,284,498
Cash flows from investing activities:    
Acquisition of intangible assets (27,470)  
Acquisition of property and equipment (13,997) (11,314)
Net cash used in investing activities (41,467) (11,314)
Cash flows from financing activities:    
Proceeds from stock option exercises 35,000  
Debt issuance costs (17,091)  
Principal payments on capital lease obligations (7,611) (17,441)
Principal payments on long-term debt (303,563) (746,419)
Net cash used in financing activities (293,266) (763,860)
Effect of exchange rate changes on cash 3,159 (1,962)
Net increase in cash and cash equivalents 615,393 507,362
Cash and cash equivalents – beginning of period 2,304,761 570,623
Cash and cash equivalents – end of period 2,920,154 1,077,985
Supplemental cash flow information:    
Cash paid for interest 445,352 185,718
Inventory transferred to assets held for lease $ 24,132 10,273
Cash paid for income taxes   $ 5,000