Investors

Financials

v3.8.0.1
Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 3,486,147 $ 2,304,761
Restricted cash 95,062 84,577
Accounts receivable, net of allowance for bad debts of $32,993 and $31,125, respectively 2,301,752 2,137,245
Inventory, net 524,126 427,105
Prepaid expense and other 363,102 194,747
Total current assets 6,770,189 5,148,435
Property and equipment, net 263,867 356,253
Assets deployed at client locations, net 373,650 212,131
Goodwill and other intangible assets, net 11,452,809 12,846,019
Deferred tax assets, net 230,648 367,057
Other assets, net 23,000 82,050
Total assets 19,114,163 19,011,945
Current liabilities:    
Accounts payable 1,035,383 461,913
Accrued expenses 887,796 1,109,428
Income taxes payable 519,610 786,430
Deferred revenue 1,083,639 1,014,731
Deferred rent, current portion 23,679 14,938
Current portion of long-term debt and capital lease obligations 1,195,787 1,230,285
Other current liabilities 123,441 90,960
Total current liabilities 4,869,335 4,708,685
Deferred rent, net 14,025 37,704
Capital lease obligations, net 14,217 46,978
Common stock warrant liability 1,333,333 923,616
Long-term debt, net 7,420,385 8,669,151
Total liabilities 13,651,295 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; 39,565,591 and 39,315,591 shares issued and outstanding, respectively 39,566 39,316
Additional paid-in capital 3,957,703 3,109,473
Accumulated earnings 1,465,599 1,477,022
Total stockholders’ equity 5,462,868 4,625,811
Total liabilities and stockholders’ equity $ 19,114,163 $ 19,011,945
v3.8.0.1
Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Revenue:    
Product leases and royalties $ 14,845,926 $ 12,436,748
Product sales and service 9,650 13,964
Total revenue 14,855,576 12,450,712
Costs and expenses:    
Cost of ancillary products and assembled components 226,077 134,277
Selling, general and administrative 9,057,025 6,730,215
Research and development 488,829 353,816
Depreciation and amortization 1,766,541 1,698,033
Share-based compensation 813,480 145,732
Total costs and expenses 12,351,952 9,062,073
Income from operations 2,503,624 3,388,639
Other income (expense):    
Settlement income   697,214
Interest expense (1,696,737) (1,209,160)
Loss on extinguishment of debt   (515,037)
Foreign currency exchange gains 155,792 300,964
Change in estimated fair value of warrant liability (409,717) (126,897)
Interest income 188 202
Total other expense (1,950,474) (852,714)
Income before provision for income taxes 553,150 2,535,925
Provision for income taxes (564,573) (770,723)
Net (loss) income $ (11,423) $ 1,765,202
Net (loss) income per share, basic $ 0.00 $ 0.05
Net (loss) income per share, diluted $ 0.00 $ 0.04
Weighted-average shares outstanding:    
Basic 39,418,194 39,162,303
Diluted 39,418,194 39,592,827
v3.8.0.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net (loss) income $ (11,423) $ 1,765,202
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,766,541 1,698,033
Amortization of debt issuance costs and debt discount 291,500 217,350
Provision for bad debt expense 8,060 13,849
Inventory reserve 68,501 26,425
Loss on extinguishment of debt   515,037
Change in estimated fair value of warrant liability 409,717 126,897
Deferred income tax provision 136,409 69,280
Share-based compensation 813,480 145,732
Unrealized foreign exchange (gains) losses on cash and cash equivalents (120,582) 31,886
Changes in operating assets and liabilities:    
Restricted cash (10,485) 13,282
Accounts receivable (172,567) (322,423)
Inventory (448,319) (177,511)
Prepaid expenses and other current assets (76,435) (126,176)
Accounts payable 573,470 (959,936)
Income tax payable (266,820) 596,935
Accrued expenses (221,632) 258,537
Deferred revenue 68,908 297,041
Jackpot liabilities 32,481 (15,711)
Deferred rent (14,938) (6,198)
Net cash provided by operating activities 2,825,866 4,167,531
Cash flows from investing activities:    
Investment in intangible assets (43,917)  
Acquisition of property and equipment (56,700) (82,702)
Net cash used in investing activities (100,617) (82,702)
Cash flows from financing activities:    
Proceeds from stock option exercises 35,000  
Debt issuance costs (17,091) (637,995)
Proceeds received from long-term debt   10,500,000
Principal payments on capital lease obligations (31,006) (59,197)
Principal payments on long-term debt (1,651,348) (12,121,613)
Net cash used in financing activities (1,664,445) (2,318,805)
Effect of exchange rate changes on cash 120,582 (31,886)
Net increase in cash and cash equivalents 1,181,386 1,734,138
Cash and cash equivalents – beginning of period 2,304,761 570,623
Cash and cash equivalents – end of period 3,486,147 2,304,761
Supplemental cash flow information:    
Cash paid for interest 1,407,840 1,221,390
Inventory transferred to assets deployed at client locations 282,797 135,681
Cash paid for income taxes $ 671,615 71,700
Supplemental non-cash financing activities information:    
Issuance of warrants in conjunction with term loan   796,719
Assets acquired under note payable   $ 108,055