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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WidePoint Corporation | AMEX:WYY | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.03 | -1.44% | 2.05 | 2.21 | 2.05 | 2.11 | 42,474 | 23:30:16 |
☑
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
|
For the quarterly period ended June 30, 2020
|
or
|
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
|
For the transition period from __________________ to
___________________
|
WidePoint Corporation
|
(Exact name of Registrant as specified in its charter)
|
Delaware
|
|
52-2040275
|
(State or other jurisdiction of
|
|
(I.R.S. employer
|
incorporation or organization)
|
|
identification no.)
|
11250 Waples
Mill Road, South Tower 210, Fairfax, Virginia 22030
|
(Address of principal executive offices) (Zip Code)
|
(703) 349-2577
|
(Registrant’s telephone number, including area
code)
|
Title of Each Class
|
Trading Symbol
|
Name of Exchange on Which Registered
|
Common Stock, $0.001 par value per share
|
WYY
|
NYSE
American
|
Large
accelerated filer ☐
|
|
Accelerated
filer ☐
|
Non-accelerated
filer ☐
|
|
Smaller
reporting company ☑
Emerging
growth company ☐
|
Page
No.
|
||
|
2
|
|
|
2
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
7
|
|
|
8
|
|
|
|
|
18
|
||
|
|
|
23
|
||
|
|
|
24
|
||
|
|
|
|
||
|
|
|
24
|
||
|
|
|
24
|
||
|
|
|
24
|
||
|
|
|
24
|
||
|
|
|
24
|
||
|
|
|
25
|
||
|
|
|
25
|
||
|
|
|
|
26
|
|
|
|
|
CERTIFICATIONS
|
|
27
|
|
THREE MONTHS
ENDED
|
SIX MONTHS
ENDED
|
||
|
JUNE
30,
|
JUNE
30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
(Unaudited)
|
|||
REVENUES
|
$54,783,790
|
$22,093,153
|
$94,449,146
|
$44,010,055
|
COST OF REVENUES
(including amortization and depreciation of
|
|
|
|
|
$142,150, $232,968,
$301,768, and $465,159, respectively)
|
49,726,210
|
18,036,409
|
84,426,234
|
35,699,468
|
|
|
|
|
|
GROSS
PROFIT
|
5,057,580
|
4,056,744
|
10,022,912
|
8,310,587
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
Sales and
marketing
|
439,684
|
415,462
|
931,915
|
808,873
|
General and
administrative expenses (including share-based
|
|
|
|
|
compensation of
$209,427, $284,111, $490,868 and $373,377,
respectively)
|
3,733,516
|
3,563,405
|
7,203,608
|
6,698,114
|
Depreciation and
amortization
|
266,404
|
244,064
|
529,632
|
484,612
|
|
|
|
|
|
Total operating
expenses
|
4,439,604
|
4,222,931
|
8,665,155
|
7,991,599
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS
|
617,976
|
(166,187)
|
1,357,757
|
318,988
|
|
|
|
|
|
OTHER (EXPENSE)
INCOME
|
|
|
|
|
Interest
income
|
(68)
|
259
|
3,025
|
4,721
|
Interest
expense
|
(76,190)
|
(75,372)
|
(158,307)
|
(152,917)
|
Other
income
|
9
|
(9)
|
340
|
-
|
|
|
|
|
|
Total other
expense
|
(76,249)
|
(75,122)
|
(154,942)
|
(148,196)
|
|
|
|
|
|
INCOME (LOSS)
BEFORE INCOME TAX PROVISION
|
541,727
|
(241,309)
|
1,202,815
|
170,792
|
INCOME TAX
PROVISION
|
53,100
|
66,452
|
230,300
|
94,452
|
|
|
|
|
|
NET INCOME
(LOSS)
|
$488,627
|
$(307,761)
|
$972,515
|
$76,340
|
|
|
|
|
|
BASIC EARNINGS PER
SHARE
|
$0.01
|
$0.00
|
$0.01
|
$0.00
|
|
|
|
|
|
BASIC
WEIGHTED-AVERAGE SHARES OUTSTANDING
|
83,920,314
|
83,990,722
|
83,880,197
|
83,902,077
|
|
|
|
|
|
DILUTED EARNINGS
PER SHARE
|
$0.01
|
$0.00
|
$0.01
|
$0.00
|
|
|
|
|
|
DILUTED
WEIGHTED-AVERAGE SHARES OUTSTANDING
|
84,964,261
|
83,990,722
|
84,664,395
|
83,965,994
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
SIX MONTHS
ENDED
|
||
|
JUNE
30,
|
JUNE
30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
(Unaudited)
|
|||
NET INCOME
(LOSS)
|
$488,627
|
$(307,761)
|
$972,515
|
$76,340
|
|
|
|
|
|
Other
comprehensive income (loss):
|
|
|
|
|
Foreign
currency translation adjustments, net of tax
|
27,599
|
13,995
|
(9,731)
|
(15,287)
|
|
|
|
|
|
Other
comprehensive income (loss)
|
27,599
|
13,995
|
(9,731)
|
(15,287)
|
|
|
|
|
|
COMPREHENSIVE
INCOME (LOSS)
|
$516,226
|
$(293,766)
|
$962,784
|
$61,053
|
|
SIX MONTHS
ENDED
|
|
|
JUNE
30,
|
|
|
2020
|
2019
|
|
(Unaudited)
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
Net
income
|
$972,515
|
$76,340
|
Adjustments to
reconcile net income to net cash provided by
|
|
|
(used in) operating
activities:
|
|
|
Deferred income tax
expense
|
228,185
|
58,444
|
Depreciation
expense
|
580,089
|
552,140
|
Provision for
doubtful accounts
|
571
|
11,190
|
Amortization of
intangibles
|
251,311
|
397,631
|
Amortization of
deferred financing costs
|
1,667
|
2,500
|
Share-based
compensation expense
|
490,868
|
373,377
|
Changes in assets
and liabilities:
|
|
|
Accounts receivable
and unbilled receivables
|
(20,204,950)
|
1,457,869
|
Inventories
|
(295,057)
|
(276,256)
|
Prepaid expenses
and other current assets
|
(9,251)
|
77,759
|
Other
assets
|
18,334
|
60,411
|
Accounts payable
and accrued expenses
|
19,998,926
|
810,590
|
Income tax
payable
|
(16,784)
|
(2,442)
|
Deferred revenue
and other liabilities
|
(385,520)
|
(89,365)
|
|
|
|
Net cash provided
by operating activities
|
1,630,904
|
3,510,188
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
Purchases of
property and equipment
|
(165,377)
|
(140,052)
|
Capitalized
software development costs
|
(519,312)
|
(125,725)
|
|
|
|
Net cash used in
investing activities
|
(684,689)
|
(265,777)
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
Advances on bank
line of credit
|
1,895,659
|
6,258,000
|
Repayments of bank
line of credit advances
|
(1,895,659)
|
(6,258,000)
|
Principal
repayments under finance lease obligations
|
(291,315)
|
(238,675)
|
Debt
issuance costs
|
-
|
(5,000)
|
Common stock
repurchased
|
(10,113)
|
-
|
|
|
|
Net cash used in
financing activities
|
(301,428)
|
(243,675)
|
|
|
|
Net
effect of exchange rate on cash and equivalents
|
(3,689)
|
(10,563)
|
|
|
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
641,098
|
2,990,173
|
|
|
|
CASH AND CASH
EQUIVALENTS, beginning of period
|
6,879,627
|
2,431,892
|
|
|
|
CASH AND CASH
EQUIVALENTS, end of period
|
$7,520,725
|
$5,422,065
|
|
SIX MONTHS
ENDED
|
|
|
JUNE
30,
|
|
|
2020
|
2019
|
|
(Unaudited)
|
|
SUPPLEMENTAL CASH
FLOW INFORMATION
|
|
|
Cash paid for
interest
|
$153,609
|
$127,583
|
Cash paid for
income taxes
|
$-
|
$8,904
|
|
|
|
Additional
|
|
|
|
|
Common Stock
|
Paid-In
|
Accumulated
|
Accumulated
|
|
|
|
Issued
|
Amount
|
Capital
|
OCI
|
Deficit
|
Total
|
|
(Unaudited)
|
|||||
Balance, January 1,
2019
|
84,112,446
|
$84,113
|
$94,926,560
|
$(186,485)
|
$(70,407,218)
|
$24,416,970
|
|
|
|
|
|
|
|
Stock compensation expense
—
|
|
|
|
|
|
|
restricted
|
-
|
-
|
16,737
|
-
|
-
|
16,737
|
|
|
|
|
|
|
|
Stock compensation expense
—
|
|
|
|
|
|
|
non-qualified stock
options
|
-
|
-
|
72,529
|
-
|
-
|
72,529
|
|
|
|
|
|
|
|
Foreign currency translation
—
|
|
|
|
|
|
|
(loss)
|
-
|
-
|
-
|
(29,282)
|
-
|
(29,282)
|
|
|
|
|
|
|
|
Net income
|
-
|
-
|
-
|
-
|
384,101
|
384,101
|
|
|
|
|
|
|
|
Balance, March 31,
2019
|
84,112,446
|
$84,113
|
$95,015,826
|
$(215,767)
|
$(70,023,117)
|
$24,861,055
|
Issuance of common stock
—
|
|
|
|
|
|
|
restricted
|
662,740
|
663
|
(663)
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Stock compensation expense
—
|
|
|
|
|
|
|
restricted
|
-
|
-
|
180,863
|
-
|
-
|
180,863
|
|
|
|
|
|
|
|
Stock compensation expense
—
|
|
|
|
|
|
|
non-qualified stock
options
|
-
|
-
|
103,248
|
-
|
-
|
103,248
|
|
|
|
|
|
|
|
Foreign currency translation
—
|
|
|
|
|
|
|
gain
|
-
|
-
|
-
|
13,995
|
-
|
13,995
|
|
|
|
|
|
|
|
Net loss
|
-
|
-
|
-
|
-
|
(307,761)
|
(307,761)
|
|
|
|
|
|
|
|
Balance, June 30,
2019
|
84,775,186
|
$84,776
|
$95,299,274
|
$(201,772)
|
$(70,330,878)
|
$24,851,400
|
|
|
|
Additional
|
|
|
|
|
Common
Stock
|
Paid-In
|
Accumulated
|
Accumulated
|
|
|
|
Issued
|
Amount
|
Capital
|
OCI
|
Deficit
|
Total
|
|
(Unaudited)
|
|||||
Balance, January
1, 2020
|
83,861,453
|
$83,861
|
$95,279,114
|
$(242,594)
|
$(70,180,963)
|
$24,939,418
|
|
|
|
|
|
|
|
Common stock repurchased
|
(24,164)
|
(24)
|
(10,089)
|
|
|
(10,113)
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
restricted
|
-
|
-
|
254,499
|
-
|
-
|
254,499
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
non-qualified
stock options
|
-
|
-
|
26,942
|
-
|
-
|
26,942
|
|
|
|
|
|
|
|
Foreign currency
translation —
|
|
|
|
|
|
|
(loss)
|
-
|
-
|
-
|
(37,330)
|
-
|
(37,330)
|
|
|
|
|
|
|
|
Net
income
|
-
|
-
|
-
|
-
|
483,888
|
483,888
|
|
|
|
|
|
|
|
Balance, March
31, 2020
|
83,837,289
|
$83,837
|
$95,550,466
|
$(279,924)
|
$(69,697,075)
|
$25,657,304
|
|
|
|
|
|
|
|
Issuance of
common stock —
|
|
|
|
|
|
|
restricted
|
581,234
|
581
|
(581)
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
restricted
|
-
|
|
182,928
|
-
|
-
|
182,928
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
non-qualified
stock options
|
-
|
-
|
26,499
|
-
|
-
|
26,499
|
|
|
|
|
|
|
|
Foreign currency
translation —
|
|
|
|
|
|
|
gain
|
-
|
-
|
-
|
27,599
|
-
|
27,599
|
|
|
|
|
|
|
|
Net
income
|
-
|
-
|
-
|
|
488,627
|
488,627
|
|
|
|
|
|
|
|
Balance, June
30, 2020
|
84,418,523
|
$84,418
|
$95,759,312
|
$(252,325)
|
$(69,208,448)
|
$26,382,957
|
|
JUNE 30,
|
DECEMBER
31,
|
|
2020
|
2019
|
|
(Unaudited)
|
|
Government
(1)
|
$20,319,761
|
$12,604,582
|
Commercial
(2)
|
1,889,445
|
2,102,581
|
Gross accounts
receivable
|
22,209,206
|
14,707,163
|
Less: allowances
for doubtful
|
|
|
accounts
(3)
|
116,898
|
126,235
|
|
|
|
Accounts
receivable, net
|
$22,092,308
|
$14,580,928
|
|
JUNE 30,
|
DECEMBER
31,
|
|
2020
|
2019
|
|
As a %
of
|
As a %
of
|
Customer
Name
|
Receivables
|
Receivables
|
|
(Unaudited)
|
|
National
Aeronautics and Space Administration
|
16%
|
21%
|
U.S. Census
Bureau
|
50%
|
18%
|
|
THREE MONTHS
ENDED
|
SIX MONTHS
ENDED
|
||
|
JUNE
30,
|
JUNE
30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
As a %
of
|
As a %
of
|
As a %
of
|
As a %
of
|
Customer Name
|
Revenues
|
Revenues
|
Revenues
|
Revenues
|
|
(Unaudited)
|
|||
U.S. Immigration
and Customs Enforcement
|
--
|
15%
|
10%
|
15%
|
U.S. Customs Border
Patrol
|
--
|
--
|
--
|
11%
|
U.S. Coast
Guard
|
--
|
11%
|
--
|
10%
|
U.S. Census
Bureau
|
60%
|
--
|
51%
|
--
|
|
JUNE 30,
|
DECEMBER
31,
|
|
2020
|
2019
|
|
As a %
of
|
As a %
of
|
Customer
Name
|
Receivables
|
Receivables
|
|
(Unaudited)
|
|
U.S.
Immigration and Customs Enforcement
|
19%
|
24%
|
U.S. Census
Bureau
|
61%
|
23%
|
|
JUNE 30,
|
DECEMBER
31,
|
|
2020
|
2019
|
|
(Unaudited)
|
|
Inventories
|
$508,826
|
$213,713
|
Prepaid rent,
insurance and other assets
|
889,132
|
881,134
|
|
|
|
Total other current
assets
|
$1,397,958
|
$1,094,847
|
|
JUNE 30,
|
DECEMBER
31,
|
|
2020
|
2019
|
|
(Unaudited)
|
|
Carrier service
costs
|
$25,379,290
|
$12,274,440
|
Salaries and
payroll taxes
|
2,243,588
|
1,781,628
|
Inventory
purchases, consultants and other costs
|
870,606
|
834,131
|
Severance
costs
|
7,612
|
7,612
|
U.S. income tax
payable
|
3,670
|
8,850
|
Foreign income tax
payable
|
29,540
|
41,320
|
|
|
|
Total accrued
expenses
|
$28,534,306
|
$14,947,981
|
|
JUNE 30,
|
DECEMBER
31,
|
|
2020
|
2019
|
|
(Unaudited)
|
|
Computer hardware
and software
|
$2,148,624
|
$2,041,978
|
Furniture and
fixtures
|
420,705
|
399,521
|
Leasehold
improvements
|
285,903
|
299,340
|
Automobiles
|
54,783
|
56,800
|
Gross property and
equipment
|
2,910,015
|
2,797,639
|
Less: accumulated
depreciation and
|
|
|
amortization
|
2,320,351
|
2,116,064
|
|
|
|
Property and
equipment, net
|
$589,664
|
$681,575
|
Remainder
of 2020
|
$202,924
|
2021
|
333,714
|
2022
|
273,937
|
2023
|
194,570
|
2024
|
194,570
|
Thereafter
|
997,163
|
Total
|
$2,196,878
|
|
THREE MONTHS
ENDED
|
SIX MONTHS
ENDED
|
||
|
JUNE
30
|
JUNE
30
|
||
|
2020
|
2019
|
2020
|
2019
|
|
(Unaudited)
|
|||
Restricted stock
compensation expense
|
$182,928
|
$180,863
|
$437,427
|
$197,600
|
Non-qualified
option stock compensation expense
|
26,499
|
103,248
|
53,441
|
175,777
|
|
|
|
|
|
Total share-based
compensation before taxes
|
$209,427
|
$284,111
|
$490,868
|
$373,377
|
|
THREE MONTHS
ENDED
|
SIX MONTHS
ENDED
|
||
|
JUNE
30,
|
JUNE
30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
(Unaudited)
|
|||
Carrier
Services
|
$44,944,155
|
$14,023,930
|
$73,087,424
|
$28,366,941
|
Managed
Services
|
9,839,635
|
8,069,223
|
21,361,722
|
15,643,114
|
|
|
|
|
|
|
$54,783,790
|
$22,093,153
|
$94,449,146
|
$44,010,055
|
|
THREE MONTHS
ENDED
|
SIX MONTHS
ENDED
|
||
|
JUNE
30,
|
JUNE
30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
(Unaudited)
|
|||
U.S.
Federal Government
|
$51,338,765
|
$18,441,671
|
$84,874,450
|
$36,604,169
|
U.S.
State and Local Governments
|
25,773
|
126,342
|
51,286
|
242,181
|
Foreign
Governments
|
59,737
|
24,353
|
65,906
|
68,897
|
Commercial
Enterprises
|
3,359,515
|
3,500,787
|
9,457,504
|
7,094,808
|
|
|
|
|
|
|
$54,783,790
|
$22,093,153
|
$94,449,146
|
$44,010,055
|
|
THREE MONTHS
ENDED
|
SIX MONTHS
ENDED
|
||
|
JUNE
30,
|
JUNE
30,
|
||
|
2020
|
2019
|
2020
|
2019
|
|
(Unaudited)
|
|||
North
America
|
$53,706,367
|
$20,950,816
|
$92,248,748
|
$41,731,127
|
Europe
|
1,077,423
|
1,142,337
|
2,200,398
|
2,278,928
|
|
|
|
|
|
|
$54,783,790
|
$22,093,153
|
$94,449,146
|
$44,010,055
|
|
THREE MONTHS
ENDED
|
|
|
|
JUNE
30,
|
Dollar
|
|
|
2020
|
2019
|
Variance
|
|
(Unaudited)
|
|
|
Carrier
Services
|
$44,944,149
|
$14,023,930
|
$30,920,219
|
Managed
Services:
|
|
|
|
Managed
Service Fees
|
7,866,533
|
6,446,268
|
1,420,265
|
Billable
Service Fees
|
1,704,869
|
1,243,098
|
461,771
|
Reselling
and Other Services
|
268,239
|
379,857
|
(111,618)
|
|
9,839,641
|
8,069,223
|
1,770,418
|
|
|
|
|
|
$54,783,790
|
$22,093,153
|
$32,690,637
|
|
SIX MONTHS
ENDED
|
|
|
|
JUNE
30,
|
Dollar
|
|
|
2020
|
2019
|
Variance
|
|
(Unaudited)
|
|
|
Carrier
Services
|
$73,087,419
|
$28,366,941
|
$44,720,478
|
Managed
Services:
|
|
|
|
Managed
Service Fees
|
15,341,665
|
12,654,227
|
2,687,438
|
Billable
Service Fees
|
3,009,717
|
2,323,716
|
686,001
|
Reselling
and Other Services
|
3,010,345
|
665,171
|
2,345,174
|
|
21,361,727
|
15,643,114
|
5,718,613
|
|
|
|
|
|
$94,449,146
|
$44,010,055
|
$50,439,091
|
EXHIBIT NO.
|
|
Certification of
Chief Executive Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (Filed herewith).
|
|
Certification of
Chief Financial Officer Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (Filed herewith).
|
|
Certification of
Chief Executive Officer and Chief Financial Officer Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 (Filed
herewith).
|
|
101.
|
Interactive Data
Files
|
101.INS+
|
XBRL Instance
Document
|
101.SCH+
|
XBRL Taxonomy
Extension Schema Document
|
101.CAL+
|
XBRL Taxonomy
Extension Calculation Linkbase Document
|
101.DEF+
|
XBRL Taxonomy
Definition Linkbase Document
|
101.LAB+
|
XBRL Taxonomy
Extension Label Linkbase Document
|
101.PRE+
|
XBRL Taxonomy
Extension Presentation Linkbase Document
|
|
WIDEPOINT
CORPORATION
|
|
|
|
|
|
|
Date:
August
13, 2020
|
By:
|
/s/
Jin H.
Kang
|
|
|
|
Jin H. Kang
|
|
|
|
President and Chief
Executive Officer
|
|
|
|
|
|
Date:
August
13, 2020
|
By:
|
/s/ Kellie H.
Kim
|
|
|
|
Kellie H. Kim
|
|
|
|
Chief Financial
Officer
|
|
1 Year WidePoint Chart |
1 Month WidePoint Chart |
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