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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 | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.40% | 2.47 | 2.50 | 2.42 | 2.42 | 12,906 | 15:35:37 |
☑
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
|
For the quarterly period ended March 31, 2021
|
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.
|
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2
|
||
2
|
||
|
3
|
|
|
4
|
|
|
5
|
|
|
7
|
|
|
8
|
|
|
|
|
20
|
||
|
|
|
25
|
||
|
||
26
|
||
|
|
|
26
|
||
|
|
|
26
|
||
|
|
|
26
|
||
|
|
|
26
|
||
|
|
|
26
|
||
|
|
|
27
|
||
|
|
|
27
|
||
|
|
|
27
|
||
|
|
|
|
28
|
|
|
|
|
CERTIFICATIONS
|
|
29
|
|
THREE MONTHS
ENDED
|
|
|
MARCH
31,
|
|
|
2021
|
2020
|
|
(Unaudited)
|
|
REVENUES
|
$20,650,843
|
$39,665,356
|
COST OF REVENUES
(including amortization and depreciation of
|
|
|
$119,083 and
$159,618, respectively)
|
15,934,964
|
34,700,024
|
|
|
|
GROSS
PROFIT
|
4,715,879
|
4,965,332
|
|
|
|
OPERATING
EXPENSES
|
|
|
Sales and
marketing
|
482,299
|
492,231
|
General and
administrative expenses (including share-based
|
|
|
compensation of
$182,842 and $281,441, respectively)
|
3,307,662
|
3,470,092
|
Depreciation and
amortization
|
250,891
|
263,228
|
|
|
|
Total operating
expenses
|
4,040,852
|
4,225,551
|
|
|
|
INCOME FROM
OPERATIONS
|
675,027
|
739,781
|
|
|
|
OTHER (EXPENSE)
INCOME
|
|
|
Interest
income
|
2,375
|
3,093
|
Interest
expense
|
(71,016)
|
(82,117)
|
Other
income
|
2,496
|
331
|
|
|
|
Total other
expense
|
(66,145)
|
(78,693)
|
|
|
|
INCOME BEFORE
INCOME TAX PROVISION
|
608,882
|
661,088
|
INCOME TAX
PROVISION
|
23,458
|
177,200
|
|
|
|
NET
INCOME
|
$585,424
|
$483,888
|
|
|
|
BASIC EARNINGS PER
SHARE
|
$0.07
|
$0.06
|
|
|
|
BASIC
WEIGHTED-AVERAGE SHARES OUTSTANDING
|
8,995,103
|
8,384,008
|
|
|
|
DILUTED EARNINGS
PER SHARE
|
$0.06
|
$0.06
|
|
|
|
DILUTED
WEIGHTED-AVERAGE SHARES OUTSTANDING
|
9,103,160
|
8,442,807
|
|
THREE MONTHS
ENDED
|
|
|
MARCH 31,
|
|
|
2021
|
2020
|
|
(Unaudited)
|
|
NET
INCOME
|
$585,424
|
$483,888
|
|
|
|
Other
comprehensive income (loss):
|
|
|
Foreign
currency translation adjustments, net of tax
|
(54,949)
|
(37,330)
|
|
|
|
Other
comprehensive income (loss)
|
(54,949)
|
(37,330)
|
|
|
|
COMPREHENSIVE
INCOME
|
$530,475
|
$446,558
|
|
THREE MONTHS
ENDED
|
|
|
MARCH
31,
|
|
|
2021
|
2020
|
|
(Unaudited)
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
Net
income
|
$585,424
|
$483,888
|
Adjustments to
reconcile net income to net cash provided by
|
|
|
(used in) operating
activities:
|
|
|
Deferred income tax
(benefit) expense
|
(20,303)
|
179,544
|
Depreciation
expense
|
250,899
|
297,190
|
Provision for
doubtful accounts
|
(209)
|
(2,954)
|
Amortization of
intangibles
|
119,083
|
125,656
|
Amortization of
deferred financing costs
|
-
|
1,250
|
Share-based
compensation expense
|
182,842
|
281,441
|
Changes in assets
and liabilities:
|
|
|
Accounts receivable
and unbilled receivables
|
20,467,818
|
(4,144,206)
|
Inventories
|
332,201
|
76,130
|
Prepaid expenses
and other current assets
|
(266,393)
|
201,026
|
Other
assets
|
-
|
17,913
|
Accounts payable
and accrued expenses
|
(20,897,329)
|
5,722,287
|
Income tax
payable
|
30,567
|
(9,411)
|
Deferred revenue
and other liabilities
|
(75,693)
|
(202,821)
|
Other
liabilities
|
246,037
|
-
|
|
|
|
Net cash provided
by operating activities
|
954,944
|
3,026,933
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
Purchases of
property and equipment
|
(71,292)
|
(52,463)
|
Capitalized
hardware and software development costs
|
(569,947)
|
(340,576)
|
|
|
|
Net cash used in
investing activities
|
(641,239)
|
(393,039)
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
Advances on bank
line of credit
|
-
|
1,796,920
|
Repayments of bank
line of credit advances
|
-
|
(1,796,920)
|
Principal
repayments under finance lease obligations
|
(143,916)
|
(143,637)
|
Withholding taxes
paid on behalf of employees on net settled restricted stock
awards
|
(140,894)
|
-
|
Common stock
repurchased
|
-
|
(10,113)
|
Issuance of common
stock/At-the-market offering, net of issuance costs
|
1,088,398
|
-
|
Proceeds from
exercise of stock options
|
10,250
|
-
|
|
|
|
Net cash provided
by (used in) financing activities
|
813,838
|
(153,750)
|
|
|
|
Net
effect of exchange rate on cash and equivalents
|
(65,929)
|
(33,265)
|
|
|
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
1,061,614
|
2,446,879
|
|
|
|
CASH AND CASH
EQUIVALENTS, beginning of period
|
15,996,749
|
6,879,627
|
|
|
|
CASH AND CASH
EQUIVALENTS, end of period
|
$17,058,363
|
$9,326,506
|
|
THREE MONTHS
ENDED
|
|
|
MARCH
31,
|
|
|
2021
|
2020
|
|
(Unaudited)
|
|
SUPPLEMENTAL CASH
FLOW INFORMATION
|
|
|
Cash paid for
interest
|
$70,951
|
$82,655
|
|
|
|
Additional
|
|
|
|
|
Common
Stock
|
Paid-In
|
Accumulated
|
Accumulated
|
|
|
|
Issued
|
Amount
|
Capital
|
OCI
|
Deficit
|
Total
|
|
|
|
|
|
|
|
Balance, January 1,
2020
|
8,386,145
|
$83,861
|
$95,279,114
|
$(242,594)
|
$(70,180,963)
|
$24,939,418
|
|
|
|
|
|
|
|
Common stock
repurchased
|
(2,416)
|
(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 ncome
|
-
|
-
|
-
|
|
483,888
|
483,888
|
|
|
|
|
|
|
|
Balance, March 31,
2020
|
8,383,729
|
$83,837
|
$95,550,466
|
$(279,924)
|
$(69,697,075)
|
$25,657,304
|
|
|
|
Additional
|
|
|
|
|
Common
Stock
|
Paid-In
|
Accumulated
|
Accumulated
|
|
|
|
Issued
|
Amount
|
Capital
|
OCI
|
Deficit
|
Total
|
|
|
|
|
|
|
|
Balance, January
1, 2021
|
8,876,515
|
$8,876
|
$100,504,741
|
$(104,615)
|
$(59,857,279)
|
$40,551,723
|
|
|
|
|
|
|
|
Issuance of
common stock —
|
|
|
|
|
|
|
options
exercises
|
2,500
|
2
|
10,248
|
-
|
-
|
10,250
|
|
|
|
|
|
|
|
Issuance of
common stock —
|
|
|
|
|
|
|
restricted
|
91,650
|
92
|
(140,986)
|
-
|
-
|
(140,894)
|
|
|
|
|
|
|
|
Issuance of
common stock through at-the-market offering
|
|
|
|
|
|
|
program, net of
issuance costs of $45,392
|
100,687
|
101
|
1,088,297
|
-
|
-
|
1,088,398
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
restricted
|
-
|
-
|
157,107
|
-
|
-
|
157,107
|
|
|
|
|
|
|
|
Stock
compensation expense —
|
|
|
|
|
|
|
non-qualified
stock options
|
-
|
-
|
25,735
|
-
|
-
|
25,735
|
|
|
|
|
|
|
|
Foreign currency
translation —
|
|
|
|
|
|
|
(loss)
|
-
|
-
|
-
|
(54,949)
|
-
|
(54,949)
|
|
|
|
|
|
|
|
Net
income
|
-
|
-
|
-
|
|
585,424
|
585,424
|
|
|
|
|
|
|
|
Balance, March
31, 2021
|
9,071,352
|
$9,071
|
$101,645,142
|
$(159,564)
|
$(59,271,855)
|
$42,222,794
|
|
MARCH 31,
|
DECEMBER
31,
|
|
2021
|
2020
|
|
(Unaudited)
|
|
Government
(1)
|
$17,748,775
|
$34,097,906
|
Commercial
(2)
|
1,576,495
|
1,898,924
|
Gross accounts
receivable
|
19,325,270
|
35,996,830
|
|
MARCH 31,
|
DECEMBER
31,
|
|
2021
|
2020
|
|
As a %
of
|
As a %
of
|
Customer
Name
|
Receivables
|
Receivables
|
|
(Unaudited)
|
|
U.S. Coast
Guard
|
13%
|
--
|
National
Aeronautics and Space Administration
|
10%
|
--
|
U.S. Census
Bureau
|
44%
|
70%
|
|
MARCH 31,
|
DECEMBER
31,
|
|
2021
|
2020
|
|
As a %
of
|
As a %
of
|
Customer
Name
|
Receivables
|
Receivables
|
|
(Unaudited)
|
|
U.S.
Department of Homeland Security Headquarters
|
24%
|
11%
|
U.S.
Immigration and Customs Enforcement
|
27%
|
20%
|
U.S. Census
Bureau
|
--
|
25%
|
U.S.
Coast Guard
|
11%
|
16%
|
U.S. Transportation
Safety Administration
|
14%
|
--
|
|
MARCH 31,
|
DECEMBER
31,
|
|
2021
|
2020
|
|
(Unaudited)
|
|
Inventories
|
$658,560
|
$990,976
|
Prepaid rent,
insurance and other assets
|
1,034,135
|
772,657
|
|
|
|
Total other current
assets
|
$1,692,695
|
$1,763,633
|
|
MARCH 31,
|
DECEMBER
31,
|
|
2021
|
2020
|
|
(Unaudited)
|
|
Carrier service
costs
|
$8,215,400
|
$11,832,170
|
Salaries and
payroll taxes
|
2,125,168
|
2,774,138
|
Inventory
purchases, consultants and other costs
|
967,360
|
1,004,303
|
Severance
costs
|
7,612
|
7,612
|
U.S. income tax
payable
|
22,130
|
28,130
|
Foreign income tax
payable
|
16,410
|
(20,040)
|
|
|
|
Total accrued
expenses
|
$11,354,080
|
$15,626,313
|
|
MARCH 31,
|
DECEMBER
31,
|
|
2021
|
2020
|
|
(Unaudited)
|
|
Computer hardware
and software
|
$2,303,895
|
$2,271,000
|
Furniture and
fixtures
|
456,312
|
462,361
|
Leasehold
improvements
|
306,748
|
318,449
|
Automobiles
|
32,198
|
31,913
|
Gross property and
equipment
|
3,099,153
|
3,083,723
|
Less: accumulated
depreciation and
|
|
|
amortization
|
2,533,618
|
2,510,684
|
|
|
|
Property and
equipment, net
|
$565,535
|
$573,039
|
Remainder
2021
|
$404,925
|
2022
|
373,043
|
2023
|
248,061
|
2024
|
194,570
|
2025
|
194,570
|
Thereafter
|
719,024
|
Total
|
$2,134,193
|
|
THREE MONTHS
ENDED
|
|
|
MARCH
31,
|
|
|
2021
|
2020
|
|
(Unaudited)
|
|
Restricted stock
compensation expense
|
$157,107
|
$254,499
|
Non-qualified
option stock compensation expense
|
25,735
|
26,942
|
|
|
|
Total
share-based compensation before taxes
|
$182,842
|
$281,441
|
|
THREE MONTHS
ENDED
|
|
|
MARCH
31,
|
|
|
2021
|
2020
|
|
(Unaudited)
|
|
Basic
Earnings Per Share Computation:
|
|
|
Net
income
|
$585,424
|
$483,888
|
Weighted average
number of common shares
|
8,995,103
|
8,384,008
|
Basic Earnings Per
Share
|
$0.07
|
$0.06
|
|
|
|
Diluted
Earnings Per Share Computation:
|
|
|
Net
income
|
$585,424
|
$483,888
|
|
|
|
Weighted average
number of common shares
|
8,995,103
|
8,384,008
|
Incremental shares
from assumed conversions
|
|
|
of dilutive
securities
|
108,057
|
58,799
|
Adjusted weighted
average number of
|
|
|
common
shares
|
9,103,160
|
8,442,807
|
|
|
|
Diluted Earnings
Per Share
|
$0.06
|
$0.06
|
|
THREE MONTHS
ENDED
|
|
|
MARCH
31,
|
|
|
2021
|
2020
|
|
(Unaudited)
|
|
Carrier
Services
|
$11,348,872
|
$28,143,269
|
Managed
Services
|
9,301,971
|
11,522,087
|
|
|
|
|
$20,650,843
|
$39,665,356
|
|
THREE MONTHS
ENDED
|
|
|
MARCH
31,
|
|
|
2021
|
2020
|
|
(Unaudited)
|
|
U.S.
Federal Government
|
$16,931,731
|
$35,550,474
|
U.S.
State and Local Governments
|
53,383
|
25,513
|
Foreign
Governments
|
26,096
|
6,169
|
Commercial
Enterprises
|
3,639,633
|
4,083,200
|
|
|
|
|
$20,650,843
|
$39,665,356
|
|
THREE MONTHS
ENDED
|
|
|
MARCH
31,
|
|
|
2021
|
2020
|
|
(Unaudited)
|
|
North
America
|
$19,410,144
|
$38,542,381
|
Europe
|
1,240,699
|
1,122,975
|
|
|
|
|
$20,650,843
|
$39,665,356
|
|
THREE MONTHS
ENDED
|
|
|
|
MARCH
31,
|
Dollar
|
|
|
2021
|
2020
|
Variance
|
|
(Unaudited)
|
|
|
Carrier
Services
|
$11,348,869
|
$28,143,270
|
$(16,794,401)
|
Managed
Services:
|
|
|
|
Managed
Service Fees
|
8,259,430
|
7,475,439
|
783,991
|
Billable
Service Fees
|
1,021,517
|
1,304,541
|
(283,024)
|
Reselling
and Other Services
|
21,027
|
2,742,106
|
(2,721,079)
|
|
9,301,974
|
11,522,086
|
(2,220,112)
|
|
|
|
|
|
$20,650,843
|
$39,665,356
|
$(19,014,513)
|
EXHIBIT
NO.
|
DESCRIPTION
|
Sixth Modification
Agreement with Access National Bank. (incorporated by reference
from Exhibit 10.1 to Form 8-K filed April 30, 2021).
|
|
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
|
|
|
|
|
|
|
May 14, 2021
|
By:
|
/s/ Jin H.
Kang
|
|
|
|
Jin H. Kang |
|
|
|
President and Chief Executive Officer |
|
|
WIDEPOINT
CORPORATION
|
|
|
|
|
|
|
May 14, 2021
|
By:
|
/s/ Kellie H.
Kim
|
|
|
|
Kellie H. Kim |
|
|
|
Chief Financial Officer |
|
1 Year WidePoint Chart |
1 Month WidePoint Chart |
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