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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SharpSpring Inc | NASDAQ:SHSP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.10 | 17.09 | 17.10 | 0 | 01:00:00 |
SharpSpring, Inc.
|
|
(Exact
name of registrant as specified in its charter)
|
Delaware
|
|
05-0502529
|
(State
or other jurisdiction of incorporation or
organization)
|
|
(I.R.S.
Employer Identification No.)
|
5001 Celebration Pointe Avenue
Suite 410
Gainesville, FL
|
|
32608
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
888-428-9605
|
|
(Registrant’s
telephone number, including area code)
|
550 SW 2nd Avenue, Gainesville, FL 32601
|
|
(Former
name, former address and former fiscal year, if changed since last
report)
|
|
|
Large
accelerated filer ☐
|
Accelerated
filer ☐
|
Non-accelerated
filer ☑
|
Smaller
reporting company ☑
|
|
Emerging
growth company ☐
|
|
Page
|
|
|
PART I
– FINANCIAL INFORMATION
|
|
Item 1.
Financial Statements:
|
4
|
Consolidated
Balance Sheets—
September 30,
2018
(unaudited) and December 31, 2017
|
4
|
Consolidated
Statements of Comprehensive Income (Loss)
(unaudited)
|
5
|
Consolidated
Statements of Cash Flows (unaudited)
|
6
|
Notes
to the Consolidated Financial Statements
(unaudited)
|
7
|
Item 2.
Management's Discussion and Analysis of Financial Condition and
Results of Operations
|
25
|
Item 3.
Quantitative and Qualitative Disclosures About Market
Risk
|
32
|
Item 4.
Controls and Procedures
|
32
|
PART II
– OTHER INFORMATION
|
33
|
Item 1.
Legal Proceedings.
|
33
|
Item
1A. Risk Factors.
|
33
|
Item 2.
Unregistered Sales of Equity Securities and Use of
Proceeds
|
34
|
Item 3.
Defaults Upon Senior Securities
|
34
|
Item 4.
Mine Safety Disclosures
|
34
|
Item 5.
Other Information.
|
34
|
Item 6.
Exhibits
|
35
|
SIGNATURES
|
36
|
|
September 30,
|
December 31,
|
|
2018
|
2017
|
|
(unaudited)
|
(audited)
|
Assets
|
|
|
Cash
and cash equivalents
|
$
11,183,784
|
$
5,399,747
|
Accounts
receivable, net of allowance for doubtful accounts of $175,561 and
$526,127 at September 30, 2018 and December 31, 2017,
respectively
|
741,160
|
639,959
|
Income
taxes receivable
|
2,109
|
2,132,616
|
Other
current assets
|
1,081,498
|
899,127
|
Total
current assets
|
13,008,551
|
9,071,449
|
|
|
|
Property
and equipment, net
|
908,165
|
799,145
|
Goodwill
|
8,867,319
|
8,872,898
|
Intangibles,
net
|
1,981,000
|
2,326,000
|
Other
long-term assets
|
644,321
|
612,631
|
Total
assets
|
$
25,409,356
|
$
21,682,123
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
Accounts
payable
|
$
1,196,504
|
$
504,901
|
Accrued
expenses and other current liabilities
|
639,883
|
625,680
|
Deferred
revenue
|
338,419
|
279,818
|
Income
taxes payable
|
87,565
|
171,384
|
Total
current liabilities
|
2,262,371
|
1,581,783
|
|
|
|
Deferred
income taxes
|
14,229
|
168,132
|
Convertible
notes, including accrued interest
|
8,261,505
|
-
|
Convertible
notes embedded derivative
|
240,284
|
-
|
Total
liabilities
|
10,778,389
|
1,749,915
|
Commitments
and contingencies (Note 12)
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
Preferred
stock, $0.001 par value, 5,000,000 shares authorized, no shares
issued or outstanding at September 30, 2018 and December 31,
2017
|
-
|
-
|
Common
stock, $0.001 par value, Authorized shares-50,000,000; issued
shares-8,609,474 at September 30, 2018 and 8,456,061 at December
31, 2017; outstanding shares-8,589,474 at September 30, 2018 and
8,436,061 at December 31, 2017
|
8,609
|
8,456
|
Additional
paid in capital
|
30,045,943
|
28,362,397
|
Accumulated
other comprehensive loss
|
(237,294
)
|
(480,762
)
|
Accumulated
deficit
|
(15,102,291
)
|
(7,873,883
)
|
Treasury
stock
|
(84,000
)
|
(84,000
)
|
Total
shareholders' equity
|
14,630,967
|
19,932,208
|
|
|
|
Total
liabilities and shareholders' equity
|
$
25,409,356
|
$
21,682,123
|
|
Three Months Ended
|
Nine Months Ended
|
||
|
September 30,
|
September 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
Revenue
|
$
4,873,329
|
$
3,411,580
|
$
13,500,281
|
$
9,681,433
|
|
|
|
|
|
Cost
of services
|
1,472,410
|
1,210,088
|
4,380,069
|
3,776,353
|
Gross
profit
|
3,400,919
|
2,201,492
|
9,120,212
|
5,905,080
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Sales
and marketing
|
2,640,697
|
1,702,221
|
7,368,128
|
4,788,032
|
Research
and development
|
1,106,995
|
703,392
|
3,065,689
|
2,094,310
|
General
and administrative
|
1,518,106
|
1,353,972
|
4,368,744
|
3,941,878
|
Non-employee
stock issuance expense
|
508,561
|
-
|
508,561
|
-
|
Intangible
asset amortization
|
115,000
|
132,298
|
345,000
|
395,690
|
|
|
|
|
|
Total
operating expenses
|
5,889,359
|
3,891,883
|
15,656,122
|
11,219,910
|
|
|
|
|
|
Operating
loss
|
(2,488,440
)
|
(1,690,391
)
|
(6,535,910
)
|
(5,314,830
)
|
Other
income (expense), net
|
(243,956
)
|
(2,708
)
|
(513,759
)
|
75,897
|
Change
in fair value of embedded derivative features
|
27,295
|
-
|
(426,154
)
|
-
|
|
|
|
|
|
Loss
before income taxes
|
(2,705,101
)
|
(1,693,099
)
|
(7,475,823
)
|
(5,238,933
)
|
Income
tax expense (benefit)
|
5,130
|
(111,059
)
|
(247,415
)
|
(1,004,899
)
|
Net
loss
|
$
(2,710,231
)
|
$
(1,582,040
)
|
$
(7,228,408
)
|
$
(4,234,034
)
|
|
|
|
|
|
Basic
net loss per share
|
$
(0.32
)
|
$
(0.19
)
|
$
(0.85
)
|
$
(0.51
)
|
Diluted
net loss per share
|
$
(0.32
)
|
$
(0.19
)
|
$
(0.85
)
|
$
(0.51
)
|
|
|
|
|
|
Shares
used in computing basic net (loss) income per share
|
8,530,858
|
8,399,920
|
8,482,976
|
8,383,639
|
Shares
used in computing diluted net (loss) income per share
|
8,530,858
|
8,399,920
|
8,482,976
|
8,383,639
|
|
|
|
|
|
Other
comprehensive income (loss):
|
|
|
|
|
Foreign
currency translation adjustment
|
(30,526
)
|
(9,393
)
|
243,468
|
(154,735
)
|
Comprehensive
loss
|
$
(2,740,757
)
|
$
(1,591,433
)
|
$
(6,984,940
)
|
$
(4,388,769
)
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
2018
|
2017
|
Cash
flows from operating activities:
|
|
|
Net
loss
|
$
(7,228,408
)
|
$
(4,234,034
)
|
Adjustments
to reconcile loss from operations:
|
|
|
Depreciation
and amortization
|
632,132
|
602,780
|
Non-cash
stock compensation
|
710,879
|
559,437
|
Non-employee
stock issuance expense
|
508,561
|
-
|
Deferred
income taxes
|
(153,890
)
|
24,775
|
Loss
on disposal of property and equipment
|
-
|
3,481
|
Non-cash
interest
|
204,301
|
-
|
Change
in fair value of embedded derivative features
|
426,154
|
-
|
Amortization
of debt issuance costs
|
12,991
|
-
|
Unearned
foreign currency gain/loss
|
290,386
|
52,346
|
Changes
in assets and liabilities:
|
|
|
Accounts
receivable
|
(103,463
)
|
618,140
|
Other
assets
|
(215,890
)
|
(134,162
)
|
Income
taxes, net
|
2,050,292
|
(680,297
)
|
Accounts
payable
|
669,474
|
366,469
|
Accrued
expenses and other current liabilities
|
27,784
|
(323,378
)
|
Deferred
revenue
|
59,972
|
(13,093
)
|
Net
cash used in operating activities
|
(2,108,725
)
|
(3,157,536
)
|
|
|
|
Cash
flows from investing activities
|
|
|
Acquisition
of business, net of cash acquired
|
-
|
-
|
Purchases
of property and equipment
|
(396,153
)
|
(148,555
)
|
Acquisitions
of customer assets from resellers
|
-
|
(64,268
)
|
Proceeds
from the sale of discontinued operations
|
-
|
1,000,000
|
Net
cash (used in) provided by investing activities
|
(396,153
)
|
787,177
|
|
|
|
Cash
flows used in financing activities:
|
|
|
Proceeds
from issance of convertible note
|
8,000,000
|
-
|
Debt
issuance costs
|
(141,657
)
|
-
|
Proceeds
from exercise of stock options
|
449,259
|
18,859
|
Proceeds
from issuance of common stock
|
-
|
-
|
Repurchase
of common stock
|
-
|
-
|
Excess
tax benefits from share-based payments
|
-
|
-
|
Net
cash provided by financing activities
|
8,307,602
|
18,859
|
|
|
|
Effect
of exchange rate on cash
|
(18,687
)
|
17,009
|
|
|
|
Change
in cash and cash equivalents
|
5,784,037
|
(2,334,491
)
|
|
|
|
Cash
and cash equivalents, beginning of period
|
5,399,747
|
8,651,374
|
|
|
|
Cash
and cash equivalents, end of period
|
$
11,183,784
|
$
6,316,883
|
|
|
|
Supplemental
information on consolidated statements of cash flows:
|
|
|
Cash
paid (received) for income taxes
|
$
(2,105,913
)
|
$
98,637
|
|
September 30,
|
December 31,
|
|
2018
|
2017
|
Accounts
receivable
|
$
219,620
|
$
611,293
|
Unbilled
receivables
|
697,101
|
554,793
|
Gross
receivables
|
$
916,721
|
$
1,166,086
|
Allowance
for doubtful accounts
|
(175,561
)
|
(526,127
)
|
Accounts
receivable and unbilled receivables, net
|
$
741,160
|
$
639,959
|
Remainder
of 2018
|
$
6,359
|
2019
|
26,455
|
2020
|
27,855
|
2021
|
29,322
|
2022
|
30,862
|
2023
|
7,813
|
Total
|
$
128,666
|
Leasehold
improvements
|
3-5
years
|
Furniture
and fixtures
|
3-5
years
|
Computing
equipment
|
3
years
|
Software
|
3-5
years
|
|
Historical Accounting Method
|
Effect of Adoption of New ASU
|
As Adjusted
|
Three Months Ended September 30, 2018
|
|
|
|
Sales
and Marketing Expense
|
2,673,869
|
(33,172
)
|
2,640,697
|
Total
operating expense
|
5,922,531
|
(33,172
)
|
5,889,359
|
Operating
loss
|
(2,521,612
)
|
33,172
|
(2,488,440
)
|
Loss
before income taxes
|
(2,738,273
)
|
33,172
|
(2,705,101
)
|
Benefit
for income tax
|
5,130
|
-
|
5,130
|
Net
loss
|
(2,743,403
)
|
33,172
|
(2,710,231
)
|
Basic
net loss per share
|
(0.32
)
|
-
|
(0.32
)
|
Diluted
net loss per share
|
(0.32
)
|
-
|
(0.32
)
|
|
|
|
|
Nine Months Ended September 30, 2018
|
|
|
|
Sales
and Marketing Expense
|
7,431,010
|
(62,882
)
|
7,368,128
|
Total
operating expense
|
15,719,004
|
(62,882
)
|
15,656,122
|
Operating
loss
|
(6,598,792
)
|
62,882
|
(6,535,910
)
|
Loss
before income taxes
|
(7,538,705
)
|
62,882
|
(7,475,823
)
|
Benefit
for income tax
|
(247,415
)
|
-
|
(247,415
)
|
Net
loss
|
(7,291,290
)
|
62,882
|
(7,228,408
)
|
Basic
net loss per share
|
(0.86
)
|
0.01
|
(0.85
)
|
Diluted
net loss per share
|
(0.86
)
|
0.01
|
(0.85
)
|
|
|
|
|
Balance as of September 30, 2018
|
|
|
|
Other
current assets
|
398,157
|
683,341
|
1,081,498
|
Other
long-term assets
|
45,947
|
598,374
|
644,321
|
Total
assets
|
24,127,641
|
1,281,715
|
25,409,356
|
Accumulated
deficit
|
(16,384,006
)
|
1,281,715
|
(15,102,291
)
|
|
Historical Accounting Method
|
Effect of Adoption of New ASU
|
As Adjusted
|
Three Months Ended September 30, 2017
|
|
|
|
Sales
and Marketing Expense
|
1,801,701
|
(99,480
)
|
1,702,221
|
Total
operating expense
|
3,991,363
|
(99,480
)
|
3,891,883
|
Operating
loss
|
(1,789,871
)
|
99,480
|
(1,690,391
)
|
Loss
before income taxes
|
(1,792,579
)
|
99,480
|
(1,693,099
)
|
Benefit
for income tax
|
(111,059
)
|
-
|
(111,059
)
|
Net
loss
|
(1,681,520
)
|
99,480
|
(1,582,040
)
|
Basic
net loss per share
|
(0.20
)
|
0.01
|
(0.19
)
|
Diluted
net loss per share
|
(0.20
)
|
0.01
|
(0.19
)
|
|
|
|
|
Nine Months Ended September 30, 2017
|
|
|
|
Sales
and Marketing Expense
|
5,025,539
|
(237,507
)
|
4,788,032
|
Total
operating expense
|
11,457,417
|
(237,507
)
|
11,219,910
|
Operating
loss
|
(5,552,337
)
|
237,507
|
(5,314,830
)
|
Loss
before income taxes
|
(5,476,440
)
|
237,507
|
(5,238,933
)
|
Benefit
for income tax
|
(1,004,899
)
|
-
|
(1,004,899
)
|
Net
loss
|
(4,471,541
)
|
237,507
|
(4,234,034
)
|
Basic
net loss per share
|
(0.53
)
|
0.03
|
(0.51
)
|
Diluted
net loss per share
|
(0.53
)
|
0.03
|
(0.51
)
|
|
|
|
|
Balance as of December 31, 2017
|
|
|
|
Other
current assets
|
267,924
|
631,203
|
899,127
|
Other
long-term assets
|
25,000
|
587,631
|
612,631
|
Total
assets
|
20,463,289
|
1,218,834
|
21,682,123
|
Accumulated
deficit
|
(9,092,717
)
|
1,218,834
|
(7,873,883
)
|
Remainder
of 2018
|
$
115,000
|
2019
|
381,000
|
2020
|
332,000
|
2021
|
280,000
|
2022
|
228,000
|
2023
|
180,000
|
Thereafter
|
465,000
|
Total
|
$
1,981,000
|
|
September 30,
2018
|
Principal
amount
|
$
8,000,000
|
Accrued
interest paid-in-kind
|
204,301
|
Unamortized
debt issuance costs
|
(128,666
)
|
Original
embedded derivative conversion feature
|
185,870
|
Net
carrying value
|
$
8,261,505
|
|
Three Months Ended
|
Nine Months Ended
|
|
September 30,
|
September 30,
|
|
2018
|
2018
|
Contractual
interest paid-in-kind expense (non-cash)
|
$
100,000
|
$
204,301
|
Amortization
of debt issuance costs (non-cash)
|
6,359
|
12,991
|
Total
interest expense
|
$
106,359
|
$
217,292
|
Effective
interest rate
|
5.3
%
|
5.3
%
|
|
Foreign Currency
|
|
Translation
|
|
Adjustment
|
Balance
as of December 31, 2017
|
$
(480,762
)
|
Other
comprehensive income (loss) prior to reclassifications
|
-
|
Amounts
reclassified from accumulated other comprehensive
income
|
-
|
Tax
effect
|
-
|
Net
current period other comprehensive loss
|
243,468
|
Balance
as of September 30, 2018
|
$
(237,294
)
|
|
Three Months Ended
|
Nine Months Ended
|
||
|
September 30,
|
September 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
Net
loss
|
$
(2,710,231
)
|
$
(1,582,040
)
|
$
(7,228,408
)
|
$
(4,234,034
)
|
|
|
|
|
|
Basic
weighted average common shares outstanding
|
8,530,858
|
8,399,920
|
8,482,976
|
8,383,639
|
Add
incremental shares for:
|
|
|
|
|
Warrants
|
-
|
-
|
-
|
-
|
Stock
options
|
-
|
-
|
-
|
-
|
Convertible
notes
|
-
|
-
|
-
|
-
|
Diluted
weighted average common shares outstanding
|
8,530,858
|
8,399,920
|
8,482,976
|
8,383,639
|
|
|
|
|
|
Net
loss per share:
|
|
|
|
|
Basic
|
$
(0.32
)
|
$
(0.19
)
|
$
(0.85
)
|
$
(0.51
)
|
Diluted
|
$
(0.32
)
|
$
(0.19
)
|
$
(0.85
)
|
$
(0.51
)
|
|
Three and Six Months Ended
|
|
|
September 30,
|
|
|
2018
|
2017
|
Warrants
|
30,000
|
170,973
|
Stock
options
|
1,475,689
|
1,323,726
|
Convertible
notes
|
1,093,907
|
-
|
|
Nine months
Ended
September
30
,
|
||
|
2018
|
|
2017
|
|
|
|
|
Volatility
|
48 – 49%
|
|
48-49%
|
Risk-free interest rate
|
2.34% - 2.99%
|
|
1.85% - 2.26%
|
Expected term
|
6.25 years
|
|
6.25 years
|
|
|
Weighted
|
Weighted
|
Aggregate
|
|
Number of
|
Average
|
Average Remaining
|
Intrinsic
|
|
Options
|
Exercise Price
|
Contractual Life
|
Value
|
Outstanding
at December 31, 2017
|
1,069,330
|
$
5.11
|
7.0
|
$
36,693
|
|
|
|
|
|
Granted
|
575,850
|
5.43
|
|
|
Exercised
|
(85,673
)
|
5.33
|
|
|
Expired
|
(35,481
)
|
7.60
|
|
|
Forfeited
|
(48,337
)
|
4.78
|
|
|
Outstanding
at September 30, 2018
|
1,475,689
|
$
5.17
|
8.1
|
$
13,057,617
|
|
|
5.13
|
|
|
Exercisable
at September 30, 2018
|
575,312
|
$
5.30
|
7.2
|
$
5,114,851
|
|
|
Weighted
|
Weighted
|
|
|
Number of
|
Average
|
Average Remaining
|
Intrinsic
|
|
Units
|
Exercise Price
|
Contractual Term
|
Value
|
Outstanding
at December 31, 2017
|
80,000
|
7.81
|
2.1
|
33,660
|
|
|
|
|
|
Granted
|
-
|
-
|
|
|
Exercised
|
(50,000
)
|
7.81
|
|
|
Cancelled
|
-
|
$
-
|
|
|
Outstanding
at September 30, 2018
|
30,000
|
7.81
|
1.3
|
186,225
|
|
|
|
|
|
Exercisable
at September 30, 2018
|
30,000
|
7.81
|
1.3
|
186,225
|
Remainder
of 2018
|
$
248,244
|
2019
|
646,682
|
2020
|
623,009
|
2021
|
645,265
|
2022
|
649,717
|
2023
|
671,973
|
Thereafter
|
3,408,119
|
Total
|
$
6,893,009
|
|
Three Months Ended
|
Nine Months Ended
|
||
|
September 30,
|
September 30,
|
||
|
2018
|
2017
|
2018
|
2017
|
Revenue
by Product:
|
|
|
|
|
Mail
+ Product Revenue
|
$
79,862
|
$
172,873
|
$
324,157
|
$
504,085
|
Marketing
Automation Revenue
|
4,793,467
|
3,238,707
|
13,176,124
|
9,177,348
|
Total
Revenue
|
$
4,873,329
|
$
3,411,580
|
$
13,500,281
|
$
9,681,433
|
|
|
|
|
|
Revenue
by Type:
|
|
|
|
|
Upfront
Fees
|
$
452,457
|
$
280,228
|
$
1,168,282
|
$
774,356
|
Recurring
Revenue
|
4,420,872
|
3,131,352
|
12,331,999
|
8,907,077
|
Total
Revenue
|
$
4,873,329
|
$
3,411,580
|
$
13,500,281
|
$
9,681,433
|
|
|
|
|
Percent
|
|
Three Months Ended
|
Change
|
Change
|
|
|
September 30,
|
from
|
from
|
|
|
2018
|
2017
|
Prior Year
|
Prior Year
|
Revenues and Cost of Sales:
|
|
|
|
|
Revenues
|
$
4,873,329
|
$
3,411,580
|
$
1,461,749
|
43
%
|
Cost
of Sales
|
1,472,410
|
1,210,088
|
262,322
|
22
%
|
Gross
Profit
|
$
3,400,919
|
$
2,201,492
|
$
1,199,427
|
54
%
|
|
|
|
|
Percent
|
|
Three Months Ended
|
Change
|
Change
|
|
|
September 30,
|
from
|
from
|
|
|
2018
|
2017
|
Prior Year
|
Prior Year
|
Operating expenses:
|
|
|
|
|
Sales
and marketing
|
$
2,640,697
|
$
1,702,221
|
$
938,476
|
55
%
|
Research
and development
|
1,106,995
|
703,392
|
403,603
|
57
%
|
General
and administrative
|
1,518,106
|
1,353,972
|
164,134
|
12
%
|
Non-employee
stock issuance expense
|
508,561
|
-
|
508,561
|
n/a
|
Intangible
asset amortization
|
115,000
|
132,298
|
(17,298
)
|
-13
%
|
Impairment
of intangible assets
|
-
|
-
|
-
|
n/a
|
|
$
5,889,359
|
$
3,891,883
|
$
1,997,476
|
51
%
|
|
|
|
|
Percent
|
|
Three Months Ended
|
Change
|
Change
|
|
|
September 30,
|
from
|
from
|
|
|
2018
|
2017
|
Prior Year
|
Prior Year
|
Other
|
|
|
|
|
Other
income (expense), net
|
$
(243,956
)
|
$
(2,708
)
|
$
(241,248
)
|
8909
%
|
Change
in fair value of embedded derivative features
|
27,295
|
-
|
27,295
|
n/a
|
Income
tax expense (benefit)
|
5,130
|
(111,059
)
|
116,189
|
-105
%
|
|
|
|
|
Percent
|
|
Nine Months Ended
|
Change
|
Change
|
|
|
September 30,
|
from
|
from
|
|
|
2018
|
2017
|
Prior Year
|
Prior Year
|
Revenues and Cost of Sales:
|
|
|
|
|
Revenues
|
$
13,500,281
|
$
9,681,433
|
$
3,818,848
|
39
%
|
Cost
of Sales
|
4,380,069
|
3,776,353
|
603,716
|
16
%
|
Gross
Profit
|
$
9,120,212
|
$
5,905,080
|
$
3,215,132
|
54
%
|
|
|
|
|
Percent
|
|
Nine Months Ended
|
Change
|
Change
|
|
|
September 30,
|
from
|
from
|
|
|
2018
|
2017
|
Prior Year
|
Prior Year
|
Operating expenses:
|
|
|
|
|
Sales
and marketing
|
$
7,368,128
|
$
4,788,032
|
$
2,580,096
|
54
%
|
Research
and development
|
3,065,689
|
2,094,310
|
971,379
|
46
%
|
General
and administrative
|
4,368,744
|
3,941,878
|
426,866
|
11
%
|
Non-employee
stock issuance expense
|
508,561
|
-
|
508,561
|
n/a
|
Intangible
asset amortization
|
345,000
|
395,690
|
(50,690
)
|
-13
%
|
Impairment
of intangible assets
|
-
|
-
|
-
|
n/a
|
|
$
15,656,122
|
$
11,219,910
|
$
4,436,212
|
40
%
|
|
|
|
|
Percent
|
|
Nine Months Ended
|
Change
|
Change
|
|
|
September 30,
|
from
|
from
|
|
|
2018
|
2017
|
Prior Year
|
Prior Year
|
Other
|
|
|
|
|
Other
income (expense), net
|
$
(513,759
)
|
$
75,897
|
$
(589,656
)
|
-777
%
|
Change
in fair value of embedded derivative features
|
$
(426,154
)
|
$
-
|
$
(426,154
)
|
n/a
|
Income
tax expense (benefit)
|
$
(247,415
)
|
$
(1,004,899
)
|
$
757,484
|
-75
%
|
Remainder
of 2018
|
$
248,244
|
2019
|
646,682
|
2020
|
623,009
|
2021
|
645,265
|
2022
|
649,717
|
2023
|
671,973
|
Thereafter
|
3,408,119
|
Total
|
$
6,893,009
|
Date
|
|
Security/Value
|
|
|
|
August
2018
|
|
Common
Stock – 5,129 shares of common stock issued pursuant to
cashless warrant exercises with an exercise price of
$7.81.
|
|
|
|
September
2018
|
|
Common
Stock – 36,274 shares of common stock at $14.02 per share
issued for contractual services.
|
SEC ReferenceNumber
|
|
Title of Document
|
|
Location
|
|
Certification
of Principal Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
|
Filed
herewith
|
|
|
Certification
of Principal Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
|
Filed
herewith
|
|
|
Certification
of Principal Executive Officer pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
|
Filed
herewith
|
|
|
Certification
of Principal Financial Officer pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
|
Filed
herewith
|
|
|
Certificate of Ownership and Merger Merging Quattro Hosting LLC
with and into SharpSpring, Inc.
|
|
Filed
herewith
|
|
101
|
|
XBRL
|
|
|
|
SharpSpring, Inc.
|
|
|
|
|
|
|
Date:
November
13
,
2018
|
By:
|
/s/
Richard
A. Carlson
|
|
|
|
Richard A. Carlson |
|
|
|
Chief Executive
Officer and President
(Principal
Executive Officer)
|
|
|
SharpSpring, Inc. |
|
|
|
|
|
|
Date:
November 13, 2018
|
By:
|
/s/
Edward
Lawton
|
|
|
|
Edward Lawton |
|
|
|
Chief Financial
Officer
(
Principal Financial
Officer)
|
|
1 Year SharpSpring Chart |
1 Month SharpSpring Chart |
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