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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 |
(Mark
One)
|
|
☑
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the
quarterly period ended: June 30, 2019
|
|
Or
|
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
Large
accelerated filer ☐
|
Accelerated
filer ☐
|
Non-accelerated
filer ☑
|
Smaller
reporting company ☑
|
|
Emerging
growth company ☐
|
|
Page
|
|
|
PART I
– FINANCIAL INFORMATION
|
|
Item 1.
Financial Statements:
|
3
|
Consolidated
Balance Sheets—
June 30,
2019
(unaudited) and December 31, 2018
|
3
|
Consolidated
Statements of Comprehensive Income (Loss)
(unaudited)
|
4
|
Consolidated
Statements of Cash Flows (unaudited)
|
5
|
Consolidated
Statements of Changes in Shareholders’ Equity
(unaudited)
|
6
|
Notes
to the Consolidated Financial Statements
(unaudited)
|
7
|
Item 2.
Management's Discussion and Analysis of Financial Condition and
Results of Operations
|
22
|
Item 3.
Quantitative and Qualitative Disclosures About Market
Risk
|
27
|
Item 4.
Controls and Procedures
|
27
|
PART II
– OTHER INFORMATION
|
28
|
Item 1.
Legal Proceedings.
|
28
|
Item
1A. Risk Factors.
|
28
|
Item 2.
Unregistered Sales of Equity Securities and Use of
Proceeds
|
28
|
Item 3.
Defaults Upon Senior Securities
|
28
|
Item 4.
Mine Safety Disclosures
|
28
|
Item 5.
Other Information.
|
28
|
Item 6.
Exhibits
|
29
|
SIGNATURES
|
30
|
●
|
the
timing of the development of future products;
|
●
|
projections
of costs, revenue, earnings, capital structure and other financial
items;
|
●
|
statements
of our plans and objectives;
|
●
|
statements
regarding the capabilities of our business operations;
|
●
|
statements
of expected future economic performance;
|
●
|
statements
regarding competition in our market; and
|
●
|
assumptions
underlying statements regarding us or our business.
|
●
|
strategic
actions, including acquisitions and dispositions and our success in
integrating acquired businesses;
|
●
|
the
occurrence of hostilities, political instability or catastrophic
events;
|
●
|
changes
in customer demand;
|
●
|
the
extent to which we are successful in gaining new long-term
relationships with customers or retaining existing ones and the
level of service failures that could lead customers to use
competitors' services;
|
●
|
developments
and changes in laws and regulations, including increased regulation
of our industry through legislative action and revised rules and
standards;
|
●
|
security
breaches, cybersecurity attacks and other significant disruptions
in our information technology systems; and
|
●
|
natural
events such as severe weather, fires, floods and earthquakes or
man-made or other disruptions of our operating systems, structures
or equipment.
|
|
June 30,
|
December 31,
|
|
2019
|
2018
|
Assets
|
|
|
Cash
and cash equivalents
|
$
15,997,667
|
$
9,320,866
|
Accounts
receivable, net of allowance for doubtful accounts of $211,053 and
$127,516 at June 30, 2019 and December 31, 2018,
respectively
|
106,042
|
80,521
|
Unbilled
receivables
|
880,333
|
740,425
|
Income
taxes receivable
|
43,813
|
22,913
|
Other
current assets
|
1,255,109
|
1,184,217
|
Total
current assets
|
18,282,964
|
11,348,942
|
|
|
|
Property
and equipment, net
|
1,591,883
|
1,260,798
|
Goodwill
|
8,869,548
|
8,866,413
|
Intangibles,
net
|
1,675,500
|
1,866,000
|
Right-of-use
assets
|
5,501,577
|
-
|
Other
long-term assets
|
588,715
|
665,123
|
Total
assets
|
$
36,510,187
|
$
24,007,276
|
|
|
|
Liabilities and Shareholders' Equity
|
|
|
Accounts
payable
|
$
1,534,797
|
$
1,613,477
|
Accrued
expenses and other current liabilities
|
678,837
|
774,944
|
Deferred
revenue
|
317,077
|
250,656
|
Income
taxes payable
|
16,234
|
23,705
|
Lease
liability
|
356,245
|
-
|
Total
current liabilities
|
2,903,190
|
2,662,782
|
|
|
|
Convertible
notes, including accrued interest
|
-
|
8,342,426
|
Convertible
notes embedded derivative
|
-
|
214,350
|
Lease
liability, net of current portion
|
5,182,511
|
-
|
Total
liabilities
|
8,085,701
|
11,219,558
|
Commitments
and contingencies (Note 11)
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
Preferred
stock, $0.001 par value, 5,000,000 shares authorized, no shares
issued or outstanding at June 30, 2019 and December 31,
2018
|
-
|
-
|
Common
stock, $0.001 par value, Authorized shares-50,000,000; issued
shares-10,965,794 at June 30, 2019 and 8,639,139 at December 31,
2018; outstanding shares-10,945,794 at June 30, 2019 and 8,619,139
at December 31, 2018
|
10,966
|
8,639
|
Additional
paid in capital
|
53,211,881
|
30,446,838
|
Accumulated
other comprehensive loss
|
(229,620
)
|
(231,053
)
|
Accumulated
deficit
|
(24,484,741
)
|
(17,352,706
)
|
Treasury
stock
|
(84,000
)
|
(84,000
)
|
Total
shareholders' equity
|
28,424,486
|
12,787,718
|
|
|
|
Total
liabilities and shareholders' equity
|
$
36,510,187
|
$
24,007,276
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
|
|
|
|
|
Revenue
|
$
5,517,433
|
$
4,442,289
|
$
10,843,718
|
$
8,626,952
|
|
|
|
|
|
Cost
of services
|
1,625,818
|
1,507,362
|
3,174,200
|
2,907,659
|
Gross
profit
|
3,891,615
|
2,934,927
|
7,669,518
|
5,719,293
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Sales
and marketing
|
2,865,610
|
2,356,400
|
5,873,813
|
4,727,431
|
Research
and development
|
1,217,981
|
1,008,019
|
2,476,709
|
1,958,694
|
General
and administrative
|
1,935,291
|
1,424,404
|
4,162,966
|
2,850,638
|
Intangible
asset amortization
|
95,250
|
115,000
|
190,500
|
230,000
|
|
|
|
|
|
Total
operating expenses
|
6,114,132
|
4,903,823
|
12,703,988
|
9,766,763
|
|
|
|
|
|
Operating
loss
|
(2,222,517
)
|
(1,968,896
)
|
(5,034,470
)
|
(4,047,470
)
|
Other
expense, net
|
(41,966
)
|
(338,431
)
|
(146,093
)
|
(269,803
)
|
Loss
on induced conversion
|
(2,162,696
)
|
-
|
(2,162,696
)
|
-
|
Gain
(loss) on embedded derivative
|
189,776
|
(453,449
)
|
214,350
|
(453,449
)
|
|
|
|
|
|
Loss
before income taxes
|
(4,237,403
)
|
(2,760,776
)
|
(7,128,909
)
|
(4,770,722
)
|
Provision
(benefit) for income taxes
|
787
|
(294,543
)
|
3,126
|
(252,546
)
|
Net
loss
|
$
(4,238,190
)
|
$
(2,466,233
)
|
$
(7,132,035
)
|
$
(4,518,176
)
|
|
|
|
|
|
Basic
net loss per share
|
$
(0.41
)
|
$
(0.29
)
|
$
(0.75
)
|
$
(0.53
)
|
Diluted
net loss per share
|
$
(0.41
)
|
$
(0.29
)
|
$
(0.75
)
|
$
(0.53
)
|
|
|
|
|
|
Shares
used in computing basic net loss per share
|
10,296,041
|
8,474,616
|
9,568,161
|
8,459,036
|
Shares
used in computing diluted net loss per share
|
10,296,041
|
8,474,616
|
9,568,161
|
8,459,036
|
|
|
|
|
|
Other
comprehensive income (loss):
|
|
|
|
|
Foreign
currency translation adjustment, net
|
2,806
|
(30,526
)
|
1,433
|
115,542
|
Comprehensive
loss
|
$
(4,235,384
)
|
$
(2,496,759
)
|
$
(7,130,602
)
|
$
(4,402,634
)
|
|
Six Months Ended
|
|
|
June 30,
|
|
|
2019
|
2018
|
Cash
flows from operating activities:
|
|
|
Net
loss
|
$
(7,132,035
)
|
$
(4,518,176
)
|
Adjustments
to reconcile loss from operations:
|
|
|
Depreciation
and amortization
|
471,518
|
391,716
|
Amortization
of costs to acquire contracts
|
431,757
|
363,239
|
Non-cash
stock compensation
|
565,592
|
476,221
|
Deferred
income taxes
|
-
|
(108,265
)
|
(Gain)/Loss
on disposal of property and equipment
|
(617
)
|
-
|
Non-cash
interest
|
139,372
|
104,301
|
Amortization
of debt issuance costs and embedded derivative
|
2,903
|
6,632
|
(Gain)/loss
on embedded derivative
|
(214,350
)
|
453,449
|
Loss
on induced conversion
|
2,162,696
|
-
|
Unrealized
foreign currency gain/loss
|
17,126
|
167,912
|
Changes
in assets and liabilities:
|
|
|
Accounts
receivable
|
(25,294
)
|
41,504
|
Unbilled
receivables
|
(138,819
)
|
(94,297
)
|
Right-of-use
assets
|
213,933
|
-
|
Other
assets
|
(416,276
)
|
(452,582
)
|
Income
taxes, net
|
(28,562
)
|
1,838,379
|
Accounts
payable
|
(78,830
)
|
564,696
|
Lease
liabilities
|
(185,575
)
|
(31,587
)
|
Other
liabilities
|
(87,300
)
|
-
|
Deferred
revenue
|
65,612
|
40,910
|
Net
cash used in operating activities
|
(4,237,149
)
|
(755,948
)
|
|
|
|
Cash
flows from investing activities
|
|
|
Purchases
of property and equipment
|
(612,104
)
|
(188,118
)
|
Proceeds
from the sale of property and equipment
|
617
|
-
|
Net
cash used in investing activities
|
(611,487
)
|
(188,118
)
|
|
|
|
Cash
flows used in financing activities:
|
|
|
Proceeds
from issuance of convertible note
|
-
|
8,000,000
|
Debt
issuance costs
|
-
|
(141,657
)
|
Proceeds
from exercise of stock options
|
906,617
|
241,805
|
Proceeds
(cost) from issuance of common stock, net
|
10,649,005
|
-
|
Net
cash provided by financing activities
|
11,555,622
|
8,100,148
|
|
|
|
Effect
of exchange rate on cash
|
(30,186
)
|
(19,322
)
|
|
|
|
Change
in cash and cash equivalents
|
6,676,800
|
7,136,760
|
|
|
|
Cash
and cash equivalents, beginning of period
|
9,320,866
|
5,399,747
|
|
|
|
Cash
and cash equivalents, end of period
|
$
15,997,666
|
$
12,536,507
|
|
|
|
Supplemental
information on consolidated statements of cash flows:
|
|
|
Cash
paid during the period for
|
|
|
Income
taxes, net
|
$
-
|
$
(1,982,957
)
|
Non-cash
activities
|
|
|
Right-of-use
asset obtained for lease liability
|
$
5,715,510
|
$
-
|
Convertible
notes liability relieved upon conversion
|
$
8,484,701
|
$
-
|
Embedded
derivative liability relieved upon conversion
|
$
189,776
|
$
-
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
Additional
|
Other
|
|
|
|
|
|
Common
Stock
|
Paid
in
|
Comprehensive
|
Treasury
Stock
|
Accumulated
|
|
||
|
Shares
|
Amount
|
Capital
|
Loss
|
Shares
|
Amount
|
Deficit
|
Total
|
Balance, March
31, 2018
|
8,466,740
|
$
8,467
|
$
28,608,357
|
$
(511,289
)
|
20,000
|
$
(84,000
)
|
$
(9,925,826
)
|
$
18,095,709
|
Stock based
compensation - stock options
|
-
|
-
|
189,344
|
-
|
-
|
-
|
-
|
189,344
|
Issuance of
common stock for cash
|
48,885
|
49
|
233,200
|
-
|
-
|
-
|
-
|
233,249
|
Issuance of
common stock for director services
|
6,915
|
7
|
49,455
|
-
|
-
|
-
|
-
|
49,462
|
Issuance of
common stock for warrant conversions
|
5,283
|
5
|
(5
)
|
-
|
-
|
-
|
-
|
-
|
Foreign
currency translation adjustment, net
|
-
|
-
|
-
|
146,069
|
-
|
-
|
-
|
146,069
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,466,234
)
|
(2,466,234
)
|
Balance, June
30, 2018
|
8,527,823
|
$
8,528
|
$
29,080,350
|
$
(365,220
)
|
20,000
|
$
(84,000
)
|
$
(12,392,060
)
|
$
16,247,599
|
|
|
|
|
|
|
|
|
|
Balance, March
31, 2019
|
9,646,787
|
$
9,647
|
$
42,025,657
|
$
(232,425
)
|
20,000
|
$
(84,000
)
|
$
(20,246,550
)
|
$
21,472,329
|
Stock based
compensation - stock options
|
-
|
-
|
224,654
|
-
|
-
|
-
|
-
|
224,654
|
Issuance of
common stock for cash
|
60,648
|
61
|
302,692
|
-
|
-
|
-
|
-
|
302,753
|
Issuance of
common stock for director services
|
1,952
|
2
|
37,418
|
-
|
-
|
-
|
-
|
37,420
|
Issuance of
common stock for other non-employee
services
|
14,772
|
15
|
(15
)
|
-
|
-
|
-
|
-
|
-
|
Issuance of
common stock for warrant conversions
|
1,241,635
|
1,242
|
10,621,474
|
-
|
-
|
-
|
-
|
10,622,716
|
Foreign
currency translation adjustment, net
|
-
|
-
|
-
|
2,806
|
-
|
-
|
-
|
2,806
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,238,191
)
|
(4,238,191
)
|
Balance, June
30, 2019
|
10,965,794
|
$
10,966
|
$
53,211,881
|
$
(229,619
)
|
20,000
|
$
(84,000
)
|
$
(24,484,741
)
|
$
28,424,486
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2017
|
8,456,061
|
$
8,456
|
$
28,362,397
|
$
(480,762
)
|
20,000
|
$
(84,000
)
|
$
(7,873,883
)
|
$
19,932,208
|
Stock based
compensation - stock options
|
-
|
-
|
382,879
|
-
|
-
|
-
|
-
|
382,879
|
Issuance of
common stock for cash
|
50,609
|
51
|
241,754
|
-
|
-
|
-
|
-
|
241,805
|
Issuance of
common stock for director services
|
15,870
|
16
|
93,325
|
-
|
-
|
-
|
-
|
93,341
|
Issuance of
common stock for other non-employee services
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Issuance of
common stock for warrant conversions
|
5,283
|
5
|
(5
)
|
-
|
-
|
-
|
-
|
-
|
Foreign
currency translation adjustment, net
|
-
|
-
|
-
|
115,543
|
-
|
-
|
-
|
115,543
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,518,176
)
|
(4,518,176
)
|
Balance, June
30, 2018
|
8,527,823
|
$
8,528
|
$
29,080,350
|
$
(365,219
)
|
20,000
|
$
(84,000
)
|
$
(12,392,060
)
|
$
16,247,599
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2018
|
8,639,139
|
$
8,639
|
$
30,446,838
|
$
(231,053
)
|
20,000
|
$
(84,000
)
|
$
(17,352,706
)
|
$
12,787,718
|
Stock based
compensation - stock options
|
-
|
-
|
493,699
|
-
|
-
|
-
|
-
|
493,699
|
Issuance of
common stock for cash
|
1,065,892
|
1,066
|
11,577,996
|
-
|
-
|
-
|
-
|
11,579,062
|
Issuance of
common stock for director services
|
4,356
|
4
|
71,889
|
-
|
-
|
-
|
-
|
71,893
|
Issuance of
common stock for warrant conversions
|
14,772
|
15
|
(15
)
|
-
|
-
|
-
|
-
|
-
|
Issance of
commons stock for settlement of notes
|
1,241,635
|
1,242
|
10,621,474
|
-
|
-
|
-
|
-
|
10,622,716
|
Foreign
currency translation adjustment
|
-
|
-
|
-
|
1,433
|
-
|
-
|
-
|
1,433
|
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(7,132,035
)
|
(7,132,035
)
|
Balance, June
30, 2019
|
10,965,794
|
$
10,966
|
$
53,211,881
|
$
(229,620
)
|
20,000
|
$
(84,000
)
|
$
(24,484,741
)
|
$
28,424,486
|
Leasehold
improvements
|
3-5
years
|
Furniture
and fixtures
|
3-5
years
|
Computing
equipment
|
3
years
|
Software
|
3-5
years
|
Remainder
of 2019
|
190,500
|
2020
|
332,000
|
2021
|
280,000
|
2022
|
228,000
|
2023
|
180,000
|
2024
|
141,000
|
Thereafter
|
324,000
|
Total
|
$
1,675,500
|
|
June 30,
|
December 31,
|
|
2019
|
2018
|
Principal
amount
|
$
-
|
$
8,000,000
|
Accrued
interest paid-in-kind
|
-
|
304,301
|
Unamortized
debt issuance costs
|
-
|
(122,153
)
|
Unamortized
embedded derivative
|
-
|
160,278
|
Net
carrying value
|
$
-
|
$
8,342,426
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Contractual
interest paid-in-kind expense (non-cash)
|
$
43,373
|
$
100,000
|
$
139,372
|
$
104,301
|
Amortization
of debt issuance costs (non-cash)
|
4,698
|
6,359
|
15,108
|
6,632
|
Amortization
of embedded derivative (non-cash)
|
(3,795
)
|
-
|
(12,205
)
|
-
|
Total
interest expense
|
$
44,276
|
$
106,359
|
$
142,275
|
$
110,933
|
Effective
interest rate
|
4.9
%
|
5.3
%
|
4.9
%
|
5.3
%
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Net
loss
|
$
(4,238,190
)
|
$
(2,466,233
)
|
$
(7,132,035
)
|
$
(4,518,176
)
|
|
|
|
|
|
Basic
weighted average common shares outstanding
|
10,296,041
|
8,474,616
|
9,568,161
|
8,459,036
|
Add
incremental shares for:
|
|
|
|
|
Warrants
|
-
|
-
|
-
|
-
|
Stock
options
|
-
|
-
|
-
|
-
|
Convertible
notes
|
-
|
-
|
-
|
-
|
Diluted
weighted average common shares outstanding
|
10,296,041
|
8,474,616
|
9,568,161
|
8,459,036
|
|
|
|
|
|
Net
loss per share:
|
|
|
|
|
Basic
|
$
(0.41
)
|
$
(0.29
)
|
$
(0.75
)
|
$
(0.53
)
|
Diluted
|
$
(0.41
)
|
$
(0.29
)
|
$
(0.75
)
|
$
(0.53
)
|
|
Three and Six Months Ended
|
|
|
June 30,
|
|
|
2019
|
2018
|
Warrants
|
-
|
44,000
|
Stock
options
|
1,337,486
|
1,483,566
|
Convertible
notes
|
-
|
1,080,573
|
|
Six Months Ended
June 30,
|
||
|
2019
|
|
2018
|
|
|
|
|
Volatility
|
49% - 50%
|
|
48% - 49%
|
Risk-free interest rate
|
2.27% - 2.59%
|
|
2.34% - 2.84%
|
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, 2018
|
1,654,522
|
$
6.07
|
8.2
|
$
10,866,658
|
|
|
|
|
|
Granted
|
65,794
|
14.36
|
|
|
Exercised
|
(180,392
)
|
5.03
|
|
|
Expired
|
(1,198
)
|
5.18
|
|
|
Forfeited
|
(201,240
)
|
4.97
|
|
|
Outstanding
at June 30, 2019
|
1,337,486
|
$
6.79
|
7.7
|
$
8,392,981
|
|
|
|
|
|
Exercisable
at June 30, 2019
|
647,803
|
$
5.02
|
6.8
|
$
5,162,212
|
|
|
Weighted
|
Weighted
|
|
|
Number of
|
Average
|
Average Remaining
|
Intrinsic
|
|
Units
|
Exercise Price
|
Contractual Term
|
Value
|
Outstanding
at December 31, 2018
|
30,000
|
$
7.81
|
1.1
|
$
144,525
|
|
|
|
|
|
Granted
|
-
|
-
|
|
|
Exercised
|
(30,000
)
|
7.81
|
|
|
Cancelled
|
-
|
-
|
|
|
Outstanding
at June 30, 2019
|
-
|
$
-
|
-
|
$
-
|
|
|
|
|
|
Exercisable
at June 30, 2019
|
-
|
$
-
|
-
|
$
-
|
|
Operating Leases
|
Remainder
of 2019
|
$
369,119
|
2020
|
742,956
|
2021
|
766,546
|
2022
|
771,278
|
2023
|
794,937
|
Thereafter
|
4,020,754
|
Total
undiscounted cash flows
|
$
7,465,591
|
Less
imputed interest
|
(1,926,835
)
|
Present
value of lease liability
|
$
5,538,756
|
|
Three Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
Revenue
by Product:
|
|
|
|
|
Marketing
Automation Revenue
|
5,450,837
|
4,319,158
|
10,712,920
|
8,382,657
|
Mail
+ Product Revenue
|
$
66,596
|
$
123,131
|
$
130,798
|
$
244,295
|
Total
Revenue
|
$
5,517,433
|
$
4,442,289
|
$
10,843,718
|
$
8,626,952
|
|
|
|
|
|
Revenue
by Type:
|
|
|
|
|
Recurring
Revenue
|
5,124,370
|
4,072,001
|
9,992,519
|
7,925,832
|
Upfront
Fees
|
$
393,063
|
$
370,288
|
$
851,199
|
$
701,120
|
Total
Revenue
|
$
5,517,433
|
$
4,442,289
|
$
10,843,718
|
$
8,626,952
|
|
|
|
|
Percent
|
|
Three Months Ended
|
Change
|
Change
|
|
|
June 30,
|
from
|
from
|
|
|
2019
|
2018
|
Prior Year
|
Prior Year
|
Revenues and Cost of Sales:
|
|
|
|
|
Revenues
|
$
5,517,433
|
$
4,442,289
|
$
1,075,144
|
24
%
|
Cost
of Sales
|
1,625,818
|
1,507,362
|
118,456
|
8
%
|
Gross
Profit
|
$
3,891,615
|
$
2,934,927
|
$
956,688
|
33
%
|
|
|
|
|
Percent
|
|
Three Months Ended
|
Change
|
Change
|
|
|
June 30,
|
from
|
from
|
|
|
2019
|
2018
|
Prior Year
|
Prior Year
|
Operating expenses:
|
|
|
|
|
Sales
and marketing
|
$
2,865,610
|
$
2,356,400
|
$
509,210
|
22
%
|
Research
and development
|
1,217,981
|
1,008,019
|
209,962
|
21
%
|
General
and administrative
|
1,935,291
|
1,424,404
|
510,887
|
36
%
|
Intangible
asset amortization
|
95,250
|
115,000
|
(19,750
)
|
-17
%
|
|
$
6,114,132
|
$
4,903,823
|
$
1,210,309
|
25
%
|
|
|
|
|
Percent
|
|
Three Months Ended
|
Change
|
Change
|
|
|
June 30,
|
from
|
from
|
|
|
2019
|
2018
|
Prior Year
|
Prior Year
|
Other
|
|
|
|
|
Other
expense, net
|
$
(41,966
)
|
$
(338,431
)
|
$
296,465
|
-88
%
|
Loss
on conversion of convertible notes
|
(2,162,696
)
|
-
|
(2,162,696
)
|
n/a
|
Gain
(loss) on embedded derivative
|
189,776
|
(453,449
)
|
643,225
|
-142
%
|
Provision
(benefit) for income taxes
|
787
|
(294,543
)
|
295,330
|
-100
%
|
|
|
|
|
Percent
|
|
Six Months Ended
|
Change
|
Change
|
|
|
June 30,
|
from
|
from
|
|
|
2019
|
2018
|
Prior Year
|
Prior Year
|
Revenues and Cost of Sales:
|
|
|
|
|
Revenues
|
$
10,843,718
|
$
8,626,952
|
$
2,216,766
|
26
%
|
Cost
of Sales
|
3,174,200
|
2,907,659
|
266,541
|
9
%
|
Gross
Profit
|
$
7,669,518
|
$
5,719,293
|
$
1,950,225
|
34
%
|
|
|
|
|
Percent
|
|
Six Months Ended
|
Change
|
Change
|
|
|
June 30,
|
from
|
from
|
|
|
2019
|
2018
|
Prior Year
|
Prior Year
|
Operating expenses:
|
|
|
|
|
Sales
and marketing
|
$
5,873,813
|
$
4,727,431
|
$
1,146,382
|
24
%
|
Research
and development
|
2,476,709
|
1,958,694
|
518,015
|
26
%
|
General
and administrative
|
4,162,966
|
2,850,638
|
1,312,328
|
46
%
|
Intangible
asset amortization
|
190,500
|
230,000
|
(39,500
)
|
-17
%
|
|
$
12,703,988
|
$
9,766,763
|
$
2,937,225
|
30
%
|
|
|
|
|
Percent
|
|
Six Months Ended
|
Change
|
Change
|
|
|
June 30,
|
from
|
from
|
|
|
2019
|
2018
|
Prior Year
|
Prior Year
|
Other
|
|
|
|
|
Other
expense, net
|
$
(146,093
)
|
$
(269,803
)
|
$
123,710
|
-46
%
|
Loss
on conversion of convertible notes
|
(2,162,696
)
|
-
|
(2,162,696
)
|
n/a
|
Gain
(loss) on embedded derivative
|
214,350
|
(453,449
)
|
667,799
|
-147
%
|
Provision
(benefit) for income taxes
|
3,126
|
(252,546
)
|
255,672
|
-101
%
|
Date
|
|
Security/Value
|
May
2019
|
|
Common
Stock – 14,772 shares of common stock issued pursuant to
cashless warrant exercises with an exercise price of
$7.81.
|
SEC ReferenceNumber
|
|
Title of Document
|
|
Location
|
10.1
|
|
Note
Conversion Agreement, dated May 9, 2019, by and among SharpSpring,
Inc., SHSP Holdings, LLC, and Evercel Holdings, LLC
|
|
Incorporated
by reference to the Company’s Form 8-K filed
05/09/19.
|
10.2
|
|
SharpSpring, Inc. 2019 Equity Incentive Plan
|
|
Incorporated
by reference to the Company’s
Definitive Schedule 14A filed
04/30/19
|
10.3
|
|
Office
Lease Agreement Addendum with Celebration Pointe Office Partners
II, LLC dated June 20, 2019.
|
|
Incorporated
by reference to the Company’s Form 8-K filed
6/25/19.
|
10.4
|
|
Office Lease Agreement with Celebration Pointe Office Partners II,
LLC dated April 18, 2018
|
|
Incorporated
by reference to the Company’s Form 8-K filed
4/19/18.
|
|
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
|
|
101
|
|
XBRL
|
|
|
|
SharpSpring,
Inc.
|
|
|
|
|
|
|
|
By:
|
/s/
Richard A.
Carlson
|
|
|
|
Richard A.
Carlson
|
|
|
|
Chief
Executive Officer and President
(Principal
Executive Officer)
Date: August 13, 2019
|
|
|
SharpSpring,
Inc.
|
|
|
|
|
|
|
|
By:
|
/s/
Bradley
Stanczak
|
|
|
|
Bradley
Stanczak
|
|
|
|
Chief Financial
Officer
(Principal
Financial Officer)
Date: August 13, 2019
|
|
1 Year SharpSpring Chart |
1 Month SharpSpring Chart |
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