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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SilverSun Technologies Inc | NASDAQ:SSNT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.14% | 13.96 | 12.09 | 14.20 | 14.37 | 13.751 | 14.37 | 22,685 | 01:00:00 |
Delaware
|
16-1633636
|
(State or other jurisdiction of incorporation)
|
(IRS Employer Identification No.)
|
Large accelerated filer
|
¨
|
Accelerated filer
|
¨
|
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
x
|
Page No.
|
||
PART I. FINANCIAL INFORMATION
|
||
Item 1.
|
3
|
|
3
|
||
4
|
||
5
|
||
7
|
||
Item 2.
|
11
|
|
Item 3.
|
15
|
|
Item 4.
|
15
|
|
PART II. OTHER INFORMATION
|
||
Item 1.
|
16
|
|
Item 1A.
|
16
|
|
Item 2.
|
16
|
|
Item 3.
|
16
|
|
Item 4.
|
16
|
|
Item 5.
|
16
|
|
Item 6.
|
16
|
ASSETS
|
June 30,
2013
|
December 31,
2012
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
57,573
|
$
|
4,483
|
||||
Accounts receivable, net of allowance of $80,000
|
1,238,469
|
1,509,532
|
||||||
Prepaid expenses and other current assets
|
200,297
|
131,520
|
||||||
Total current assets
|
1,496,339
|
1,645,535
|
||||||
,
|
||||||||
Property and equipment, net
|
276,421
|
250,233
|
||||||
Intangible assets, net
|
786,684
|
884,513
|
||||||
Deposits and other assets
|
23,064
|
21,996
|
||||||
Total assets
|
$
|
2,582,508
|
$
|
2,802,277
|
||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Bank line of credit
|
$
|
-
|
$
|
178,633
|
||||
Accounts payable and accrued expenses
|
1,372,101
|
1,959,124
|
||||||
Accrued interest
|
12,843
|
12,422
|
||||||
Capital lease obligations
|
108,234
|
88,829
|
||||||
Deferred revenue
|
1,668,810
|
1,357,800
|
||||||
Notes payable to related party
|
20,000
|
20,000
|
||||||
Total current liabilities
|
3,181,988
|
3,616,808
|
||||||
Commitments and contingencies
|
-
|
-
|
||||||
Stockholders’ deficit:
|
||||||||
Preferred stock, $1.00 par value; authorized 1,000,000 shares;
No shares issued and outstanding
|
-
|
-
|
||||||
Series A Convertible Preferred Stock, $1.00 par value;
no shares issued and outstanding
|
-
|
-
|
||||||
Series B Preferred Stock, .001 par value; authorized 1 share;
1 share issued and outstanding
|
1
|
1
|
||||||
Common stock:
|
||||||||
Class A – par value $.00001; authorized 750,000,000 shares;
117,161,459 and 116,950,933 shares issued and outstanding, respectively
|
1,172
|
1,170
|
||||||
Class B – par value $.00001: authorized 50,000,000 shares; no shares issued and outstanding
|
-
|
-
|
||||||
Additional paid-in capital
|
10,753,558
|
10,716,224
|
||||||
Accumulated deficit
|
(11,354,211
|
)
|
(11,531,926
|
)
|
||||
Total stockholders’ deficit
|
(599,480
|
)
|
(814,531
|
)
|
||||
Total liabilities and stockholders’ deficit
|
$
|
2,582,508
|
$
|
2,802,277
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30, 2013
|
June 30, 2012
|
June 30, 2013
|
June 30, 2012
|
|||||||||||||
Revenues:
|
||||||||||||||||
Product, net
|
$
|
528,368
|
$
|
462,161
|
$
|
1,244,628
|
$
|
821,135
|
||||||||
Service, net
|
3,342,230
|
2,609,264
|
6,670,509
|
5,159,149
|
||||||||||||
Total revenues, net
|
3,870,598
|
3,071,425
|
7,915,137
|
5,980,284
|
||||||||||||
Cost of revenues:
|
||||||||||||||||
Product
|
239,979
|
203,982
|
582,292
|
373,320
|
||||||||||||
Service
|
2,024,012
|
1,570,013
|
4,091,115
|
3,126,360
|
||||||||||||
Cost of revenues
|
2,263,991
|
1,773,995
|
4,673,407
|
3,499,680
|
||||||||||||
Gross profit
|
1,606,607
|
1,297,430
|
3,241,730
|
2,480,604
|
||||||||||||
Selling, general and administrative expenses:
|
||||||||||||||||
Selling expenses
|
688,863
|
569,857
|
1,418,965
|
1,084,207
|
||||||||||||
General and administrative expenses
|
765,579
|
606,621
|
1,458,777
|
1,222,567
|
||||||||||||
Shared-based compensation
|
4,404
|
408,183
|
8,808
|
1,127,450
|
||||||||||||
Depreciation and amortization
|
70,422
|
32,550
|
146,201
|
51,752
|
||||||||||||
Total selling, general and administrative expenses
|
1,529,268
|
1,617,211
|
3,032,751
|
3,485,976
|
||||||||||||
Income (loss) from operations
|
77,339
|
(319,781
|
)
|
208,979
|
(1,005,372
|
)
|
||||||||||
Other income (expense):
|
||||||||||||||||
Amortization of debt discount
|
-
|
-
|
-
|
(4,250
|
)
|
|||||||||||
Interest expense, net
|
(15,154
|
)
|
(14,250
|
)
|
(31,264
|
)
|
(32,600
|
)
|
||||||||
Total other income (expense)
|
(15,154
|
)
|
(14,250
|
)
|
(31,264
|
)
|
(36,850
|
)
|
||||||||
Net income (loss)
|
$
|
62,185
|
$
|
(334,031
|
)
|
$
|
177,715
|
$
|
(1,042,222
|
)
|
||||||
Net income (loss) per common share: | ||||||||||||||||
Basic
|
$
|
0.00
|
$
|
(0.00
|
)
|
$
|
0.00
|
$
|
(0.01
|
)
|
||||||
Fully diluted
|
0.00
|
(0.00
|
)
|
0.00
|
(0.01
|
)
|
||||||||||
Weighted average shares:
|
||||||||||||||||
Basic
|
117,161,459
|
116,800,933
|
116,991,642
|
113,823,898
|
||||||||||||
Diluted
|
117,161,459
|
116,800,933
|
116,991,642
|
113,823,898
|
Six Months Ended June 30,
|
||||||||
2013
|
2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
177,715
|
$
|
(1,042,222
|
)
|
|||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Depreciation and amortization
|
48,374
|
45,452
|
||||||
Amortization of intangibles
|
97,829
|
6,300
|
||||||
Amortization of debt discount
|
-
|
4,250
|
||||||
Share-based compensation
|
8,808
|
1,127,450
|
||||||
Common stock issued for services
|
-
|
5,000
|
||||||
Stock warrants issued in exchange for services
|
28,528
|
9,830
|
||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable
|
271,063
|
(408,058
|
)
|
|||||
Prepaid expenses and other current assets
|
(68,777
|
)
|
49,769
|
|||||
Deposits and other assets
|
(1,068
|
)
|
21,302
|
|||||
Accounts payable and accrued expenses
|
(587,023
|
)
|
(83,978
|
)
|
||||
Accrued interest
|
421
|
5,193
|
||||||
Deferred revenue
|
311,010
|
201,554
|
||||||
Net cash provided by (used in) operating activities
|
286,880
|
(58,158
|
)
|
|||||
Cash flows from investing activities:
|
||||||||
Acquisition of intangible assets
|
-
|
(62,661
|
)
|
|||||
Acquisition of new business
|
(441,964
|
)
|
||||||
Purchase of property and equipment
|
(29,179
|
)
|
(53,734
|
)
|
||||
Net cash used in investing activities
|
(29,179
|
)
|
(558,359
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from line of credit
|
579,824
|
|||||||
Repayment of bank line of credit
|
(178,633
|
)
|
-
|
|||||
Principal payments under capital leases obligations
|
(25,978
|
)
|
(20,033
|
)
|
||||
Net cash (used in) provided by financing activities
|
(204,611
|
)
|
559,791
|
|||||
Net increase (decrease) in cash and cash equivalents
|
53,090
|
(56,726
|
)
|
|||||
Cash and cash equivalents – beginning of period
|
4,483
|
233,722
|
||||||
Cash and cash equivalents – end of period
|
$
|
57,573
|
$
|
176,996
|
||||
Cash paid during period for:
|
||||||||
Interest expense
|
$
|
29,730
|
$
|
29,490
|
||||
Income taxes
|
$
|
-
|
$
|
-
|
Three Months Ended
|
Three Months Ended
|
|||||||
June 30, 2013
|
June 30, 2012
|
|||||||
Basic net income (loss) per share computation:
|
||||||||
Net income (loss)
|
$
|
62,185
|
$
|
(334,031
|
)
|
|||
Weighted-average common shares outstanding
|
117,161,459
|
116,800,933
|
||||||
Basic net income (loss) per share
|
$
|
0.00
|
$
|
(0.00
|
)
|
|||
Diluted net income (loss) per share computation:
|
||||||||
Net income (loss)
|
$
|
62,185
|
$
|
(334,031
|
)
|
|||
Weighted-average common shares outstanding
|
117,161,459
|
116,800,933
|
||||||
Incremental shares attributable to the common stock equivalents
|
-
|
-
|
||||||
Total adjusted weighted-average shares
|
117,161,459
|
116,800,933
|
||||||
Diluted net income (loss) per
|
$
|
0.00
|
$
|
(0.00
|
)
|
Six Months Ended
|
Six Months Ended
|
|||||||
June 30, 2013
|
June 30, 2012
|
|||||||
Basic net income (loss) per share computation:
|
||||||||
Net income (loss)
|
$
|
177,715
|
$
|
(1,042,022
|
)
|
|||
Weighted-average common shares outstanding
|
116,991,642
|
113,823,898
|
||||||
Basic net income (loss) per share attributable to common Stockholders
|
$
|
0.00
|
$
|
(0.01
|
)
|
|||
Diluted net income (loss) per share
|
||||||||
Net income (loss) attributable to common stockholders
|
$
|
177,715
|
$
|
(1,042,022
|
)
|
|||
Weighted-average common shares outstanding
|
116,991,642
|
113,823,898
|
||||||
Incremental shares attributable to the common stock equivalents
|
-
|
-
|
||||||
Total adjusted weighted-average shares
|
116,991,642
|
113,823,898
|
||||||
Diluted net income (loss) per
|
$
|
0.00
|
$
|
(0.01
|
)
|
June 30,
2013
|
December 31,
2012
|
|||||||
Proprietary developed software
|
$
|
294,036
|
$
|
294,036
|
||||
Intellectual property, customer list, and acquired contracts
|
694,000
|
694,000
|
||||||
Total intangible assets
|
$
|
988,036
|
$
|
988,036
|
||||
Less: accumulated amortization
|
201,352
|
103,523
|
||||||
$
|
786,684
|
$
|
884,513
|
Pro Forma | ||||
|
Six Months Ended
June 30, 2012
|
|||
Net sales
|
$
|
6,575,266
|
||
Operating expenses
|
4,179,658
|
|||
Income (loss) before taxes
|
(1,140,922
|
)
|
||
Net income (loss)
|
$
|
(1,140,922
|
)
|
|
Basic income (loss) per common share
|
$
|
(0.01
|
)
|
|
Diluted income (loss) per common share
|
$
|
(0.01
|
)
|
·
|
Revenues increased 32% from the prior year.
|
·
|
Income from operations increased to $208,979 as compared to a loss of $1,005,372 in the prior year.
|
·
|
Net income increased to $177,715 as compared to a loss of $1,042,222 in the prior year.
|
·
|
Sales of the Company’s proprietary, cloud-based business management solutions created specifically for the U.S. craft brewery and distribution industry has continued to increase since its introduction to market in early 2012; and the number of new sales prospects continues to climb.
|
·
|
Continued to book major orders for Sage ERP X3.
|
·
|
Engaged Network One Securities, Inc. to advise the Company’s management team on financial strategies to support its current growth initiatives.
|
·
|
In June 2013 SWK Technologies, Inc., the Company’s principal operating subsidiary, signed a Letter of Intent to acquire VICOR Business Services, Inc., a Bethesda, Maryland-based provider of financial and business management consulting services with specific expertise in compliance-oriented federal contracting with U.S. government agencies.
|
31.1
|
||
31.2
|
||
32.1
|
||
32.2
|
||
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
SILVERSUN TECHNOLOGIES, INC.
|
|||||
Dated: August 13, 2013
|
By:
|
/s/ Mark Meller
|
|||
Mark Meller
|
|||||
Chief Executive Officer (Principal Executive Officer)
|
|||||
Chief Financial Officer (Principal Accounting Officer)
|
1 Year SilverSun Technologies Chart |
1 Month SilverSun Technologies Chart |
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