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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.80 | 12.30 | 17.65 | 0 | 09:00:00 |
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
|
September 30,
2013
|
December 31,
2012
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
938,008
|
$
|
4,483
|
||||
Accounts receivable, net of allowance of $80,000
|
1,173,699
|
1,509,532
|
||||||
Prepaid expenses and other current assets
|
214,443
|
131,520
|
||||||
Total current assets
|
2,326,150
|
1,645,535
|
||||||
Property and equipment, net
|
255,617
|
250,233
|
||||||
Intangible assets, net
|
737,282
|
884,513
|
||||||
Deposits and other assets
|
22,157
|
21,996
|
||||||
Total assets
|
$
|
3,341,206
|
$
|
2,802,277
|
||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Bank line of credit
|
$
|
-
|
$
|
178,633
|
||||
Accounts payable and accrued expenses
|
1,780,350
|
1,959,124
|
||||||
Accrued interest
|
13,210
|
12,422
|
||||||
Capital lease obligations – current portion
|
48,255
|
42,587
|
||||||
Current portion of long-term debt
|
175,000
|
-
|
||||||
Deferred revenue
|
1,743,199
|
1,357,800
|
||||||
Notes payable to related party
|
20,000
|
20,000
|
||||||
Total current liabilities
|
3,780,014
|
3,570,566
|
||||||
Capital lease obligations – long-term
|
46,737
|
46,242
|
||||||
Long-term debt
|
145,750
|
-
|
||||||
Total liabilities
|
3,972,501
|
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;
117,676,976 and 116,950,933 shares issued and outstanding, respectively
|
1,177
|
1,170
|
||||||
Class B – par value $.00001: authorized 50,000,000 shares; no shares issued and
Outstanding
|
-
|
-
|
||||||
Additional paid-in capital
|
10,803,957
|
10,716,224
|
||||||
Accumulated deficit
|
(11,436,430
|
)
|
(11,531,926
|
)
|
||||
Total stockholders’ deficit
|
(631,295
|
)
|
(814,531
|
)
|
||||
Total liabilities and stockholders’ deficit
|
$
|
3,341,206
|
$
|
2,802,277
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30, 2013
|
September 30, 2012
|
September 30, 2013
|
September 30, 2012
|
|||||||||||||
Revenues:
|
||||||||||||||||
Product, net
|
$
|
995,145
|
$
|
851,656
|
$
|
2,239,773
|
$
|
1,672,791
|
||||||||
Service, net
|
3,379,806
|
2,616,698
|
10,050,315
|
7,775,847
|
||||||||||||
Total revenues, net
|
4,374,951
|
3,468,354
|
12,290,088
|
9,448,638
|
||||||||||||
Cost of revenues:
|
||||||||||||||||
Product
|
563,858
|
433,320
|
1,146,150
|
806,550
|
||||||||||||
Service
|
2,180,106
|
1,648,416
|
6,271,221
|
4,774,866
|
||||||||||||
Cost of revenues
|
2,743,964
|
2,081,736
|
7,417,371
|
5,581,416
|
||||||||||||
Gross profit
|
1,630,987
|
1,386,618
|
4,872,717
|
3,867,222
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling expenses
|
926,738
|
523,352
|
2,345,703
|
1,607,559
|
||||||||||||
General and administrative expenses
|
668,526
|
677,026
|
2,127,303
|
1,899,593
|
||||||||||||
Shared-based compensation
|
25,404
|
4,404
|
34,212
|
1,131,854
|
||||||||||||
Depreciation and amortization
|
72,403
|
62,624
|
218,604
|
114,376
|
||||||||||||
Total operating expenses
|
1,693,071
|
1,267,406
|
4,725,822
|
4,753,382
|
||||||||||||
Income (loss) from operations
|
(62,084
|
)
|
119,212
|
146,895
|
(886,160
|
)
|
||||||||||
Other income (expense):
|
||||||||||||||||
Amortization of debt discount
|
-
|
-
|
-
|
(4,250
|
)
|
|||||||||||
Interest expense, net
|
(20,135
|
)
|
(16,404
|
)
|
(51,399
|
)
|
(49,004
|
)
|
||||||||
Total other income (expense)
|
(20,135
|
)
|
(16,404
|
)
|
(51,399
|
)
|
(53,254
|
)
|
||||||||
Net income (loss) before income tax provision (benefit)
|
(82,219
|
)
|
102,808
|
95,496
|
(939,414
|
)
|
||||||||||
Income tax provision (benefit)
|
- |
|
- |
|
- |
|
- |
|
||||||||
Net income (loss)
|
$
|
(82,219
|
)
|
$
|
102,808
|
$
|
95,496
|
$
|
(939,414
|
)
|
||||||
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
|
117,195,173
|
116,949,303
|
117,060,232
|
114,873,304
|
||||||||||||
Diluted
|
117,195,173
|
131,283,955
|
117,060,232
|
114,873,304
|
Nine Months Ended
September 30,
|
||||||||
2013
|
2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
95,496
|
$
|
(939,414
|
)
|
|||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Depreciation and amortization
|
71,374
|
61,776
|
||||||
Amortization of intangibles
|
147,231
|
52,600
|
||||||
Amortization of debt discount
|
-
|
4,250
|
||||||
Share-based compensation
|
34,212
|
1,131,854
|
||||||
Common stock issued for services
|
-
|
20,000
|
||||||
Stock warrants issued in exchange for services
|
28,528
|
31,089
|
||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable
|
335,833
|
(786,540
|
)
|
|||||
Prepaid expenses and other current assets
|
(82,923
|
)
|
2,521
|
|||||
Deposits and other assets
|
(161
|
)
|
20,444
|
|||||
Accounts payable and accrued expenses
|
(153,774
|
)
|
380,610
|
|||||
Accrued interest
|
788
|
5,208
|
||||||
Deferred revenue
|
385,399
|
169,065
|
|
|||||
Net cash provided by operating activities
|
862,003
|
153,463
|
||||||
Cash flows from investing activities:
|
||||||||
Acquisition of intangible assets
|
-
|
(157,258
|
)
|
|||||
Acquisition of new business
|
(441,964
|
)
|
||||||
Purchase of property and equipment
|
(31,375
|
)
|
(56,077
|
)
|
||||
Net cash used in investing activities
|
(31,375
|
)
|
(655,299
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from line of credit
|
-
|
403,008
|
||||||
Repayment of bank line of credit
|
(178,633
|
)
|
-
|
|||||
Proceeds from term loan
|
350,000
|
|||||||
Repayment of term loan
|
(29,250
|
)
|
||||||
Principal payments under capital leases obligations
|
(39,220
|
)
|
(33,554
|
)
|
||||
Net cash provided by financing activities
|
102,897
|
369,454
|
||||||
Net increase (decrease) in cash and cash equivalents
|
933,525
|
(132,382
|
)
|
|||||
Cash and cash equivalents – beginning of period
|
4,483
|
233,722
|
||||||
Cash and cash equivalents – end of period
|
$
|
938,008
|
$
|
101,340
|
||||
Cash paid during period for:
|
||||||||
Interest expense
|
$
|
50,525
|
$
|
29,490
|
||||
Income taxes
|
$
|
-
|
$
|
-
|
Three Months
Ended
|
Three Months
Ended
|
Nine Months
Ended
|
Nine Months
Ended
|
|||||||||||||
September 30,
2013
|
September 30,
2012
|
September 30,
2
013
|
September 30,
2012
|
|||||||||||||
Basic net income (loss) per share computation:
|
||||||||||||||||
Net income (loss)
|
$ | (82,219 | ) | $ | 102,808 | $ | 95,496 | $ | (939,414 | ) | ||||||
Weighted-average common shares outstanding
|
117,195,173 | 116,949,303 | 117,060,232 | 114,873,304 | ||||||||||||
Basic net income (loss) per share
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.01 | ) | |||||||
Diluted net income (loss) per share computation:
|
||||||||||||||||
Net income (loss)
|
$ | (82,219 | ) | $ | 102,808 | $ | 95,496 | $ | (939,414 | ) | ||||||
Weighted-average common shares outstanding
|
117,195,173 | 116,949,303 | 117,060,232 | 114,873,304 | ||||||||||||
Incremental shares attributable to the common stock equivalents
|
- | 14,334,652 | - | - | ||||||||||||
Total adjusted weighted-average shares
|
117,195,173 | 131,283,955 | 117,060,232 | 114,873,304 | ||||||||||||
Diluted net income (loss) per share
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.01 | ) |
September 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
|
250,754
|
103,523
|
||||||
$
|
737,282
|
$
|
884,513
|
Amortization | ||||
Balance of 2013
|
$ | 50,376 | ||
2014
|
197,607 | |||
2015
|
197,607 | |||
2016
|
197,607 | |||
2017
|
94,085 | |||
Total
|
$ | 737,282 |
Pro Forma
|
||||
|
Nine Months Ended
September 30, 2012
|
|||
Net revenues
|
$
|
10,043,620
|
||
Cost of revenues
|
5,581,416
|
|||
Operating expenses
|
5,447,064
|
|||
Other expense
|
53,254
|
|||
Loss before taxes
|
(1,038,114
|
)
|
||
Net loss
|
$
|
(1,038,114
|
)
|
|
Basic loss per common share
|
$
|
(0.01
|
)
|
|
Diluted loss per common share
|
$
|
(0.01
|
)
|
September 30,
2013
|
September 30,
2012
|
|||||||
Current tax provision
|
||||||||
Federal
|
$
|
-
|
$
|
-
|
||||
State
|
-
|
-
|
||||||
-
|
-
|
|||||||
Deferred tax provision (benefit):
|
||||||||
Federal
|
$
|
(44,000
|
) |
$
|
67,000
|
|||
State
|
(23,000
|
) |
12,000
|
|||||
(67,000
|
) |
79,000
|
||||||
(67,000
|
) |
79,000
|
||||||
Change in valuation allowance
|
67,000
|
(79,000
|
)
|
|||||
Income tax provision (benefit)
|
$
|
-
|
$
|
-
|
September 30,
|
September 30,
|
|||||||
2013
|
2012
|
|||||||
Federal income tax rate
|
34
|
%
|
34
|
%
|
||||
State income tax, net of federal benefit
|
6
|
%
|
6
|
%
|
||||
Permanent differences
|
8
|
%
|
(121
|
%)
|
||||
Effective income tax rate
|
48
|
%
|
(81
|
%)
|
||||
Effect on valuation allowance
|
(48
|
%)
|
81
|
%
|
||||
Effective income tax rate
|
0.0
|
%
|
0.0
|
%
|
|
1) Revenues increased 30% from the prior year.
|
|
2) Income from operations increased to $146,895 as compared to a loss of $886,160 in the prior year.
|
|
3) Net income increased to $95,496 as compared to a loss of $939,314 in the prior year.
|
|
4) For the quarter ended September 30, 2013, the Company recorded an operating loss of $62,034 as compared to an operating profit of $119,212 mostly as a result of an increase in sales and marketing expense as we continue to lay the foundation for continued growth.
|
|
5) 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.
|
|
6) Continued to book major orders for Sage ERP X3.
|
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: November 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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