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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.56 | -3.46% | 15.62 | 13.92 | 15.77 | 16.385 | 15.41 | 16.25 | 24,738 | 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
|
☒
|
|
|
Page No.
|
PART I. FINANCIAL INFORMATION
|
|
|
|
|
|
Item 1.
|
3
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
6
|
|
|
8
|
|
|
|
|
Item 2.
|
20
|
|
Item 3.
|
26
|
|
Item 4.
|
26
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
|
|
|
Item 1.
|
27
|
|
Item 1A.
|
27
|
|
Item 2.
|
27
|
|
Item 3.
|
27
|
|
Item 4.
|
27
|
|
Item 5.
|
27
|
|
Item 6.
|
27
|
|
March 31,
2016
|
December 31,
2015
|
||||||
ASSETS
|
||||||||
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
673,536
|
$
|
1,193,313
|
||||
Accounts receivable, net of allowance of $375,000
|
2,576,863
|
2,477,301
|
||||||
Unbilled services
|
678,683
|
741,543
|
||||||
Prepaid expenses and other current assets
|
306,329
|
443,619
|
||||||
Deferred tax asset – current
|
38,000
|
38,000
|
||||||
|
||||||||
Total current assets
|
4,273,411
|
4,893,776
|
||||||
|
||||||||
Property and equipment, net
|
516,771
|
425,347
|
||||||
Intangible assets, net
|
2,500,954
|
2,571,537
|
||||||
Goodwill
|
401,000
|
401,000
|
||||||
Deferred tax assets
|
152,500
|
162,000
|
||||||
Deposits and other assets
|
29,889
|
29,889
|
||||||
|
||||||||
Total assets
|
$
|
7,874,525
|
$
|
8,483,549
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
1,644,252
|
$
|
1,594,100
|
||||
Accrued expenses
|
702,776
|
821,586
|
||||||
Accrued interest
|
16,661
|
14,817
|
||||||
Income taxes payable
|
301,632
|
250,284
|
||||||
Bank line of credit
|
-
|
-
|
||||||
Contingent consideration – current portion
|
125,650
|
128,434
|
||||||
Long term debt - current portion
|
301,681
|
300,033
|
||||||
Capital lease obligations – current portion
|
86,337
|
90,167
|
||||||
Deferred revenue
|
2,087,063
|
2,369,999
|
||||||
|
||||||||
Total current liabilities
|
5,266,052
|
5,569,420
|
||||||
|
||||||||
Contingent consideration net of current portion
|
241,740
|
272,213
|
||||||
Long term debt net of current portion
|
717,109
|
793,150
|
||||||
Capital lease obligations net of current portion
|
71,773
|
92,445
|
||||||
Convertible note payable
|
200,000
|
200,000
|
||||||
Total liabilities
|
6,496,674
|
6,927,228
|
||||||
|
||||||||
Commitments and contingencies
|
-
|
-
|
||||||
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $0.001 par value; authorized 1,000,000 shares
|
-
|
-
|
||||||
Series A Preferred Stock, $0.001 par value; authorized 2 shares
No shares issued and outstanding
|
-
|
-
|
||||||
Series B Preferred Stock, $0.001 par value; authorized 1 share
No shares issued and outstanding
|
-
|
-
|
||||||
Common stock:
|
||||||||
Par value $0.00001; authorized 75,000,000 shares
4,410,736 shares issued and outstanding
|
45
|
45
|
||||||
Additional paid-in capital
|
11, 945,701
|
12,198,448
|
||||||
Accumulated deficit
|
(10,567,895
|
)
|
(10,642,172
|
)
|
||||
Total stockholders’ equity
|
1,377,851
|
1,556,321
|
||||||
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
7,874,525
|
$
|
8,483,549
|
|
Three Months Ended March 31,
|
|||||||
|
2016
|
2015
|
||||||
Revenues:
|
||||||||
Software product, net
|
$
|
860,442
|
$
|
1,382,742
|
||||
Service, net
|
6,923,859
|
5,100,372
|
||||||
Total revenues, net
|
7,784,301
|
6,483,114
|
||||||
|
||||||||
Cost of revenues:
|
||||||||
Product
|
444,894
|
637,509
|
||||||
Service
|
4,408,378
|
3,045,333
|
||||||
Total cost of revenues
|
4,853,272
|
3,682,842
|
||||||
|
||||||||
Gross profit
|
2,931,029
|
2,800,272
|
||||||
|
||||||||
Selling, general and administrative expenses :
|
||||||||
Selling and marketing expenses
|
1,084,879
|
912,130
|
||||||
General and administrative expenses
|
1,518,933
|
1,187,814
|
||||||
Share based compensation
|
11,952
|
30,405
|
||||||
Depreciation and amortization
|
170,894
|
111,956
|
||||||
Total selling, general and administrative expenses
|
2,786,658
|
2,242,305
|
||||||
|
||||||||
Income from operations
|
144,371
|
557,967
|
||||||
|
||||||||
Other income (expense)
|
||||||||
Interest expense, net
|
(19,246
|
)
|
(12,217
|
)
|
||||
Other income
|
10,000
|
-
|
||||||
Total other income (expense)
|
(9,246
|
)
|
(12,217
|
)
|
||||
|
||||||||
Income before taxes
|
135,125
|
545,750
|
||||||
|
||||||||
Provision for income taxes
|
60,848
|
24,583
|
||||||
|
||||||||
Net income
|
$
|
74,277
|
$
|
521,167
|
||||
|
||||||||
Net income per common share – basic and fully diluted
|
$
|
0.02
|
$
|
0.13
|
||||
Weighted average shares
|
||||||||
Basic
|
4,410,736
|
4,042,317
|
||||||
Diluted
|
4,477,403
|
4,051,338
|
Series A
Preferred Stock
|
Series B
Preferred Stock
|
Common Stock
Class A
|
Additional
Paid in
|
Accumulated
Equity
|
Total
Stockholders’
|
|||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
(Deficit)
|
Equity
|
||||||||||||||||||||||||||||
Balance at January 1, 2015
|
-
|
$
|
-
|
1
|
$
|
1
|
3,959,064
|
$
|
40
|
$
|
11,030,043
|
$
|
(11,016,477
|
)
|
$
|
13,607
|
||||||||||||||||||||
Cancellation of preferred share
|
-
|
-
|
(1
|
)
|
(1
|
)
|
-
|
-
|
1
|
-
|
-
|
|||||||||||||||||||||||||
Issuance of common stock, net of fees
|
-
|
-
|
-
|
-
|
363,490
|
4
|
812,019
|
-
|
812,023
|
|||||||||||||||||||||||||||
Roundup of fractional shares
|
-
|
-
|
-
|
-
|
8,698
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Issuance of common stock for services
|
-
|
-
|
-
|
-
|
15,000
|
-
|
36,300
|
-
|
36,300
|
|||||||||||||||||||||||||||
Issuance of stock for acquisition
|
-
|
-
|
-
|
-
|
64,484
|
1
|
259,225
|
-
|
259,226
|
|||||||||||||||||||||||||||
Stock warrants in exchange for services
|
-
|
-
|
-
|
-
|
-
|
-
|
20,000
|
-
|
20,000
|
|||||||||||||||||||||||||||
Share-Based Compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
40,860
|
-
|
40,860
|
|||||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
374,305
|
374,305
|
|||||||||||||||||||||||||||
Balance at December 31, 2015
|
-
|
$
|
-
|
-
|
$
|
-
|
4,410,736
|
$
|
45
|
$
|
12,198,448
|
$
|
(10,642,172
|
)
|
$
|
1,556,321
|
||||||||||||||||||||
Cash dividend
|
-
|
-
|
-
|
-
|
-
|
-
|
(264,699
|
)
|
-
|
(264,699
|
)
|
|||||||||||||||||||||||||
Share-Based Compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
11,952
|
-
|
11,952
|
|||||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
74,277
|
74,277
|
|||||||||||||||||||||||||||
Balance at March 31, 2016
|
-
|
$
|
-
|
-
|
$
|
-
|
4,410,736
|
$
|
45
|
$
|
11,945,701
|
$
|
(10,567,895
|
)
|
$
|
1,377,851
|
|
Three Months Ended
March 31,
|
|||||||
|
2016
|
2015
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
74,277
|
$
|
521,167
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Deferred income taxes
|
9,500
|
(190,500
|
)
|
|||||
Depreciation and amortization
|
57,807
|
38,207
|
||||||
Amortization of intangibles
|
113,086
|
73,749
|
||||||
Share-based compensation
|
11,952
|
30,405
|
||||||
|
||||||||
Changes in certain assets and liabilities:
|
||||||||
Accounts receivable
|
(99,562
|
)
|
(207,182
|
)
|
||||
Unbilled services
|
62,860
|
(288,055
|
)
|
|||||
Prepaid expenses and other current assets
|
137,290
|
(11,278
|
)
|
|||||
Deposits and other assets
|
-
|
(2,263
|
)
|
|||||
Accounts payable
|
50,152
|
119,279
|
||||||
Accrued expenses
|
(118,811
|
)
|
(103,612
|
)
|
||||
Income tax payable
|
51,348
|
215,083
|
||||||
Accrued interest
|
1,844
|
(232
|
)
|
|||||
Deferred revenues
|
(282,936
|
)
|
255,990
|
|||||
Net cash provided by operating activities
|
68,807
|
450,758
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(149,231
|
) |
(24,869
|
)
|
||||
Software development costs
|
(42,503
|
)
|
-
|
|||||
Acquisition of new business
|
-
|
(80,000
|
)
|
|||||
|
||||||||
Net cash used in investing activities
|
(191,734
|
)
|
(104,869
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of common stock and warrants, net of fees
|
-
|
812,023
|
||||||
Payment of cash dividend
|
(264,699
|
)
|
-
|
|||||
Repayment of contingent consideration
|
(33,257
|
)
|
-
|
|||||
Repayment of long term debt
|
(74,393
|
)
|
(62,360
|
)
|
||||
Principal payments under capital leases obligations
|
(24,501
|
)
|
(19,508
|
)
|
||||
Net cash (used in) provided by financing activities
|
(396,850
|
)
|
730,155
|
|||||
|
||||||||
Net (decrease) increase in cash and cash equivalents
|
(519,777
|
)
|
1,076,044
|
|||||
|
||||||||
Cash and cash equivalents – beginning of period
|
1,193,313
|
1,308,337
|
||||||
|
||||||||
Cash and cash equivalents – end of period
|
$
|
673,536
|
$
|
2,384,381
|
||||
|
||||||||
Cash paid during period for:
|
||||||||
Interest
|
$
|
17,402
|
$
|
13,143
|
||||
Income taxes
|
$
|
40,849
|
$
|
22,136
|
|
Three Months
Ended
|
Three Months
Ended
|
||||||
|
March 31, 2016
|
March 31, 2015
|
||||||
Basic net income per share computation:
|
||||||||
Net income
|
$
|
74,277
|
$
|
521,167
|
||||
Weighted-average common shares outstanding
|
4,410,736
|
4,042,317
|
||||||
Basic net income per share
|
$
|
0.02
|
$
|
0.13
|
||||
Diluted net income per share computation:
|
||||||||
Net income
|
$
|
74,277
|
$
|
521,167
|
||||
Weighted-average common shares outstanding
|
4,477,403
|
4,051,338
|
||||||
Total adjusted weighted-average shares
|
4,477,403
|
4,051,338
|
||||||
Diluted net income per share
|
$
|
0.02
|
$
|
0.13
|
|
|
Three Months
March 31, 2016
|
|
|
Three Months
March 31,
2015
|
|
||
Stock options
|
|
|
183,576
|
|
|
|
30,000
|
|
Warrants
|
|
|
203,253
|
|
|
|
185,078
|
|
|
|
|
|
|
|
|
|
|
Total potential dilutive securities not included in income per share
|
|
|
368,829
|
|
|
|
215,078
|
|
|
March 31, 2016
|
December 31, 2015
|
||||||
Leasehold improvements
|
$
|
30,557
|
$
|
30,557
|
||||
Equipment, furniture and fixtures
|
1,620,499
|
1,471,268
|
||||||
|
1,651,056
|
1,501,825
|
||||||
Less: Accumulated depreciation
|
(1,134,285
|
)
|
(1,076,478
|
)
|
||||
|
||||||||
Property and equipment, net
|
$
|
516,771
|
$
|
425,347
|
|
March 31, 2016
|
December 31, 2015
|
||||||
Equipment, furniture and fixtures
|
433,536
|
433,536
|
||||||
Less: Accumulated depreciation
|
(257,029
|
)
|
(232,228
|
)
|
||||
|
||||||||
Property and equipment, net
|
$
|
176,507
|
$
|
201,308
|
|
March 31, 2016
|
December 31, 2015
|
Estimated Useful Lives
|
|||||||||
Proprietary developed software
|
$
|
408,414
|
$
|
365,911
|
5
|
|||||||
Intellectual property, customer list, and acquired contracts
|
3,069,551
|
3,069,551
|
5 - 15
|
|||||||||
Total intangible assets
|
$
|
3,477,965
|
$
|
3,435,462
|
||||||||
Less: accumulated amortization
|
(977,011
|
)
|
(863,925
|
)
|
||||||||
|
$
|
2,500,954
|
$
|
2,571,537
|
|
Amortization
|
|||
Balance of 2016
|
$
|
339,258
|
||
2017
|
355,796
|
|||
2018
|
260,737
|
|||
2019
|
260,738
|
|||
2020
|
243,512
|
|||
thereafter
|
1,040,913
|
|||
|
||||
Total
|
$
|
2,500,954
|
Remainder of 2016
|
$
|
225,640
|
||
2017
|
506,677
|
|||
2018
|
257,846
|
|||
2019
|
154,727
|
|||
2020
|
73,900
|
|||
Total
|
$
|
1,218,790
|
Remainder of 2016
|
$
|
74,070
|
||
2017
|
74,200
|
|||
2018
|
23,695
|
|||
Total minimum lease payments
|
171,965
|
|||
Less amounts representing interest
|
(13,855
|
)
|
||
Present value of net minimum lease payments
|
158,110
|
|||
Less current portion
|
(86,337
|
)
|
||
Long-term capital lease obligation
|
$
|
71,773
|
|
Number
of Options
|
Average
Exercise Price
|
Average Remaining
Contractual Term
|
Aggregate
Intrinsic Value
|
|||||||||
|
|
||||||||||||
Outstanding options at January 1, 2015
|
163,846
|
$
|
4.65
|
2.5 years
|
$
|
-0-
|
|||||||
Options granted
|
35,000
|
3.76
|
4.2 years
|
||||||||||
Options canceled/forfeited
|
(15,270
|
)
|
$
|
4.61
|
|
||||||||
|
|
||||||||||||
Outstanding options at December 31, 2015
|
183,576
|
$
|
4.49
|
2.7 years
|
$
|
-0-
|
|||||||
Options granted
|
-
|
||||||||||||
Options exercised
|
-
|
||||||||||||
Options canceled/forfeited
|
-
|
|
|||||||||||
|
|
||||||||||||
Outstanding options at March 31, 2016
|
183,576
|
4.49
|
2.7 years
|
$
|
-0-
|
||||||||
|
|
||||||||||||
Vested Options:
|
|
||||||||||||
March 31, 2016;
|
127,907
|
$
|
4.68
|
1.9 years
|
$
|
-0-
|
|||||||
December 31, 2015:
|
119,243
|
$
|
4.70
|
2.0 years
|
$
|
-0-
|
|
Warrants
Outstanding
|
Weighted Average
Exercise Price
|
||||||
|
||||||||
Balance, January 1, 2015
|
- |
$
|
- | |||||
Granted
|
203,253
|
$
|
5.29
|
|||||
Exercised
|
-
|
$
|
-
|
|||||
Canceled
|
-
|
$
|
-
|
|||||
Outstanding and Exercisable December 31, 2015
|
203,253
|
$
|
5.29
|
|||||
|
||||||||
Granted
|
-
|
$
|
-
|
|||||
Exercised
|
-
|
$
|
-
|
|||||
Canceled
|
-
|
$
|
-
|
|||||
Outstanding and Exercisable March 31, 2016
|
203,253
|
$
|
5.29
|
Pro Forma
|
Three Months Ended
March 31, 2015
|
|||
Net sales
|
$
|
8,123,066
|
||
Operating expenses
|
2,937,009
|
|||
Income before taxes
|
612,745
|
|||
Net income
|
$
|
565,384
|
||
Basic and diluted income per common share
|
$
|
0.13
|
Remainder 2016
|
$
|
237,869
|
||
2017
|
178,916
|
|||
2018
|
98,704
|
|||
2019
|
26,046
|
|||
$
|
541,535
|
1)
|
Revenues increased 20.1% from the same three month period in the prior year.
|
2)
|
Income from operations decreased to $144,371 as compared to $557,967 for the same three month period in the prior year.
|
3)
|
Net income was $74,277 as compared to $521,167 for the same three month period in the prior year.
|
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: May 16, 2016
|
|
By:
|
/s/ Mark Meller
|
|
|
|
|
|
Mark Meller
|
|
|
|
|
|
Principal Executive Officer
|
||
|
|
|
|
||
|
|
|
|
||
|
|
By:
|
/s/ Crandall Melvin III
|
|
|
|
|
|
Crandall Melvin III
|
||
|
|
|
Principal Accounting Officer
|
||
|
|
|
|
1 Year SilverSun Technologies Chart |
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