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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.74 | 4.81% | 16.14 | 14.90 | 16.20 | 16.24 | 15.325 | 15.79 | 24,528 | 00:57:50 |
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.
|
22
|
|
Item 3.
|
27
|
|
Item 4.
|
27
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
|
|
|
Item 1.
|
28
|
|
Item 1A.
|
28
|
|
Item 2.
|
28
|
|
Item 3.
|
28
|
|
Item 4.
|
28
|
|
Item 5.
|
28
|
|
Item 6.
|
28
|
|
September 30,
2016
|
December 31,
2015
|
||||||
ASSETS
|
||||||||
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,710,419
|
$
|
1,193,313
|
||||
Accounts receivable, net of allowance of $375,000 and $375,000
|
2,586,539
|
2,477,301
|
||||||
Unbilled services
|
879,558
|
741,543
|
||||||
Prepaid expenses and other current assets
|
285,668
|
443,619
|
||||||
Deferred tax asset – current
|
355,000
|
38,000
|
||||||
|
||||||||
Total current assets
|
5,817,184
|
4,893,776
|
||||||
|
||||||||
Property and equipment, net
|
516,036
|
425,347
|
||||||
Intangible assets, net
|
2,365,324
|
2,571,537
|
||||||
Goodwill
|
401,000
|
401,000
|
||||||
Deferred tax assets
|
2,059,902
|
162,000
|
||||||
Deposits and other assets
|
29,567
|
29,889
|
||||||
|
||||||||
Total assets
|
$
|
11,189,013
|
$
|
8,483,549
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
2,217,166
|
$
|
1,594,100
|
||||
Accrued expenses
|
859,150
|
821,586
|
||||||
Accrued interest
|
14,560
|
14,817
|
||||||
Income taxes payable
|
162,829
|
250,284
|
||||||
Bank line of credit
|
-
|
-
|
||||||
Contingent consideration – current portion
|
35,249
|
128,434
|
||||||
Long term debt - current portion
|
305,003
|
300,033
|
||||||
Capital lease obligations – current portion
|
111,719
|
90,167
|
||||||
Convertible note payable
|
200,000
|
-
|
||||||
Deferred revenue
|
1,701,935
|
2,369,999
|
||||||
|
||||||||
Total current liabilities
|
5,607,611
|
5,569,420
|
||||||
|
||||||||
Contingent consideration net of current portion
|
241,741
|
272,213
|
||||||
Long term debt net of current portion
|
563,772
|
793,150
|
||||||
Capital lease obligations net of current portion
|
82,713
|
92,445
|
||||||
Convertible note payable
|
-
|
200,000
|
||||||
Total liabilities
|
6,495,837
|
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
1 shares issued and outstanding
|
100
|
-
|
||||||
Common stock:
|
||||||||
Par value $0.00001; authorized 75,000,000 shares
4,410,736 shares issued and outstanding
|
45
|
45
|
||||||
Additional paid-in capital
|
11,962,400
|
12,198,448
|
||||||
Accumulated deficit
|
(7,269,369
|
)
|
(10,642,172
|
)
|
||||
Total stockholders’ equity
|
4,693,176
|
1,556,321
|
||||||
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
11,189,013
|
$
|
8,483,549
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2016
|
September 30, 2015
|
September 30, 2016
|
September 30, 2015
|
||||||||||||
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Product, net
|
$
|
1,709,901
|
$
|
864,698
|
$
|
3,754,594
|
$
|
3,165,690
|
||||||||
Service, net
|
7,824,191
|
6,335,085
|
22,126,689
|
16,448,626
|
||||||||||||
Total revenues, net
|
9,534,092
|
7,199,783
|
25,881,283
|
19,614,316
|
||||||||||||
|
||||||||||||||||
Cost of revenues:
|
||||||||||||||||
Product
|
885,771
|
409,451
|
1,972,520
|
1,479,688
|
||||||||||||
Service
|
5,094,953
|
3,885,325
|
14,074,008
|
10,018,616
|
||||||||||||
Cost of revenues
|
5,980,724
|
4,294,776
|
16,046,528
|
11,498,304
|
||||||||||||
|
||||||||||||||||
Gross profit
|
3,553,368
|
2,905,007
|
9,834,755
|
8,116,012
|
||||||||||||
|
||||||||||||||||
Selling, general and administrative expenses:
|
||||||||||||||||
Selling expenses
|
1,172,956
|
1,254,202
|
3,348,476
|
3,096,001
|
||||||||||||
General and administrative expenses
|
1,702,110
|
1,409,815
|
4,811,844
|
3,863,732
|
||||||||||||
Share-based compensation
|
4,747
|
8,015
|
28,651
|
48,952
|
||||||||||||
Depreciation and amortization
|
171,308
|
184,627
|
513,766
|
416,936
|
||||||||||||
Total selling, general and administrative expenses
|
3,051,121
|
2,856,659
|
8,702,737
|
7,425,621
|
||||||||||||
|
||||||||||||||||
Income from operations
|
502,247
|
48,348
|
1,132,018
|
690,391
|
||||||||||||
|
||||||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense, net
|
(13,760
|
)
|
(14,347
|
)
|
(52,476
|
)
|
(39,844
|
)
|
||||||||
Other income
|
881
|
-
|
10,881
|
-
|
||||||||||||
Total other income (expense)
|
(12,879
|
)
|
(14,347
|
)
|
(41,595
|
)
|
(39,844
|
)
|
||||||||
|
||||||||||||||||
Income before taxes
|
489,368
|
34,001
|
1,090,423
|
650,547
|
||||||||||||
|
||||||||||||||||
(Benefit) provision for income taxes
|
(2,262,038
|
) |
17,537
|
(2,282,380
|
)
|
68,315
|
||||||||||
|
||||||||||||||||
Net income
|
$
|
2,751,406
|
$
|
16,464
|
$
|
3,372,803
|
$
|
582,232
|
||||||||
|
||||||||||||||||
Net income per common share:
|
||||||||||||||||
Basic
|
$
|
0.62
|
$
|
0.00
|
$
|
0.76
|
$
|
0.14
|
||||||||
Fully diluted
|
0.61
|
0.00
|
0.75
|
0.14
|
||||||||||||
|
||||||||||||||||
Weighted average shares:
|
||||||||||||||||
Basic
|
4,410,736
|
4,407,231
|
4,410,736
|
4,265,065
|
||||||||||||
Diluted
|
4,477,403
|
4,407,231
|
4,477,403
|
4,265,065
|
|
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
|
)
|
|||||||||||||||||||||||||
Issuance of preferred share
|
- |
-
|
1
|
100
|
-
|
-
|
-
|
-
|
100
|
|||||||||||||||||||||||||||
Share-Based Compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
28,651
|
-
|
28,651
|
|||||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,372,803
|
3,372,803
|
|||||||||||||||||||||||||||
Balance at September 30, 2016
|
-
|
$
|
-
|
1
|
$
|
100
|
4,410,736
|
$
|
45
|
$
|
11,962,400
|
$
|
(7,269,369
|
)
|
$
|
4,693,176
|
|
Nine Months Ended
September 30,
|
|||||||
|
2016
|
2015
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
3,372,803
|
$
|
582,232
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Deferred income taxes
|
(2,214,902
|
)
|
(171,500
|
)
|
||||
Depreciation and amortization
|
174,507
|
116,927
|
||||||
Amortization of intangibles
|
339,258
|
300,010
|
||||||
Share-based compensation
|
28,651
|
28,952
|
||||||
Stock warrants in exchange for services
|
-
|
20,000
|
||||||
Common stock issued in exchange for services
|
-
|
36,300
|
||||||
|
||||||||
Changes in certain assets and liabilities:
|
||||||||
Accounts receivable
|
(109,238
|
)
|
(118,430
|
)
|
||||
Unbilled services
|
(138,015
|
)
|
(700,682
|
)
|
||||
Prepaid expenses and other current assets
|
157,951
|
(212,188
|
)
|
|||||
Deposits and other assets
|
322
|
(1,034
|
)
|
|||||
Accounts payable
|
623,066
|
(208,779
|
)
|
|||||
Accrued expenses
|
37,564
|
(285,720
|
)
|
|||||
Income tax payable
|
(87,455
|
)
|
196,791
|
|||||
Accrued interest
|
(257
|
)
|
(202
|
)
|
||||
Deferred revenues
|
(668,064
|
)
|
311,159
|
|||||
Net cash provided by (used in) operating activities
|
1,516,191
|
(106,164
|
)
|
|||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(176,827
|
)
|
(42,801
|
)
|
||||
Software development costs
|
(133,045
|
)
|
-
|
|||||
Acquisition of new business
|
-
|
(563,471
|
)
|
|||||
|
||||||||
Net cash used in investing activities
|
(309,872
|
)
|
(606,272
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of common stock and warrants, net of fees
|
-
|
812,023
|
||||||
Proceeds from issuance of preferred stock
|
100
|
-
|
||||||
Payment of cash dividend
|
(264,699
|
)
|
-
|
|||||
Repayment of contingent consideration
|
(123,657
|
)
|
-
|
|||||
Repayment of long term debt
|
(224,408
|
)
|
(204,880
|
)
|
||||
Principal payments under capital leases obligations
|
(76,549
|
)
|
(63,640
|
)
|
||||
Net cash (used in) provided by financing activities
|
(689,213
|
)
|
543,503
|
|||||
|
||||||||
Net (decrease) increase in cash and cash equivalents
|
517,106
|
(168,933
|
)
|
|||||
|
||||||||
Cash and cash equivalents – beginning of period
|
1,193,313
|
1,308,337
|
||||||
|
||||||||
Cash and cash equivalents – end of period
|
$
|
1,710,419
|
$
|
1,139,404
|
||||
|
||||||||
Cash paid during period for:
|
||||||||
Interest
|
$
|
50,792
|
$
|
42,550
|
||||
Income taxes
|
$
|
61,337
|
$
|
83,041
|
|
Three Months
Ended
|
Three Months
Ended
|
||||||
|
September 30, 2016
|
September 30, 2015
|
||||||
Basic net income per share computation:
|
||||||||
Net income
|
$
|
2,751,406
|
$
|
16,464
|
||||
Weighted-average common shares outstanding
|
4,410,736
|
4,407,231
|
||||||
Basic net income per share
|
$
|
0.62
|
$
|
0.00
|
||||
Diluted net income per share computation:
|
||||||||
Net income
|
$
|
2,751,406
|
$
|
16,464
|
||||
Weighted-average common shares outstanding
|
4,477,403
|
4,407,231
|
||||||
Total adjusted weighted-average shares
|
4,477,403
|
4,407,231
|
||||||
Diluted net income per share
|
$
|
0.61
|
$
|
0.00
|
|
Nine Months
Ended
|
Nine Months
Ended
|
||||||
|
September 30, 2016
|
September 30, 2015
|
||||||
Basic net income per share computation:
|
||||||||
Net income
|
$
|
3,372,803
|
$
|
582,232
|
||||
Weighted-average common shares outstanding
|
4,410,736
|
4,265,065
|
||||||
Basic net income per share
|
$
|
0.76
|
$
|
0.14
|
||||
Diluted net income per share computation:
|
||||||||
Net income
|
$
|
3,372,803
|
$
|
582,232
|
||||
Weighted-average common shares outstanding
|
4,477,403
|
4,265,065
|
||||||
Total adjusted weighted-average shares
|
4,477,403
|
4,265,065
|
||||||
Diluted net income per share
|
$
|
0.75
|
$
|
0.14
|
|
|
Three Months
September 30, 2016
|
|
|
Three Months
September 30,
2015
|
|
||
Stock options
|
|
|
143,576
|
|
|
|
162,409
|
|
Warrants
|
|
|
203,253
|
|
|
|
203,253
|
|
|
|
|
|
|
|
|
|
|
Total potential dilutive securities not included in income per share
|
|
|
346,829
|
|
|
|
365,662
|
|
|
|
Nine Months
September 30, 2016
|
|
|
Nine Months
September 30,
2015
|
|
||
Stock options
|
|
|
143,576
|
|
|
|
162,409
|
|
Warrants
|
|
|
203,253
|
|
|
|
203,253
|
|
|
|
|
|
|
|
|
|
|
Total potential dilutive securities not included in income per share
|
|
|
346,829
|
|
|
|
365,662
|
|
|
September 30,
2016
|
December 31,
2015
|
||||||
Leasehold improvements
|
$
|
30,557
|
$
|
30,557
|
||||
Equipment, furniture and fixtures
|
1,736,464
|
1,471,268
|
||||||
|
1,767,021
|
1,501,825
|
||||||
Less: Accumulated depreciation
|
(1,250,985
|
)
|
(1,076,478
|
)
|
||||
|
||||||||
Property and equipment, net
|
$
|
516,036
|
$
|
425,347
|
|
September 30,
2016
|
December 31,
2015
|
||||||
Equipment, furniture and fixtures
|
521,905
|
433,536
|
||||||
Less: Accumulated depreciation
|
(310,061
|
)
|
(232,228
|
)
|
||||
|
||||||||
Property and equipment, net
|
$
|
211,844
|
$
|
201,308
|
|
September 30,
2016
|
December 31,
2015
|
Estimated
Useful Lives
|
||||||||
Proprietary developed software
|
$
|
498,956
|
$
|
365,911
|
5
|
||||||
Intellectual property, customer list, and acquired contracts
|
3,069,551
|
3,069,551
|
5 - 15
|
||||||||
Total intangible assets
|
$
|
3,568,507
|
$
|
3,435,462
|
|||||||
Less: accumulated amortization
|
(1,203,183
|
)
|
(863,925
|
)
|
|||||||
|
$
|
2,365,324
|
$
|
2,571,537
|
|
Amortization
|
|||
Balance of 2016
|
$
|
119,908
|
||
2017
|
343,002
|
|||
2018
|
281,369
|
|||
2019
|
281,367
|
|||
2020
|
264,143
|
|||
Thereafter
|
1,075,535
|
|||
|
||||
Total
|
$
|
2,365,324
|
Remainder of 2016
|
$
|
75,625
|
||
2017
|
506,677
|
|||
2018
|
257,846
|
|||
2019
|
154,727
|
|||
2020
|
73,900
|
|||
Total
|
$
|
1,068,775
|
Remainder of 2016
|
$
|
33,195
|
||
2017
|
114,267
|
|||
2018
|
60,631
|
|||
2019
|
1,785
|
|||
Total minimum lease payments
|
209,878
|
|||
Less amounts representing interest
|
(15,446
|
)
|
||
Present value of net minimum lease payments
|
194,432
|
|||
Less current portion
|
(111,719
|
)
|
||
Long-term capital lease obligation
|
$
|
82,713
|
|
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
|
(40,000
|
)
|
$ |
4.50
|
|
||||||||
|
|
||||||||||||
Outstanding options at September 30, 2016
|
143,576
|
4.48
|
1.8 years
|
$
|
-0-
|
||||||||
|
|
||||||||||||
Vested Options:
|
|
||||||||||||
September 30, 2016:
|
98,575
|
$
|
4.73
|
1.1 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 September 30, 2016
|
203,253
|
$
|
5.29
|
Pro Forma
|
Nine Months Ended
September 30, 2015
|
|||
Net sales
|
$
|
23,376,818
|
||
Operating expenses
|
9,308,420
|
|||
Income before taxes
|
605,460
|
|||
Net income
|
$
|
553,827
|
||
Basic and diluted income per common share
|
$
|
0.13
|
Remainder 2016
|
$
|
81,039
|
||
2017
|
184,837
|
|||
2018
|
98,698
|
|||
2019
|
26,049
|
|||
|
$
|
390,623
|
1) |
Revenues increased 32% from the same nine months period in the prior year.
|
2) |
Income from operations increased to $1,132,018 as compared to $690,391 for the same nine months period in the prior year.
|
3) |
Net income was $3,372,803 as compared to $582,232 for the same nine months 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: November 14, 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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