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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 | 16.01 | 16.19 | 16.24 | 15.325 | 15.79 | 23,616 | 23:18:52 |
Delaware
|
16-1633636
|
(State or other jurisdiction of incorporation)
|
(IRS Employer Identification No.)
|
Large accelerated filer
r
|
|
Accelerated filer
r
|
|
|
|
Non-accelerated filer
r
|
|
Smaller Reporting Company
☒
|
|
|
|
Emerging growth company
r
|
|
|
|
|
Page No.
|
PART I. FINANCIAL INFORMATION
|
|
|
|
|
|
Item 1.
|
3
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
6
|
|
|
8
|
|
|
|
|
Item 2.
|
21
|
|
Item 3.
|
25
|
|
Item 4.
|
25
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
|
|
|
Item 1.
|
26
|
|
Item 1A.
|
26
|
|
Item 2.
|
26
|
|
Item 3.
|
26
|
|
Item 4.
|
26
|
|
Item 5.
|
26
|
|
Item 6.
|
26
|
|
September 30,
2017
|
December 31,
2016
|
||||||
ASSETS
|
||||||||
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,664,210
|
$
|
1,621,049
|
||||
Accounts receivable, net of allowance of $375,000
|
3,050,022
|
2,501,621
|
||||||
Unbilled services
|
749,553
|
463,563
|
||||||
Prepaid expenses and other current assets
|
558,975
|
331,094
|
||||||
|
||||||||
Total current assets
|
6,022,760
|
4,917,327
|
||||||
|
||||||||
Property and equipment, net
|
490,085
|
466,202
|
||||||
Intangible assets, net
|
2,607,601
|
2,431,111
|
||||||
Goodwill
|
401,000
|
401,000
|
||||||
Deferred tax assets
|
2,059,902
|
2,414,902
|
||||||
Deposits and other assets
|
33,330
|
28,887
|
||||||
|
||||||||
Total assets
|
$
|
11,614,678
|
$
|
10,659,429
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
||||||||
Current liabilities:
|
||||||||
Bank line of credit
|
$
|
-
|
$
|
-
|
||||
Accounts payable
|
1,965,785
|
1,822,071
|
||||||
Accrued expenses
|
892,403
|
823,591
|
||||||
Accrued interest
|
16,094
|
15,533
|
||||||
Income taxes payable
|
225,143
|
177,466
|
||||||
Contingent consideration – current portion
|
93,125
|
180,029
|
||||||
Long term debt - current portion
|
281,558
|
306,677
|
||||||
Capital lease obligations – current portion
|
84,528
|
94,714
|
||||||
Deferred revenue
|
2,194,716
|
1,690,147
|
||||||
|
||||||||
Total current liabilities
|
5,753,352
|
5,110,228
|
||||||
|
||||||||
Contingent consideration net of current portion
|
62,083
|
31,685
|
||||||
Long term debt net of current portion
|
282,216
|
486,473
|
||||||
Capital lease obligations net of current portion
|
40,068
|
60,127
|
||||||
|
||||||||
Total liabilities
|
6,137,719
|
5,688,513
|
||||||
|
||||||||
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 share issued and outstanding
|
1
|
1
|
||||||
Common stock:
|
||||||||
Par value $0.00001; authorized 75,000,000 shares
4,489,903 and 4,477,403 shares issued and outstanding
|
46
|
46
|
||||||
Additional paid-in capital
|
12,090,515
|
12,176,642
|
||||||
Accumulated deficit
|
(6,613,603
|
)
|
(7,205,773
|
)
|
||||
|
||||||||
Total stockholders’ equity
|
5,476,959
|
4,970,916
|
||||||
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
11,614,678
|
$
|
10,659,429
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2017
|
September 30, 2016
|
September 30, 2017
|
September 30, 2016
|
||||||||||||
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Product, net
|
$
|
1,609,924
|
$
|
1,709,901
|
$
|
3,951,465
|
$
|
3,754,594
|
||||||||
Service, net
|
7,976,976
|
7,824,191
|
22,146,647
|
22,126,689
|
||||||||||||
Total revenues, net
|
9,586,900
|
9,534,092
|
26,098,112
|
25,881,283
|
||||||||||||
|
||||||||||||||||
Cost of revenues:
|
||||||||||||||||
Product
|
761,231
|
885,771
|
1,985,058
|
1,972,520
|
||||||||||||
Service
|
5,037,811
|
5,094,953
|
13,534,059
|
14,074,008
|
||||||||||||
Cost of revenues
|
5,799,042
|
5,980,724
|
15,519,117
|
16,046,528
|
||||||||||||
|
||||||||||||||||
Gross profit
|
3,787,858
|
3,553,368
|
10,578,995
|
9,834,755
|
||||||||||||
|
||||||||||||||||
Selling, general and administrative expenses:
|
||||||||||||||||
Selling expenses
|
1,181,878
|
1,172,956
|
3,603,692
|
3,348,476
|
||||||||||||
General and administrative expense
|
1,902,535
|
1,702,110
|
5,386,852
|
4,811,844
|
||||||||||||
Share-based compensation
|
8,433
|
4,747
|
93,255
|
28,651
|
||||||||||||
Depreciation and amortization
|
145,585
|
171,308
|
465,463
|
513,766
|
||||||||||||
Total selling, general and administrative expenses
|
3,238,431
|
3,051,121
|
9,549,262
|
8,702,737
|
||||||||||||
|
||||||||||||||||
Income from operations
|
549,427
|
502,247
|
1,029,733
|
1,132,018
|
||||||||||||
|
||||||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense, net
|
(8,122
|
)
|
(13,760
|
)
|
(25,561
|
)
|
(52,476
|
)
|
||||||||
Other income
|
-
|
881
|
-
|
10,881
|
||||||||||||
Total other income (expense)
|
(8,122
|
)
|
(12,879
|
)
|
(25,561
|
)
|
(41,595
|
)
|
||||||||
|
||||||||||||||||
Income before taxes
|
541,305
|
489,368
|
1,004,172
|
1,090,423
|
||||||||||||
|
||||||||||||||||
Provision (benefit) for income taxes
|
223,482
|
(2,262,038
|
)
|
412,002
|
(2,282,380
|
)
|
||||||||||
|
||||||||||||||||
Net income
|
$
|
317,823
|
$
|
2,751,406
|
$
|
592,170
|
$
|
3,372,803
|
||||||||
|
||||||||||||||||
Net income per common share:
|
||||||||||||||||
Basic
|
$
|
0.07
|
$
|
0.62
|
$
|
0.13
|
$
|
0.76
|
||||||||
Fully diluted
|
0.07
|
0.61
|
0.13
|
0.75
|
||||||||||||
|
||||||||||||||||
Weighted average shares:
|
||||||||||||||||
Basic
|
4,489,903
|
4,410,736
|
4,488,038
|
4,410,736
|
||||||||||||
Diluted
|
4,493,903
|
4,477,403
|
4,492,038
|
4,477,403
|
|
Series A
Preferred Stock
|
Series B
Preferred Stock
|
Common Stock
Class A
|
Additional
Paid in
|
Accumulated
|
Total
Stockholders’
|
||||||||||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Equity
|
|||||||||||||||||||||||||||
Balance at January 1, 2016
|
-
|
$
|
-
|
-
|
$
|
-
|
4,410,736
|
$
|
45
|
$
|
12,198,448
|
$
|
(10,642,172
|
)
|
$
|
1,556,321
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Issuance of preferred share
|
-
|
-
|
1
|
1
|
-
|
-
|
99
|
-
|
100
|
|||||||||||||||||||||||||||
Convertible note conversion into common stock
|
-
|
-
|
-
|
-
|
66,667
|
1
|
199,999
|
-
|
200,000
|
|||||||||||||||||||||||||||
Cash dividend
|
-
|
-
|
-
|
-
|
-
|
-
|
(264,699
|
)
|
-
|
(264,699
|
)
|
|||||||||||||||||||||||||
Share-based compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
42,795
|
-
|
42,795
|
|||||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,436,399
|
3,436,399
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Balance at December 31, 2016
|
-
|
$
|
-
|
1
|
$
|
1
|
4,477,403
|
$
|
46
|
$
|
12,176,642
|
$
|
(7,205,773
|
)
|
$
|
4,970,916
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Cash dividend
|
-
|
-
|
-
|
-
|
-
|
-
|
(179,382
|
)
|
-
|
(179,382
|
)
|
|||||||||||||||||||||||||
Issuance of common stock for services
|
-
|
-
|
-
|
-
|
12,500
|
-
|
47,500
|
-
|
47,500
|
|||||||||||||||||||||||||||
Stock warrants in exchange for services
|
-
|
-
|
-
|
-
|
-
|
-
|
19,923
|
-
|
19,923
|
|||||||||||||||||||||||||||
Share-based compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
25,832
|
-
|
25,832
|
|||||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
592,170
|
592,170
|
|||||||||||||||||||||||||||
Balance at September 30, 2017
|
-
|
$
|
-
|
1
|
$
|
1
|
4,489,903
|
$
|
46
|
$
|
12,090,515
|
$
|
(6,613,603
|
)
|
$
|
5,476,959
|
|
Nine Months Ended
September 30,
|
|||||||
|
2017
|
2016
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
592,170
|
$
|
3,372,803
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Deferred income taxes
|
355,000
|
(2,214,902
|
)
|
|||||
Depreciation and amortization
|
180,392
|
174,507
|
||||||
Amortization of intangibles
|
285,071
|
339,258
|
||||||
Provision for bad debts
|
19,661
|
-
|
||||||
Share-based compensation
|
25,832
|
28,651
|
||||||
Common stock issued in exchange for services
|
47,500
|
-
|
||||||
Warrants issued in exchange for services
|
19,923
|
-
|
||||||
|
||||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable
|
(568,062
|
)
|
(109,238
|
)
|
||||
Unbilled services
|
(285,990
|
)
|
(138,015
|
)
|
||||
Prepaid expenses and other current assets
|
(227,878
|
)
|
157,951
|
|||||
Deposits and other assets
|
(4,443
|
)
|
322
|
|||||
Accounts payable
|
143,714
|
623,066
|
||||||
Accrued expenses
|
68,811
|
37,564
|
||||||
Income tax payable
|
47,677
|
(87,455
|
)
|
|||||
Accrued interest
|
561
|
(257
|
)
|
|||||
Deferred revenues
|
504,569
|
(668,064
|
)
|
|||||
Net cash provided by operating activities
|
1,204,508
|
1,516,191
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(155,296
|
)
|
(176,827
|
)
|
||||
Acquisition of customer list
|
(60,000
|
)
|
-
|
|||||
Software development costs
|
(401,561
|
)
|
(133,045
|
)
|
||||
Net cash used in investing activities
|
(616,857
|
)
|
(309,872
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of preferred stock
|
-
|
100
|
||||||
Payment of cash dividend
|
(179,383
|
)
|
(264,699
|
)
|
||||
Payment of contingent consideration
|
(56,505
|
)
|
(123,657
|
)
|
||||
Payment of long term debt
|
(229,378
|
)
|
(224,408
|
)
|
||||
Principal payments under capital leases obligations
|
(79,224
|
)
|
(76,549
|
)
|
||||
Net cash used in financing activities
|
(544,490
|
)
|
(689,213
|
)
|
||||
|
||||||||
Net increase in cash and cash equivalents
|
43,161
|
517,106
|
||||||
|
||||||||
Cash and cash equivalents – beginning of period
|
1,621,049
|
1,193,313
|
||||||
|
||||||||
Cash and cash equivalents – end of period
|
$
|
1,664,210
|
$
|
1,710,419
|
||||
|
||||||||
Cash paid during period for:
|
||||||||
Interest
|
$
|
25,000
|
$
|
50,792
|
||||
Income taxes
|
$
|
220,086
|
$
|
61,337
|
|
Three Months
Ended
|
Three Months
Ended
|
||||||
|
September 30, 2017
|
September 30, 2016
|
||||||
Basic net income per share computation:
|
||||||||
Net income
|
$
|
317,823
|
$
|
2,751,406
|
||||
Weighted-average common shares outstanding
|
4,489,903
|
4,410,736
|
||||||
Basic net income per share
|
$
|
0.07
|
$
|
0.62
|
||||
Diluted net income per share computation:
|
||||||||
Net income
|
$
|
317,823
|
$
|
2,751,406
|
||||
Weighted-average common shares outstanding
|
4,489,903
|
4,410,736
|
||||||
Incremental shares for stock options
|
4,000
|
-
|
||||||
Incremental shares for convertible promissory note
|
-
|
66,667
|
||||||
Total adjusted weighted-average shares
|
4,493,903
|
4,477,403
|
||||||
Diluted net income per share
|
$
|
0.07
|
$
|
0.61
|
|
Nine Months
Ended
|
Nine Months
Ended
|
||||||
|
September 30, 2017
|
September 30, 2016
|
||||||
Basic net income per share computation:
|
||||||||
Net income
|
$
|
592,170
|
$
|
3,372,803
|
||||
Weighted-average common shares outstanding
|
4,488,038
|
4,410,736
|
||||||
Basic net income per share
|
$
|
0.13
|
$
|
0.76
|
||||
Diluted net income per share computation:
|
||||||||
Net income
|
$
|
592,170
|
$
|
3,372,803
|
||||
Weighted-average common shares outstanding
|
4,488,038
|
4,410,736
|
||||||
Incremental shares for stock options
|
4,000
|
-
|
||||||
Incremental shares for convertible promissory note
|
-
|
66,667
|
||||||
Total adjusted weighted-average shares
|
4,492,038
|
4,477,403
|
||||||
Diluted net income per share
|
$ | 0.13 | $ | 0.75 |
|
Three Months
September 30, 2017
|
Three Months
September 30,
2016
|
||||||
Stock options
|
62,280
|
143,576
|
||||||
Warrants
|
208,241
|
203,253
|
||||||
|
||||||||
Total potential dilutive securities not included in income per share
|
270,521
|
346,829
|
|
Nine Months
September 30, 2017
|
Nine Months
September 30,
2016
|
||||||
Stock options
|
102,474
|
143,576
|
||||||
Warrants
|
208,241
|
203,253
|
||||||
|
||||||||
Total potential dilutive securities not included in income per share
|
310,715
|
346,829
|
|
September 30, 2017
|
December 31, 2016
|
||||||
Leasehold improvements
|
$
|
88,512
|
$
|
30,557
|
||||
Equipment, furniture and fixtures
|
1,890,759
|
1,744,439
|
||||||
|
1,979,271
|
1,774,996
|
||||||
Less: Accumulated depreciation
|
(1,489,186
|
)
|
(1,308,794
|
)
|
||||
|
||||||||
Property and equipment, net
|
$
|
490,085
|
$
|
466,202
|
|
September 30, 2017
|
December 31, 2016
|
||||||
Equipment, furniture and fixtures
|
570,884
|
521,905
|
||||||
Less: Accumulated depreciation
|
(411,644
|
)
|
(335,672
|
)
|
||||
|
||||||||
Property and equipment, net
|
$
|
159,240
|
$
|
186,233
|
|
September 30, 2017
|
December 31, 2016
|
Estimated Useful Lives
|
|||||||||
Proprietary developed software
|
$
|
1,079,390
|
$
|
677,829
|
5 - 7
|
|||||||
Intellectual property, customer list, and acquired contracts
|
3,129,551
|
3,069,551
|
5 - 15
|
|||||||||
Total intangible assets
|
$
|
4,208,941
|
$
|
3,747,380
|
||||||||
Less: accumulated amortization
|
(1,601,340
|
)
|
(1,316,269
|
)
|
||||||||
|
$
|
2,607,601
|
$
|
2,431,111
|
|
Amortization
|
|||
Balance of 2017
|
$
|
79,863
|
||
2018
|
367,556
|
|||
2019
|
367,556
|
|||
2020
|
349,565
|
|||
2021
|
313,015
|
|||
Thereafter
|
1,130,046
|
|||
|
||||
Total
|
$
|
2,607,601
|
Remainder of 2017
|
$
|
77,301
|
||
2018
|
257,846
|
|||
2019
|
154,727
|
|||
2020
|
73,900
|
|||
Total
|
$
|
563,774
|
Remainder of 2017
|
$
|
26,703
|
||
2018
|
79,185
|
|||
2019
|
20,339
|
|||
2020
|
7,731
|
|||
Total minimum lease payments
|
133,958
|
|||
Less amounts representing interest
|
(9,362
|
)
|
||
Present value of net minimum lease payments
|
124,596
|
|||
Less current portion
|
(84,528
|
)
|
||
Long-term capital lease obligation
|
$
|
40,068
|
|
Number
of Options
|
Average
Exercise Price
|
Average Remaining
Contractual Term
|
Aggregate
Intrinsic Value
|
||||||||||||
|
||||||||||||||||
Outstanding options at January 1, 2016
|
183,576
|
$
|
4.49
|
2.7 years
|
$
|
-0-
|
||||||||||
Options granted
|
-
|
-
|
-
|
|||||||||||||
Options canceled/forfeited
|
(40,000
|
)
|
$
|
4.50
|
||||||||||||
|
||||||||||||||||
Outstanding options at December 31, 2016
|
143,576
|
$
|
3.76
|
1.6 years
|
$
|
-0-
|
||||||||||
Options granted
|
-
|
|||||||||||||||
Options exercised
|
-
|
|||||||||||||||
Options canceled/forfeited
|
(81,296
|
)
|
$
|
4.80
|
||||||||||||
|
||||||||||||||||
Outstanding options at September 30, 2017
|
62,280
|
$
|
3.78
|
2.3 years
|
$
|
-0-
|
||||||||||
|
||||||||||||||||
Vested Options:
|
||||||||||||||||
September 30, 2017:
|
30,320
|
$
|
3.61
|
1.8 years
|
$
|
-0-
|
||||||||||
December 31, 2016:
|
103,575
|
$
|
4.47
|
1.0 years
|
$
|
-0-
|
|
Warrants
Outstanding
|
Weighted Average
Exercise Price
|
||||||
|
||||||||
Balance, January 1, 2016
|
203,253
|
$
|
5.29
|
|||||
Granted
|
-
|
$
|
-
|
|||||
Exercised
|
-
|
$
|
-
|
|||||
Canceled
|
-
|
$
|
-
|
|||||
Outstanding and Exercisable December 31, 2016
|
203,253
|
$
|
5.29
|
|||||
|
||||||||
Granted
|
4,988
|
$
|
4.01
|
|||||
Exercised
|
-
|
$
|
-
|
|||||
Canceled
|
-
|
$
|
-
|
|||||
Outstanding and Exercisable September 30, 2017
|
208,241
|
$
|
5.26
|
Remainder 2017
|
$
|
107,320
|
||
2018
|
329,773
|
|||
2019
|
228,671
|
|||
2020
|
177,763
|
|||
2021
|
176,258
|
|||
thereafter
|
287,301
|
|||
|
$
|
1,307,086
|
1) |
Revenues increased 1.0% from the same nine months period in the prior year.
|
2) |
Gross profit increased $744,240 or 7.6% from the same nine months period in the prior year.
|
3) |
Income from operations decreased to $1,029,733 as compared to $1,132,018 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 13, 2017
|
|
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 |
1 Month SilverSun Technologies Chart |
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