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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rego Payment Architectures Inc (QB) | USOTC:RPMT | OTCMarkets | 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% | 1.15 | 0.0001 | 1.18 | 1.19 | 1.06 | 1.15 | 80,063 | 21:57:46 |
þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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VIRTUAL PIGGY, INC.
|
Delaware
|
35-2327649
|
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(State or Other Jurisdiction of
Incorporation or Organization)
|
(IRS Employer
Identification No.)
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100 S. Murphy Avenue, Suite 200
Sunnyvale, CA 94086
|
||
(Address of Principal Executive Offices)
(Zip Code)
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Large accelerated
filer
o
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
þ
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Page
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PART I
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1
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7
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8
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8
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8
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8
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PART II
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9
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9
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10
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15
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15
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15
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15
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16
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PART III
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17
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19
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22
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24
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24
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PART IV
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25
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1.
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Peer-to-Peer (“P2P”) value exchanges – Growth of applications has been stimulated by the popularity and use of social networks.
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|
2.
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Applications with machine intelligence – Automation becoming a necessity in the do-it-yourself environment.
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3.
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Data-driven services – The ability to access data and data analytics are leading to more individualized products and lower pricing of financial services.
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4.
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Less definition between physical and virtual worlds – People are using financial services more in the virtual arena than in visiting physical locations.
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Name
|
Age
|
Position with Company
|
||
Kirk Bradley
|
61
|
Director
|
||
Ernest Cimadamore
|
54
|
Director, Secretary
|
||
Gerald Hannahs
|
64 |
Director
|
||
Dale Jensen
|
66
|
Director
|
||
Scott McPherson
|
54
|
Director, Chief Financial Officer
|
Stock
|
Option
|
All Other
|
|||||||||||||||||||||||
Salary
|
Bonus
|
Awards (1)
|
Awards (1)
|
Compensation
|
Total
|
||||||||||||||||||||
Name and Principal Position
|
Year
|
($)
|
($)
|
($)
|
($)
|
($)
|
($)
|
||||||||||||||||||
Jo Webber, Former Chief Executive Officer
|
2015
|
105,968 | - | - | - | - | 105,968 | ||||||||||||||||||
2014
|
350,000 | - | - | - | - | 350,000 | |||||||||||||||||||
Kathe Anchel, Chief Executive Officer (a)
|
2015
|
33,654 | - | 165,000 | 577,295 | - | 775,949 | ||||||||||||||||||
2014
|
- | - | - | - | - | - | |||||||||||||||||||
Ernest Cimadamore, Corporate Secretary
|
2015
|
36,538 | - | - | 106,925 | - | 143,463 | ||||||||||||||||||
2014
|
100,000 | - | - | - | - | 100,000 | |||||||||||||||||||
Joseph Dwyer, Former Chief Financial Officer
|
2015
|
129,484 | - | - | - | - | 129,484 | ||||||||||||||||||
2014
|
250,000 | - | 1,400,000 | - | - | 1,650,000 | |||||||||||||||||||
Scott McPherson, Chief Financial Officer (b)
|
2015
|
60,577 | - | - | 97,046 | 30,063 | * | 187,686 | |||||||||||||||||
2014
|
- | - | - | - | 139,950 | 139,950 | |||||||||||||||||||
Pradeep Ittycheria, Former Chief Technology
|
2015
|
133,973 | - | - | - | - | 133,973 | ||||||||||||||||||
Officer
|
2014
|
230,772 | - | - | - | - | 230,772 |
(1)
|
– The value of the stock awards were based on the closing stock price on the date that the stock awards were issued. The option awards were based on the Black-Scholes option pricing model with assumptions for dividend yield, risk free interest rate, expected volatility and expected life.
|
|
(a)
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– Ms. Anchel was appointed Chief Executive Officer on November 16, 2015 and resigned on April 9, 2016.
|
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(b)
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– Mr. McPherson was appointed Chief Financial Officer on July 16, 2015.
|
Option awards
|
Stock awards
|
|||||||||||||||||||||||||||||||||||
Equity
|
||||||||||||||||||||||||||||||||||||
incentive
|
||||||||||||||||||||||||||||||||||||
Equity
|
plan awards:
|
|||||||||||||||||||||||||||||||||||
Equity
|
incentive
|
Market or
|
||||||||||||||||||||||||||||||||||
incentive
|
plan awards:
|
payout
|
||||||||||||||||||||||||||||||||||
Number of
|
plan awards:
|
Market
|
Number of
|
value of
|
||||||||||||||||||||||||||||||||
Number of
|
securities
|
Number of
|
Number of
|
value of
|
unearned
|
unearned
|
||||||||||||||||||||||||||||||
securities
|
underlying
|
securities
|
shares or
|
shares or
|
shares, units
|
shares, units
|
||||||||||||||||||||||||||||||
underlying
|
unexercised
|
underlying
|
units of
|
units of
|
or other
|
or other
|
||||||||||||||||||||||||||||||
unexercised
|
options
|
unexercised
|
Option
|
stock that
|
stock that
|
rights that
|
rights that
|
|||||||||||||||||||||||||||||
options
|
(#) |
unearned
|
Exercise
|
Option
|
have not
|
have not
|
have not
|
have not
|
||||||||||||||||||||||||||||
(#) |
unexercisable
|
options
|
Price
|
Expiration
|
vested
|
vested
|
vested
|
vested
|
||||||||||||||||||||||||||||
Name
|
exercisable
|
(a)
|
(#) |
($)
|
Date
|
(#) |
($)
|
(#) |
($)
|
|||||||||||||||||||||||||||
Jo Webber
|
2,000,000 | - | - | 0.65 |
3/31/2017
|
- | - | - | - | |||||||||||||||||||||||||||
Kathe Anchel
|
- | - | - | - |
-
|
- | - | 250,000 | 45,000 | |||||||||||||||||||||||||||
Ernest Cimadamore
|
250,000 | - | - | 0.31 |
11/16/2017
|
- | - | - | - | |||||||||||||||||||||||||||
250,000 | - | - | 0.65 |
3/31/2017
|
- | - | - | - | ||||||||||||||||||||||||||||
25,000 | - | - | 1.01 |
11/16/2017
|
- | - | - | - | ||||||||||||||||||||||||||||
- | 200,000 | - | 0.27 |
7/20/2017
|
- | - | - | - | ||||||||||||||||||||||||||||
- | 300,000 | - | 0.29 |
9/1/2020
|
- | - | - | - | ||||||||||||||||||||||||||||
Joe Dwyer
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Scott McPherson
|
25,000 | - | - | 1.01 |
11/15/2017
|
- | - | - | - | |||||||||||||||||||||||||||
- | 250,000 | - | 0.22 |
7/31/2020
|
- | - | - | - | ||||||||||||||||||||||||||||
- | 250,000 | - | 0.29 |
9/1/2020
|
- | - | - | - | ||||||||||||||||||||||||||||
Pradeep Ittycheria
|
- | - | - | - | - | - | - | - | - |
|
(a)
|
Each unvested option in the table above is vesting in three equal installments from the original date of grant.
|
Nonqualified
|
||||||||||||||||||||||||||||
Non-equity incentive
|
deferred
|
|||||||||||||||||||||||||||
Fees Earned or
|
Stock
|
Option
|
plan
|
compensation
|
All Other
|
|||||||||||||||||||||||
paid in cash
|
awards
|
awards
|
compensation
|
earnings
|
Compensation
|
Total
|
||||||||||||||||||||||
Name
|
($)
|
($)
|
($)
|
($)
|
($)
|
($)
|
($)
|
|||||||||||||||||||||
Martha McGeary Snider (a)
|
- | - | 197,576 | - | - | - | 197,576 | |||||||||||||||||||||
Kirk Bradley (b)
|
- | - | 66,147 | - | - | - | 66,147 | |||||||||||||||||||||
Gerald Hannahs (c)
|
- | - | 44,285 | - | - | - | 44,285 | |||||||||||||||||||||
Dale Jensen (d)
|
- | - | 44,285 | - | - | - | 44,285 | |||||||||||||||||||||
Philip Manning (e) | - | - | 44,285 | - | - | - | 44,285 |
|
(a)
|
– At December 31, 2015, Ms. McGeary Snider held in the aggregate options to purchase a total of 1,250,000 shares of the Company’s common stock.
|
|
(b)
|
– At December 31, 2015, Mr. Bradley held in the aggregate options to purchase a total of 450,000 shares of the Company’s common stock.
|
|
(c)
|
– At December 31, 2015, Mr. Hannahs held in the aggregate options and warrants to purchase a total of 270,000 shares of the Company’s common stock.
|
|
(d)
|
– At December 31, 2015, Mr. Jensen held in the aggregate options to purchase a total of 300,000 of the Company’s common stock.
|
(e)
|
– At December 31, 2015, Mr. Manning held in the aggregate options to purchase a total of 200,000 shares of the Company’s common stock.
|
Title of
|
Name and address of beneficial
|
Amount and nature of beneficial
|
Percent of
|
||||||||
class
|
owner
|
ownership
|
class
|
||||||||
Common
|
John Paul DeJoria Family Trust
|
22,275,790 |
(b)
|
17.9% | |||||||
Series A Cumulative Convertible Preferred
|
1888 Century Park East
|
10,000 | 9.2% | ||||||||
Series B Cumulative Convertible Preferred
|
Suite 1600
|
22,223 | 78.3% | ||||||||
Century City, CA 90067
|
|||||||||||
Common
|
Peter S. Pelullo
|
16,852,340 |
(c)
|
14.3% | |||||||
630 West Germantown Pike
|
|||||||||||
Suite 180
|
|||||||||||
Plymouth Meeting, PA 19462
|
Number of shares of common stock
|
Percentage of
|
|||||||
Name of beneficial owner
|
beneficially owned (a)
|
shares outstanding (a)
|
||||||
Martha McGeary Snider
|
1,324,000 |
(b)
|
1.1% | |||||
Kathe Anchel
|
250,000 |
(c)
|
* | |||||
Ernest Cimadamore
|
1,025,000 |
(d)
|
* | |||||
Kirk Bradley
|
1,599,969 |
(e)
|
1.4% | |||||
Gerald Hannahs
|
70,000 |
(f)
|
* | |||||
Dale Jensen
|
66,667 |
(g)
|
* | |||||
Scott McPherson
|
- | * | ||||||
All current directors and executive
|
4,335,635 | 3.7% | ||||||
officers as a group (7 persons)
|
(a)
|
Audited financial statements.
|
|
(b)
|
The following exhibits are filed as part of this report.
|
Exhibit
Number
|
Description
|
3.1
|
Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s registration statement on Form S-1 (Reg. # 333-152050) filed with the Commission on July 1, 2008).
|
3.2
|
Certificate of Ownership (incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed with the Commission on August 30, 2011).
|
3.3
|
Certificate of Amendment of Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed with the Commission on December 19, 2013).
|
3.4
|
Certificate of Amendment of Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed with the Commission on August 20, 2014).
|
3.5
|
Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed with the Commission on March 7, 2012).
|
3.6
|
Certificate of Designations of Preferences, Rights and Limitations of Series A Cumulative Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed with the Commission on January 29, 2014).
|
3.7
|
Certificate of Designations of Preferences, Rights and Limitations of Series B Cumulative Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed with the Commission on October 31, 2014).
|
4.1
|
Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Company’s registration statement on Form S-1/A (Reg. # 333-152050) filed with the Commission on August 13, 2008).
|
4.2
|
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K filed with the Commission on February 13, 2012).
|
4.3
|
Form of Warrant (incorporated by reference to Exhibit 3.1 to the Company’s current report on Form 8-K filed with the Commission on February 13, 2012).
|
4.4
|
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K filed with the Commission on April 3, 2013).
|
4.5
|
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K filed with the Commission on May 29, 2013).
|
4.6
|
Form of Warrant to Purchase Common Stock (incorporated by reference to Exhibit 10.2 to the Company’s current report on Form 8-K filed with the Commission on May 29, 2013).
|
4.7
|
Form of Note and Warrant Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K filed with the Commission on December 31, 2013).
|
4.8
|
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K filed with the Commission on January 29, 2014).
|
4.9
|
Form of Warrant (incorporated by reference to Exhibit 10.2 to the Company’s current report on Form 8-K filed with the Commission on January 29, 2014).
|
4.10
|
Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K filed with the Commission on October 31, 2014).
|
4.11
|
Form of Warrant (incorporated by reference to Exhibit 10.2 to the Company’s current report on Form 8-K filed with the Commission on October 31, 2014).
|
10.1*
|
Employment Agreement between the Company and Ernest Cimadamore (incorporated by reference to Exhibit 10.2 to the Company’s registration statement on Form S-1 (Reg. # 333-152050) filed with the Commission on July 1, 2008).
|
10.2*
|
Offer Letter, dated February 2, 2012, by and between the Company and Jo Webber (incorporated by reference to Exhibit 10.2 to the Company’s annual report on Form 10-K filed with the Commission on March 15, 2013).
|
10.3*
|
Offer Letter, dated November 26, 2012, by and between the Company and Joseph Dwyer (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K filed with the Commission on November 28, 2012).
|
10.4*
|
Offer Letter, dated November 16, 2011, by and between the Company and Tom Keefer (incorporated by reference to Exhibit 10.2 to the Company’s annual report on Form 10-K filed with the Commission on March 15, 2013).
|
10.5*
|
2008 Equity Incentive Plan (incorporated by reference to Exhibit 4.2 to the Company’s registration statement on Form S-1 (Reg. # 333-152050) filed with the Commission on July 1, 2008).
|
10.6*
|
2013 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K filed with the Commission on March 8, 2013).
|
10.7
|
Form of Securities Purchase Agreement (March 2015 Secured Convertible Notes) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on March 12, 2015)
|
10.8
|
Form of Secured Convertible Promissory Note (March 2015 Secured Convertible Notes) (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Commission on March 12, 2015)
|
10.
9
|
Form of Security Agreement (March 2015 Secured Convertible Notes) (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the Commission on March 12, 2015)
|
10.10
|
Form of Securities Purchase Agreement (May 2015 Secured Convertible Notes) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2015)
|
10.11
|
Form of Secured Convertible Promissory Note (May 2015 Secured Convertible Notes) (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2015)
|
10.12
|
Form of Security Agreement (May 2015 Secured Convertible Notes) (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the Commission on May 11, 2015)
|
10.13
|
Form of Promissory Note Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed with the Commission on November 6, 2015)
|
10.14
|
Form of Promissory Note Agreement (including commitment fee) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed with the Commission on November 6, 2015)
|
10.15
|
Form of Warrant (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed with the Commission on November 6, 2015)
|
10.16
|
Form of Amendment to Promissory Note Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the Commission on February 25, 2016)
|
23.1**
|
Consent of Independent Registered Public Accounting Firm
|
31.1**
|
Certification of the principal executive officer of the Company, pursuant to Securities Exchange Act Rule 13a-14(a)
|
31.2**
|
Certification of the principal financial officer of the Company, pursuant to Securities Exchange Act Rule 13a-14(a)
|
32.1**
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by the chief executive officer of the Company
|
32.2**
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002, signed by the chief financial officer of the Company
|
101.INS**
|
XBRL Instance Document
|
101.SCH**
|
XBRL Taxonomy Extension Schema Document
|
101.CAL**
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF**
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB**
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE**
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Virtual Piggy, Inc.
|
|||
By:
|
/s/ Ernest Cimadamore
|
||
Ernest Cimadamore
,
Secretary and Principal Executive Officer
|
|||
/s/ Scott A McPherson
|
|||
Chief Financial Officer and
Principal Accounting Officer
|
Signature
|
Title
|
Date
|
||
/s/ Ernest Cimadamore
|
Secretary, Director and Principal Executive Officer
|
|
April 14, 2016
|
|
Ernest Cimadamore
|
||||
/s/Scott A. McPherson
|
Chief Financial Officer and Principal Accounting
Officer
|
April 14, 2016
|
||
Scott A. McPherson
|
||||
/s/Kirk Bradley
|
Director
|
April 14, 2016
|
||
Kirk Bradley
|
||||
/s/ Gerald Hannahs
|
Director
|
April 14, 2016
|
||
Gerald Hannahs
|
/s/ Dale Jensen
|
Director
|
April 14, 2016
|
||
Dale Jensen
|
PAGE
|
|
F-2
|
|
F-3
|
|
F-4
|
|
F-5
|
|
F-6
|
|
F-7
|
|
F-8 to F-24
|
For theYears Ended
|
||||||||
Ended December 31,
|
||||||||
2015
|
2014
|
|||||||
SALES
|
$ | 23,546 | $ | 5,708 | ||||
OPERATING EXPENSES
|
||||||||
Sales and marketing
|
1,813,388 | 5,096,034 | ||||||
Product development
|
1,643,327 | 3,257,279 | ||||||
Integration and customer support
|
200,416 | 815,083 | ||||||
General and administrative
|
3,392,786 | 5,378,644 | ||||||
Strategic consulting
|
451,042 | 539,208 | ||||||
Total operating expenses
|
7,500,959 | 15,086,248 | ||||||
NET OPERATING LOSS
|
(7,477,413 | ) | (15,080,540 | ) | ||||
OTHER INCOME (EXPENSE)
|
||||||||
Interest income
|
344 | 6,602 | ||||||
Interest expense
|
(302,904 | ) | (94,566 | ) | ||||
Loss on disposition of fixed assets
|
(88,132 | ) | - | |||||
Change in fair value of embedded derivative liability
|
- | 5,513,666 | ||||||
Cumulative translation adjustment upon closing of England office
|
206,933 | - | ||||||
(183,759 | ) | 5,425,702 | ||||||
NET LOSS
|
(7,661,172 | ) | (9,654,838 | ) | ||||
Less: Deemed dividend distributions
|
- | (6,231,260 | ) | |||||
Less: Accrued preferred dividends
|
(1,080,654 | ) | (723,649 | ) | ||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (8,741,826 | ) | $ | (16,609,747 | ) | ||
BASIC AND DILUTED NET LOSS PER
|
||||||||
COMMON SHARE
|
$ | (0.07 | ) | $ | (0.14 | ) | ||
BASIC AND DILUTED WEIGHTED AVERAGE
|
||||||||
COMMON SHARES OUTSTANDING
|
118,225,959 | 116,690,412 |
For the Years
|
||||||||
Ended December 31,
|
||||||||
2015
|
2014
|
|||||||
NET LOSS
|
$ | (7,661,172 | ) | $ | (9,654,838 | ) | ||
OTHER COMPREHENSIVE INCOME
|
||||||||
Foreign currency translation adjustments, net of tax
|
58,528 | 150,260 | ||||||
TOTAL OTHER COMPREHENSIVE INCOME, net of tax
|
58,528 | 150,260 | ||||||
COMPREHENSIVE LOSS
|
$ | (7,602,644 | ) | $ | (9,504,578 | ) |
Preferred
|
Preferred
|
Common
|
||||||||||||||||||||||||||||||||||||||||||
Stock Series A
|
Stock Series B
|
Stock
|
Additional
|
Cumulative
|
||||||||||||||||||||||||||||||||||||||||
Number of
|
Number of
|
Number of
|
Paid-In
|
Deferred
|
Accumulated
|
Translation
|
||||||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Compensation
|
Deficit
|
Adjustment
|
Total
|
||||||||||||||||||||||||||||||||||
Balance December 31, 2013
|
- | $ | - | - | $ | - | 111,396,768 | $ | 11,140 | $ | 35,318,751 | $ | - | $ | (35,450,446 | ) | $ | (1,855 | ) | $ | (122,410 | ) | ||||||||||||||||||||||
Issuance of shares of convertible preferred stock and 10,860,000 warrants
through private placement at $100 per unit |
108,600 | 11 | - | - | - | - | 5,722,164 | - | - | - | 5,722,175 | |||||||||||||||||||||||||||||||||
Issuance of shares of convertible preferred stock and 28,378 warrants
through private placement at $90 per unit |
- | - | 28,378 | 3 | - | - | 2,178,176 | - | - | - | 2,178,179 | |||||||||||||||||||||||||||||||||
Issuance of shares of common stock from exercise of warrants
through warrant exchange offering at $.50 per share |
- | - | - | - | 5,042,287 | 504 | 2,520,600 | - | - | - | 2,521,104 | |||||||||||||||||||||||||||||||||
Issuance of shares of common stock at $0.70 replacing warrants
|
- | - | - | - | 2,000,000 | 200 | 48,384 | - | - | - | 48,584 | |||||||||||||||||||||||||||||||||
Exercise of stock options
|
- | - | - | - | 100,000 | 10 | 74,990 | - | - | - | 75,000 | |||||||||||||||||||||||||||||||||
Exercise of warrants
|
- | - | - | - | 278,571 | 28 | 139,258 | - | - | - | 139,286 | |||||||||||||||||||||||||||||||||
Revaluation of options and warrants
|
- | - | - | - | - | - | 136,663 | - | - | - | 136,663 | |||||||||||||||||||||||||||||||||
Issuance of equity for services
|
- | - | - | - | 300,000 | 30 | 1,286,274 | - | - | - | 1,286,305 | |||||||||||||||||||||||||||||||||
Deemed dividend distribution in conjunction with Preferred Series A offering
|
- | - | - | - | - | - | 5,137,825 | - | (5,137,825 | ) | - | - | ||||||||||||||||||||||||||||||||
Deemed dividend distribution in conjunction with warrant exchange offering
|
- | - | - | - | - | - | 717,594 | - | (717,594 | ) | - | - | ||||||||||||||||||||||||||||||||
Deemed dividend distribution in conjunction with Preferred Series B offering
|
- | - | - | - | - | - | 375,841 | - | (375,841 | ) | - | - | ||||||||||||||||||||||||||||||||
Stock issuance costs
|
- | - | - | - | - | - | (198,196 | ) | - | - | - | (198,196 | ) | |||||||||||||||||||||||||||||||
Accrued preferred dividends
|
- | - | - | - | - | - | - | - | (723,647 | ) | - | (723,647 | ) | |||||||||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | - | (9,654,838 | ) | - | (9,654,838 | ) | ||||||||||||||||||||||||||||||||
Cumulative translation adjustment
|
- | - | - | - | - | - | - | - | 150,260 | 150,260 | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2014
|
108,600 | 11 | 28,378 | 3 | 119,117,626 | 11,912 | 53,458,324 | - | (52,060,191 | ) | 148,405 | 1,558,464 | ||||||||||||||||||||||||||||||||
Revaluation of options and warrants
|
- | - | - | - | - | - | 205,364 | - | - | - | 205,364 | |||||||||||||||||||||||||||||||||
Issuance of warrants with notes payable
|
- | - | - | - | - | - | 33,103 | - | - | - | 33,103 | |||||||||||||||||||||||||||||||||
Issuance of options for services
|
- | - | - | - | - | - | 341,585 | - | - | - | 341,585 | |||||||||||||||||||||||||||||||||
Issuance of equity for services
|
- | - | - | - | 400,000 | 40 | 444,875 | (72,188 | ) | - | - | 372,727 | ||||||||||||||||||||||||||||||||
Forfeited restricted stock
|
- | - | - | - | (2,000,000 | ) | (200 | ) | (279,800 | ) | - | - | - | (280,000 | ) | |||||||||||||||||||||||||||||
Accrued preferred dividends
|
- | - | - | - | - | - | - | - | (1,080,654 | ) | - | (1,080,654 | ) | |||||||||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | - | - | (7,661,172 | ) | - | (7,661,172 | ) | |||||||||||||||||||||||||||||||
Cumulative translation adjustment
|
- | - | - | - | - | - | - | - | - | (148,405 | ) | (148,405 | ) | |||||||||||||||||||||||||||||||
Balance, December 31, 2015
|
108,600 | $ | 11 | 28,378 | $ | 3 | 117,517,626 | $ | 11,752 | $ | 54,203,451 | $ | (72,188 | ) | $ | (60,802,017 | ) | $ | - | $ | (6,658,988 | ) |
Useful life
|
|||
(in years)
|
|||
Computer equipment
|
3 - 5 | ||
Furniture and fixtures
|
7 | ||
Leasehold improvements
|
Term of lease
|
a.
|
The 6 month anniversary of the note payable;
|
b.
|
The Company closing a specific joint venture agreement; or
|
c.
|
The Company completes an additional $1 million minimum financing pursuant to its offering of 10% Secured Convertible Promissory Notes.
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
Current
|
$ | (2,714,000 | ) | $ | (3,418,000 | ) | ||
Deferred
|
(402,000 | ) | (547,000 | ) | ||||
Change in valuation allowance
|
3,116,000 | 3,965,000 | ||||||
$ | - | $ | - |
December 31, 2015
|
December 31, 2014
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
U.S federal income tax benefit at
|
||||||||||||||||
Federal statutory rate
|
$ | (2,681,000 | ) | (35 | ) | $ | (3,379,000 | ) | (35 | ) | ||||||
State tax, net of federal tax effect
|
(460,000 | ) | (6 | ) | (579,000 | ) | (6 | ) | ||||||||
Non-deductible share-based compensation
|
- | (0 | ) | (40,000 | ) | (0 | ) | |||||||||
Non-deductible other expenses
|
25,000 | - | 33,000 | - | ||||||||||||
Change in valuation allowance
|
3,116,000 | 41 | 3,965,000 | 41 | ||||||||||||
Net
|
$ | - | - | $ | - | - |
December 31,
|
||||||||
2015
|
2014
|
|||||||
Deferred tax asset for NOL carryforwards
|
$ | (22,428,000 | ) | $ | (19,714,000 | ) | ||
Deferred tax asset for stock based compensation
|
(2,239,000 | ) | (1,837,000 | ) | ||||
Valuation allowance
|
24,667,000 | 21,551,000 | ||||||
Net
|
$ | - | $ | - |
2015
|
2014
|
|||||||
Risk Free Interest Rate
|
1.52
|
%
|
1.52
|
%
|
||||
Expected Volatility
|
108
|
%
|
94
|
%
|
||||
Expected Life (in years)
|
5.0
|
5.0
|
||||||
Dividend Yield
|
0
|
%
|
0
|
%
|
||||
Weighted average estimated fair value of options
during the period |
$
|
0.23
|
$
|
0.63
|
Options Outstanding
|
||||||||||||||||
Number of
Shares
|
Weighted-
Average
Exercise Price
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
Aggregate
Intrinsic
Value
(in 000’s) (1)
|
|||||||||||||
Balance as of December 31, 2013
|
18,817,499 | $ | 0.90 | |||||||||||||
Granted
|
3,085,000 | $ | 0.92 | |||||||||||||
Exercised
|
(100,000 | ) | $ | 0.75 | ||||||||||||
Cancelled/Forfeited
|
(3,146,673 | ) | $ | 1.24 | ||||||||||||
Expired
|
(1,984,999 | ) | $ | 1.39 | ||||||||||||
Balance as of December 31, 2014
|
16,670,827 | $ | 0.78 | |||||||||||||
Granted
|
4,075,000 | $ | 0.48 | |||||||||||||
Cancelled/Forfeited
|
(10,188,327 | ) | $ | 0.64 | ||||||||||||
Expired
|
(1,735,000 | ) | $ | 1.17 | ||||||||||||
Balance as of December 31, 2015
|
8,822,500 | $ | 0.76 | 2.6 | $ | - | ||||||||||
Exercisable as of December 31, 2015
|
5,409,987 | $ | 0.87 | 1.5 | $ | - | ||||||||||
Exercisable as of December 31, 2015 and expected to vest
thereafter
|
8,822,500 | $ | 0.76 | 2.6 | $ | - |
(1)
|
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.18 for our common stock on December 31, 2015.
|
Number of
Awards
|
Weighted
Average
Exercise Price
|
Weighted
Average
Remaining
Amortization
Period (Years)
|
||||||||||
Unvested stock options at December 31, 2013
|
8,616,258
|
1.20
|
||||||||||
Granted
|
3,085,000
|
|||||||||||
Cancelled/Forfeited
|
(2,411,673)
|
|||||||||||
Expired
|
(1,550,000)
|
|||||||||||
Vested
|
(3,075,818)
|
|||||||||||
Unvested stock options at December 31, 2014
|
4,663,767
|
$
|
0.98
|
2.08
|
||||||||
Granted
|
4,075,000
|
$
|
0.48
|
|||||||||
Cancelled/Forfeited
|
(3,755,424
|
)
|
$
|
0.83
|
||||||||
Expired
|
-
|
$
|
-
|
|||||||||
Vested
|
(1,570,831
|
)
|
$
|
0.89
|
||||||||
Unvested stock options at December 31, 2015
|
3,412,512
|
$
|
0.58
|
4.32
|
Warrants Outstanding
|
||||||||||||||||
Number of
Shares
|
Weighted-
Average
Exercise Price
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
Aggregate
Intrinsic
Value
(in 000’s) (1)
|
|||||||||||||
Balance as of December 31, 2013
|
13,887,181 | $ | 0.81 | |||||||||||||
Granted
|
20,115,087 | $ | 1.00 | |||||||||||||
Exercised
|
(5,320,858 | ) | $ | 0.50 | ||||||||||||
Expired
|
(2,050,000 | ) | $ | 0.84 | ||||||||||||
Balance as of December 31, 2014
|
26,631,410 | $ | 1.01 | |||||||||||||
Granted
|
250,200 | $ | 0.90 | |||||||||||||
Expired
|
(515,714 | ) | $ | 0.50 | ||||||||||||
Balance as of December 31, 2015
|
26,365,896 | $ | 1.02 | 0.4 | $ | 160 | ||||||||||
Exercisable as of December 31, 2015
|
26,365,896 | $ | 1.02 | .04 | $ | 160 | ||||||||||
Exercisable as of December 31, 2015 and expected to
vest thereafter |
26,365,896 | $ | 1.02 | 0.4 | $ | 160 |
(1)
|
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying warrants and the closing stock price of $0.18 for our common stock on December 31, 2015.
|
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