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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vaso Corporation (QX) | USOTC:VASO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0026 | -0.98% | 0.2624 | 0.258 | 0.2625 | 0.2625 | 0.2513 | 0.2625 | 44,823 | 21:11:54 |
Delaware
|
11-2871434
|
(State or other jurisdiction of
|
(IRS Employer Identification Number)
|
incorporation or organization)
|
Registrant’s Telephone Number
|
(516) 997-4600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Revenues
|
||||||||
Professional sales services
|
$
|
6,846
|
$
|
6,390
|
||||
Managed IT systems and services
|
9,727
|
-
|
||||||
Equipment sales and services
|
969
|
1,063
|
||||||
Total revenues
|
17,542
|
7,453
|
||||||
Cost of revenues
|
||||||||
Cost of professional sales services
|
1,411
|
1,523
|
||||||
Cost of managed IT systems and services
|
5,721
|
-
|
||||||
Cost of equipment sales and services
|
398
|
363
|
||||||
Total cost of revenues
|
7,530
|
1,886
|
||||||
Gross profit
|
10,012
|
5,567
|
||||||
Operating expenses
|
||||||||
Selling, general and administrative
|
9,706
|
5,719
|
||||||
Research and development
|
147
|
134
|
||||||
Total operating expenses
|
9,853
|
5,853
|
||||||
Operating income (loss)
|
159
|
(286
|
)
|
|||||
Other income (expense)
|
||||||||
Interest and financing costs
|
(171
|
)
|
(28
|
)
|
||||
Interest and other income (expense), net
|
10
|
68
|
||||||
Total other income (expense), net
|
(161
|
)
|
40
|
|||||
Loss before income taxes
|
(2
|
) |
(246
|
)
|
||||
Income tax expense
|
(102
|
)
|
(6
|
)
|
||||
Net loss
|
(104
|
) |
(252
|
)
|
||||
Other comprehensive income
|
||||||||
Foreign currency translation gain
|
38
|
7
|
||||||
Comprehensive loss
|
$
|
(66
|
) |
$
|
(245
|
)
|
||
Loss per common share
|
||||||||
- basic and diluted
|
$
|
(0.00
|
) |
$
|
(0.00
|
)
|
||
Weighted average common shares outstanding
|
||||||||
- basic and diluted
|
157,391
|
155,945
|
Common Stock
|
Treasury Stock
|
Additional
Paid-in-
|
Accumulated
|
Accumulated
Other
Comprehensive
|
Total
Stockholders'
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Income (Loss)
|
Equity
|
|||||||||||||||||||||||||
Balance at
December 31, 2014
|
166,435
|
$
|
166
|
(10,308
|
)
|
$
|
(2,000
|
)
|
$
|
61,924
|
$
|
(52,433
|
)
|
$
|
94
|
$
|
7,751
|
|||||||||||||||
Share-based
compensation
|
2,315
|
2
|
-
|
-
|
340
|
-
|
-
|
342
|
||||||||||||||||||||||||
Shares not issued
for employee
tax liability
|
-
|
-
|
-
|
-
|
(1
|
)
|
-
|
-
|
(1
|
)
|
||||||||||||||||||||||
Foreign currency
translation loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(174
|
)
|
(174
|
)
|
||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
3,823
|
-
|
3,823
|
||||||||||||||||||||||||
Balance at
December 31, 2015
|
168,750
|
$
|
168
|
(10,308
|
)
|
$
|
(2,000
|
)
|
$
|
62,263
|
$
|
(48,610
|
)
|
$
|
(80
|
)
|
$
|
11,741
|
||||||||||||||
Share-based
compensation
|
-
|
-
|
-
|
-
|
33
|
-
|
-
|
33
|
||||||||||||||||||||||||
Foreign currency
translation gain
|
-
|
-
|
-
|
-
|
-
|
-
|
38
|
38
|
||||||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(104
|
) |
-
|
(104
|
) | ||||||||||||||||||||||
Balance at
March 31, 2016 (unaudited)
|
168,750
|
$
|
168
|
(10,308
|
)
|
$
|
(2,000
|
)
|
$
|
62,296
|
$
|
(48,714
|
)
|
$
|
(42
|
)
|
$
|
11,708
|
Three months ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
$
|
(104
|
) |
$
|
(252
|
)
|
||
Adjustments to reconcile net loss to net cash
|
||||||||
provided by operating activities
|
||||||||
Depreciation and amortization
|
515
|
212
|
||||||
Deferred income taxes
|
93
|
-
|
||||||
Loss from interest in joint venture
|
73
|
2
|
||||||
Provision for doubtful accounts and commission adjustments
|
25
|
9
|
||||||
Amortization of debt issue costs
|
8
|
-
|
||||||
Share-based compensation
|
33
|
19
|
||||||
Provision for allowance for loss on loan receivable | 412 | - | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts and other receivables
|
2,979
|
10,240
|
||||||
Receivables due from related parties
|
93
|
(55
|
)
|
|||||
Inventories, net
|
(429
|
) |
(227
|
)
|
||||
Deferred commission expense
|
104
|
(211
|
)
|
|||||
Other current assets
|
12
|
|
(76
|
)
|
||||
Other assets, net
|
217
|
1,070
|
||||||
Accounts payable
|
189
|
105
|
||||||
Accrued commissions
|
(725
|
)
|
(1,095
|
)
|
||||
Accrued expenses and other liabilities
|
(760
|
)
|
(2,267
|
)
|
||||
Sales tax payable
|
(12
|
)
|
(48
|
)
|
||||
Income taxes payable
|
(203
|
)
|
-
|
|||||
Deferred revenue
|
(613
|
)
|
(1,078
|
)
|
||||
Notes payable due to related party
|
-
|
18
|
||||||
Other long-term liabilities
|
(24
|
)
|
(107
|
)
|
||||
Net cash provided by operating activities
|
1,883
|
6,259
|
||||||
Cash flows from investing activities
|
||||||||
Purchases of equipment and software
|
(329
|
)
|
(45
|
)
|
||||
Purchases of short-term investments
|
-
|
(38
|
)
|
|||||
Redemption of short-term investments
|
38
|
40
|
||||||
Investment in VSK
|
(100
|
)
|
-
|
|||||
Net cash used in investing activities
|
(391
|
)
|
(43
|
)
|
||||
Cash flows from financing activities
|
||||||||
Net borrowings on revolving line of credit
|
1,019
|
-
|
||||||
Debt issuance costs
|
-
|
(60
|
)
|
|||||
Repayment of notes payable
|
(14
|
)
|
-
|
|||||
Net cash provided by (used in) financing activities
|
1,005
|
(60
|
)
|
|||||
Effect of exchange rate differences on cash and cash equivalents
|
10
|
(15
|
)
|
|||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
2,507
|
6,141
|
||||||
Cash and cash equivalents - beginning of period
|
2,160
|
9,128
|
||||||
Cash and cash equivalents - end of period
|
$
|
4,667
|
$
|
15,269
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
|
||||||||
Interest paid
|
$
|
162
|
$
|
3
|
||||
Income taxes paid
|
$
|
203
|
$
|
65
|
||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
|
||||||||
Inventories transferred to property and equipment,
|
||||||||
attributable to operating leases, net
|
$
|
142
|
$
|
-
|
·
|
IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;
|
·
|
Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for large OEMs into the health provider middle market; and
|
·
|
Equipment segment, operating through wholly-owned subsidiaries Vasomedical Global Corp. and Vasomedical Solutions, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.
|
·
|
Managed diagnostic imaging applications (national channel partner of GEHC IT).
|
·
|
Managed network infrastructure (routers, switches and other core equipment).
|
·
|
Managed network transport (FCC licensed carrier reselling 175+ facility partners).
|
·
|
Managed security services.
|
·
|
GEHC diagnostic imaging capital equipment.
|
·
|
GEHC service agreements.
|
·
|
GEHC and third party financial services.
|
·
|
Biox™ series Holter monitors and ambulatory blood pressure recorders.
|
·
|
ARCS™ series analysis, reporting and communication software for physiological signals such as ECG and blood pressure.
|
·
|
MobiCare™ multi-parameter wireless vital-sign monitoring system.
|
·
|
EECP
®
therapy system for non-invasive, outpatient treatment of ischemic heart disease.
|
(in thousands) | ||||||||
|
As of
March 31, 2016
|
As of
December 31, 2015
|
||||||
(unaudited) | ||||||||
Cash and cash equivalents
|
$
|
16
|
$
|
104
|
||||
Total assets
|
$
|
1,230
|
$
|
1,168
|
||||
Total liabilities
|
$
|
1,066
|
$
|
1,007
|
·
|
IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;
|
·
|
Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for large OEMs into the health provider middle market; and
|
·
|
Equipment segment, operating through wholly-owned subsidiaries Vasomedical Global Corp. and Vasomedical Solutions, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.
|
(in thousands) | ||||||||||||||||||||
As of or for the three months ended March 31, 2016 (unaudited)
|
||||||||||||||||||||
Professional Sales Service Segment
|
IT Segment
|
Equipment Segment
|
Corporate
|
Consolidated
|
||||||||||||||||
Revenues from external customers
|
$
|
6,846
|
$
|
9,727
|
$
|
969
|
$
|
-
|
$
|
17,542
|
||||||||||
Operating income (loss)
|
$
|
1,989
|
$
|
(742
|
)
|
$
|
(700
|
)
|
$
|
(388
|
)
|
$
|
159
|
|||||||
Total assets
|
$
|
10,783
|
$
|
25,407
|
$
|
8,248
|
$
|
4,816
|
$
|
49,254
|
||||||||||
Accounts and other receivables, net
|
$
|
5,628
|
$
|
2,171
|
$
|
819
|
$
|
-
|
$
|
8,618
|
||||||||||
Deferred commission expense
|
$
|
2,034
|
$
|
114
|
$
|
-
|
$
|
-
|
$
|
2,148
|
||||||||||
Other assets
|
$
|
2,780
|
$
|
281
|
$
|
130
|
$
|
451
|
$
|
3,642
|
As of or for the three months ended March 31, 2015 (unaudited)
|
||||||||||||||||||||
Professional Sales Service Segment
|
IT Segment
|
Equipment Segment
|
Corporate
|
Consolidated
|
||||||||||||||||
Revenues from external customers
|
$
|
6,390
|
$
|
-
|
$
|
1,063
|
$
|
-
|
$
|
7,453
|
||||||||||
Operating income (loss)
|
$
|
1,087
|
$
|
(355
|
)
|
$
|
(635
|
)
|
$
|
(383
|
)
|
$
|
(286
|
)
|
||||||
Total assets
|
$
|
11,142
|
$
|
159
|
$
|
9,592
|
$
|
15,405
|
$
|
36,298
|
||||||||||
Accounts and other receivables, net
|
$
|
4,363
|
$
|
86
|
$
|
576
|
$
|
-
|
$
|
5,025
|
||||||||||
Deferred commission expense
|
$
|
2,412
|
$
|
4
|
$
|
-
|
$
|
-
|
$
|
2,416
|
||||||||||
Other assets
|
$
|
3,832
|
$
|
-
|
$
|
715
|
$
|
73
|
$
|
4,620
|
(in thousands) | ||||||||
For the three months ended
|
||||||||
March 31, 2016
|
March 31, 2015
|
|||||||
(unaudited) | (unaudited) | |||||||
Stock options
|
800
|
952
|
||||||
Common stock grants | 2,703 | 390 | ||||||
3,503 | 1,342 | |||||||
(in thousands) | ||||||||
March 31, 2016
|
December 31, 2015
|
|||||||
(unaudited) | ||||||||
Trade receivables
|
$
|
12,015
|
$
|
15,252
|
||||
Due from employees
|
355
|
231
|
||||||
Allowance for doubtful accounts and
|
||||||||
commission adjustments
|
(3,752
|
)
|
(3,863
|
)
|
||||
Accounts and other receivables, net
|
$
|
8,618
|
$
|
11,620
|
(in thousands) | ||||||||
March 31, 2016
|
December 31, 2015
|
|||||||
(unaudited) | ||||||||
Raw materials
|
$
|
489
|
$
|
497
|
||||
Work in process
|
383
|
392
|
||||||
Finished goods
|
1,382
|
1,074
|
||||||
$
|
2,254
|
$
|
1,963
|
(in thousands) | ||||
Carrying Amount
|
||||
Balance at December 31, 2015
|
$
|
17,484
|
||
Foreign currency translation
|
20
|
|||
Balance at March 31, 2016 (unaudited)
|
$
|
17,504
|
(in thousands) | ||||||||
|
March 31, 2016
|
December 31, 2015
|
||||||
(unaudited)
|
||||||||
Customer-related
|
||||||||
Costs
|
$
|
5,831
|
$
|
5,831
|
||||
Accumulated amortization
|
(1,137
|
)
|
(926
|
)
|
||||
4,694
|
4,905
|
|||||||
|
||||||||
Patents and Technology
|
||||||||
Costs
|
|
2,414
|
|
2,423
|
||||
Accumulated amortization
|
(870
|
)
|
(806
|
)
|
||||
1,544
|
1,617
|
|||||||
Software
|
||||||||
Costs
|
1,220
|
1,182
|
||||||
Accumulated amortization
|
(732
|
)
|
(727
|
)
|
||||
488
|
455
|
|||||||
|
||||||||
$
|
6,726
|
$
|
6,977
|
(in thousands) | ||||||||
March 31, 2016
|
December 31, 2015
|
|||||||
(unaudited)
|
||||||||
Deferred commission expense - noncurrent
|
$
|
2,006
|
$
|
2,083
|
||||
Trade receivables - noncurrent
|
927
|
1,025
|
||||||
Other, net of allowance for loss on loan receivable of
$412 at March 31, 2016 and $0 at December 31, 2015
|
709
|
1,207
|
||||||
$
|
3,642
|
$
|
4,315
|
(in thousands) | ||||||||
March 31, 2016
|
December 31, 2015
|
|||||||
(unaudited)
|
||||||||
Accrued compensation
|
$
|
574
|
$
|
1,589
|
||||
Accrued expenses - other
|
1,304
|
1,414
|
||||||
Other liabilities
|
1,935
|
1,508
|
||||||
$ | 3,813 | $ | 4,511 |
(in thousands) | ||||||||
For the three months ended
|
||||||||
March 31, 2016
|
March 31, 2015
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Deferred revenue at beginning of period
|
$
|
18,516
|
$
|
22,532
|
||||
Additions:
|
||||||||
Deferred extended service contracts
|
213
|
211
|
||||||
Deferred in-service and training
|
3
|
3
|
||||||
Deferred service arrangements
|
10
|
10
|
||||||
Deferred commission revenues
|
2,298
|
1,849
|
||||||
Recognized as revenue:
|
||||||||
Deferred extended service contracts
|
(199
|
)
|
(231
|
)
|
||||
Deferred in-service and training
|
(5
|
)
|
(8
|
)
|
||||
Deferred service arrangements
|
(9
|
)
|
(23
|
)
|
||||
Deferred commission revenues
|
(2,924
|
)
|
(2,890
|
)
|
||||
Deferred revenue at end of period
|
17,903
|
21,453
|
||||||
Less: current portion
|
9,186
|
11,400
|
||||||
Long-term deferred revenue at end of period
|
$
|
8,717
|
$
|
10,053
|
(in thousands) | |||||
Cash and cash equivalents
|
$
|
733
|
|||
Accounts receivable and other current assets
|
1,535
|
||||
Other assets
|
50
|
||||
Property and equipment
|
2,359
|
||||
Accounts payable and other current liabilities
|
(4,382
|
)
|
|||
Long term debt
|
(1,701
|
)
|
|||
Goodwill and other intangibles
|
14,375
|
||||
Customer-related intangibles
|
5,031
|
||||
Total
|
$
|
18,000
|
(in thousands) | ||||||||
|
Three months ended
|
|||||||
March 31, 2016
|
March 31, 2015
|
|||||||
(unaudited) | (unaudited) | |||||||
Revenue
|
$
|
17,542
|
$
|
15,361
|
||||
Net loss
|
(109
|
) |
(354
|
)
|
||||
Loss per share - basic and diluted
|
$
|
(0.00
|
) |
$
|
(0.00
|
)
|
||
·
|
IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;
|
·
|
Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for large OEMs into the health provider middle market; and
|
·
|
Equipment segment, operating through wholly-owned subsidiaries Vasomedical Global Corp. and Vasomedical Solutions, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.
|
·
|
Managed diagnostic imaging applications (national channel partner of GEHC IT).
|
·
|
Managed network infrastructure (routers, switches and other core equipment).
|
·
|
Managed network transport (FCC licensed carrier reselling 175+ facility partners).
|
·
|
Managed security services (IBM's first security white label partner).
|
·
|
GEHC diagnostic imaging capital equipment.
|
·
|
GEHC service agreements.
|
·
|
GEHC and third party financial services.
|
·
|
Biox™ series Holter monitors and ambulatory blood pressure recorders .
|
·
|
ARCS™ series analysis, reporting and communication software for physiological signals such as ECG and blood pressure.
|
·
|
MobiCare™ multi-parameter wireless vital-sign monitoring system.
|
·
|
EECP
®
therapy systems, used for non-invasive, outpatient treatment of ischemic heart disease.
|
(in thousands) | ||||||||
Three months ended March 31,
|
||||||||
2016
|
2015
|
|||||||
(unaudited) | (unaudited) | |||||||
Net loss
|
$
|
(104
|
) |
$
|
(252
|
)
|
||
Interest expense (income), net
|
155
|
(7
|
)
|
|||||
Income tax expense
|
102
|
6
|
||||||
Depreciation and amortization
|
523
|
212
|
||||||
Share-based compensation
|
33
|
19
|
||||||
Adjusted EBITDA
|
$
|
709
|
$
|
(22
|
)
|
|||
31 | Certifications of the Chief Executive Officer and the Chief Financial Officer pursuant to Rules 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32 | Certifications of the Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
VASOMEDICAL, INC.
|
|
By:
/s/ Jun Ma
|
|
Jun Ma
|
|
President and
Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
/s/ Michael J. Beecher
|
|
Michael J. Beecher
|
|
Chief Financial Officer and Principal Accounting Officer
|
1 Year Vaso (QX) Chart |
1 Month Vaso (QX) Chart |
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