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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0041 | 1.46% | 0.284 | 0.2565 | 0.31 | 0.284498 | 0.262278 | 0.2799 | 24,261 | 21:20:00 |
Delaware
|
11-2871434
|
(State or other jurisdiction of
|
(IRS Employer Identification Number)
|
incorporation or organization)
|
Registrant’s Telephone Number
|
(516) 997-4600
|
Large Accelerated Filer ☐
|
Accelerated Filer ☐
|
Non-Accelerated Filer ☐
|
Smaller Reporting Company ☒
|
Emerging Growth Company ☐ |
Three months ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
Revenues
|
||||||||
Managed IT systems and services
|
$
|
11,413
|
$
|
9,800
|
||||
Professional sales services
|
5,211
|
5,871
|
||||||
Equipment sales and services
|
913
|
703
|
||||||
Total revenues
|
17,537
|
16,374
|
||||||
Cost of revenues
|
||||||||
Cost of managed IT systems and services
|
6,499
|
5,778
|
||||||
Cost of professional sales services
|
1,058
|
1,262
|
||||||
Cost of equipment sales and services
|
359
|
264
|
||||||
Total cost of revenues
|
7,916
|
7,304
|
||||||
Gross profit
|
9,621
|
9,070
|
||||||
Operating expenses
|
||||||||
Selling, general and administrative
|
11,548
|
10,690
|
||||||
Research and development
|
187
|
221
|
||||||
Total operating expenses
|
11,735
|
10,911
|
||||||
Operating loss
|
(2,114
|
)
|
(1,841
|
)
|
||||
Other income (expense)
|
||||||||
Interest and financing costs
|
(171
|
)
|
(169
|
)
|
||||
Interest and other income (expense), net
|
24
|
(12
|
)
|
|||||
Gain on sale of investment in VSK
|
212
|
-
|
||||||
Total other income (expense), net
|
65
|
(181
|
)
|
|||||
Loss before income taxes
|
(2,049
|
)
|
(2,022
|
)
|
||||
Income tax expense
|
(20
|
)
|
(109
|
)
|
||||
Net loss
|
(2,069
|
)
|
(2,131
|
)
|
||||
Other comprehensive loss
|
||||||||
Foreign currency translation gain
|
184
|
32
|
||||||
Comprehensive loss
|
$
|
(1,885
|
)
|
$
|
(2,099
|
)
|
||
Loss per common share
|
||||||||
- basic and diluted
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
||
Weighted average common shares outstanding
|
||||||||
- basic and diluted
|
163,895
|
160,515
|
Accumulated
|
|||||||||||||||
Additional |
Other
|
Total
|
|||||||||||||
Common Stock
|
Treasury Stock
|
Paid-in-
|
Accumulated
|
Comprehensive
|
Stockholders'
|
||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Income (Loss)
|
Equity
|
||||||||
Balance at January 1, 2017
|
173,812
|
$ 174
|
(10,308)
|
$ (2,000)
|
$ 62,856
|
$ (47,790)
|
$ (329)
|
$ 12,911
|
|||||||
Share-based compensation
|
1,930
|
2
|
-
|
-
|
512
|
-
|
-
|
514
|
|||||||
Shares not issued for employee
tax liability
|
-
|
-
|
-
|
-
|
(5)
|
-
|
-
|
(5)
|
|||||||
Foreign currency translation gain
|
-
|
-
|
-
|
-
|
-
|
-
|
271
|
271
|
|||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(4,539)
|
-
|
(4,539)
|
|||||||
Balance at December 31, 2017
|
175,742
|
$ 176
|
(10,308)
|
$ (2,000)
|
$ 63,363
|
$ (52,329)
|
$ (58)
|
$ 9,152
|
|||||||
Share-based compensation
|
167
|
-
|
-
|
-
|
141
|
-
|
-
|
141
|
|||||||
Adoption of new accounting standard(*)
|
-
|
-
|
-
|
-
|
-
|
139
|
-
|
139
|
|||||||
Foreign currency translation gain
|
-
|
-
|
-
|
-
|
-
|
-
|
184
|
184
|
|||||||
Net loss
|
-
|
-
|
-
|
-
|
-
|
(2,069)
|
-
|
(2,069)
|
|||||||
Balance at March 31, 2018
|
175,909
|
$ 176
|
(10,308)
|
$ (2,000)
|
$ 63,504
|
$ (54,259)
|
$ 126
|
$ 7,547
|
|||||||
.
|
Three months ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
$
|
(2,069
|
)
|
$
|
(2,131
|
)
|
||
Adjustments to reconcile net loss to net
|
||||||||
cash (used in) provided by operating activities
|
||||||||
Depreciation and amortization
|
595
|
574
|
||||||
Deferred income taxes
|
-
|
96
|
||||||
Loss from interest in joint venture
|
9
|
45
|
||||||
Gain on sale of investment in VSK
|
(212
|
)
|
-
|
|||||
Provision for doubtful accounts and commission adjustments
|
63
|
31
|
||||||
Amortization of debt issue costs
|
8
|
8
|
||||||
Share-based compensation
|
141
|
219
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts and other receivables
|
4,040
|
3,361
|
||||||
Receivables due from related parties
|
-
|
(114
|
)
|
|||||
Inventories, net
|
326
|
(108
|
)
|
|||||
Deferred commission expense
|
210
|
(460
|
)
|
|||||
Prepaid expenses and other current assets
|
163
|
(22
|
)
|
|||||
Other assets, net
|
549
|
379
|
||||||
Accounts payable
|
(1,828
|
)
|
(1,039
|
)
|
||||
Accrued commissions
|
(541
|
)
|
(606
|
)
|
||||
Accrued expenses and other liabilities
|
(122
|
)
|
335
|
|||||
Sales tax payable
|
72
|
(39
|
)
|
|||||
Deferred revenue
|
(1,772
|
)
|
382
|
|||||
Other long-term liabilities
|
(152
|
)
|
(167
|
)
|
||||
Net cash (used in) provided by operating activities
|
(520
|
)
|
744
|
|||||
Cash flows from investing activities
|
||||||||
Purchases of equipment and software
|
(279
|
)
|
(839
|
)
|
||||
Net cash used in investing activities
|
(279
|
)
|
(839
|
)
|
||||
Cash flows from financing activities
|
||||||||
Net borrowings on revolving line of credit
|
1,437
|
(189
|
)
|
|||||
Repayment of notes payable and capital lease obligations
|
(46
|
)
|
(97
|
)
|
||||
Net cash provided by (used in) financing activities
|
1,391
|
(286
|
)
|
|||||
Effect of exchange rate differences on cash and cash equivalents
|
3
|
7
|
||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
595
|
(374
|
)
|
|||||
Cash and cash equivalents - beginning of period
|
5,245
|
7,087
|
||||||
Cash and cash equivalents - end of period
|
$
|
5,840
|
$
|
6,713
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
|
||||||||
Interest paid
|
$
|
156
|
$
|
160
|
||||
Income taxes paid
|
$
|
-
|
$
|
4
|
||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
|
||||||||
Sale of investment in VSK | $ | 676 | $ | - | ||||
Inventories transferred to property and equipment, net
|
$
|
-
|
$
|
1
|
·
|
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 General Electric Healthcare ("GEHC") into the healthcare provider middle market; and
|
·
|
Equipment segment, operating through a wholly-owned subsidiary VasoMedical, 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 for the above equipment.
|
·
|
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, 2018
|
As of
December 31, 2017
|
||||||
(unaudited)
|
||||||||
Cash and cash equivalents
|
$
|
70
|
$
|
41
|
||||
Total assets
|
$
|
1,743
|
$
|
1,599
|
||||
Total liabilities
|
$
|
1,872
|
$
|
1,745
|
||||
(in thousands) | ||||||||
Three months ended March 31,
|
||||||||
2018
|
2017
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Total net revenue
|
$
|
406
|
$
|
300
|
||||
Net income (loss)
|
$
|
1
|
$
|
(42
|
)
|
|||
(in thousands) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2018 (unaudited)
|
Three Months Ended March 31, 2017 (unaudited)
|
|||||||||||||||||||||||||||||||
Professional
|
|
Professional
|
|
|||||||||||||||||||||||||||||
sales | sales | |||||||||||||||||||||||||||||||
services | Equipment | services | Equipment | |||||||||||||||||||||||||||||
|
IT segment
|
segment
|
segment
|
Total
|
IT segment
|
segment
|
segment
|
Total
|
||||||||||||||||||||||||
Network services
|
$
|
10,211
|
$
|
10,211
|
$
|
9,594
|
$
|
9,594
|
||||||||||||||||||||||||
Software sales and support
|
1,202
|
1,202
|
206
|
206
|
||||||||||||||||||||||||||||
Commissions
|
5,211
|
5,211
|
5,871
|
5,871
|
||||||||||||||||||||||||||||
Medical equipment sales
|
631
|
631
|
423
|
423
|
||||||||||||||||||||||||||||
Medical equipment service
|
282
|
282
|
280
|
280
|
||||||||||||||||||||||||||||
$
|
11,413
|
$
|
5,211
|
$
|
913
|
$
|
17,537
|
$
|
9,800
|
$
|
5,871
|
$
|
703
|
$
|
16,374
|
|||||||||||||||||
|
(in thousands) | |||||||||||||||||||||||||||||||
Three Months Ended March 31, 2018 (unaudited) | Three Months Ended March 31, 2017 (unaudited) | |||||||||||||||||||||||||||||||
Professional | Professional | |||||||||||||||||||||||||||||||
sales | sales | |||||||||||||||||||||||||||||||
services |
Equipment
|
services |
Equipment
|
|||||||||||||||||||||||||||||
|
IT segment
|
segment
|
segment
|
Total
|
IT segment
|
segment
|
segment
|
Total
|
||||||||||||||||||||||||
Revenue recognized over time
|
$
|
10,090
|
$
|
-
|
$
|
173
|
$
|
10,263
|
$
|
9,170
|
$
|
-
|
$
|
189
|
$
|
9,359
|
||||||||||||||||
Revenue recognized at a point in time
|
1,323
|
5,211
|
740
|
7,274
|
630
|
5,871
|
514
|
7,015
|
||||||||||||||||||||||||
$
|
11,413
|
$
|
5,211
|
$
|
913
|
$
|
17,537
|
$
|
9,800
|
$
|
5,871
|
$
|
703
|
$
|
16,374
|
|||||||||||||||||
(in thousands)
|
||||||||||||||||
Fiscal years of revenue recognition
|
||||||||||||||||
|
remainder of 2018
|
2019
|
2020
|
Thereafter
|
||||||||||||
Unfulfilled performance obligations
|
$
|
41,782
|
$
|
29,120
|
$
|
11,113
|
$
|
7,431
|
·
|
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 GEHC into the healthcare provider middle market; and
|
·
|
Equipment segment, operating through a wholly-owned subsidiary VasoMedical, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.
|
(in thousands) | ||||||||
Three months ended
|
||||||||
March 31,
|
||||||||
2018
|
2017
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Revenues from external customers
|
||||||||
IT
|
$
|
11,413
|
$
|
9,800
|
||||
Professional sales service
|
5,211
|
5,871
|
||||||
Equipment
|
913
|
703
|
||||||
Total revenues
|
$
|
17,537
|
$
|
16,374
|
||||
Gross Profit
|
||||||||
IT
|
$
|
4,914
|
$
|
4,022
|
||||
Professional sales service
|
4,153
|
4,609
|
||||||
Equipment
|
554
|
439
|
||||||
Total gross profit
|
$
|
9,621
|
$
|
9,070
|
||||
Operating loss
|
||||||||
IT
|
$
|
(435
|
)
|
$
|
(918
|
)
|
||
Professional sales service
|
(1,054
|
)
|
(85
|
)
|
||||
Equipment
|
(228
|
)
|
(405
|
)
|
||||
Corporate
|
(397
|
)
|
(433
|
)
|
||||
Total operating loss
|
$
|
(2,114
|
)
|
$
|
(1,841
|
)
|
||
Capital expenditures
|
||||||||
IT
|
$
|
258
|
$
|
757
|
||||
Professional sales service
|
-
|
77
|
||||||
Equipment
|
18
|
5
|
||||||
Corporate
|
3
|
-
|
||||||
Total cash capital expenditures
|
$
|
279
|
$
|
839
|
(in thousands) | ||||||||
March 31, 2018
|
December 31, 2017
|
|||||||
(unaudited)
|
||||||||
Identifiable Assets
|
||||||||
IT
|
$
|
27,565
|
$
|
28,320
|
||||
Professional sales service
|
10,131
|
15,658
|
||||||
Equipment
|
8,012
|
7,830
|
||||||
Corporate
|
6,189
|
4,970
|
||||||
Total assets
|
$
|
51,897
|
$
|
56,778
|
(in thousands) | ||||||||
For the three months ended
|
||||||||
March 31, 2018
|
March 31, 2017
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Stock options
|
-
|
600
|
||||||
Restricted common stock grants
|
4,762
|
7,534
|
||||||
4,762
|
8,134
|
(in thousands) | ||||||||
March 31, 2018
|
December 31, 2017
|
|||||||
(unaudited)
|
||||||||
Trade receivables
|
$
|
13,142
|
$
|
18,056
|
||||
Unbilled receivables
|
511
|
-
|
||||||
Due from employees
|
21
|
41
|
||||||
Allowance for doubtful accounts and
|
||||||||
commission adjustments
|
(4,546
|
)
|
(4,872
|
)
|
||||
Accounts and other receivables, net
|
$
|
9,128
|
$
|
13,225
|
||||
(In thousands) | ||||||||
March 31, 2018
|
December 31, 2017
|
|||||||
(unaudited)
|
||||||||
Raw materials
|
$
|
616
|
$
|
530
|
||||
Work in process
|
460
|
449
|
||||||
Finished goods
|
984
|
1,376
|
||||||
$
|
2,061
|
$
|
2,355
|
|||||
(in thousands) | ||||
Carrying Amount
|
||||
Balance at December 31, 2017
|
$
|
17,471
|
||
Foreign currency translation adjustment
|
117
|
|||
Balance at March 31, 2018 (unaudited)
|
$
|
17,588
|
(in thousands) | ||||||||
|
March 31, 2018
|
December 31, 2017
|
||||||
(unaudited)
|
||||||||
Customer-related
|
||||||||
Costs
|
$
|
5,831
|
$
|
5,831
|
||||
Accumulated amortization
|
(2,656
|
)
|
(2,501
|
)
|
||||
3,175
|
3,330
|
|||||||
|
||||||||
Patents and Technology
|
||||||||
Costs
|
2,331
|
2,331
|
||||||
Accumulated amortization
|
(1,311
|
)
|
(1,260
|
)
|
||||
1,020
|
1,071
|
|||||||
Software
|
||||||||
Costs
|
1,947
|
1,819
|
||||||
Accumulated amortization
|
(1,015
|
)
|
(966
|
)
|
||||
932
|
853
|
|||||||
|
||||||||
$
|
5,127
|
$
|
5,254
|
|||||
|
(in thousands) | ||||
Years ending December 31,
|
(unaudited)
|
|||
Remainder of 2018
|
$
|
803
|
||
2019
|
902
|
|||
2020
|
858
|
|||
2021
|
783
|
|||
2022
|
464
|
|||
Total
|
$
|
3,810
|
||
|
(in thousands) | ||||||||
March 31, 2018
|
December 31, 2017
|
|||||||
(unaudited)
|
||||||||
Deferred commission expense - noncurrent
|
$
|
1,741
|
$
|
1,867
|
||||
Trade receivables - noncurrent
|
641
|
968
|
||||||
Other, net of allowance for loss on loan receivable of
|
||||||||
$412 at March 31, 2018 and December 31, 2017
|
516
|
1,012
|
||||||
$
|
2,898
|
$
|
3,847
|
(in thousands) | ||||||||
March 31, 2018
|
December 31, 2017
|
|||||||
(unaudited)
|
||||||||
Accrued compensation
|
$
|
440
|
$
|
1,181
|
||||
Accrued expenses - other
|
1,755
|
2,207
|
||||||
Other liabilities
|
2,869
|
1,949
|
||||||
$
|
5,064
|
$
|
5,337
|
|||||
(in thousands) | ||||||||
For the three months ended
|
||||||||
March 31, 2018
|
March 31, 2017
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Deferred revenue at beginning of period
|
$
|
23,066
|
$
|
19,404
|
||||
Additions:
|
||||||||
Deferred extended service contracts
|
192
|
187
|
||||||
Deferred in-service and training
|
-
|
-
|
||||||
Deferred service arrangements
|
-
|
-
|
||||||
Deferred commission revenues
|
462
|
2,887
|
||||||
Recognized as revenue:
|
||||||||
Deferred extended service contracts
|
(161
|
)
|
(177
|
)
|
||||
Deferred in-service and training
|
(3
|
)
|
(3
|
)
|
||||
Deferred service arrangements
|
(12
|
)
|
(12
|
)
|
||||
Deferred commission revenues
|
(2,249
|
)
|
(2,501
|
)
|
||||
Deferred revenue at end of period
|
21,295
|
19,785
|
||||||
Less: current portion
|
15,607
|
9,603
|
||||||
Long-term deferred revenue at end of period
|
$
|
5,688
|
$
|
10,182
|
·
|
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 GEHC into the healthcare provider middle market; and
|
·
|
Equipment segment, operating through a wholly-owned subsidiary VasoMedical, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.
|
(in thousands) | ||||||||
Three months ended March 31,
|
||||||||
2018
|
2017
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net loss
|
$
|
(2,069
|
)
|
$
|
(2,131
|
)
|
||
Interest expense (income), net
|
161
|
165
|
||||||
Income tax expense
|
20
|
109
|
||||||
Depreciation and amortization
|
595
|
582
|
||||||
Share-based compensation
|
141
|
219
|
||||||
Adjusted EBITDA
|
$
|
(1,152
|
)
|
$
|
(1,056
|
)
|
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.
|
VASO CORPORATION
|
|
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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