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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 incorporation or
organization)
|
(IRS Employer Identification Number)
|
Large Accelerated Filer
|
☐ |
Accelerated Filer
|
☐ |
Non-Accelerated Filer
|
☒ |
Smaller Reporting Company
|
☒ |
|
|
Emerging Growth Company
|
☐ |
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
Common Stock
|
VASO
|
OTC:PK
|
PART I
– FINANCIAL INFORMATION
|
3
|
|
|
3
|
|
|
|
3
|
|
|
|
4
|
|
|
|
5
|
|
|
|
6
|
|
|
|
7
|
|
|
|
23
|
|
|
|
30
|
|
|
|
PART II
- OTHER INFORMATION
|
31
|
|
|
31
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
Other
|
Total
|
|
Common Stock
|
Treasury Stock
|
Additional
|
Accumulated
|
Comprehensive
|
Stockholders’
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Paid-in-Capital
|
Deficit
|
Loss
|
Equity
|
Balance at January 1, 2018
|
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 (unaudited)
|
175,909
|
$
176
|
(10,308
)
|
$
(2,000
)
|
$
63,504
|
$
(54,259
)
|
$
126
|
$
7,547
|
Share-based compensation
|
1,011
|
1
|
-
|
-
|
80
|
-
|
-
|
81
|
Shares not issued for employee tax liability
|
-
|
-
|
-
|
-
|
(1
)
|
-
|
-
|
(1
)
|
Foreign currency translation loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(271
)
|
(271
)
|
Net loss
|
-
|
-
|
-
|
-
|
-
|
(446
)
|
-
|
(446
)
|
Balance at June 30, 2018 (unaudited)
|
176,920
|
$
177
|
(10,308
)
|
$
(2,000
)
|
$
63,583
|
$
(54,705
)
|
$
(145
)
|
$
6,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2019
|
177,417
|
$
178
|
(10,308
)
|
(2,000
)
|
$
63,672
|
$
(55,924
)
|
$
(315
)
|
$
5,611
|
Share-based compensation
|
-
|
-
|
-
|
-
|
44
|
-
|
-
|
44
|
Foreign currency translation gain
|
-
|
-
|
-
|
-
|
-
|
-
|
137
|
137
|
Net loss
|
-
|
-
|
-
|
-
|
-
|
(2,849
)
|
-
|
(2,849
)
|
Balance at March 31, 2019 (unaudited)
|
177,417
|
$
178
|
(10,308
)
|
$
(2,000
)
|
$
63,716
|
$
(58,773
)
|
$
(178
)
|
$
2,943
|
Share-based compensation
|
5,438
|
5
|
-
|
-
|
49
|
-
|
-
|
54
|
Shares not issued for employee tax liability
|
-
|
-
|
-
|
-
|
(2
)
|
-
|
-
|
(2
)
|
Foreign currency translation loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(75
)
|
(75
)
|
Net loss
|
-
|
-
|
-
|
-
|
-
|
(750
)
|
-
|
(750
)
|
Balance at June 30, 2019 (unaudited)
|
182,855
|
$
183
|
(10,308
)
|
$
(2,000
)
|
$
63,763
|
$
(59,523
)
|
$
(253
)
|
$
2,170
|
|
(in
thousands)
|
|||||||
|
Three Months Ended June 30, 2019 (unaudited)
|
Three Months Ended June 30, 2018 (unaudited)
|
||||||
|
|
Professional sales
|
Equipment
|
|
|
Professional sales
|
Equipment
|
|
|
IT segment
|
service segment
|
segment
|
Total
|
IT segment
|
service segment
|
segment
|
Total
|
Network
services
|
$
9,893
|
|
|
$
9,893
|
$
10,062
|
|
|
$
10,062
|
Software
sales and support
|
1,512
|
|
|
1,512
|
642
|
|
|
642
|
Commissions
|
|
5,131
|
|
5,131
|
|
6,803
|
|
6,803
|
Medical
equipment sales
|
|
|
731
|
731
|
|
|
645
|
645
|
Medical
equipment service
|
|
|
276
|
276
|
|
|
266
|
266
|
|
$
11,405
|
$
5,131
|
$
1,007
|
$
17,543
|
$
10,704
|
$
6,803
|
$
911
|
$
18,418
|
|
Six Months Ended June 30, 2019 (unaudited)
|
Six Months Ended June 30, 2018 (unaudited)
|
||||||
|
|
Professional sales
|
Equipment
|
|
|
Professional sales
|
Equipment
|
|
|
IT segment
|
service segment
|
segment
|
Total
|
IT segment
|
service segment
|
segment
|
Total
|
Network
services
|
$
20,011
|
|
|
$
20,011
|
$
20,272
|
|
|
$
20,272
|
Software
sales and support
|
2,721
|
|
|
2,721
|
1,845
|
|
|
1,845
|
Commissions
|
|
8,546
|
|
8,546
|
|
12,014
|
|
12,014
|
Medical
equipment sales
|
|
|
1,225
|
1,225
|
|
|
1,276
|
1,276
|
Medical
equipment service
|
|
|
564
|
564
|
|
|
548
|
548
|
|
$
22,732
|
$
8,546
|
$
1,789
|
$
33,067
|
$
22,117
|
$
12,014
|
$
1,824
|
$
35,955
|
|
Three
Months Ended June 30, 2019 (unaudited)
|
Three
Months Ended June 30, 2018 (unaudited)
|
||||||
|
|
Professional sales
|
Equipment
|
|
|
Professional sales
|
Equipment
|
|
|
IT segment
|
service segment
|
segment
|
Total
|
IT segment
|
service segment
|
segment
|
Total
|
Revenue
recognized over time
|
$
10,047
|
$
-
|
$
155
|
$
10,202
|
$
9,665
|
$
-
|
$
169
|
$
9,834
|
Revenue
recognized at a point in time
|
1,358
|
5,131
|
852
|
7,341
|
1,039
|
6,803
|
742
|
8,584
|
|
$
11,405
|
$
5,131
|
$
1,007
|
$
17,543
|
$
10,704
|
$
6,803
|
$
911
|
$
18,418
|
|
Six Months Ended June 30, 2019 (unaudited)
|
Six Months Ended June 30, 2018 (unaudited)
|
||||||
|
|
Professional sales
|
Equipment
|
|
|
Professional sales
|
Equipment
|
|
|
IT segment
|
service segment
|
segment
|
Total
|
IT segment
|
service segment
|
segment
|
Total
|
Revenue
recognized over time
|
$
20,002
|
$
-
|
$
303
|
$
20,305
|
$
19,755
|
$
-
|
$
342
|
$
20,097
|
Revenue
recognized at a point in time
|
2,730
|
8,546
|
1,486
|
12,762
|
2,362
|
12,014
|
1,482
|
15,858
|
|
$
22,732
|
$
8,546
|
$
1,789
|
$
33,067
|
$
22,117
|
$
12,014
|
$
1,824
|
$
35,955
|
|
(in
thousands)
|
|||
|
Fiscal years of revenue recognition
|
|||
|
remainder of 2019
|
2020
|
2021
|
Thereafter
|
Unfulfilled
performance obligations
|
$
27,301
|
$
30,850
|
$
11,917
|
$
9,550
|
|
(in
thousands)
|
|||
|
Three months ended June 30,
|
Six
months ended June 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Revenues
from external customers
|
|
|
|
|
IT
|
$
11,405
|
$
10,704
|
$
22,732
|
$
22,117
|
Professional
sales service
|
5,131
|
6,803
|
8,546
|
12,014
|
Equipment
|
1,007
|
911
|
1,789
|
1,824
|
Total
revenues
|
$
17,543
|
$
18,418
|
$
33,067
|
$
35,955
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
IT
|
$
4,628
|
$
4,475
|
$
9,354
|
$
9,389
|
Professional
sales service
|
4,221
|
5,423
|
6,906
|
9,576
|
Equipment
|
562
|
539
|
1,038
|
1,093
|
Total
gross profit
|
$
9,411
|
$
10,437
|
$
17,298
|
$
20,058
|
|
|
|
|
|
Operating
(loss) income
|
|
|
|
|
IT
|
$
(232
)
|
$
(845
)
|
$
(575
)
|
$
(1,280
)
|
Professional
sales service
|
127
|
1,164
|
(1,516
)
|
110
|
Equipment
|
(218
)
|
(339
)
|
(526
)
|
(566
)
|
Corporate
|
(197
)
|
(243
)
|
(557
)
|
(640
)
|
Total
operating (loss) income
|
$
(520
)
|
$
(263
)
|
$
(3,174
)
|
$
(2,376
)
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
|
|
IT
|
$
552
|
$
470
|
$
1,111
|
$
917
|
Professional
sales service
|
43
|
45
|
88
|
92
|
Equipment
|
75
|
92
|
146
|
193
|
Corporate
|
-
|
-
|
-
|
-
|
Total
depreciation and amortization
|
$
670
|
$
607
|
$
1,345
|
$
1,202
|
|
|
|
|
|
Capital
expenditures
|
|
|
|
|
IT
|
$
426
|
$
794
|
$
684
|
$
1,052
|
Professional
sales service
|
-
|
-
|
-
|
-
|
Equipment
|
6
|
2
|
24
|
20
|
Corporate
|
3
|
-
|
6
|
3
|
Total
cash capital expenditures
|
$
435
|
$
796
|
$
714
|
$
1,075
|
|
(in thousands)
|
|
|
June 30,
2019
|
December 31,
2018
|
|
(unaudited)
|
|
Identifiable
Assets
|
|
|
IT
|
$
29,329
|
$
28,785
|
Professional
sales service
|
9,263
|
12,193
|
Equipment
|
6,825
|
6,992
|
Corporate
|
1,398
|
2,504
|
Total
assets
|
$
46,815
|
$
50,474
|
|
(in
thousands)
|
|
|
Three and six months ended June 30,
|
|
|
2019
|
2018
|
|
(unaudited)
|
(unaudited)
|
Restricted
common stock grants
|
5,600
|
3,874
|
|
(in
thousands)
|
|
|
June 30,
2019
|
December 31,
2018
|
|
(unaudited)
|
|
Trade
receivables
|
$
11,934
|
$
15,016
|
Unbilled
receivables
|
1,157
|
-
|
Due
from employees
|
6
|
6
|
Allowance
for doubtful accounts and
|
|
|
commission
adjustments
|
(3,956
)
|
(3,994
)
|
Accounts
and other receivables, net
|
$
9,141
|
$
11,028
|
|
(in
thousands)
|
|
|
June 30,
2019
|
December 31,
2018
|
|
(unaudited)
|
|
Raw
materials
|
$
594
|
$
577
|
Work
in process
|
311
|
388
|
Finished
goods
|
797
|
1,018
|
|
$
1,702
|
$
1,983
|
|
(in
thousands)
|
|
|
June 30,
2019
|
December 31,
2018
|
|
(unaudited)
|
|
Office,
laboratory and other equipment
|
$
2,576
|
$
3,885
|
Equipment
furnished for customer
|
|
|
or
clinical uses
|
8,557
|
8,167
|
Right
of use assets - finance leases
|
1,020
|
-
|
Furniture
and fixtures
|
127
|
127
|
|
12,280
|
12,179
|
Less:
accumulated depreciation and amortization
|
(6,737
)
|
(6,370
)
|
Property
and equipment, net
|
$
5,543
|
$
5,809
|
|
(in
thousands)
|
|
|
June 30,
2019
|
December 31,
2018
|
|
(unaudited)
|
|
Customer-related
|
|
|
Costs
|
$
5,831
|
$
5,831
|
Accumulated
amortization
|
(3,318
)
|
(3,083
)
|
|
2,513
|
2,748
|
|
|
|
Patents
and Technology
|
|
|
Costs
|
2,363
|
2,363
|
Accumulated
amortization
|
(1,647
)
|
(1,532
)
|
|
716
|
831
|
|
|
|
Software
|
|
|
Costs
|
2,585
|
2,346
|
Accumulated
amortization
|
(1,304
)
|
(1,185
)
|
|
1,281
|
1,161
|
|
|
|
|
$
4,510
|
$
4,740
|
|
(in thousands)
|
Years
ending December 31,
|
(unaudited)
|
Remainder
of 2019
|
531
|
2020
|
981
|
2021
|
906
|
2022
|
609
|
2023
|
442
|
|
$
3,469
|
|
(in
thousands)
|
|
|
June 30,
2019
|
December 31,
2018
|
|
(unaudited)
|
|
Deferred
commission expense - noncurrent
|
$
1,729
|
$
1,978
|
Trade
receivables - noncurrent
|
702
|
630
|
Other,
net of allowance for loss on loan receivable of
|
|
|
$412
at June 30, 2019 and December 31, 2018
|
339
|
459
|
|
$
2,770
|
$
3,067
|
|
(in
thousands)
|
|
|
June 30,
2019
|
December 31,
2018
|
|
(unaudited)
|
|
Accrued
compensation
|
$
770
|
$
648
|
Accrued
expenses - other
|
1,620
|
2,092
|
Other
liabilities
|
3,170
|
2,915
|
|
$
5,560
|
$
5,655
|
|
(in
thousands)
|
|
|
June 30,
2019
|
December 31,
2018
|
|
(unaudited)
|
|
Line
of credit
|
$
5,283
|
$
4,171
|
Unsecured
term loan
|
145
|
145
|
Notes
payable
|
8
|
14
|
Notes
payable - MedTech (net of $0 and $14 in debt issue
costs
|
|
|
at
June 30, 2019 and December 31, 2018, respectively)
|
4,800
|
4,786
|
Notes
payable - related parties
|
1,238
|
827
|
Total
debt
|
11,474
|
9,943
|
Less:
current portion (including related parties)
|
(11,474
)
|
(9,698
)
|
|
$
-
|
$
245
|
|
(in thousands)
|
||
Years
ending December 31,
|
Finance leases
|
Operating leases
|
Total
|
Remainder
of 2019
|
106
|
333
|
439
|
2020
|
192
|
440
|
632
|
2021
|
192
|
143
|
335
|
2022
|
165
|
59
|
224
|
2023
|
47
|
-
|
47
|
Undiscounted
lease payments
|
702
|
975
|
1,677
|
Amount
representing interest
|
(106
)
|
(76
)
|
(182
)
|
Discounted
lease liabilities (unaudited)
|
596
|
899
|
1,495
|
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.
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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.
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VASO
CORPORATION
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Date: August 14, 2019 |
By:
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/s/
Jun
Ma
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Jun Ma |
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President and
Chief Executive
Officer
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(Principal
Executive Officer)
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/s/
Michael
J. Beecher
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Michael J. Beecher
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Chief Financial Officer and Principal Accounting
Officer
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1 Year Vaso (QX) Chart |
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