XML 24 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Operations and Comprehensive Income (unaudited) (USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Net revenues (note 10) $ 27,537,306 $ 22,555,207
Cost of revenues:    
Cost of revenues 19,267,125 15,695,140
Network expenses (*) 1,256,890 1,262,828
Depreciation of property and equipment 147,418 236,681
Amortization of intangible assets (note 5) 35,910 19,290
Total cost of revenues (note 10) 20,707,343 17,213,939
Gross profit 6,829,963 5,341,268
Expenses:    
Sales and marketing (*) 2,184,635 2,024,703
Technical operations and development (*) 1,113,145 1,199,236
General and administrative (*) 1,783,453 1,563,774
Depreciation of property and equipment 47,415 46,187
Amortization of intangible assets (note 5) 219,030 306,990
Loss (gain) on currency forward contracts (note 2) (562,109) (354,144)
Total expenses 4,785,569 4,786,746
Income from operations 2,044,394 554,522
Other income (expense):    
Interest expense, net (40,969) (11,540)
Other income (note 5) 508,800 323,329
Total other income (expense) 467,831 311,789
Income before provision for income taxes 2,512,225 866,311
Provision for income taxes (note 8) 848,606 138,365
Net income and comprehensive income for the period 1,663,619 727,946
Basic earnings per common share (note 9) (in Dollars per share) $ 0.04 $ 0.01
Shares used in computing basic earnings per common share (note 9) (in Shares) 46,221,465 53,437,672
Diluted earnings per common share (note 9) (in Dollars per share) $ 0.03 $ 0.01
Shares used in computing diluted earnings per common share (note 9) (in Shares) 48,954,451 55,747,952
(*) Stock-based compensation has been included in expenses as follows:    
Network expenses 6,046 6,013
Sales and marketing 22,782 25,333
Technical operations and development 12,843 15,708
General and administrative $ 20,794 $ 27,277