XML 14 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Net revenues (note 9) $ 35,637,085 $ 29,246,069 $ 96,795,464 $ 84,935,989
Cost of revenues (note 9):        
Cost of revenues 24,268,961 21,446,084 69,354,366 60,833,420
Network expenses (*) 1,192,450 1,158,885 3,716,471 3,629,639
Depreciation of property and equipment 164,283 157,203 452,711 460,259
Amortization of intangible assets (note 5) 11,970 35,910 83,790 107,730
Total cost of revenues 25,637,664 22,798,082 73,607,338 65,031,048
Gross profit 9,999,421 6,447,987 23,188,126 19,904,941
Expenses:        
Sales and marketing (*) 2,998,419 2,037,338 8,792,091 6,287,702
Technical operations and development (*) 1,215,327 1,010,949 3,097,294 3,229,669
General and administrative (*) 1,869,668 1,486,323 5,266,997 5,018,178
Depreciation of property and equipment 52,972 46,981 158,833 139,918
Amortization of intangible assets (note 5) 219,030 219,030 657,090 657,090
Loss (gain) on currency forward contracts (note 4) (28,068) (615,245) 353,209 (793,516)
Total expenses 6,327,348 4,185,376 18,325,514 14,539,041
Income from operations 3,672,073 2,262,611 4,862,612 5,365,900
Other income (expense):        
Interest expense, net (78,966) (50,228) (271,756) (145,710)
Other income, net       529,711
Total other income (expense) (78,966) (50,228) (271,756) 384,001
Income before provision for income taxes 3,593,107 2,212,383 4,590,856 5,749,901
Provision for income taxes (note 7) 999,747 577,383 1,333,287 1,755,284
Net income 2,593,360 1,635,000 3,257,569 3,994,617
Other comprehensive income net of tax of $257,505 for the three months ended September 30, 2013, and $24,800 for the nine months ended September 30, 2013 494,334   47,608  
Comprehensive income for the period 3,087,694 1,635,000 3,305,177 3,994,617
Basic earnings per common share (note 8) (in Dollars per share) $ 0.06 $ 0.04 $ 0.08 $ 0.09
Shares used in computing basic earnings per common share (note 8) (in Shares) 43,183,583 45,094,678 41,289,876 46,362,261
Diluted earnings per common share (note 8) (in Dollars per share) $ 0.06 $ 0.03 $ 0.07 $ 0.08
Shares used in computing diluted earnings per common share (note 8) (in Shares) 45,639,900 48,411,429 44,749,232 49,603,870
(*) Stock-based compensation has been included in operating expenses as follows:        
Network expenses 8,755 5,979 22,813 18,354
Sales and marketing 32,681 24,116 93,000 67,047
Technical operations and development 21,549 15,600 57,166 43,490
General and administrative $ 99,801 $ 120,676 $ 155,904 $ 163,041